; and (ii) the Committee determines have relevant experience to carry out the Program. (B) Report Not later than 90 days after the date of enactment of this Act, the Administrator shall submit to Congress a report on— (i) the requirements and plans relating to third-party contractors described in subparagraph (A); and (ii) how those third-party contractors will begin to carry out the Program. (c) Stipends (1) In general Each fiscal year, the Committee may select not more than 320 fellows to participate in the Program and receive a 2-year stipend of $120,000 to start and grow a new small business concern. (2) Authority to reject The Assistant Administrator of the Office of Entrepreneurial Development of the Administration shall have the authority to reject any fellow selected by the Committee to participate in the Program. (3) Allowable uses The Committee shall determine the allowable uses of a stipend awarded under this subsection. (4) Stipend amount The amount of a stipend made under this subsection shall be adjusted every 3 years to reflect increases in the Consumer Price Index for All Urban Consumers during that period. (5) Applications Each applicant for a stipend made under this subsection shall— (A) propose a small business concern idea that will be located in a distressed region; and (B) submit to the Committee a small business concern plan that demonstrates— (i) that the applicant will have primary decision-making authority in the small business concern; (ii) a need for the small business concern of the applicant in the community or how the small business concern solves an economic or social problem in the area to be served by the small business concern or the United States; (iii) how the applicant plans to build their small business concern to employ local talent in entry-level and mid-level positions to ensure quality job growth; (iv) a vision for long-term growth in the area to be served by the small business concern