Federal RuleAug 21
62
DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-8563119th CongressWALLET
Investing in the American Dream Act
Sponsored By: Representative Velázquez, Nydia M. [D-NY-7]
Introduced
Summary
Expands access to Small Business Administration loan programs for certain lawfully present immigrants who are authorized to work. This bill would define which loan types count and set ownership and control rules so eligible small businesses can qualify.
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- Small businesses located in the United States could qualify for a covered loan if they are at least 51% owned and controlled by U.S. citizens, nationals, or eligible individuals who are lawfully present and authorized to work at the time of application.
- Eligible individuals are listed to include people granted asylum, refugees, lawful permanent residents (including conditional residents), certain nonimmigrant visa holders with unexpired authorized stays, those granted deferred action under the 2012 Department of Homeland Security memo covering individuals who came as children, and individuals whose principal residence is outside the United States.
- The bill covers four types of covered loans: 7(a) guaranteed loans, 7(m) microloans, title V Small Business Investment Company guarantees, and SBA surety bond guarantees. It bars denying eligibility solely because owners are eligible individuals so long as the ownership and presence rules are met.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
More small-business loans for immigrant owners
If enacted, your small business would be eligible for certain SBA-backed loans if it is located in the United States and at least 51% owned and controlled by U.S. citizens or by eligible individuals. Covered loans would include SBA 7(a) loans, SBA 7(m) microloans, Title V Small Business Investment Company loans, and SBA surety bond guarantees. The bill would expand who counts as an eligible individual to asylees, refugees, certain nonimmigrants with unexpired authorized stay, lawful permanent residents (including conditional residents), persons granted deferred action under the June 15, 2012 DHS memo, and people whose principal residence is outside the United States. If the business is owned by eligible noncitizen individuals, those owners would need to be lawfully present and authorized to work when you apply. The bill would bar denying a covered loan solely because owners are eligible noncitizens, and it would not allow the SBA to raise the 51% ownership/control requirement.
Sponsors & CoSponsors
Sponsor
Velázquez, Nydia M. [D-NY-7]
NY • D
Cosponsors
Rep. Blair, Everton [D-GA-13]
GA • D
Sponsored 10/22/2026
Rep. Olszewski, Johnny [D-MD-2]
MD • D
Sponsored 4/28/2026
Rep. Espaillat, Adriano [D-NY-13]
NY • D
Sponsored 4/28/2026
Rep. Meng, Grace [D-NY-6]
NY • D
Sponsored 4/28/2026
Rep. Min, Dave [D-CA-47]
CA • D
Sponsored 4/28/2026
Rep. Chu, Judy [D-CA-28]
CA • D
Sponsored 4/28/2026
Rep. Simon, Lateefah [D-CA-12]
CA • D
Sponsored 4/28/2026
Rep. Clarke, Yvette D. [D-NY-9]
NY • D
Sponsored 4/28/2026
Rep. Krishnamoorthi, Raja [D-IL-8]
IL • D
Sponsored 4/28/2026
Rep. Cisneros, Gilbert Ray [D-CA-31]
CA • D
Sponsored 4/28/2026
Rep. Latimer, George [D-NY-16]
NY • D
Sponsored 4/28/2026
Rep. Thanedar, Shri [D-MI-13]
MI • D
Sponsored 4/28/2026
Rep. McIver, LaMonica [D-NJ-10]
NJ • D
Sponsored 4/28/2026
Rep. McGarvey, Morgan [D-KY-3]
KY • D
Sponsored 4/28/2026
Rep. Scholten, Hillary J. [D-MI-3]
MI • D
Sponsored 4/28/2026
Rep. Tran, Derek [D-CA-45]
CA • D
Sponsored 4/28/2026
Rep. Morrison, Kelly [D-MN-3]
MN • D
Sponsored 4/28/2026
Rep. Pou, Nellie [D-NJ-9]
NJ • D
Sponsored 4/28/2026
Rep. Goldman, Daniel S. [D-NY-10]
NY • D
Sponsored 5/13/2026
Rescom. Hernández, Pablo Jose [D-PR-At Large]
PR • D
Sponsored 5/21/2026
Rep. Pallone, Frank [D-NJ-6]
NJ • D
Sponsored 5/21/2026
Rep. DeSaulnier, Mark [D-CA-10]
CA • D
Sponsored 5/21/2026
Rep. Salinas, Andrea [D-OR-6]
OR • D
Sponsored 6/2/2026
Rep. Craig, Angie [D-MN-2]
MN • D
Sponsored 6/9/2026
Rep. Mannion, John W. [D-NY-22]
NY • D
Sponsored 6/9/2026
Rep. McBride, Sarah [D-DE-At Large]
DE • D
Sponsored 6/15/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov