U.S. Reps. Mike Carey (R-OH) and Greg Landsman (D-OH) reintroduced legislation recently that will support individuals as they pursue small business ownership.
The bill, New Opportunities for Business Ownership and Self-Sufficiency (NO BOSS) Act, will make improvements to the Self-Employment Assistance (SEA) Program to make state participation less cumbersome and to encourage participation.
“Small businesses and pioneering entrepreneurs are the engine of our economy, but making the leap from unemployment to self-employment is risky,” Carey said. “Americans shouldn’t be forced to choose between unemployment insurance and working on their next big idea. This bill makes it easier to start and sustain a small business, and I am proud to once again lead this effort.”
Previously introduced in the 118th Congress, the legislation would improve the use of the SEA program by making changes to it. The SEA program is designed to encourage unemployed individuals to start their own businesses by providing them with weekly payments while their small business gets off the ground, instead of unemployment compensation. Only five states have active SEA programs – Delaware, Mississippi, New Hampshire, New York and Oregon. In Oregon, the program has 390 participants, and in New York, the program has 1,005 participants.
The NO BOSS Act would improve the use of the SEA program by removing the “likely to exhaust benefits” provision, which prevents many unemployed workers from participating in it, and implies that entrepreneurship should only be for those who are unlikely to find any other job. Additionally, the legislation would clarify that a business plan and market feasibility study could serve as an alternative requirement to entrepreneurship training. The bill also includes integrity guardrails to ensure those who submitted a business plan and market feasibility study are meeting required deadlines.
This bill is cosponsored by U.S. Reps. Max Miller (R-OH), Rudy Yakym (R-IN), Randy Feenstra (R-IA), and Nathaniel Moran (R-X).
“This is a real unique opportunity to help unemployed individuals start a business with dignity. By making commonsense changes to the program, we can empower entrepreneurship and give people who are passionate about building a business the support they need to make it a reality,” Landsman said.