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H.R. 3427 (112th): STARTUP Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Nov 15, 2011.

Startup Technical Assistance for Reemployment Training and Unemployment Prevention Act or the STARTUP Act - Amends the Federal-State Extended Unemployment Compensation Act of 1970 to authorize states to establish a self-employment assistance program (a program to provide unemployed individuals with an allowance in lieu of extended unemployment compensation to establish a business and become self-employed). Amends the Supplemental Appropriations Act, 2008 to allow individuals receiving emergency unemployment compensation to participate in a self-employment assistance program.

Directs the Secretary of Labor to: (1) award grants to states for self-employment assistance programs; (2) develop model language that may be used by states in enacting such programs and provide technical assistance to states in establishing, improving, and administering such programs; (3) establish reporting requirement for states that have established such programs; and (4) report to Congress on the effectiveness of such programs.

Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to repeal the program for investment in microentrepreneurs. Limits and rescinds funding for the Loan Modernization and Accounting System established by the Small Business Administration (SBA). Directs the Administrator of SBA to terminate the Special Purpose Counseling Grant program under the Small Business Act.