H.R.6197 - Supporting America's Young Entrepreneurs Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Velazquez, Nydia M. [D-NY-7] (Introduced 09/28/2016)|
|Committees:||House - Education and the Workforce; Financial Services; Ways and Means; Small Business|
|Latest Action:||House - 09/28/2016 Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, 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. (All Actions)|
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Summary: H.R.6197 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (09/28/2016)
Supporting America's Young Entrepreneurs Act of 2016
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to make eligible for deferment and cancellation under the Federal Direct Loan program a borrower who is an employee or founder of a small business start-up in a distressed area.
It also amends the Internal Revenue Code to exclude from an individual's gross income the amount of such canceled student loan debt.
The bill establishes a Federal Direct Refinanced Private Loan program to refinance private education loans.
Finally, it establishes a young entrepreneurs business center within the Small Business Administration to certify small business start-ups, identify distressed areas, and approve loan cancelation for founders of small business start-ups.