Teacher:In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? Solve this instance: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Today's Entrepreneurs are America's
Mentors Act'' or the ''TEAM Act''.

SEC. 2. DEFINITIONS.

In this Act--
(1) the terms ''Administration'' and ''Administrator'' mean
the Small Business Administration and the Administrator
thereof, respectively; and
(2) the term ''small business concern'' has the meaning
given that term under section 3 of the Small Business Act (15
U.S.C. 632).

SEC. 3. OFFICE OF ENTREPRENEURIAL EDUCATION.

(a) In General.--The Small Business Act (15 U.S.C. 631 et seq.) is
amended--
(1) by redesignating section 45 (15 U.S.C. 631 note) as
section 47; and
(2) by inserting after section 44 (15 U.S.C. 657q) the
following:

''SEC. 45. ENTREPRENEURIAL EDUCATION.

''(a) Office of Entrepreneurial Education.--
''(1) In general.--There is in the Administration an Office
of Entrepreneurial Education, which shall develop and provide
innovative entrepreneurial information, education, and
resources, to promote prospective entrepreneurs and successful
small business concerns.
''(2) Director.--The head of the Office of Entrepreneurial
Education is the Director of the Office of Entrepreneurial
Education, who shall report to the Associate Administrator for
Entrepreneurial Development.
''(3) Duties.--The Director of the Office of
Entrepreneurial Education shall--
''(A) manage the online courses, online
publications, and other online resources provided by
the Administration to entrepreneurs and small business
concerns;
''(B) manage the youth entrepreneurship programs of
the Administration, including--
''(i) online resources for youth
entrepreneurs; and
''(ii) coordination and outreach with
entrepreneurial development service providers
that provide counseling and training to youth
entrepreneurs desiring to start or expand small
business concerns;
''(C) coordinate with nonprofit and other private
sector partners to share educational materials on money
management and financial literacy for entrepreneurs and
small business concerns; and
''(D) provide assistance and courtesy services to
individuals and foreign dignitaries visiting the United
States who are interested in issues relating to
entrepreneurs and small business concerns.
''(b) National Primary and Secondary School Entrepreneurial
Education Program.--
''(1) In general.--Not later than 1 year after the date of
enactment of the Today's Entrepreneurs are America's Mentors
Act, the Associate Administrator for Entrepreneurial
Development (referred to in this subsection as the 'Associate
Administrator') shall establish a program under which the
Associate Administrator may make grants to nonprofit
organizations, including small business development centers,
women's business centers, chapters of the Service Corps of
Retired Executives, and other resource partners of the
Administration, to provide technical assistance to primary and
secondary schools for the development and implementation of
curricula and mentoring programs designed to promote
entrepreneurship.
''(2) Application.--A nonprofit organization desiring a
grant under this subsection shall submit to the Associate
Administrator an application that contains--
''(A) a description of the goals of the project to
be funded using the grant;
''(B) a list of any partners that plan to
participate in the project to be funded using the
grant; and
''(C) any other information that the Associate
Administrator determines is necessary.
''(3) Report.--Not later than 1 year after the date on
which a nonprofit organization receives a grant under this
subsection, the nonprofit organization shall submit to the
Associate Administrator a report that describes--
''(A) the individuals assisted using the grant;
''(B) the number of jobs created or saved through
the use of the grant; and
''(C) any other information concerning the use of
the grant that the Associate Administrator may require.
''(4) Authorization of appropriations.--There are
authorized to be appropriated to carry out this subsection
$3,000,000 for each of fiscal years 2013, 2014, and 2015.''.
(b) Report on Best Practices of Entrepreneurial Education and
Training Programs.--
(1) Report required.--Not later than 180 days after the
date of enactment of this Act, the Director of the Office of
Entrepreneurial Education shall submit to the Committee on
Small Business and Entrepreneurship of the Senate and the
Committee on Small Business of the House of Representatives a
report that describes best practices of entrepreneurial
education and training programs throughout the United States.
(2) Contents.--The report submitted under paragraph (1)
shall include--
(A) a description of any programs that the Director
of the Office of Entrepreneurial Education determines
are exemplary, including national programs, regional
programs, State programs, and local programs; and
(B) a summary of entrepreneurial education and
training programs carried out by--
(i) the Federal Government;
(ii) State and local governments; and
(iii) nonprofit organizations and private
sector groups.

