[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4411 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 4411
To clarify eligibility for small business loans, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 28, 2026
Mr. Markey (for himself, Mrs. Shaheen, Mr. Coons, Ms. Rosen, Mr.
Schiff, Mrs. Gillibrand, Mr. Blumenthal, Mr. Padilla, Ms. Warren, Ms.
Hirono, Mr. Booker, Mrs. Murray, Mr. Durbin, Mr. Kim, and Mr. Merkley)
introduced the following bill; which was read twice and referred to the
Committee on Small Business and Entrepreneurship
_______________________________________________________________________
A BILL
To clarify eligibility for small business loans, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Investing in the American Dream
Act''.
SEC. 2. DEFINITIONS.
In this Act:
(1) Covered loan.--The term ``covered loan'' means--
(A) a loan guaranteed under section 7(a) of the
Small Business Act (15 U.S.C. 636(a));
(B) a microloan under section 7(m) of the Small
Business Act (15 U.S.C. 636(m));
(C) a loan guaranteed under title V of the Small
Business Investment Act of 1958 (15 U.S.C. 695 et
seq.); and
(D) 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.).
(2) Eligible individual.--The term ``eligible individual''
includes--
(A) an alien (as defined in section 101(a) of the
Immigration and Nationality Act (8 U.S.C. 1101(a)))
that meets the requirements under section 2(i) of the
Small Business Act (15 U.S.C. 631(i)), including--
(i) an alien granted asylum under section
208 of the Immigration and Nationality Act (8
U.S.C. 1158);
(ii) a refugee admitted to the United
States under section 207 of that Act (8 U.S.C.
1157);
(iii) 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;
(iv) an alien lawfully admitted for
permanent residence (as defined in section
101(a) of that Act (8 U.S.C. 1101(a))),
including an alien lawfully admitted for
permanent residence on a conditional basis; and
(v) 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
(B) an individual the principal residence of whom
is outside the United States and its territories and
possessions.
(3) Small business concern.--The term ``small business
concern'' has the meaning given the term in section 3 of the
Small Business Act (15 U.S.C. 632).
SEC. 3. ELIGIBILITY FOR BUSINESS LOANS.
(a) Requirement.--To be eligible for a covered loan, a small
business concern shall be--
(1) located in the United States; and
(2) not less than 51 percent owned and controlled by--
(A) citizens or nationals of the United States; or
(B) eligible individuals, provided that at the time
of application for a covered loan, such individuals
are--
(i) lawfully present in the United States;
and
(ii) authorized to be employed in the
United States.
(b) Prohibition.--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).
(c) Rule of Construction.--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).
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