NEW START Act of 2023

The NEW START Act of 2023 establishes a 5-year pilot program through the Small Business Administration (SBA) to support formerly incarcerated individuals in starting businesses. It provides grants ($100,000-$500,000 annually) to organizations creating entrepreneurship programs for "covered individuals" (those who completed prison terms), requiring recipients to contribute 25% of grant funds from non-Federal sources. The program connects participants to SBA resources like microloans and business development centers, with mandatory annual reporting on outcomes including business creation rates, recidivism reduction, and participant demographics. This aims to address high unemployment and reoffending rates among returning citizens by fostering economic stability through self-employment.