Supporting America’s Young Entrepreneurs Act of 2024
HR 7575, the Supporting America’s Young Entrepreneurs Act of 2024, provides student loan relief to borrowers who start or work for qualifying small businesses in economically distressed areas. Founders of certified "distressed area businesses" (operating 5+ years in designated low-income/unemployment zones) can have up to $20,000 of their Federal Direct Loans canceled after 24 months of payments while employed by their business. Employees of new "small business start-ups" (operating ≤3 years) may qualify for up to $3,000 annually (max $15,000 total) after 12 months of full-time employment. The Young Entrepreneurs Business Center, established under the Small Business Act, certifies businesses, identifies distressed areas, and approves loan cancellations, with canceled debt excluded from taxable income.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2024
Committee Review
Floor Vote
President
Introduced Mar 6, 2024
Last action Mar 6, 2024
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2
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Committee
1
Mar 6, 2024
Committee
Referred to the Committee on Education and the Workforce, 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.
lower
Mar 6, 2024
Introduced
Introduced in House
lower
1 primary · 4 co-sponsors
Sponsors
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