,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #gege  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #f1 #bjbd,ms4    
,velzquez 7= h]self1 ,ms4 ,*u1 ,mr4     
,phillips1 & ,mr4 ,mc,garvey7 introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,education & ! ,work=ce1 &
 9 addition to ! ,committees on ,ways & 
,means1 & ,small ,bus9ess1 = a p]iod to 
be subsequ5tly det]m9$ by ! ,speak]1 9  
ea* case = consid]ation ( su* provisions
 z fall )9 ! jurisdiction ( ! committee 
conc]n$  ,a ,,bill  ,to am5d ! ,high]   
,education ,act ( #aife to provide loan 
def]m5t & loan cancellation = c]ta9     
f\nd]s & employees ( small bus9ess      
/>t-ups1 to am5d ! ,small ,bus9ess ,act 
to e/abli% a "y entrepr5eurs bus9ess    
c5t]1 & = o!r purposes4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,support+    
,am]ica's ,"y ,entrepr5eurs ,act (      
#bjbd4  #b4 ,small bus9ess />t-up       
employee loan def]m5t & cancellation    
7a7 ,def]m5t ,section #dee7;f7 ( !      
,high] ,education ,act ( #aife 7#bj     

,u4,s4,c4 #ajhg;e7f77 is am5d$-- 7#a7 9 
p>agraph 7#a71 by /rik+ ,a borr[] ( a   
loan & ins]t+ ,except z provid$ 9       
p>agraph 7#e71 a borr[] ( a loan2 &     
7#b7 by add+ at ! end ! foll[+3  7#e7   
,no int]e/ def]m5t eligibility = f\nd]s 
( small bus9ess />t-ups ,a borr[] ( a   
loan made "u ?is "p %all be eligible = a
 def]m5t1 dur+ :i* p]iodic in/allm5ts ( 
pr9cipal & int]e/ ne$ n be paid1 dur+   
any p]iod n 9 excess ( #c ye>s dur+ :i* 
! borr[] is employ$ z a f\nd] ( a       
di/ress$ area bus9ess 7z def9$ 9        
subsection 7r77#c774  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 = c]ta9 
small bus9ess />t-,up f\nd]s & employees
  7#a7 ,f\nd]s ( a di/ress$ area bus9ess
  7,a7 ,9 g5]al ,! ,secret>y %all cancel
 up to #bj1jjj ( ! balance ( int]e/ &   
pr9cipal due1 9 accordance ) subp>agraph
 7,b71 on any eligible ,f$]al ,direct   
,loan n 9 default = a borr[] :o-- 7i7   

has made #bd mon?ly paym5ts on !        
eligible ,f$]al ,direct ,loan aft] !    
date ( ! enactm5t ( ?is subsection      
pursuant to any "o or a comb9ation (    
paym5ts "u a repaym5t plan "u subsection
 7d77#a7 or 7g72  7ii7 has be5 employ$  
by a di/ress$ area bus9ess f\nd$ by !   
borr[] dur+ ! p]iod 9 :i* ! borr[] makes
 ea* ( ! #bd paym5ts2  7iii7 is employ$ 
by su* di/ress$ area bus9ess at ! "t (  
su* cancellation2 &  7iv7 has be5       
approv$ = su* cancellation by ! "y      
entrepr5eurs bus9ess c5t] e/abli%$ "u   
section #di ( ! ,small ,bus9ess ,act    
7#af ,u4,s4,c4 #fca et seq474  7,b7     
,loan cancellation am\nt  7i7 ,9 g5]al  
,aft] ! conclusion ( ! employm5t p]iod  
describ$ 9 subp>agraph 7,a71 ! ,secret>y
 %all cancel ! obligation to repay      
#bj1jjj ( ! balance ( int]e/ & pr9cipal 
due z ( ! "t ( su* cancellation on !    
eligible ,f$]al ,direct ,loans made to !
 borr[] "u ?is "p4  7ii7 ,limitation ,a 
borr[] may n receive an aggregate am\nt 
( m ?an #bj1jjj "u ?is subp>agraph4     

