Title: Next Generation Entrepreneurship Corps Act
Policy area: Commerce

Summary:
Next Generation Entrepreneurship Corps Act
This bill establishes the Next Generation Entrepreneurship Corps Program to promote entrepreneurship in the most distressed regions of the United States, including those regions affected by COVID-19 (i.e., coronavirus disease 2019), by awarding participating fellows a two-year stipend to start and grow a new small business.
Fellows will receive (1) a $120,000, two-year stipend for living and basic startup expenses; (2) health care; and (3) interest-free federal student loan deferral for two years. Further, fellows shall receive mentorship from the Service Corps of Retired Executives and be matched with a full range of lenders, investors, and insurers.
The bill also establishes a fund in the Department of the Treasury from which the SBA may provide loans for qualified investors to support a small business owned and operated under the program by a fellow.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 389 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  1st Session
                                 S. 389

 To establish a Next Generation Entrepreneurship Corps program within 
       the Small Business Administration, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 23, 2021

Mr. Coons (for himself and Mr. Scott of South Carolina) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
 To establish a Next Generation Entrepreneurship Corps program within 
       the Small Business Administration, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Next Generation Entrepreneurship 
Corps Act''.

SEC. 2. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) the United States has a successful fellowship for 
        building the next generation of public servants; and
            (2) with the devastation facing small businesses in the 
        United States as a result of the novel 2019 Coronavirus (COVID-
        19), rebuilding Main Street will require a new generation of 
        entrepreneurial talent with the backing of the Federal 
        Government.

SEC. 3. NEXT GENERATION ENTREPRENEURSHIP CORPS PROGRAM.

    The Small Business Act (15 U.S.C. 631 et seq.) is amended--
            (1) by redesignating section 49 (15 U.S.C. 631 note) as 
        section 50; and
            (2) by inserting after section 48 (15 U.S.C. 657u) the 
        following:

``SEC. 49. NEXT GENERATION ENTREPRENEURSHIP CORPS PROGRAM.

    ``(a) Definitions.--In this section--
            ``(1) the term `Committee' means the selection committee 
        established under subsection (k);
            ``(2) the term `community development financial 
        institution' has the meaning given the term in section 103 of 
        the Riegle Community Development and Regulatory Improvement Act 
        of 1994 (12 U.S.C. 4702));
            ``(3) the term `distressed region' means any census tract 
        or other area that is treated as a low-income community for 
        purposes of section 45D of the Internal Revenue Code of 1986;
            ``(4) the term `equity investment'--
                    ``(A) means an investment for an ownership interest 
                in an entity, the financial return with respect to 
                which is principally aligned with the financial return 
                of the plurality of ownership interests in the entity; 
                and
                    ``(B) includes a debt instrument that can be 
                converted to an equity ownership interest in an entity 
                based on future events;
            ``(5) the term `fellow' means an individual participating 
        as a fellow under the Program;
            ``(6) the term `minority depository institution' has the 
        meaning given the term in section 308 of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note);
            ``(7) the term `Program' means the Next Generation 
        Entrepreneurship Corps Program established under subsection 
        (b);
            ``(8) the term `qualified investor' means a person that--
                    ``(A) invests equity in a small business concern 
                owned and operated under the Program by a fellow; and
                    ``(B) has not more than $250,000,000 in assets;
            ``(9) the term `SCORE' means the Service Corps of Retired 
        Executives established under section 8(b)(1)(B);
            ``(10) the term `State' means any State of the United 
        States, the District of Columbia, and any territory of the 
        United States;
            ``(11) the term `veteran business outreach center' means a 
        veteran business outreach center described in section 32; and
            ``(12) the term `women's business center' means a women's 
        business center operating pursuant to section 29.
    ``(b) Establishment.--
            ``(1) In general.--There is established within the 
        Administration an independent fellowship pilot program to be 
        known as the `Next Generation Entrepreneurship Corps Program' 
        to foster entrepreneurship in the most distressed regions of 
        the United States, including distressed regions affected by the 
        COVID-19 pandemic.
            ``(2) Administration.--The Program shall be administered by 
        the Office of Entrepreneurial Development of the 
        Administration.
