S. 4903 · 116th Congress
Reigniting Opportunity for Innovators Act
- Stage
- In committee
- Sponsor
- Maggie Hassan
- Introduced
- 2020-11-17
- Latest action
- 2020-11-17 · Introduced in Senate
Summary
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.