Supporting America’s Young Entrepreneurs Act of 2019
About This Bill
Committee
Latest Action · January 3, 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.
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.
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