            ``(3) Authorization.--
                    ``(A) In general.--Under the Program, there shall 
                be 1 group of fellows selected each year for 5 years of 
                the Program, with each group serving for a 2-year 
                period.
                    ``(B) Reports.--Not later than 1 year after the 
                second group of fellows is selected under the Program, 
                and every 2 years thereafter, the Committee shall 
                submit to Congress an evaluation of the Program, along 
                with any recommendations and options to expand the 
                Program and make the Program permanent.
            ``(4) Third-party contracts.--
                    ``(A) In general.--The Office of Entrepreneurial 
                Development of the Administration may contract with 
                third-party nonprofit organizations that--
                            ``(i) do or plan to do service work to 
                        execute the Program; and
                            ``(ii) the Committee determines have 
                        relevant experience to carry out the Program.
                    ``(B) Report.--Not later than 90 days after the 
                date of enactment of the Next Generation 
                Entrepreneurship Corps Act, the Administrator shall 
                submit to Congress a report on--
                            ``(i) the requirements and plans relating 
                        to third-party contractors described in 
                        subparagraph (A); and
                            ``(ii) how those third-party contractors 
                        will begin to carry out the Program.
            ``(5) Implementation plan.--Not later than 90 days after 
        the date of enactment of the Next Generation Entrepreneurship 
        Corps Act, the Administrator shall submit to Congress a report 
        discussing the plan of the Administrator to implement this 
        section, which shall include a discussion of--
                    ``(A) how the Administrator will provide 
                administrative support to the Committee;
                    ``(B) the plan of the Administrator to coordinate 
                the implementation of the Program with the Committee; 
                and
                    ``(C) the status of the appointment of members of 
                the Committee.
    ``(c) Stipends.--
            ``(1) In general.--Each fiscal year, the Committee may 
        select not more than 320 fellows to participate in the Program 
        and receive a 2-year stipend of $120,000 to start and grow a 
        new small business concern.
            ``(2) Authority to reject.--The Assistant Administrator of 
        the Office of Entrepreneurial Development of the Administration 
        shall have the authority to reject any fellow selected by the 
        Committee to participate in the Program.
            ``(3) Allowable uses.--The Committee shall determine the 
        allowable uses of a stipend awarded under this subsection.
            ``(4) Stipend amount.--The amount of a stipend made under 
        this subsection shall be adjusted every 3 years to reflect 
        increases in the Consumer Price Index for All Urban Consumers 
        during that period.
            ``(5) Applications.--Each applicant for a stipend under 
        this subsection shall--
                    ``(A) propose a small business concern idea that 
                will be located in a distressed region; and
                    ``(B) submit to the Committee a small business 
                concern plan that demonstrates--
                            ``(i) that the applicant will have primary 
                        decision making authority in the small business 
                        concern;
                            ``(ii) a need for the small business 
                        concern of the applicant in the community or 
                        how the small business concern solves an 
                        economic or social problem in the area to be 
                        served by the small business concern or the 
                        United States;
                            ``(iii) how the applicant plans to build 
                        their small business concern to employ local 
                        talent in entry-level and mid-level positions 
                        to ensure quality job growth;
                            ``(iv) a vision for long-term growth in the 
                        area to be served by the small business 
                        concern; and
                            ``(v) that the applicant does not, at the 
                        time of application, have the resources to 
                        start and grow a small business concern on 
                        their own without assistance.
            ``(6) Requirements.--To receive a stipend under this 
        subsection, the applicant shall--
                    ``(A) live or be willing to relocate to live in the 
                distressed region in which the small business concern 
                of the applicant is located, as determined by the 
                Committee;
                    ``(B) indicate that the applicant intends to 
                provide products or services to such distressed region 
                through such small business concern; and
                    ``(C) agree to make a good faith effort to, if the 
                applicant is hiring employees during the period of 
                participation in the Program or the 3 years following 
                such participation, hire--
                            ``(i) locally from distressed regions in 
                        the area served by the business of the 
                        applicant;
                            ``(ii) racial or ethnic minorities;
                            ``(iii) persons with criminal convictions; 
                        or
                            ``(iv) the hard to employ.
