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Support for Young Entrepreneurs: Student Loan Forgiveness and New Business Center.

This act aims to help young people start and grow their own businesses, especially in underserved areas. It introduces student loan deferment and partial cancellation for founders and employees of small start-ups, and establishes a new business support center for young entrepreneurs. This means citizens could get relief from student debt if they choose an entrepreneurial path.
Key points
Up to $20,000 in student loan cancellation for founders of businesses in distressed areas, after 24 months of payments and meeting conditions.
Up to $15,000 in student loan cancellation (up to $3,000 annually) for employees of small start-ups, after 12 months of payments and meeting conditions.
Establishment of a Young Entrepreneurs Business Center to certify businesses, identify distressed areas, and approve loan cancellation requests.
Cancelled student loan amounts will not be counted as taxable income, providing an additional financial benefit.
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Expired
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Additional Information
Print number: 118_HR_7575
Sponsor: Rep. Velázquez, Nydia M. [D-NY-7]
Process start date: 2024-03-06
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Supporting America’s Young Entrepreneurs Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7575.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-06.

What are the main provisions?

Key points include:

  • Up to $20,000 in student loan cancellation for founders of businesses in distressed areas, after 24 months of payments and meeting conditions.
  • Up to $15,000 in student loan cancellation (up to $3,000 annually) for employees of small start-ups, after 12 months of payments and meeting conditions.
  • Establishment of a Young Entrepreneurs Business Center to certify businesses, identify distressed areas, and approve loan cancellation requests.
  • Cancelled student loan amounts will not be counted as taxable income, providing an additional financial benefit.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velázquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Education Economy Taxes