Summary: S.4903 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.4903. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (11/17/2020)

Reigniting Opportunity for Innovators Act

This bill makes qualified founders and full-time employees of small business start-ups eligible to defer payments on their Federal Direct Loans for up to three years.

If the start-up is located in an economically distressed area, qualified founders and employees are also eligible for loan cancellation of up to $20,000.

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