            ``(7) Preference.--
                    ``(A) In general.--The Committee shall give 
                preference to applicants for a stipend under this 
                subsection that are--
                            ``(i) individuals moving to a distressed 
                        region to encourage new small business concern 
                        owners in those areas post-COVID-19;
                            ``(ii) individuals who can demonstrate a 
                        connection to the State or locality in which 
                        the proposed small business concern will be 
                        located;
                            ``(iii) owners of small business concerns 
                        whose businesses were closed or who had to 
                        significant change their business model or 
                        services due to the COVID-19 public health 
                        crisis;
                            ``(iv) entrepreneurs within populations 
                        underrepresented among small business concern 
                        owners in the United States, including women 
                        and racial and ethnic minority groups;
                            ``(v) veterans;
                            ``(vi) individuals who can demonstrate 
                        residence of not less than 2 years in a low-
                        income census tract;
                            ``(vii) individuals who have taken non-
                        traditional pathways for professional 
                        development, including individuals without a 
                        bachelor's degree or who received Federal Pell 
                        Grants under section 401 of the Higher 
                        Education Act of 1965 (20 U.S.C. 1070a), who 
                        shall not be required to establish a small 
                        business concern in a distressed region; or
                            ``(viii) individuals with business plans 
                        that have potential, if successful, to be 
                        eligible for any contracting assistance program 
                        of the Administration, including the business 
                        development program under section 8(a), the 
                        Women Owned Small Business Federal contracting 
                        program under section 8(m), the service-
                        disabled veteran-owned small business program 
                        under section 36, and the HUBZone program under 
                        section 31.
                    ``(B) Considerations.--When evaluating applicants 
                for a stipend under this subsection, the Committee--
                            ``(i) shall differentiate between 
                        applicants for a stipend under this subsection 
                        that aim to be a high-growth startup and a 
                        traditional small business concern;
                            ``(ii) shall consider similar categories of 
                        applicants concurrently;
                            ``(iii) should seek to encourage both high-
                        growth and traditional startups across all 
                        geographic areas; and
                            ``(iv) shall--
                                    ``(I) not prioritize applicants 
                                with prior experience with starting and 
                                growing a small business concern over 
                                applications without that experience; 
                                and
                                    ``(II) give equal consideration to 
                                applicants with and without the 
                                experience described in subclause (I).
                    ``(C) Additional metrics.--The Committee shall 
                establish additional metrics by which to evaluate 
                applicants for a stipend under this subsection, 
                including by creating local and State level applicant 
                competitions.
            ``(8) New entrepreneurs.--The Committee may award stipends 
        under this subsection to applicants both at the beginning 
        stages of building their small business concern as well as to 
        applicants who have had limited prior business experience.
            ``(9) Number of fellows per score chapter.--
                    ``(A) In general.--Each year, the Committee shall, 
                to the maximum extent practicable, designate 1 fellow 
                per SCORE chapter in the United States, provided that 
                the selection process under this subsection remains 
                competitive.
                    ``(B) Distribution.--The Committee shall ensure a 
                fair geographic distribution of fellows selected under 
                this subsection, including between urban and rural 
                areas, and may create a process for ensuring that 
                distribution if the Committee determines necessary.
    ``(d) Benefits.--
            ``(1) Student loan deferment.--For each fellow who notifies 
        the Committee that the fellow has a loan made, insured, or 
        guaranteed under part B, D, or E of title IV of the Higher 
        Education Act of 1965 (20 U.S.C. 1071 et seq.; 1087a et seq.; 
        1087aa et seq.) that is in repayment--
                    ``(A) the Committee shall--
                            ``(i) inform the Secretary of Education 
                        that the fellow is participating in a 
                        fellowship through the Program; and
                            ``(ii) provide any additional information 
                        requested by the Secretary of Education 
                        regarding the fellow and the loan; and
                    ``(B) the Secretary of Education shall, for the 
                period of the fellowship--
                            ``(i) in the case of a loan made under part 
                        B or E of title IV of the Higher Education Act 
                        of 1965 (20 U.S.C. 1071 et seq.; 1087aa et 
                        seq.), require that the holder of the loan 
                        place the loan in deferment, in which interest 
                        shall accrue and be paid by the Secretary, in 
                        the same manner as a deferment made under 
                        section 428(b)(1)(M) of the Higher Education 
                        Act of 1965 (20 U.S.C. 1078(b)(1)(M)); and
                            ``(ii) in the case of a loan made under 
                        part D of such Act (20 U.S.C. 1087a et seq.), 
                        place the loan in deferment, during which 
                        interest shall not accrue, in the same manner 
                        as a deferment made under section 455(f)(1) of 
                        such Act (20 U.S.C. 1087e(f)(1)) for a Federal 
                        Direct Stafford Loan under such part.
