New Opportunities for Business Ownership and Self-Sufficiency Act | ChamberLight
Bills · HR 6431
PASSED HOUSE· 119TH CONGRESS
House BillHR 6431State and local government operationsEmployment taxes
New Opportunities for Business Ownership and Self-Sufficiency Act
INTRO DEC 4· LAST ACTION APR 28
READING
2MIN
COSPONSORS
6BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
Reported, not passed
LEGISLATIVE PROGRESS
STEP 4 / 8
Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-written
This bill matters because it could significantly boost small business creation and self-employment across the country. By making it easier for unemployed individuals to access Self-Employment Assistance Programs, it offers an alternative path to re-employment that fosters entrepreneurship instead of just traditional job searching. This can help reduce long-term unemployment by providing people with the skills and support to become their own employers.
If this bill becomes law, more individuals could transition from unemployment to business ownership, potentially stimulating local economies and creating new jobs. If it doesn't pass, the stricter eligibility rules and narrower definition of acceptable activities for SEAPs would remain, limiting who can participate and potentially delaying entrepreneurial endeavors for those who are unemployed.
KEY PROVISIONS
4AI-extracted
PROVISION 01
Eliminates the requirement that participants must be likely to exhaust their regular unemployment compensation to join a Self-Employment Assistance Program.
This makes it easier and faster for unemployed individuals to enroll in programs aimed at helping them start their own businesses.
PROVISION 02
Broadens the definition of 'self-employment assistance activities' to include entrepreneurial training, business counseling, technical assistance, or activities following an approved business plan.
This provides states with more flexibility and participants with more options for developing their business skills and plans.
PROVISION 03
Increases the maximum number of individuals a state can have participating in its Self-Employment Assistance Program from 5% to 10% of those receiving unemployment compensation.
This allows more unemployed people in each state to access these programs and pursue self-employment.
PROVISION 04
Requires participants to certify their self-employment activities on at least a weekly basis to a state-designated agency.
This ensures accountability and regular engagement from participants in their entrepreneurial endeavors.
This bill matters because it could significantly boost small business creation and self-employment across the country. By making it easier for unemployed individuals to access Self-Employment Assistance Programs, it offers an alternative path to re-employment that fosters entrepreneurship instead of just traditional job searching. This can help reduce long-term unemployment by providing people with the skills and support to become their own employers.
If this bill becomes law, more individuals could transition from unemployment to business ownership, potentially stimulating local economies and creating new jobs. If it doesn't pass, the stricter eligibility rules and narrower definition of acceptable activities for SEAPs would remain, limiting who can participate and potentially delaying entrepreneurial endeavors for those who are unemployed.
KEY PROVISIONS
AI-extracted
high
Eliminates the requirement that participants must be likely to exhaust their regular unemployment compensation to join a Self-Employment Assistance Program.
This makes it easier and faster for unemployed individuals to enroll in programs aimed at helping them start their own businesses.
med
Broadens the definition of 'self-employment assistance activities' to include entrepreneurial training, business counseling, technical assistance, or activities following an approved business plan.
This provides states with more flexibility and participants with more options for developing their business skills and plans.
high
Increases the maximum number of individuals a state can have participating in its Self-Employment Assistance Program from 5% to 10% of those receiving unemployment compensation.
This allows more unemployed people in each state to access these programs and pursue self-employment.
med
Requires participants to certify their self-employment activities on at least a weekly basis to a state-designated agency.
This ensures accountability and regular engagement from participants in their entrepreneurial endeavors.
Amendments apply starting 2 years after the date of enactment.
After public notice and comment, subject to OMB approval
Secretary of Labor to adopt regulations.
No specific date, but implied after enactment
Secretary of Labor to provide guidance to State workforce agencies.
GLOSSARY
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Self-Employment Assistance Program (SEAP)
A state program that allows unemployed individuals to receive their unemployment benefits while they work full-time on starting their own business, instead of actively searching for a traditional job.
Unemployment Compensation
Payments made by state governments to eligible individuals who are involuntarily unemployed, intended to provide temporary financial support.
Internal Revenue Code of 1986
The official compilation of federal tax laws in the United States, including provisions that govern how states can administer unemployment insurance programs.
State workforce agencies
Government bodies at the state level responsible for administering unemployment insurance, job training, and other employment services.
Enacting clause
The formal phrase at the beginning of a bill that indicates it is being made into law by the legislative body.
Committee of the Whole House on the State of the Union
A parliamentary device used by the House of Representatives to allow a smaller quorum and more flexible debate procedures for considering legislation.
ACTION TIMELINE
23 EVENTS
APR 28
Received in the Senate and Read twice and referred to the Committee on Finance.
INTROREFERRAL
APR 27
Mr. Carey moved to suspend the rules and pass the bill, as amended.
FLOOR
APR 27
Considered under suspension of the rules. (consideration: CR H3114-3115)
FLOOR
APR 27
DEBATE - The House proceeded with forty minutes of debate on H.R. 6431.