; and (ii) the employment of the borrower with the small business startup began during the 5-year period beginning on the date on which the small business startup was established. (6) Loan cancellation for founders and full-time employees of a small business startup in a distressed area (A) Application In order to be approved by a small business development center for eligible Federal Direct Loan cancellation under subsection (r) of section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e ), a borrower of an eligible Federal Direct Loan shall submit to the small business development center an application that includes such information as the Administrator may require, including an identification of the time period during which the borrower has made 24 monthly payments on the eligible Federal Direct Loan, as required under subparagraphs (A)(ii) and (C) of paragraph (1) of such subsection (r). (B) Requirements A small business development center shall approve a borrower who applies under subparagraph (A) for eligible Federal Direct Loan cancellation if the small business development center determines that the borrower— (i) as of the date of the application, is employed as a founder or full-time employee of a small business startup that— (I) is located in an area that was a distressed area when the small business startup was established; (II) is certified under paragraph (3) by the small business development center; and (III) as of the date that the small business development center approves the borrower under this paragraph, has been operating continuously for not less than 5 years and not more than 10 years; and (ii) was employed as a founder or a full-time employee by a small business startup described in clause (i) during a period beginning not more than 5 years after the date on which the small business startup was established, as identified by the borrower under subparagraph (A). .