Investing in the American Dream Act
Small Business Loans: Eligibility for Non-Citizens
To clarify eligibility for small business loans, and for other purposes.
This bill is currently in the early stages of the legislative process. It was recently introduced and sent to the House Committee on Small Business for review. There are no upcoming votes scheduled at this time.
Legislative Progress
While the bill has many supporters in one party, bills that expand federal benefits to non-citizens often face significant hurdles in a divided Congress.
Key Points
- This bill clarifies that certain non-citizens who legally live and work in the United States can apply for federal small business loans. It specifically helps people like refugees, asylees, and those in the DACA program who want to start or grow a business.
- To qualify, a business must be located in the United States. Also, at least 51 percent of the company must be owned by U.S. citizens or non-citizens who have legal permission to be in the country and are allowed to work here.
- The policy covers several types of support from the Small Business Administration. This includes general business loans, very small loans called microloans, and guarantees that help construction companies get contracts.
- Government agencies would be prohibited from turning down a loan application just because the owner is a legal non-citizen. This ensures that as long as the owner meets the work and residency rules, they have the same fair shot at funding as other business owners.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Small Business.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
To clarify eligibility for small business loans, and for other purposes.
Data Sources
Sponsor
Cosponsors
(18)Analysis generated by AI. Always verify with official sources.