S 4903
Reigniting Opportunity for Innovators Act
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- Became Law
Bill overview
The Reigniting Opportunity for Innovators Act aims to encourage entrepreneurship by providing federal student loan benefits to founders and full-time employees of small business startups. Specifically, it allows these individuals to defer loan payments for up to three years, and potentially receive up to $20,000 in loan cancellation if the startup is located in a distressed area. The bill also excludes the canceled loan amount from an individual's taxable income.
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