This bill requires the Department of Labor to award to states (1) temporary five-year supplemental formula grants for emergency layoff aversion, workforce training, and other assistance to reduce and prevent unemployment and limit the impact of disruptions on labor markets; and (2) planning and implementation grants for innovative layoff aversion models. A state receiving a grant under the bill must establish an advisory council to oversee and assess the performance of activities carried out under such grants.

The bill also requires the Departments of Commerce and Labor to jointly establish a federal interagency task force to (1) identify any challenges that a state or local area receiving funds under this bill has had to overcome; (2) collect and disseminate best practices and develop and recommend policies at the federal level to support ongoing efforts to limit the impact of market disruptions on workers, employers, and industry sectors or occupations; (3) establish a framework for a state receiving a grant under the bill to measure employer satisfaction for activities funded under it; and (4) establish the minimum standards of job quality that an employer is required to meet as a condition of receiving assistance under the bill.