,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dijc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #ag1 #bjbj,ms4
 ,hassan introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,high]   
,education ,act ( #aife to enc\rage     
entrepr5eur%ip by provid+ loan def]m5t &
 loan cancellation = f\nd]s & employees 
( small bus9ess />tups1 & = o!r         
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,reignit+ ,opportunity =   
,innovators ,act4  #b4 ,small bus9ess   
/>tup f\nd] & employee loan def]m5t &   
cancellation  7a7 ,def]m5t )\t int]e/   
accrual = small bus9ess />tup f\nd]s &  
employees ,section #dee7;f7 ( ! ,high]  
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7f77 is am5d$-- 7#a7 by          
r$esignat+ p>agraphs 7#d7 & 7#e7 z      
p>agraphs 7#e7 & 7#f71 respectively2 &  
7#b7 by ins]t+ aft] p>agraph 7#c7 !     
foll[+3  7#d7 ,def]m5t )\t int]e/       
accrual = small bus9ess />tup f\nd]s &  
employees  7,a7 ,9 g5]al ,subject to    

subp>agraph 7,b71 a qualify+ small      
bus9ess />tup borr[] %all be eligible = 
a def]m5t1 dur+ :i* p]iodic in/allm5ts (
 pr9cipal ne$ n be paid & int]e/ %all n 
accrue1 dur+ any p]iod :ile ! borr[] is 
employ$ z a f\nd] or full-"t employee ( 
a small bus9ess />tup4  7,b7            
,limitations ,a qualify+ small bus9ess  
/>tup borr[] %all n receive a def]m5t "u
 ?is p>agraph = any p]iod-- 7i7 9 excess
 ( #c ye>s2 or  7ii7 t beg9s m ?an #e   
ye>s1 or ends m ?an #h ye>s1 aft] ! date
 ! small bus9ess />tup 0 e/abli%$ 7z    
det]m9$ by ! small bus9ess developm5t   
c5t] t approv$ su* borr[] "u section    
#ba7o77#e7 ( ! ,small ,bus9ess ,act 7#ae
 ,u4,s4,c4 #fdh7o77#e7774  7,c7         
,def9itions ,9 ?is p>agraph-- 7i7 ! t]ms
 f\nd]1 full-"t employee1 & small       
bus9ess />tup h ! mean+s giv5 ! t]ms 9  
subsection 7r77#b72 &  7ii7 ! t]m       
qualify+ small bus9ess />tup borr[]     
means a borr[] ( a loan made "u ?is "p  
^: employm5t z a small bus9ess />tup    
f\nd] or full-"t employee is approv$ by 

a small bus9ess developm5t c5t] "u      
section #ba7o77#e7 ( ! ,small ,bus9ess  
,act 7#ae ,u4,s4,c4 #fdh7o77#e774  4    
7b7 ,loan cancellation ,section #dee ( !
 ,high] ,education ,act ( #aife 7#bj    
,u4,s4,c4 #ajhg;e7 is am5d$ by add+ at !
 end ! foll[+3  7r7 ,loan cancellation =
 f\nd]s & employees ( small bus9ess     
/>tups 9 di/ress$ areas  7#a7 ,loan     
cancellation  7,a7 ,9 g5]al ,! ,secret>y
 %all cancel ! balance ( int]e/ &       
pr9cipal due1 subject to subp>agraph    
7,b71 on any eligible ,f$]al ,direct    
,loan n 9 default = a borr[] :o-- 7i7 at
 ! "t ( su* cancellation1 is employ$ z a
 f\nd] or full-"t employee ( a small    
bus9ess />tup 9 a di/ress$ area :o--    
7,i7 has be5 approv$ = loan cancellation
 by a small bus9ess developm5t c5t] "u  
section #ba7o77#f7 ( ! ,small ,bus9ess  
,act 7#ae ,u4,s4,c4 #fdh7o77#f772 &     
7,,ii7 began su* employm5t dur+ ! #e-ye>
 p]iod beg9n+ on ! date t ! small       
bus9ess />tup 0 e/abli%$ 7z det]m9$ by  
su* small bus9ess developm5t c5t]72 &   

