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NEW START Act of 2023

Source: Congress.gov  ·  2,411 words in original text
This bill creates a 5-year pilot program that gives grants to organizations helping formerly incarcerated people (people who have completed prison time) start their own businesses. The grants support entrepreneurship training and business development programs for eligible individuals. The Small Business Administration runs the program.
Formerly incarcerated individuals who meet eligibility requirements set by the Small Business Administration. Organizations and partnerships that provide business training and support. The Small Business Administration. Congress (which receives yearly reports).
The Small Business Administration must establish the pilot program within 180 days of the bill becoming law and must award grants to organizations in amounts between $100,000 and $500,000 per year over 5 years. (Sec. 3(b) and (c)) Organizations receiving grants must have strong community connections, be able to partner with microloan providers (lenders who give small loans), and provide comprehensive business training programs. (Sec. 3(e)) Grant recipients must contribute 25 percent of the grant money from non-federal sources like donations or their own funds. (Sec. 3(g)) The administrator must submit yearly reports to Congress detailing who participated, how many businesses were started, loan amounts given, and whether participants avoided re-offending. (Sec. 3(i)) The program ends 5 years after the administrator establishes it. (Sec. 3(l))
A new federal grant program begins that funds organizations helping formerly incarcerated people develop entrepreneurship skills and access microloans. These organizations must connect participants to federal resources like mentoring programs and women's business centers.
"Covered individual" means someone who completed a prison or jail sentence and meets offense eligibility requirements set by the Small Business Administration. "Intermediary" and "microloan" have the meanings given in existing Small Business Administration law. "Microloan intermediary" means an organization already approved to participate in the Small Business Administration's existing microloan program.
The administrator must establish the pilot program within 180 days after the bill becomes law. The program terminates 5 years after establishment.
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.