,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #efac  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #ae1 #bjbj,mr4
 ,gallego 7= himself1 ,mr4 ,swalwell (  
,cali=nia1 & ,ms4 ,haal&7 introduc$ !   
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,education & ,labor  ,a   
,,bill  ,to am5d ! ,high] ,education    
,act ( #aife to all[ qualifi$           
entrepr5eurs to tempor>ily def] ,f$]al  
/ud5t loan paym5ts aft] />t+ a new      
bus9ess4  #a4 ,%ort title ,?is ,act may 
be cit$ z ! ,relief & ,inve/m5t = ,/ud5t
 ,entrepr5eurs ,act or ! ,,rise ,act4   
#b4 ,def]m5t ( ,f$]al /ud5t loan paym5ts
 = qualifi$ entrepr5eurs ,section       
#dee7;f7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajhg;e7f77 is     
am5d$--  7#a7 9 p>agraph 7#a7-- 7,a7 by 
/rik+ or at ! end ( subp>agraph         
7,a77ii72  7,b7 by /rik+ ! p]iod at !   
end ( subp>agraph 7,b7 & ins]t+ 2 or2 & 
7,c7 by add+ at ! end ! foll[+3  7,c7   
not)/&+ subp>agraphs 7,a7 & 7,b71 9 !   
case ( a def]m5t describ$ 9 p>agraph    

7#b77;,e71 %all n accrue4  2  7#b7 9    
p>agraph 7#b7-- 7,a7 9 subp>agraph 7,c71
 by /rik+ or at ! end2  7,b7 9          
subp>agraph 7,d71 by /rik+ ! p]iod at ! 
end & ins]t+ 2 or2 &  7,c7 by add+ at ! 
end ! foll[+ new subp>agraph3  7,e7     
subject to p>agraph 7#e71 n 9 excess (  
#c ye>s dur+ :i* ! borr[] is a qualifi$ 
entrepr5eur4  2 &  7#c7 by add+ at ! end
 ! foll[+ new p>agraph3  7#e7 ,def]m5t =
 qualifi$ entrepr5eurs  7,a7 ,def9ition 
( qualifi$ entrepr5eur ,= ! purpose (   
?is subsection1 ! t]m qualifi$          
entrepr5eur means a borr[] :o--  7i7    
receives a degree f an in/itution (     
high] education dur+ ! #aj-ye> p]iod    
end+ on ! date on :i* ! borr[] reque/s a
 def]m5t "u p>agraph 7#b77;,e72  7ii7   
regi/]s at lea/ #a bus9ess entity 9 a   
,/ate dur+ ! #ah-mon? p]iod end+ on !   
date on :i* ! borr[] reque/s a def]m5t  
"u p>agraph 7#b77;,e72  7iii7 raises    
capital inve/m5t ( n less ?an #ae1jjj = 
su* bus9ess entity2 &  7iv7 has an      
out/&+ balance ( pr9cipal & int]e/ on a 

loan made "u ?is "p ( n less ?an #e1jjj4
  7,b7 ,m9imum employee requirem5t ,a   
borr[] grant$ def]m5t "u p>agraph       
7#b77;,e7 %all n be eligible to cont9ue 
su* def]m5t unless1 on ! date t is #a   
ye> aft] ! date on :i* su* def]m5t is   
grant$1 ! borr[]--  7i7 employs at !    
bus9ess entity describ$ 9 subp>agraph   
7,a77ii7 n few] ?an #a full-"t employee 
:o is n ! borr[] or relative ( ! borr[]2
 &  7ii7 pays su* employees at a rate n 
less ?an ! m9imum wage prescrib$ by !   
,/ate or locality 9 :i* ! bus9ess entity
 is locat$4  4  #c4 ,loan cancellation =
 entrepr5eurs ,"p ,d ( title ,,iv ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;a et seq47 is fur!r     
am5d$ by add+ at ! end ! foll[+3        
#dfj;,a4 ,loan cancellation =           
entrepr5eurs  7a7 ,program au?oriz$ ,!  
,secret>y is au?oriz$ to c>ry out a     
program ( cancel+ ! obligation to repay 
a qualifi$ loan am\nt 9 accordance )    
subsection 7b7 = ,f$]al ,direct ,/af=d  
,loans & ,f$]al ,direct ,unsubsidiz$    

,/af=d ,loans made "u ?is "p = any      
borr[] :o--  7#a7 = n less ?an a #c-ye> 
p]iod & n m ?an a #aj-ye> p]iod end+ on 
! date on :i* ! borr[] reque/s a        
cancellation "u ?is section1 has own$ & 
controll$ a qualifi$ ,h,u,b,zone small  
bus9ess conc]n 7z det]m9$ by !          
,adm9i/rator ( ! ,small ,bus9ess        
,adm9i/ration71 :i* has be5 regi/]$ z   
bus9ess 9 a ,/ate2 &  7#b7 is n 9       
default on a loan = :i* ! borr[] seeks  
=giv5ess4  7b7 ,qualifi$ loan am\nt     
7#a7 ,9 g5]al ,! ,secret>y %all cancel n
 m ?an #ag1ejj 9 ! aggregate ( ! loan   
obligation on a ,f$]al ,direct ,/af=d   
,loan or a ,f$]al ,direct ,unsubsidiz$  
,/af=d ,loan t is out/&+4  7#b7         
,treatm5t ( consolidation loans ,a loan 
am\nt = a ,f$]al ,direct ,consolidation 
,loan may be a qualifi$ loan am\nt = !  
purposes ( ?is subsection only to !     
ext5t t su* loan am\nt 0 us$ to repay a 
,f$]al ,direct ,/af=d ,loan1 a ,f$]al   
,direct ,unsubsidiz$ ,/af=d ,loan1 or a 
loan made "u section #dbh or #dbh;,h1 = 

a borr[] :o meets ! requirem5ts (       
subsection 7a71 z det]m9$ 9 accordance )
 regulations prescrib$ by ! ,secret>y4  
7c7 ,priority ,! ,secret>y %all grant   
loan =giv5ess "u ?is section on a       
fir/-come1 fir/-s]v$ basis1 & subject to
 ! availability ( appropriations4  7d7  
,rule ( con/ruction ,no?+ 9 ?is section 
%all be con/ru$ to au?orize ! refund+ ( 
any repaym5t ( a loan4  4  #d4          
,publication & report  7a7 ,publication 
,! ,secret>y ( ,education & !           
,adm9i/rator ( ! ,small ,bus9ess        
,adm9i/ration %all ea* make available1  
on publicly accessible websites ( !     
,dep>tm5t ( ,education & ! ,small       
,bus9ess ,adm9i/ration1 respectively1   
in=mation on ! /ud5t loan def]m5t       
program = qualifi$ entrepr5eurs "u      
section #dee7;f7 ( ! ,high] ,education  
,act ( #aife 7#bj ,u4,s4,c4 #ajhg;e7f771
 z am5d$ by ?is ,act4  7b7 ,report to   
,congress ,n lat] ?an #ahj days aft] !  
date ( ! enactm5t ( ?is ,act1 !         
,secret>y ( ,education %all submit to   

,congress a report t includes--  7#a7 an
 assessm5t ( ! progress ( ! ,secret>y 9 
c>ry+ out ! /ud5t loan def]m5t program =
 qualifi$ entrepr5eurs "u section       
#dee7;f7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajhg;e7f771 z     
am5d$ by ?is ,act2 &  7#b7 a description
 ( any ongo+ ef=ts to increase          
p>ticipation 9 su* program4