Reigniting Opportunity for Innovators Act

2020-11-17

Introduced in Senate

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.

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