Sec. 3. Young entrepreneurs business center
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/bill/118/hr/7575/ih/section-3·A 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 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— provide certifications described under subsection (b); identify distressed areas under subsection (c); and approve loan cancellation requests under subsection (d). A founder of a distressed area business seeking certification from the young entrepreneurs business center under this section for such distressed area business shall submit to the Administrator an application that includes— a 5-year business plan for such distressed area business; the number of employees such distressed area business intends to employ for each year of such plan; and evidence that the founder— is also an employee of such distressed area business; and is a recent graduate of an institution of higher education.
Not later than 24 months after the date of the enactment of this section, and at least every 3 years thereafter, 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 unit of local government of a State— 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 not less than 1 percent greater than the national average; and for which the young entrepreneurs business center determines establishing small business start-ups in such area would be economically beneficial. The young entrepreneurs business center shall approve a founder of a distressed area business who submits an application under subsection
(b)for loan cancellation under section 455(r)(1) of the Higher Education Act of 1965 if such distressed area business— beginning on the date of such establishment and ending on the date of the 24th monthly payment on a loan described in such section 455(r)(1), was located in a distressed area (as identified under subsection (c)); was certified under subsection (b); and on the date of approval under this paragraph, has been operating continuously for not less than 5 years. For purposes of loan cancellation under section 455(r)(2) of the Higher Education Act of 1965— an employee of a small business start-up seeking such loan cancellation shall submit to the Administrator an application, which shall include evidence of the employee’s full-time employment at such small business start-up; and if the Administrator verifies the information submitted in such application, the young entrepreneurs business center shall approve such an employee. The young entrepreneurs business center shall submit to the Secretary of Education any approval for loan cancellation made under this subsection. An approval made under this section shall terminate 5 years after the date of submission to the Secretary of Education under subsection (d)(3). In this section: The term distressed area business means a small business concern located in a distressed area (as identified under subsection (c)) that has been in operation for not more than 8 years as of the date of submission of an application under subsection (b). The term institution of higher education has the meaning given such term in section 102 of the Higher Education Act. 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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Sec. 3
Young entrepreneurs business center
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