; (ii) has been employed by a distressed area business founded by the borrower during the period in which the borrower makes each of the 24 payments; (iii) is employed by such distressed area business at the time of such cancellation; and (iv) has been approved for such cancellation by the young entrepreneurs business center established under section 49 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) Employees of a small business start-up (A) In general The Secretary shall cancel up to $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 full-time by a small business start-up during the period in which the borrower makes each of the 12 payments; (iii) is employed full-time by a small business start-up at the time of such cancellation