1. Short title This Act may be cited as the Reigniting Opportunity for Innovators Act . 2. Small business startup founder and employee loan deferment and cancellation (a) Deferment without interest accrual for small business startup founders and employees Section 455(f) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(f) ) is amended by adding at the end the following: (5) Deferment without interest accrual for small business startup founders and employees (A) In general Subject to subparagraph (B), a qualifying small business startup borrower shall be eligible for a deferment, during which periodic installments of principal need not be paid and interest shall not accrue, during any period while the borrower is employed as a founder or full-time employee of a small business startup. (B) Limitations A qualifying small business startup borrower shall not receive a deferment under this paragraph for any period— (i) in excess of 3 years; or (ii) that begins more than 5 years, or ends more than 8 years, after the date the small business startup was established (as determined by the small business development center that approved such borrower under section 21(o)(5) of the Small Business Act ( 15 U.S.C. 648(o)(5) )). (C) Definitions In this paragraph— (i) the terms founder , full-time employee , and small business startup have the meanings given the terms in subsection (r)(2)