            ``(2) Health care.--With respect to any fellow that is not 
        otherwise covered under a health care policy, the Administrator 
        shall provide or make available a basic health care policy in 
        accordance with section 140(d) of the National and Community 
        Service Act of 1990 (42 U.S.C. 12594(d)) for the 2-year period 
        during which the fellow serves under the Program.
    ``(e) Mentor Support.--
            ``(1) In general.--Each fellow--
                    ``(A) shall be assigned by the designated SCORE 
                chapter of the fellow a local mentor, and the 
                designated SCORE chapter may work in partnership with a 
                small business development center, a veteran business 
                outreach center, a women's business center, or other 
                local resources to pair the fellow with a mentor and 
                provide mentorship;
                    ``(B) following completion of the Program is 
                encouraged to join SCORE, a small business development 
                center, a veteran business outreach center, or a 
                women's business center to contribute back to the 
                Program and facilitate partnerships with local resource 
                partners of the Administration; and
                    ``(C) shall be assigned by the Committee a mentor 
                from the Next Generation Entrepreneurship Corps Board, 
                which shall be created by the Committee and consist of 
                notable chief executive officers of companies and 
                venture capitalists from across the United States to 
                help advise fellows.
            ``(2) Partnership.--The Committee shall develop a 
        partnership with the mentor-protege program for small business 
        concerns eligible to receive contracts pursuant to section 8(a) 
        to assign a mentor during the second year of the fellowship to 
        any fellow that has proposed a small business concern that may 
        be eligible to receive contracts pursuant to section 8(a).
            ``(3) Resources.--In providing mentorship under paragraph 
        (1), each resource partner described in that paragraph shall 
        engage the resources of the Administration in each State, 
        including through partnerships with community organizations.
            ``(4) Sense of congress.--It is the sense of Congress 
        that--
                    ``(A) in addition to the mentor assigned under 
                paragraph (1)(A), the Committee should make a good 
                faith effort to pair each fellow with a mentor located 
                in the region in which the designated SCORE chapter of 
                the fellow is located; and
                    ``(B) fellows should be encouraged to become 
                mentors under the Program after completion of their 
                participation in the Program.
    ``(f) Immersive Initial Training.--
            ``(1) In general.--Each fellow shall attend an immersive 
        training course designed by the Committee at the beginning of 
        the fellowship, which shall--
                    ``(A) provide distinct education materials, 
                including resources and information, for all fellows on 
                high-growth startups and distinct education materials 
                for all fellows on traditional small business concerns;
                    ``(B) incorporate skills building, transfer of 
                business know-how when beginning a small business 
                concern, and a discussion of resources of the 
                Administration; and
                    ``(C) include information on local resources 
                available from SCORE, small business development 
                centers, veteran business outreach centers, and women's 
                business centers.
            ``(2) Selection of hosts.--Each year, the Committee shall 
        select not more than 1 small business resource partner to host 
        the immersive training course described in paragraph (1).
    ``(g) Network Building.--
            ``(1) In general.--To foster connections across the United 
        States with other innovators, each fellow--
                    ``(A) shall attend not less than 1 small business 
                concern-related conference per year of the fellowship; 
                and
                    ``(B) is encouraged to attend regional small 
                business concern-related conferences.
            ``(2) Committee.--The Committee--
                    ``(A) is encouraged to--
                            ``(i) introduce and foster relationships 
                        between Federal, State, and local 
                        entrepreneurial support organizations and the 
                        fellows; and
                            ``(ii) work to build a peer to peer network 
                        among the fellows by providing resources for 
                        events for fellows in order to build community 
                        among fellows; and
                    ``(B) may use funds received by the organization 
                described in subsection (k)(5)(D) for purposes 
                described in subparagraph (A)(ii).
