S 4903
116th Congress
Senate
Education
Reigniting Opportunity for Innovators Act
Introduced: November 17, 2020
Introduced by:
Hassan, Margaret Wood
Democratic
· New Hampshire
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 17, 2020
Introduced in Senate
Nov 17, 2020
Read twice and referred to the Committee on Finance.
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1