Sec. 3. Young entrepreneurs business center
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The Small Business Act ( 15 U.S.C. 631 et seq. ) is amended— by redesignating section 49 as section 50; and by inserting after section 48 the following new section: There is established within the Administration a young entrepreneurs business center that shall, for purposes of determining eligibility for loan cancellation for a founder of small business start-up under section 455(r)(1) of the Higher Education Act of 1965— certify small business start-ups under subsection (b); identify distressed areas under subsection (c); and approve loan cancellation for any founder of a small business start-up in a distressed area under subsection (d).
To be certified by the young entrepreneurs business center, the founder of 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. To be certified under this section, a small business start-up shall have, on the date an application is submitted under paragraph (1), a founder who is an employee of such small business start-up and who is a recent graduate of an institution of higher education.
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 for which 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 section 455(r)(1) of the Higher Education Act of 1965, 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— was located in a distressed area (as identified under subsection (c)) for not more than 3 years before the date on which such small business start-up was established; 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 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 section 455(r)(1)(A) of such Act. 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, as of the date of submission of an application under subsection (b)— does not exist; or has been in existence for not more than 3 years. .
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