7,c7 ,ineligibility = d\ble b5efits ,no 
borr[] may1 = ! same s]vice1 receive a  
r$uction ( loan obligations "u bo? ?is  
p>agraph &-- 7i7 p>agraph 7#b72  7ii7   
subsection 7m72 or  7iii7 section       
#dbh;,j1 #dbh,k1 #dbh,l1 or #dfj4  7#b7 
,employees ( a small bus9ess />t-up     
7,a7 ,9 g5]al ,! ,secret>y %all cancel  
up to #c1jjj ( ! balance ( int]e/ &     
pr9cipal due1 9 accordance ) subp>agraph
 7,b71 on any eligible ,f$]al ,direct   
,loan n 9 default = a borr[] :o-- 7i7   
has made #ab mon?ly paym5ts on !        
eligible ,f$]al ,direct ,loan aft] !    
date ( ! enactm5t ( ?is subsection      
pursuant to any "o or a comb9ation (    
paym5ts "u a repaym5t plan "u subsection
 7d77#a7 or 7g72  7ii7 has be5 employ$  
full-"t by a small bus9ess />t-up dur+ !
 p]iod 9 :i* ! borr[] makes ea* ( ! #ab 
paym5ts2  7iii7 is employ$ full-"t by a 
small bus9ess />t-up at ! "t ( su*      
cancellation2 &  7iv7 has be5 approv$ = 
su* cancellation by ! "y entrepr5eurs   
bus9ess c5t] e/abli%$ "u section #di ( !

 ,small ,bus9ess ,act 7#af ,u4,s4,c4    
#fca et seq474  7,b7 ,loan cancellation 
am\nt  7i7 ,9 g5]al ,aft] ! conclusion (
 ! employm5t p]iod describ$ 9           
subp>agraph 7,a71 ! ,secret>y %all      
cancel ! obligation to repay #c1jjj ( ! 
balance ( int]e/ & pr9cipal due z ( ! "t
 ( su* cancellation1 on ! eligible      
,f$]al ,direct ,loans made to ! borr[]  
"u ?is "p4  7ii7 ,aggregate am\nt ,a    
borr[] may n receive an aggregate am\nt 
( m ?an #ae1jjj "u ?is subp>agraph4     
7,c7 ,ineligibility = d\ble b5efits ,no 
borr[] may1 = ! same s]vice1 receive a  
r$uction ( loan obligations "u bo? ?is  
p>agraph &-- 7i7 p>agraph 7#a72  7ii7   
subsection 7m72 or  7iii7 section       
#dbh;,j1 #dbh,k1 #dbh,l1 or #dfj4  7#c7 
,def9itions ,9 ?is subsection3 7,a7     
,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 or ,f$]al ,direct 
,unsubsidiz$ ,/af=d ,loan1 or a ,f$]al  
,direct ,consolidation ,loan4  7,b7     

,small ,bus9ess ,act def9itions ,! t]ms 
di/ress$ area bus9ess1 f\nd]1 & small   
bus9ess />t-up h ! mean+s giv51         
respectively1 "u section #di ( ! ,small 
,bus9ess ,act4  4  #c4 ,"y entrepr5eurs 
bus9ess c5t] ,! ,small ,bus9ess ,act    
7#ae ,u4,s4,c4 #fca et seq47 is am5d$-- 
7#a7 by r$esignat+ section #di z section
 #ej2 &  7#b7 by ins]t+ aft] section #dh
 ! foll[+ new section3  #di4 ,"y        
entrepr5eurs bus9ess c5t]  7a7          
,e/abli%m5t ,!re is e/abli%$ )9 !       
,adm9i/ration a "y entrepr5eurs bus9ess 
c5t] t %all-- 7#a7 provide c]tifications
 describ$ "u subsection 7b72  7#b7      
id5tify di/ress$ areas "u subsection    
7c72 &  7#c7 approve loan cancellation  
reque/s "u subsection 7d74  7b7         
,c]tification = f\nd]s ( di/ress$ area  
bus9esses ,a f\nd] ( a di/ress$ area    
bus9ess seek+ c]tification f ! "y       
entrepr5eurs bus9ess c5t] "u ?is section
 = su* di/ress$ area bus9ess %all submit
 to ! ,adm9i/rator an application t     
includes-- 7#a7 a #e-ye> bus9ess plan = 

