Public Service Loan Forgiveness Protection Act This bill authorizes the Department of Education (ED) to waive monthly payments under the Public Service Loan Forgiveness (PSLF) program during a qualifying emergency (e.g., a public health emergency). Specifically, ED may waive the requirement that a borrower make a monthly payment under the PSLF program during a month in which there is a qualifying emergency in the borrower's state of employment. The bill specifies that a borrower will not be disqualified from receiving loan cancellation under the PSLF program due to failure to make a payment during a qualifying emergency.