H.R. 4293 · 117th Congress
Supporting America’s Young Entrepreneurs Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
VelázquezSponsor5 cosponsors · 5 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill provides deferment and cancellation of federal student loans for certain founders and employees of small business start-ups. The bill also establishes a young entrepreneurs business center.
What it does: CRS summary · Introduced in House · Jun 30, 2021
Supporting America's Young Entrepreneurs Act of 2021
This bill provides deferment and cancellation of federal student loans for certain founders and employees of small business start-ups. The bill also establishes a young entrepreneurs business center.
First, the bill allows a founder of a small business start-up to defer student loan payments for up to three years.
Next, the bill directs the Department of Education (ED) to cancel up to $20,000 in federal student loan debt for a borrower who (1) has made 24 monthly payments on the loan while employed as a founder of a small business start-up in a distressed area, (2) is approved for loan cancellation by the young entrepreneurs business center established by the bill, and (3) is not currently in default on the loan.
Further, ED must cancel up to $3,000 in federal student loan debt for a borrower who (1) has made 12 monthly payments on the loan while employed full-time by a small business start-up, and (2) is not currently in default on the loan.
The bill also excludes from an individual's gross income, for income tax purposes, the amount of such canceled student loan debt.
Finally, the bill establishes a young entrepreneurs business center within the Small Business Administration to certify small business start-ups, identify distressed areas, and approve loan cancellations. To be certified by the center, a start-up must have a founder who is a recent graduate of an institution of higher education.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Supporting America’s Young Entrepreneurs Act of 2021
Latest action (Jun 30, 2021): Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Education · Origin: House · Introduced: Jun 30, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.