    ``(h) Access to Capital Strategy.--
            ``(1) Establishment.--
                    ``(A) In general.--The Committee shall establish a 
                strategy for access to capital, insurance, and other 
                core small business concern services and products, for 
                use both during and after the Program, for fellows that 
                provides for the needs of both traditional small 
                business concerns and high-growth startups.
                    ``(B) Requirements.--Under the strategy established 
                under subparagraph (A), the Committee shall--
                            ``(i) provide to each fellow information 
                        regarding the program under section 8(a) and 
                        assistance in submitting the information 
                        required for the small business concern of the 
                        fellow to be certified to participate in the 
                        program; and
                            ``(ii) at the end of each fellowship, 
                        provide follow-up assistance to facilitate the 
                        certification of the small business concern of 
                        the fellow to participate in the program under 
                        section 8(a).
            ``(2) Matching.--Under the strategy established under 
        paragraph (1), the Committee shall match fellows with a full 
        range of lenders, investors, and insurers, including both local 
        and national resources.
            ``(3) Preference.--The Administrator may give preference to 
        fellows with respect to loans under section 7(a), microloans 
        under section 7(m), and assistance provided under title V of 
        the Small Business Investment Act of 1958 (15 U.S.C. 695 et 
        seq.) to facilitate quick and affordable access to credit 
        during the period of the fellowship and during the 5-year 
        period after the end of the fellowship, including by--
                    ``(A) waiving the credit elsewhere requirement; and
                    ``(B) expediting the application timeline for that 
                assistance.
            ``(4) Waiver of personal guarantee.--With respect to high 
        growth startup small business concerns established by fellows, 
        the Administrator shall waive the personal guarantee 
        requirement for those small business concerns that apply for 
        loans under section 7(a), microloans under section 7(m), or 
        assistance provided under title V of the Small Business 
        Investment Act of 1958 (15 U.S.C. 695 et seq.).
            ``(5) Assistance with access to the 8(a) program.--For 
        purposes of participation in the program under section 8(a)--
                    ``(A) a small business concern of a fellow shall be 
                eligible to seek certification to participate in the 
                program under section 8(a) if the small business 
                concern has been in business in the primary industry 
                classification of the small business concern for at 
                least 18 months; and
                    ``(B) the Administrator--
                            ``(i) shall evaluate whether to establish 
                        an expedited process for certification of a 
                        small business concern of a fellow to 
                        participate in the program under section 8(a); 
                        and
                            ``(ii) may implement a process described in 
                        clause (i) for fellows during the period of the 
                        fellowship and during the 5-year period after 
                        the end of the fellowship.
    ``(i) Program Fund for Capital.--
            ``(1) In general.--There is established in the Treasury a 
        fund, which shall be available to the Administrator to provide 
        loans to qualified investors.
            ``(2) Amount of loans.--
                    ``(A) In general.--A loan to a qualified investor 
                under this subsection shall be not more than 66.6 
                percent of the amount of equity the qualified investor 
                invested in the applicable small business concern owned 
                and operated under the Program by a fellow.
                    ``(B) Establishment of loan limits.--The 
                Administrator may establish additional limits on the 
                maximum amount of loans to qualified investors under 
                this subsection if the Administrator determines the 
                limits are necessary to ensure that the Administrator 
                may make such loans during the full period of the 
                Program, using the amounts made available for such 
                loans.
            ``(3) Loan term.--A loan under this subsection shall have a 
        maturity of not longer than 30 years.
            ``(4) Rate of interest.--The rate of interest on a loan 
        under this subsection shall be equal to the discount window 
        primary credit interest rate most recently published on the 
        Federal Reserve Statistical Release on selected interest rates 
        (daily or weekly), commonly referred to as the `H.15 release' 
        or the `Federal funds rate'.
            ``(5) Funding.--
                    ``(A) Appropriations.--Out of funds in the Treasury 
                not otherwise appropriated, there is appropriated to 
                the fund established under paragraph (1) $30,000,000, 
                to remain available until expended.