SEC. 4. UNIVERSITY AND COLLEGE ENTREPRENEURIAL EDUCATION PROGRAM.

Section 21 of the Small Business Act (15 U.S.C. 648) is amended by
adding at the end the following:
''(o) University and College Entrepreneurial Education Program.--
''(1) In general.--A small business development center may
apply for a grant under this subsection to carry out a
university and college entrepreneurial education program.
''(2) Elements of program.--A program carried out using a
grant under this subsection may include--
''(A) connecting university and college students
with small business concerns that are clients of a
small business development center;
''(B) providing assistance to faculty members of
universities and colleges with respect to
entrepreneurial education programs for students of the
universities and colleges; and
''(C) improving university and college business
curricula or developing university and college
curricula concerning entrepreneurial education.
''(3) Funding.--The Administration may make grants under
this subsection subject to amounts provided in advance in
appropriations Acts.''.

SEC. 5. ENTREPRENEURIAL INNOVATORS PARTNERSHIP PROGRAM.

The Small Business Act (15 U.S.C. 631 et seq.) is amended by
inserting after section 45, as added by this Act, the following:

''SEC. 46. ENTREPRENEURIAL INNOVATORS PARTNERSHIP PROGRAM.

''(a) Definitions.--In this section--
''(1) the term 'Associate Administrator' means the
Associate Administrator for Entrepreneurial Development; and
''(2) the term 'eligible entity'--
''(A) means a nonprofit organization; and
''(B) includes a small business development center,
a women's business center, a chapter of the Service
Corps of Retired Executives, or any other nonprofit
resource partner of the Administration.
''(b) Program Established.--The Associate Administrator shall
establish an entrepreneurial innovators partnership program under which
the Associate Administrator shall make grants to eligible entities to
carry out innovative programs that expand entrepreneurship, improve
partnerships between nonprofit organizations and entrepreneurs, and
promote job creation by small business concerns.
''(c) Program Activities.--A grant under this section may be used
to develop or expand--
''(1) a program that promotes entrepreneurship among youth
or veterans;
''(2) a program under which students pursing a Masters of
Business Administration degree provide free technical
assistance, counseling, or other assistance to small business
concerns;
''(3) a program that provides entrepreneurial education to
professional services providers, including attorneys and
accountants; or
''(4) any other program that the Associate Administrator
determines is appropriate.
''(d) Terms and Conditions.--
''(1) Amount.--The amount of a grant under this section may
not exceed $250,000.
''(2) Federal share.--
''(A) In general.--Except as provided in
subparagraph (B), the Federal share of the cost of a
project carried out using a grant under this section
may not exceed 50 percent.
''(B) Exception.--The Federal share of the cost of
a project carried out using a grant under this section
may exceed 50 percent if the Associate Administrator
determines that the project would--
''(i) assist a program to become self-
sustaining; or
''(ii) create not fewer than 100 new jobs.
''(e) Applications.--
''(1) Submission.--An eligible entity that desires a grant
under this section shall submit an application to the Associate
Administrator at such time and in such form as the Associate
Administrator shall determine.
''(2) Priority.--In awarding grants the Associate
Administrator shall give priority to an application that--
''(A) includes a proposal for an innovative or
novel approach to entrepreneurial education;
''(B) is made by an eligible entity with
demonstrated success in--
''(i) creating jobs;
''(ii) increasing the size of small
business concerns; or
''(iii) working with small business
concerns; or
''(C) includes a proposal for a program to be
carried out through a partnership between nonprofit
organizations, resource partners of the Administration,
and educational institutions.
''(f) Authorization of Appropriations.--There are authorized to be
appropriated to carry out this section $3,000,000 for each of fiscal
years 2013, 2014, and 2015.''.

