New Opportunities for Business Ownership and Self-Sufficiency Act

[AI summary unavailable — showing source text] New Opportunities for Business Ownership and Self-Sufficiency Act This bill increases the percentage of individuals who may participate in a Self-Employment Assistance (SEA) program, generally expands eligibility for such programs, and modifies certain SEA program requirements. As background, an SEA program provides an individual with an SEA allowance, rather than regular unemployment compensation benefits, if such individual is (1) eligible for unemployment compensation benefits and identified as likely to exhaust such benefits, (2) participating in self-employment assistance activities which include entrepreneurial training, business counseling, and technical assistance and are approved by the state, and (3) working full-time on establishing a business and becoming self-employed. Under current law, the number of individuals participating in an SEA program may not exceed 5% of the individuals receiving regular unemployment compensation benefits in the state. The bill increases the percentage of individuals who may participate in a state SEA program to 10%, eliminates the requirement that an individual be determined likely to exhaust unemployment compensation benefits (generally ex…