                    ``(B) Reinvestment of repayments.--Any amounts 
                received from the repayment of a loan under this 
                subsection shall be deposited in the fund established 
                under paragraph (1) and shall remain available until 
                expended.
    ``(j) Reporting by Fellows.--Each fellow shall submit to the 
Committee and each mentor assigned to the fellow under subsection (e) a 
progress report on the activities of the fellow with respect to each 
year during which the fellow participates in the Program and each of 
the 3 years after the fellow completes participation in the Program, 
which shall include information regarding revenue, jobs created, 
pursuit of external funding and other metrics determined by Committee.
    ``(k) Selection Committee.--
            ``(1) In general.--The Administration shall establish a 
        selection committee composed of experts from educational, 
        scientific, technical, and public service backgrounds to--
                    ``(A) build the next generation of entrepreneurs 
                under the Program through a transparent, competitive, 
                fair, and rigorous process;
                    ``(B) enable entrepreneurs each year under the 
                Program to successfully build small business concerns 
                in distressed regions by providing guidance, expertise, 
                and partnerships between the fellows and business 
                supports;
                    ``(C) increase the diversity of entrepreneurship in 
                the United States;
                    ``(D) increase entrepreneurship in distressed 
                regions;
                    ``(E) increase talent retention and migration to 
                distressed regions;
                    ``(F) increase investment and growth in communities 
                in distressed regions; and
                    ``(G) ensure the transparent, efficient and 
                effective use of taxpayer funds.
            ``(2) Membership.--
                    ``(A) Composition.--The Committee shall be composed 
                of 12 members appointed by the Administrator, of whom--
                            ``(i) 1 member shall be a small business 
                        concern investor such as a venture capitalist 
                        or an angel investor;
                            ``(ii) 1 member shall be a small business 
                        concern banker, including--
                                    ``(I) a community development 
                                financial institution; or
                                    ``(II) a minority depository 
                                institution;
                            ``(iii) 3 members shall be successful 
                        entrepreneurs;
                            ``(iv) 1 member shall be a SCORE 
                        representative;
                            ``(v) 1 member shall be a mentor in the 
                        mentor-protege program for small business 
                        concerns eligible to receive contracts pursuant 
                        to section 8(a) who has relevant contracting 
                        experience;
                            ``(vi) 1 member shall be an expert on 
                        economic development;
                            ``(vii) 1 member shall be an expert on 
                        distressed regions; and
                            ``(viii) 3 members shall be individuals 
                        from the private sector with relevant 
                        experience as related to the mission and the 
                        duties of the Committee.
                    ``(B) Preference.--There shall be a preference for 
                the appointment of members of the Committee who are 
                within populations that are underrepresented among 
                small business concern owners in the United States, 
                including women and ethnic minority groups.
                    ``(C) Chair.--The Administrator shall select the 
                chair of the Committee from among members of the 
                Committee.
                    ``(D) Term; vacancies.--The term of office of each 
                member of the Committee shall be 6 years, except that--
                            ``(i) of the members first serving on the 
                        Committee--
                                    ``(I) 4 shall serve terms of 2 
                                years;
                                    ``(II) 4 shall serve terms of 4 
                                years; and
                                    ``(III) 4 shall serve terms of 6 
                                years;
                            ``(ii) any member appointed to fill a 
                        vacancy shall serve for the remainder of the 
                        term for which his predecessor was appointed 
                        and shall be appointed in the same manner as 
                        the original appointment for that vacancy was 
                        made; and
                            ``(iii) upon the expiration of their term 
                        of office, any member of the Committee may 
                        continue to serve until their successor is 
                        appointed.
                    ``(E) Political party.--Not more than 6 members of 
                the Committee shall be from the same political party.
                    ``(F) Appointments.--Appointments to the Committee 
                shall be made not later than 30 days after the date of 
                enactment of the Next Generation Entrepreneurship Corps 
                Act.
            ``(3) Compensation.--Members of the Committee shall serve 
        without pay, but shall be entitled to reimbursement for travel, 
        subsistence, and other necessary expenses incurred in the 
        performance of their duties.
            ``(4) First meeting.--Not later than 30 days after the 
        appointment of a majority of Committee members, the Committee 
        shall hold its first meeting.
