SEAP - Real Economic Stimulus

Expansion of the SEAP program (Self Employment Assistance Program) is what this country needs at this critical point.

Under the program, a select group of eligible, unemployed Americans are provided unemployment benefits to help them launch a new small business. With a little help and guidance they're allowed to take their economic fate in their hands. They'll likely create new jobs as well.

In order to be eligible for the program, the applicant has to enroll in a training program approved by their state labor department. Also, they have to work hand in hand with a counselor. That way they have a better shot at success.

The major drawbacks to the program are that;

• few states offer the program and
• Participants in the program are denied benefits after the initial 26 week unemployment period.

Conversely, benefits can continue for up to 99 weeks for people who are looking to work for someone else. Both are receiving the same unemployment benefits but one is being discouraged from starting a business.

As we continue to see high rates of unemployment, more needs to be done to help promote and nurture new small business owners. We all agree they're the main driver of new jobs in this country.

SEAP is an important program that can help spur the necessary growth we need. Any extension of unemployment benefits received in this program for new business owners would be a positive stimulus to our local, state and national economy. It would also help if more states adopted the program.

Kolonji Murray is President of the financial advisory firm Murray Wealth Group in New York. Prior to starting the firm in 2009, he worked as a banker and financial advisor for a number of leading Wall Street firms. He holds a degree in Accounting from Hampton University and is active in a number of civic and industry organizations. Mr. Murray is Series 7 and 66 licensed in NY, CT and GA. He is also life, accident and health, variable life/variable annuities insurance licensed in those states.

He can be reached at 917-916-2534, kolonji@murraywealthgroup or Kolonji Murray at LinkedIn.