U.S. Rep. Mike Carey (R-OH) on June 4 proposed a bipartisan bill that aims to improve the support available to America’s aspiring entrepreneurs as they pursue small business ownership.
“Small businesses are the engine of our economy, but making the leap from unemployment to self-employment is risky,” Rep. Carey said. “Americans shouldn’t be forced to choose between unemployment insurance and working on the next big idea.”
The congressman sponsored the New Opportunities for Business Ownership and Self-Sufficiency (NO BOSS) Act, H.R. 8605, with lead original cosponsor U.S. Rep. Greg Landsman (D-OH) to improve the currently under-utilized Self-Employment Assistance (SEA) Program, which is designed to encourage unemployed individuals to start their own businesses.
Unlike traditional unemployment compensation, SEA participants can receive weekly payments while getting their small business off the ground, according to a bill summary provided by Rep. Carey’s staff.
“This unique opportunity allows those who are unemployed to build a business with dignity,” said Rep. Landsman. “I believe these reforms to the program empower entrepreneurship and could benefit many folks who have a passion but doubt they can make it a reality.”
Toward improving utilization of the SEA program, H.R. 8605 would make changes such as removing the “likely to exhaust benefits” provision, which prevents many unemployed workers from participating in the program and implies that entrepreneurship should only be for those who are unlikely to find any other job, the summary says.
Among other provisions, the bill also would clarify that a business plan and market feasibility study could serve as an alternative requirement to entrepreneurship training, and would provide integrity guardrails to ensure those who have opted to submit them are meeting the required deadlines, states the summary.
The bill has garnered support from Shopify, the Foundation for American Innovation, the R Street Institute, the Small Business & Entrepreneurship Council, Auctane, and the Center for American Entrepreneurship.