; (iii) is employed as a founder of a small business start-up in a distressed area at the time of such cancellation; and (iv) is approved for loan cancellation by the young entrepreneurs business center under section 47 of the Small Business Act ( 16 U.S.C. 631 et seq. ). (B) Loan cancellation amount (i) In general After the conclusion of the employment period described in subparagraph (A), the Secretary shall cancel the obligation to repay $20,000 of the balance of interest and principal due as of the time of such cancellation, on the eligible Federal Direct Loans made to the borrower under this part. (ii) Limitation A borrower may not receive an aggregate amount of more than $20,000 under this subparagraph. (C) Ineligibility for double benefits No borrower may, for the same service, receive a reduction of loan obligations under both this paragraph and— (i) paragraph (2); (ii) subsection (m); or (iii) section 428J, 428K, 428L, or 460. (2) Employee of a small business start-up (A) In general The Secretary shall cancel $3,000 of the balance of interest and principal due, in accordance with subparagraph (B), on any eligible Federal Direct Loan not in default for a borrower who— (i) has made 12 monthly payments on the eligible Federal Direct Loan after the date of the enactment of this subsection pursuant to any one or a combination of payments under a repayment plan under subsection (d)(1) or (g); (ii) has been employed in a small business start-up job during the period in which the borrower makes each of the 12 payments