1. Short title This Act may be cited as the Next Generation Entrepreneurship Corps Act . 2. Sense of Congress It is the sense of Congress that— (1) the United States has a successful fellowship for building the next generation of public servants; and (2) with the devastation facing small businesses in the United States as a result of the novel 2019 Coronavirus (COVID–19), rebuilding Main Street will require a new generation of entrepreneurial talent with the backing of the Federal Government. 3. Next generation entrepreneurship corps program The Small Business Act ( 15 U.S.C. 631 et seq.) is amended— (1) by redesignating section 49 ( 15 U.S.C. 631 note) as section 50; and (2) by inserting after section 48 ( 15 U.S.C. 657u ) the following: 49. Next generation entrepreneurship corps program (a) Definitions In this section— (1) the term Committee means the selection committee established under subsection (k); (2) the term community development financial institution has the meaning given the term in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ); (3) the term distressed region means any census tract or other area that is treated as a low-income community for purposes of section 45D of the Internal Revenue Code of 1986; (4) the term equity investment — (A) means an investment for an ownership interest in an entity, the financial return with respect to which is principally aligned with the financial return of the plurality of ownership interests in the entity; and (B) includes a debt instrument that can be converted to an equity ownership interest in an entity based on future events; (5) the term minority depository institution has the meaning given the term in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note); (6) the term Program means the Next Generation Entrepreneurship Corps Program established under subsection (b)