Sec. 4. Young entrepreneurs business center
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/bill/115/hr/201/ih/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Small Business Act ( 15 U.S.C. 631 et seq. ) is amended— by redesignating section 47 as section 48; and by inserting after section 46 the following: There is established within the Administration a young entrepreneurs business center that shall, for purposes of loan cancellation for start-up employees established under subsection
(r)of section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e )— certify small business start-ups under subsection (b); identify distressed areas under subsection (c); and approve loan cancellation for founders of small business start-ups in distressed areas under subsection (d). To be certified by the young entrepreneurs business center, a small business start-up shall submit an application to the Administrator that includes— a 5-year business plan for such small business start-up; and the number of employees the small business start-up intends to employ on a yearly basis. The young entrepreneurs business center may not certify a small business start-up unless such small business start-up, on the date the application is submitted under paragraph (1)— has a founder who is a recent graduate of a 4-year institution of higher education; is a start-up for which at least 50 percent of the employees of the start-up are recent graduates of such an institution. Not less than once every 3 years after the date of the enactment of this section, the young entrepreneurs business center shall identify and make publically available on the website of the Administration a list of distressed areas. A distressed area identified under paragraph
(1)shall be a county or equivalent division of local government of a State in which the small business concern is located that— has, for the most recent 24-month period for which statistics are available— a per capita income of 80 percent or less of the national average; or an unemployment rate that is 1 percent greater than the national average; and the young entrepreneurs business center determines would economically benefit from having small business start-ups established in such area. For purposes of loan cancellation under subsection (r)(1) of section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e ) the young entrepreneurs business center shall approve a founder of a small business start-up in a distressed area if such founder— established a small business start-up that— on the date such small business start-up was established, was located in a distressed area identified by the young entrepreneurs business center under subsection
(c)not more than 3 years before such date of establishment; was certified under subsection (b); and on the date of approval under this subsection, has been operating continuously for not less than 5 years; and was employed as a founder of a small business start-up in a distressed area during the period in which such founder made the 24 payments described in subsection (r)(1)(A) of such section 455. In this section: The term institution of higher education has the meaning given such term in section 102 of the Higher Education Act ( 20 U.S.C. 1002 ). The term small business start-up means a small business concern that— is not yet in existence; or has been in existence for not more than 3 years. .
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