Summary: H.R.231 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.231. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/03/2019)

Supporting America's Young Entrepreneurs Act of 2019

This bill makes eligible for deferment and cancelation of student loan debt a recent graduate of a four-year institution of higher education (IHE) who works at certain small business start-ups in distressed areas.

Specifically, it makes a student loan borrower who is an employee and founder of a start-up eligible for deferment and cancellation of student loans. In addition, the bill makes a full-time employee of a start-up eligible for cancelation of student loan debt.

It also excludes from an individual's gross income, for income tax purposes, the amount of such canceled student loan debt.

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 cancellations. To be certified by the center, a start-up must (1) have a founder who is a recent graduate of a four-year IHE, and (2) employ a certain number of recent graduates.