7ii7 dur+ ! "t p]iod = :i* ! borr[] has 
be5 approv$ by ! small bus9ess          
developm5t c5t]1 :i* 9 no case %all be m
 ?an #aj ye>s aft] ! date on :i* ! small
 bus9ess />tup 0 e/abli%$1 has made #bd 
mon?ly paym5ts on ! eligible ,f$]al     
,direct ,loan pursuant to any repaym5t  
plan "u subsection 7d77#a7 or a         
comb9ation ( su* plans :ile s employ$4  
7,b7 ,loan cancellation maximum ,!      
,secret>y %all cancel "u ?is subsection 
n m ?an an aggregate ( #bj1jjj ( ! loan 
obligation on ! eligible ,f$]al ,direct 
,loans ( a borr[]4  7,c7 ,tim+          
requirem5ts ,ea* ( ! #bd mon?ly paym5ts 
requir$ "u ?is subsection %all be made  
aft] ! date ( enactm5t ( ?is subsection4
  7,d7 ,ineligibility = d\ble b5efits   
,no borr[] may1 = ! same s]vice1 receive
 a r$uction ( loan obligations "u bo?   
?is subsection &-- 7i7 subsection 7m72  
or  7ii7 section #dbh;,j1 #dbh,k1       
#dbh,l1 or #dfj4  7#b7 ,def9itions ,9   
?is subsection3 7,a7 ,di/ress$ area ,!  
t]m di/ress$ area has ! mean+ giv5 ! t]m

 9 section #ba7o77#a7 ( ! ,small        
,bus9ess ,act 7#ae ,u4,s4,c4            
#fdh7o77#a774  7,b7 ,eligible ,f$]al    
direct loan ,! t]m eligible ,f$]al      
,direct ,loan means a ,f$]al ,direct    
,/af=d ,loan1 ,f$]al ,direct ,,plus     
,loan1 ,f$]al ,direct ,unsubsidiz$      
,/af=d ,loan1 or a ,f$]al ,direct       
,consolidation ,loan4  7,c7 ,f\nd]2     
full-"t employee ,! t]ms f\nd] & full-"t
 employee h ! mean+s giv5 ! t]ms 9      
section #ba7o77#a7 ( ! ,small ,bus9ess  
,act 7#ae ,u4,s4,c4 #fdh7o77#a774  7,d7 
,small bus9ess />tup ,! t]m small       
bus9ess />tup means a bus9ess t is      
c]tifi$ by a small bus9ess developm5t   
c5t] "u section #ba7o77#c7 ( ! ,small   
,bus9ess ,act 7#ae ,u4,s4,c4            
#fdh7o77#c774  4  7c7 ,con=m+ am5dm5ts  
,title ,,iv ( ! ,high] ,education ,act (
 #aife 7#bj ,u4,s4,c4 #ajgj;a et seq47  
is fur!r am5d$-- 7#a7 9 section         
#dbh;,j7g77#b71 by /rik+ section #dee7m7
 & ins]t+ subsection 7m7 or 7r7 (       
section #dee2  7#b7 9 section           

#dbh,k7f7-- 7,a7 by ins]t+ subsection   
7m7 or 7r7 ( section #dee or be=e       
section #dbh;,j2 &  7,b7 by /rik+       
#dee7m72  7#c7 9 section #dbh,l7g71 by  
/rik+ #dee7m7 & ins]t+ subsection 7m7 or
 7r7 ( section #dee2  7#d7 9 section    
#dee7m77#d71 by ins]t+ subsection 7r7 or
 be=e section #dbh;,j2 &  7#e7 9 section
 #dfj7;g77#b77;,b71 by /rik+ section    
#dee7m7 & ins]t+ subsection 7m7 or 7r7 (
 section #dee4  #c4 ,small bus9ess      
developm5t c5t]s ,section #ba ( ! ,small
 ,bus9ess ,act 7#ae ,u4,s4,c4 #fdh7 is  
am5d$-- 7#a7 9 subsection 7c77#c7-- 7,a7
 9 subp>agraph 7,t71 by /rik+ & at !    
end2  7,b7 9 ! fir/ subp>agraph 7,u7    
7relat+ to enc\rag+ & assi/+ ! provision
 ( succession plann+71 by /rik+ ! p]iod 
at ! end ( clause 7v7 & ins]t+ a        
semicolon2  7,c7 9 ! second subp>agraph 
7,u7 7relat+ to provid+ tra9+ 9         
conjunction ) ! ,unit$ ,/ates ,pat5t &  
,tradem>k ,(fice7-- 7i7 by r$esignat+ t 
subp>agraph z subp>agraph 7,v72 &  7ii7 
9 clause 7ii77,,ii71 by /rik+ ! p]iod at

