Entrepreneurship Corps: National Service Program for Small Business Growth and Loan Relief
This Act establishes the Entrepreneurship Corps National Service Program to boost economic activity and job creation in economically distressed areas. The program assigns college-educated individuals (Fellows) to eligible small businesses for a two-year service period. Fellows receive compensation from the federal government and, upon completion, qualify for education grants to pay off student loans or fund advanced degrees, while participating businesses benefit from skilled labor and a tax exclusion on the value of the Fellow's work.
Key points
Graduates can receive paid two-year service experience in small businesses, followed by education grants (up to the maximum Pell Grant amount) for student loan repayment or advanced degree expenses.
Small businesses (established not more than 5 years prior, minimum $200,000 gross sales in the preceding year) located in distressed economic areas gain access to skilled labor for two years.
The value of the labor performed by the Fellow is excluded from the small business's gross income for tax purposes.
Fellows who complete the service become eligible for non-competitive appointment to Federal competitive service positions for one year.
Expired
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