Section 1. Short title
This Act may be cited as the New Opportunities for Business Ownership and Self-Sufficiency Act.
(a) Elimination of requirement that participants are likely To exhaust regular unemployment compensation
Section 3306(t)(3) of the Internal Revenue Code of 1986 is amended by striking subparagraph (B) and by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C), respectively.
(b) Modification of requirement To participate in self-Employment assistance activities
Section 3306(t)(3)(B) of such Code, as redesignated by subsection (a), is amended to read as follows:
(B) are participating in self-employment assistance activities which are approved by the State agency and either—
(i) include entrepreneurial training, business counseling, and technical assistance; or
(ii) are performed pursuant to a business plan and market feasibility study submitted by the individual and approved by the State or an agency designated by the State.
(c) Weekly certification requirement
Section 3306(t)(3)(C) of such Code, as redesignated by subsection (a), is amended by inserting and are certifying such activities on at least a weekly basis to an agency designated by the State before the semicolon at the end.
(d) Adjustment of limitation on number of individuals participating
Section 3306(t)(4) of such Code is amended by striking 5 and inserting 10.
(e) Effective date
The amendments made by this section shall apply beginning on the date that is 2 years after the date of enactment of this Act, except that nothing in this section shall be interpreted to prevent a State from amending its law before the end of the 2-year period beginning on the date of the enactment of this Act.
(f) Issuance of regulations
The Secretary of Labor shall, after public notice and comment and subject to approval by the Office of Management and Budget, adopt regulations to administer this Act.