The Investing in the American Dream Act clarifies eligibility rules for federal small business loans, including those guaranteed by the Small Business Administration. The bill expands who can own and control these businesses by allowing immigrants with legal status—including refugees, asylum seekers, green card holders, and those with deferred action—to own at least 51 percent of a business and qualify for covered loans, provided they are lawfully present and authorized to work in the United States. The bill also permits individuals whose principal residence is outside the United States and its territories to be eligible owners. The legislation protects these expanded eligibility rules by prohibiting the Small Business Administration from denying loans based on ownership by eligible immigrants and prevents the agency from raising the ownership percentage requirement above 51 percent.
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