(a) As used in this section:
(1) “Self-employment assistance activities” means activities (including entrepreneurial training, business counseling and technical assistance) approved by the Secretary of Labor or the Secretary's designee in which an individual identified through a worker profiling system as likely to exhaust regular benefits participates for the purpose of establishing a business and becoming self-employed.
(2) “Self-employment assistance allowance” means an allowance, payable in lieu of regular benefits and from the Unemployment Compensation Fund established under § 3161 of this title, to an individual participating in self-employment assistance activities who meets the requirements of this section.
(3) “Full-time basis” means that the individual is devoting such amount of time as is determined by the Department to be necessary to establish a business which will serve as a full-time occupation for that individual.
(b) The weekly allowance payable under this section to an individual will be equal to the weekly benefit amount for regular benefits payable under § 3313 of this title. The sum of (1) the allowance paid under this section and (2) regular benefits paid under this chapter with respect to any benefit year shall not exceed the maximum benefit amount as established by § 3313(k) of this title with respect to such benefit year.
(c) The allowance described in subsection (a) of this section shall be payable to an individual at the same interval, on the same terms, and subject to the same conditions as regular benefits under this chapter, except that:
(1) The requirements of §§ 3315(1), (3), and 3314(3) of this title relating to availability for work active search for work and refusal to accept work are not applicable to such individual;
(2) The reduction provided in § 3313(i) of this title relating to wages paid is not applicable to income earned from self-employment by such individual;
(3) An individual who meets the requirements of this section shall be considered to be unemployed under § 3302(17) of this title; and
(4) An individual who fails to participate in self-employment assistance activities or who fails to actively engage on a full-time basis in activities (which may include training) relating to the establishment of a business and becoming self-employed shall be disqualified for the week such failure occurs.
(d) The aggregate number of individuals receiving the self-employment assistance allowance under this section at any time shall not exceed 5 percent of the number of individuals receiving regular benefits for such week. The Secretary of Labor shall prescribe such actions as are necessary to assure the requirements of this subsection are met.
(e) Self-employment assistance allowances paid under this section shall be charged to employers as provided under the provisions of this chapter relating to the charging of regular benefits. Benefits shall be noncharged as provided under § 3314 of this title.
(f) The provisions of this section will apply to weeks beginning after the date of enactment or weeks beginning after any plan required by the United States. Department of Labor is approved by said Department, whichever date is later. The authority provided by this section shall terminate as of the end of the week preceding the date when federal law no longer authorizes the provisions of this section, unless such date is a Saturday in which case the authority shall terminate as of such date.