This bill defines which small businesses can get certain Small Business Administration (SBA) loans and guarantees. It lists covered loan types (7(a) loans, microloans, title V SBIC loans, and SBA surety bond guarantees). It defines "eligible individual" to include several immigration categories (people granted asylum, refugees, some nonimmigrants with unexpired stays, lawful permanent residents including conditional residents, and people granted deferred action under the June 15, 2012 DACA memorandum) and people whose main home is outside the country. To qualify for a covered loan, a small business must be located in the United States and at least 51% owned and controlled either by U.S. citizens or nationals, or by eligible individuals who at the time of application are lawfully present and authorized to work in the United States. The bill also says a business cannot be denied a covered loan simply because it is owned by eligible individuals if it meets those requirements. Finally, it says the SBA does not get authority from this bill to raise the 51% ownership requirement.
No publicly available information about costs or budget effects is included in the bill text or the provided metadata.
The bill text and provided metadata list the sponsors (for example, Representative Nydia Velázquez and others) but do not include statements of supporters' arguments or claims. No publicly available information about proponents' public statements is included in the provided material.
The bill text and provided metadata do not include statements from opponents or formal objections. No publicly available information about opponents' views is included in the provided material.