S 4411
Investing in the American Dream Act
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Bill overview
This bill, the Investing in the American Dream Act, clarifies the eligibility requirements for small business loans offered through the Small Business Administration. Specifically, it expands the definition of ‘eligible individual’ to include certain immigrants, such as asylum seekers, refugees, lawful permanent residents, and those receiving deferred action. It also establishes that a small business must be at least 51% owned and controlled by U.S. citizens or eligible individuals, with those individuals being lawfully present and authorized to work in the United States.
Key provisions
- Expands the definition of ‘eligible individual’ to include specific immigrant groups.
- Requires small business loans to be at least 51% owned and controlled by U.S. citizens or eligible individuals.
- Specifies that eligible individuals must be lawfully present in the United States and authorized to work.
- Defines ‘covered loan’ to include various SBA loan programs.
- Clarifies that eligibility for a loan cannot be denied solely based on the ownership status of eligible individuals.
- Reinforces the requirement for physical location of the small business within the United States.
Who is affected
- Small business owners
- Immigrants
- The Small Business Administration
- U.S. Citizens
- Foreign nationals seeking to start businesses in the U.S.
Notable changes
- Broadens the definition of ‘eligible individual’ to include a wider range of immigrants.
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119th CONGRESS — 2d Session
S. 4411
IN THE SENATE OF THE UNITED STATES
A BILL
To clarify eligibility for small business loans, and for other purposes.
This Act may be cited as the Investing in the American Dream Act
.
In this Act:
The term covered loan means—
a loan guaranteed under section 7(a) of the Small Business Act (15 U.S.C. 636(a));
a loan guaranteed under title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.); and
a surety bond guarantee from the Small Business Administration pursuant to part B of title IV of the Small Business Investment Act of 1958 (15 U.S.C. 694a et seq.).
The term eligible individual includes—
an alien granted asylum under section 208 of the Immigration and Nationality Act (8 U.S.C. 1158);
a refugee admitted to the United States under section 207 of that Act (8 U.S.C. 1157);
any alien admitted to the United States as a nonimmigrant described in section 101(a)(15) of that Act (8 U.S.C. 1101(a)(15)) whose period of authorized stay has not expired;
an alien granted deferred action pursuant to the memorandum of the Department of Homeland Security entitled Exercising Prosecutorial Discretion with Respect to Individuals Who Came to the United States as Children
issued on June 15, 2012; and
an individual the principal residence of whom is outside the United States and its territories and possessions.
The term small business concern has the meaning given the term in section 3 of the Small Business Act (15 U.S.C. 632).
located in the United States; and
not less than 51 percent owned and controlled by—
authorized to be employed in the United States.
A small business concern shall not be denied eligibility for a covered loan because the small business concern is owned by eligible individuals, provided the small business concern meets the requirements under subsection (a).
Nothing in this Act may be construed to provide the Small Business Administration with the authority to increase the percentage of the requirement under subsection (a)(2).