SEC. 6. REGIONAL ENTREPRENEURIAL COMPETITIONS.

(a) In General.--The Administrator, acting through the Associate
Administrator for Field Operations, shall establish a program to host
regional competitions and a national conference to address regional
challenges through entrepreneurial research and business planning.
(b) Program Requirements.--
(1) Regional offices.--The regional administrator of each
regional office of the Administration shall--
(A) identify a prominent public-private issue that
challenges a broad range of individuals in the region;
(B) sponsor a single regional competition among
local small business concerns, inventors, and
entrepreneurs under which persons or groups of persons
submit research and business plans to address the issue
identified under subparagraph (A);
(C) provide outreach to universities, colleges,
business communities, industry leaders and
organizations, and nonprofit organizations to promote
the competition and to request proposals for research
and business plans;
(D) in coordination with the Director of the Office
of Entrepreneurship Education, select the 3 research or
business plans that best address the issue identified
under subparagraph (A); and
(E) submit to the Administrator a report that
contains the research or business plans selected under
subparagraph (D).
(2) Conference.--
(A) In general.--The Administrator, acting through
the Associate Administrator for Field Operations, shall
organize a single national conference for the
presentation of the research and business plans
selected under paragraph (1)(D) by the regional
administrators.
(B) Panel.--
(i) In general.--The Administrator shall
designate 11 employees of the Administration to
serve on a panel that shall select, from among
the research and business plans presented at
the conference, 1 plan from each region that
best addresses the issue identified under
paragraph (1)(A) for that region.
(ii) Members.--The Administrator shall
designate as a member of the panel under clause
(i)--
(I) 1 employee of the principal
office of the Administration; and
(II) 1 employee from each of the
regional offices of the Administration.
(3) Grant.--
(A) In general.--The Administrator shall award a
grant of $50,000 to each person or group of persons who
submitted a plan selected under paragraph (2)(B).
(B) Report.--Not later than 1 year after the date
on which the Administrator awards a grant under
subparagraph (A), the recipient of the grant shall
submit to the Administrator a report on the use of the
grant.
(4) Authorization of appropriations.--There are authorized
to be appropriated to the Administrator $750,000 to carry out
this section.

SEC. 7. STUDY ON ENTREPRENEURIAL DEFERMENT OF STUDENT LOANS.

Not later than 180 days after the date of enactment of this Act,
the Administrator, in consultation with the Secretary of Education,
shall submit to Congress a report that includes detailed
recommendations for legislation establishing a program--
(1) to forgive student loans in a manner that assists youth
entrepreneurship by making available capital for business
formation; and
(2) to defer student loan repayments in a manner that
assists youth entrepreneurship by making available capital for
business formation.
Student:
Today's Entrepreneurs are America's Mentors Act or TEAM Act - Amends the Small Business Act to establish in the Small Business Administration (SBA) an Office of Entrepreneurial Education, headed by a Director, to develop and provide innovative entrepreneurial information, education, and resources to promote prospective entrepreneurs and successful small businesses. Directs the SBA's Associate Administrator for Entrepreneurial Development to establish a program of grants to nonprofit organizations to provide technical assistance to primary and secondary schools for the development and implementation of curricula and mentoring programs designed to promote entrepreneurship. Requires the Director to submit to the congressional small business committees best practices of U.S. entrepreneurial education and training programs.

Authorizes a small business development center to apply for an SBA grant to carry out a university and college entrepreneurial education program.

Directs the SBA's Associate Administrator for Entrepreneurial Development to establish an entrepreneurial innovators partnership program of grants to nonprofit organizations and specified SBA entities to carry out innovative programs that expand entrepreneurship, improve partnerships between nonprofit organizations and entrepreneurs, and promote job creation by small businesses.

Directs the Administrator to establish a program to host regional competitions and a national conference to address regional challenges through entrepreneurial research and business planning.

Requires the Administrator to recommend to Congress legislation for establishing programs to forgive or defer student loan payments in order to assist youth entrepreneurship by making capital available for business formation.