This bill creates a student loan forgiveness program designed to encourage young people to start and work for businesses in economically distressed areas. Founders of new businesses in struggling counties can have up to $20,000 in federal student loans cancelled after making 24 monthly payments, while employees of small business startups can have up to $15,000 cancelled (capped at $3,000 per year after 12 monthly payments). To qualify, business founders must be recent college graduates operating in counties with below-average incomes or above-average unemployment rates, and their businesses must be certified and operating for at least five years. The bill establishes a new Young Entrepreneurs Business Center within the Small Business Administration to certify eligible businesses, identify distressed areas, and approve loan cancellation requests. Additionally, the bill makes loan cancellation amounts non-taxable income to borrowers, removing the tax penalty that would otherwise apply to loan forgiveness.