H.R.231 - Supporting America's Young Entrepreneurs Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Velazquez, Nydia M. [D-NY-7] (Introduced 01/03/2019)|
|Committees:||House - Education and Labor; Ways and Means; Small Business|
|Latest Action:||House - 01/03/2019 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. (All Actions)|
This bill has the status Introduced
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- Passed Senate
- To President
- Became Law
Summary: H.R.231 — 116th Congress (2019-2020)All Information (Except Text)
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.