MS HB490

Creates the "Self-Employment Assistance Program Act" to provide weekly allowances to unemployed individuals who participate in entrepreneurial training, business counseling, and self-employment activities.

Weekly allowance equals the regular unemployment benefit amount, with total benefits in a benefit year not exceeding the maximum amount under Section 71-5-507; participants are exempt from work availability and job search requirements.

Limits program participation to no more than 5% of individuals receiving regular unemployment benefits at any given time.

Establishes a 9-member Self-Employment Assistance Program Steering Committee with representatives from business organizations, the Mississippi Department of Employment Security, and legislative ex-officio members to adopt initial program rules.

Program benefits are noncharged to employers and take effect after July 1, 2014, or upon federal Department of Labor approval of the required plan, whichever is later.