 ! end & ins]t+ a semicolon2 &  7,d7 by 
add+ at ! end ! foll[+3  7,w7 c]tify+   
small bus9ess />tups "u subsection      
7o77#c72 &  7,x7 approv+ loan def]m5t or
 cancellation "u p>agraph 7#e7 or 7#f7 (
 subsection 7o7 = f\nd]s & full-"t      
employees ( c]ta9 small bus9ess />tups1 
z ^? t]ms are def9$ 9 p>agraph 7#a7 ( t 
subsection4  2 &  7#b7 by add+ at ! end 
! foll[+3  7o7 ,def]m5t or cancellation 
( c]ta9 loans  7#a7 ,def9itions ,9 ?is  
subsection-- 7,a7 ! t]m di/ress$ area   
has ! mean+ giv5 ! t]m l[-income        
community 9 section #de;,d7e7 ( !       
,int]nal ,rev5ue ,code ( #aihf2  7,b7 ! 
t]m eligible ,f$]al ,direct ,loan has ! 
mean+ giv5 ! t]m 9 section #dee7r77#b7 (
 ! ,high] ,education ,act ( #aife2  7,c7
 ! t]ms f\nd] & full-"t employee1 )     
respect to a small bus9ess />tup1 h !   
mean+s giv5 ! t]ms by ! ,adm9i/rator2 & 
7,d7 ! t]m small bus9ess />tup means a  
small bus9ess conc]n t1 z ( ! date t !  
small bus9ess conc]n submits an         
application "u p>agraph 7#c71 has be5 9 

exi/5ce = n m ?an #c ye>s4  7#b7 ,role (
 small bus9ess developm5t c5t]s ,any    
small bus9ess developm5t c5t] may1 =    
purposes ( eligible ,f$]al ,direct ,loan
 def]m5t or cancellation "u subsection  
7f77#d7 or 7r7 ( section #dee ( ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajhg;e7-- 7,a7 c]tify a small bus9ess  
/>tup "u p>agraph 7#c72 &  7,b7 approve 
eligible ,f$]al ,direct ,loan def]m5t or
 cancellation = a f\nd] or full-"t      
employee ( a qualify+ small bus9ess     
/>tup "u p>agraph 7#e7 or 7#f74  7#c7   
,c]tification ,9 ord] to be c]tifi$ by a
 small bus9ess developm5t c5t]1 a small 
bus9ess />tup %all submit to ! small    
bus9ess developm5t c5t] an application t
 includes-- 7,a7 a #e-ye> bus9ess plan =
 ! small bus9ess />tup2  7,b7 ! numb] ( 
employees t ! small bus9ess />tup int5ds
 to employ on an annual basis2 &  7,c7  
in=mation t demon/rates t ! small       
bus9ess />tup has ! pot5tial = success4 
7#d7 ,publication ( di/ress$ areas ,n   
less frequ5tly ?an once e #c ye>s beg9n+