su* di/ress$ area bus9ess2  7#b7 ! numb]
 ( employees su* di/ress$ area bus9ess  
int5ds to employ = ea* ye> ( su* plan2 &
  7#c7 evid5ce t ! f\nd]-- 7,a7 is also 
an employee ( su* di/ress$ area bus9ess2
 &  7,b7 is a rec5t graduate ( an       
in/itution ( high] education4  7c7      
,di/ress$ area  7#a7 ,9 g5]al ,n lat]   
?an #bd mon?s aft] ! date ( ! enactm5t (
 ?is section1 & at lea/ e #c ye>s       
!reaft]1 ! "y entrepr5eurs bus9ess c5t] 
%all id5tify & make publically available
 on ! website ( ! ,adm9i/ration a li/ ( 
di/ress$ areas4  7#b7 ,requirem5ts ,a   
di/ress$ area id5tifi$ "u p>agraph 7#a7 
%all be a c\nty or equival5t unit (     
local gov]nm5t ( a ,/ate-- 7,a7 t has1 =
 ! mo/ rec5t #bd-mon? p]iod = :i*       
/ati/ics are available-- 7i7 a p] capita
 income ( #hj p]c5t or less ( ! national
 av]age2 or  7ii7 an unemploym5t rate t 
is n less ?an #a p]c5t great] ?an !     
national av]age2 &  7,b7 = :i* ! "y     
entrepr5eurs bus9ess c5t] det]m9es      
e/abli%+ small bus9ess />t-ups 9 su*    

area w\ld be economically b5eficial4    
7d7 ,approval = loan cancellation  7#a7 
,f\nd]s ( di/ress$ area bus9esses ,! "y 
entrepr5eurs bus9ess c5t] %all approve a
 f\nd] ( a di/ress$ area bus9ess :o     
submits an application "u subsection 7b7
 = loan cancellation "u section         
#dee7r77#a7 ( ! ,high] ,education ,act (
 #aife if su* di/ress$ area bus9ess--   
7,a7 beg9n+ on ! date ( su* e/abli%m5t &
 end+ on ! date ( ! #bd? mon?ly paym5t  
on a loan describ$ 9 su* section        
#dee7r77#a71 0 locat$ 9 a di/ress$ area 
7z id5tifi$ "u subsection 7c772  7,b7 0 
c]tifi$ "u subsection 7b72 &  7,c7 on ! 
date ( approval "u ?is p>agraph1 has be5
 op]at+ cont9u\sly = n less ?an #e ye>s4
  7#b7 ,employees ( small bus9ess       
/>t-ups ,= purposes ( loan cancellation 
"u section #dee7r77#b7 ( ! ,high]       
,education ,act ( #aife-- 7,a7 an       
employee ( a small bus9ess />t-up seek+ 
su* loan cancellation %all submit to !  
,adm9i/rator an application1 :i* %all   
include evid5ce ( ! employee's full-"t  

employm5t at su* small bus9ess />t-up2 &
  7,b7 if ! ,adm9i/rator v]ifies !      
in=mation submitt$ 9 su* application1 ! 
"y entrepr5eurs bus9ess c5t] %all       
approve su* an employee4  7#c7          
,submission ,! "y entrepr5eurs bus9ess  
c5t] %all submit to ! ,secret>y (       
,education any approval = loan          
cancellation made "u ?is subsection4    
7e7 ,t]m9ation ,an approval made "u ?is 
section %all t]m9ate #e ye>s aft] ! date
 ( submission to ! ,secret>y (          
,education "u subsection 7d77#c74  7f7  
,def9itions ,9 ?is section3 7#a7        
,di/ress$ area bus9ess ,! t]m di/ress$  
area bus9ess means a small bus9ess      
conc]n locat$ 9 a di/ress$ area 7z      
id5tifi$ "u subsection 7c77 t has be5 9 
op]ation = n m ?an #h ye>s z ( ! date ( 
submission ( an application "u          
subsection 7b74  7#b7 ,in/itution (     
high] education ,! t]m in/itution (     
high] education has ! mean+ giv5 su* t]m
 9 section #ajb ( ! ,high] ,education   
,act4  7#c7 ,small bus9ess />t-up ,! t]m

 small bus9ess />t-up means a small     
bus9ess conc]n t1 z ( ! date (          
submission ( an application "u          
subsection 7b7-- 7,a7 does n exi/2 or   
7,b7 has be5 9 exi/5ce = n m ?an #c     
ye>s4  4  #d4 ,treatm5t ( loan          
cancellation  7a7 ,9 g5]al ,section     
#ajh7;f7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#f7 ,cancellation (    
c]ta9 ,f$]al /ud5t loans ,9 ! case ( an 
individual1 gross income %all n include 
! dis*>ge 79 :ole or 9 "p7 ( any /ud5t  
loan pursuant to ! cancellation 79 :ole 
or 9 "p7 ( su* loan by ! ,secret>y (    
,education "u subsection 7r7 ( section  
#dee ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;e74  4  7b7        
,effective date ,! am5dm5t made by ?is  
section %all apply to dis*>ges (        
indebt$ness occurr+ aft] ! date ( !     
enactm5t ( ?is ,act4