            ``(5) Duties and responsibilities.--The Committee--
                    ``(A) shall provide for the conduct of a nationwide 
                competition for selecting fellows to participate in the 
                Program by--
                            ``(i) issuing a request for applications 
                        not later than 6 months after the date of 
                        enactment of the Next Generation 
                        Entrepreneurship Corps Act, with a deadline for 
                        submissions that is not later than 12 months 
                        after such date of enactment;
                            ``(ii) partnering with private 
                        organizations, including those with investment 
                        experience or experience in the area of 
                        investing in businesses, to provide educational 
                        materials to educate the public about the 
                        Program, help ensure that the Program is 
                        competitive, and increase awareness of the 
                        Program;
                            ``(iii) partnering with organizations that 
                        work with or provide programming for the K-20 
                        entrepreneurship pipeline; and
                            ``(iv) subject to subsection (c)(2), 
                        selecting fellows, which shall include 
                        selecting the first group of fellows not later 
                        than 13 months after the date of enactment of 
                        the Next Generation Entrepreneurship Corps Act;
                    ``(B) shall carry out the duties described in this 
                section with respect to the Program;
                    ``(C) may identify--
                            ``(i) priority sectors that advance the 
                        social and economic development of a geographic 
                        area or the United States, including social 
                        services, education, health and nutrition, 
                        child care, manufacturing, technology, or any 
                        industry sector that supports the economic 
                        development strategy of an area; and
                            ``(ii) prohibited sectors and businesses 
                        that could harm the economic development of 
                        communities, such as--
                                    ``(I) predatory financial services 
                                and addictive substances; and
                                    ``(II) businesses described in 
                                section 120.110 of title 13, Code of 
                                Federal Regulations, or any successor 
                                regulation;
                    ``(D) may create an entity described in section 
                501(c)(3) of the Internal Revenue Code and exempt from 
                taxation under section 501(a) of such Code to solicit 
                private funding for the Program;
                    ``(E) may work with the Economic Development Agency 
                of the Department of Commerce in carrying out the 
                duties of the Program and providing resources to 
                fellows; and
                    ``(F) shall assist with the facilitation of 
                pairing, and encourage designated SCORE chapters to 
                pair, assigned fellows with local accelerators.
            ``(6) Staff.--The Committee may appoint a staff director 
        and other personnel as necessary to carry out the duties of the 
        Committee.
            ``(7) Applicability of faca.--The Federal Advisory 
        Committee Act (5 U.S.C. App.) shall not apply to the Committee.
    ``(l) Reports.--Not later than 1 year after the date on which the 
Committee selects the first group of fellows, and every year 
thereafter, the Committee shall submit to Congress a report that 
empirically evaluates the effectiveness of the Program, including an 
evaluation by revenues and jobs created and sustained, small business 
concern survival rates, capital raised, and other metrics determined 
appropriate by the Committee.
    ``(m) Authorizations of Appropriations.--
            ``(1) Stipends and network building.--There is authorized 
        to be appropriated $39,200,000 for each fiscal year for the 
        Program, of which--
                    ``(A) $38,400,000 shall be for stipends made under 
                subsection (b)(1); and
                    ``(B) $800,000 shall be for providing reimbursable 
                expenses for travel and stay up to $2,500 per fellow to 
                attend 1 conference described in subsection (g).
            ``(2) SCORE.--There is authorized to be appropriated 
        $5,000,000 for each fiscal year to SCORE to carry out 
        activities under the Program.
            ``(3) Immersive initial training.--There is authorized to 
        be appropriated for each fiscal year such sums as may be 
        necessary to provide to the Committee $4,000 per fellow for the 
        cost of hosting the immersive initial training under subsection 
        (f).
            ``(4) Staff and administration.--There is authorized to be 
        appropriated $2,500,000 for each fiscal year for staff and 
        administrative expenses of the Administration to implement the 
        Program.
            ``(5) Student loan deferral and healthcare.--There is 
        authorized to be appropriated such sums as may be necessary to 
        carry out subsection (d).
            ``(6) Committee costs.--There is authorized to be 
        appropriated $4,000,000 for each fiscal year for travel and 
        administrative expenses of the Committee.''.
                                 <all>