Student loan forgiveness for starting a business?

The Supporting America’s Young Entrepreneurs Act of 2021 would offer debt relief to student debt holders that launch businesses in economically distressed areas. The bill would provide 3 years of interest-free student loan deferment and up to $20,000 in forgiveness for the founders of small businesses in economically distressed areas. Employees working at startups would also be able to access $15,000 worth of forgiveness regardless of their location. Under the bill, the IRS would treat debt forgiveness as nontaxable. Additionally, the bill would mandate creating a new Young Entrepreneurs Business Center at the Small Business Administration to manage the program.  #IdeaoftheDay