3.0.0 4293 2022-12-30T15:47:35Z 2022-12-30T15:47:35Z House HR 2021-06-30 117 [Congressional Record Volume 167, Number 114 (Wednesday, June 30, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. VELAZQUEZ:H.R. 4293.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1``The Congress shall have Power to . . . provide for the .. . general Welfare of the United States; . . .''[Page H3581]]]> hssm00 Small Business Committee House Standing Referred to 2021-06-30T16:00:50Z hswm00 Ways and Means Committee House Standing Referred to 2021-06-30T16:00:45Z hsed00 Education and the Workforce Committee House Standing Referred to 2021-06-30T16:00:40Z 2021-06-30 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. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2021-06-30 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-06-30 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2021-06-30 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-06-30 Introduced in House IntroReferral 1000 9 Library of Congress V000081 Rep. Velazquez, Nydia M. [D-NY-7] NYDIA VELAZQUEZ D NY M. 7 N P000616 Rep. Phillips, Dean [D-MN-3] Dean Phillips D MN 3 2021-06-30 True C001080 Rep. Chu, Judy [D-CA-27] Judy Chu D CA 27 2021-06-30 True E000296 Rep. Evans, Dwight [D-PA-3] Dwight Evans D PA 3 2021-06-30 True K000394 Rep. Kim, Andy [D-NJ-3] Andy Kim D NJ 3 2021-06-30 True N000192 Rep. Newman, Marie [D-IL-3] Marie Newman D IL 3 2021-07-01 False Education Education 00 2021-06-30 Introduced in House 2022-05-06T20:14:01Z 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.

]]> Supporting America’s Young Entrepreneurs Act of 2021 Display Title Supporting America’s Young Entrepreneurs Act of 2021 Official Title as Introduced To amend the Higher Education Act of 1965 to provide loan deferment and loan cancellation for certain founders and employees of small business start-ups, to amend the Small Business Act to establish a young entrepreneurs business center, and for other purposes. Introduced in House IH Short Title(s) as Introduced Supporting America’s Young Entrepreneurs Act of 2021 Introduced in House IH Introduced in House 2021-06-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr4293ih/xml/BILLS-117hr4293ih.xml 2021-06-30 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.