Investing in the American Dream Act

This bill sets eligibility rules for several Small Business Administration programs, including 7(a) loans, microloans, 504 loans, and surety bond guarantees. To qualify, a small business must be located in the United States and be at least 51 percent owned and controlled by U.S. citizens or nationals, or by certain non-citizens. Those non-citizens include asylees, refugees, green card holders, nonimmigrants whose authorized stay has not expired, and DACA recipients, and they must be lawfully present and authorized to work in the U.S. when applying. The bill bars denying a loan because a business is owned by these individuals, and it says the SBA may not raise the 51 percent ownership requirement.

Full text and official record on Congress.gov

Sponsors

• Nydia M. Velázquez Democrat sponsor
• 26 cosponsors