 aft] ! date ( enactm5t ( ?is           
subsection1 ! ,adm9i/rator %all id5tify 
& make publically available on ! website
 ( ! ,adm9i/ration a li/ ( di/ress$     
areas4  7#e7 ,loan def]m5t = f\nd]s &   
full-"t employees ( a small bus9ess     
/>tup  7,a7 ,application ,9 ord] to be  
approv$ by a small bus9ess developm5t   
c5t] = eligible ,f$]al ,direct ,loan    
def]m5t "u subsection 7f77#d7 ( section 
#dee ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;e71 a borr[] ( an  
eligible ,f$]al ,direct ,loan %all      
submit to ! small bus9ess developm5t    
c5t] an application t includes su*      
in=mation z ! ,adm9i/rator may require4 
7,b7 ,requirem5ts ,a small bus9ess      
developm5t c5t] %all approve a borr[] :o
 applies "u subp>agraph 7,a7 = eligible 
,f$]al ,direct ,loan def]m5t if ! small 
bus9ess developm5t c5t] det]m9es t-- 7i7
 ! borr[] is1 z ( ! date on :i* !       
application is submitt$1 a f\nd] or     
full-"t employee ( a small bus9ess />tup
 t is c]tifi$ "u p>agraph 7#c72 &  7ii7 

! employm5t ( ! borr[] ) ! small bus9ess
 />tup began dur+ ! #e-ye> p]iod beg9n+ 
on ! date on :i* ! small bus9ess />tup 0
 e/abli%$4  7#f7 ,loan cancellation =   
f\nd]s & full-"t employees ( a small    
bus9ess />tup 9 a di/ress$ area  7,a7   
,application ,9 ord] to be approv$ by a 
small bus9ess developm5t c5t] = eligible
 ,f$]al ,direct ,loan cancellation "u   
subsection 7r7 ( section #dee ( ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajhg;e71 a borr[] ( an eligible ,f$]al 
,direct ,loan %all submit to ! small    
bus9ess developm5t c5t] an application t
 includes su* in=mation z ! ,adm9i/rator
 may require1 includ+ an id5tification (
 ! "t p]iod dur+ :i* ! borr[] has made  
#bd mon?ly paym5ts on ! eligible ,f$]al 
,direct ,loan1 z requir$ "u subp>agraphs
 7,a77ii7 & 7,c7 ( p>agraph 7#a7 ( su*  
subsection 7r74  7,b7 ,requirem5ts ,a   
small bus9ess developm5t c5t] %all      
approve a borr[] :o applies "u          
subp>agraph 7,a7 = eligible ,f$]al      
,direct ,loan cancellation if ! small   

bus9ess developm5t c5t] det]m9es t !    
borr[]-- 7i7 z ( ! date on :i* !        
application is submitt$1 is employ$ z a 
f\nd] or full-"t employee ( a small     
bus9ess />tup t-- 7,i7 is locat$ 9 an   
area t 0 a di/ress$ area n m ?an #c ye>s
 be=e ! date on :i* ! small bus9ess     
/>tup 0 e/abli%$2  7,,ii7 is c]tifi$ "u 
p>agraph 7#c7 by ! small bus9ess        
developm5t c5t]2 &  7,,iii7 z ( ! date  
on :i* ! small bus9ess developm5t c5t]  
approves ! borr[] "u ?is p>agraph1 has  
be5 op]at+ cont9u\sly = n less ?an #e   
ye>s & n m ?an #aj ye>s2 &  7ii7 0      
employ$ z a f\nd] or a full-"t employee 
by a small bus9ess />tup describ$ 9     
clause 7i7 dur+ a p]iod beg9n+ n m ?an  
#e ye>s aft] ! date on :i* ! small      
bus9ess />tup 0 e/abli%$1 z id5tifi$ by 
! borr[] "u subp>agraph 7,a74  4  #d4   
,treatm5t ( loan cancellation  7a7 ,9   
g5]al ,section #ajh7;f7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+3  7#f7 ,cancellation (
 c]ta9 ,f$]al /ud5t loans ,9 ! case ( an

 individual1 gross income %all n include
 ! dis*>ge 79 :ole or 9 "p7 ( any /ud5t 
loan pursuant to ! cancellation 79 :ole 
or 9 "p7 ( su* loan by ! ,secret>y (    
,education "u subsection 7r7 ( section  
#dee ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;e74  4  7b7        
,effective date ,! am5dm5t made by      
subsection 7a7 %all apply to dis*>ges ( 
indebt$ness occurr+ aft] ! date (       
enactm5t ( ?is ,act4