Investing in the American Dream Act
Officially: “Investing in the American Dream Act” Read the full text
What it does
Read it in plain language
1Short title
This section would give the Act its short title, the Investing in the American Dream Act.
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1. Short title This Act may be cited as the Investing in the American Dream Act .
2Definitions
This section would define three terms used throughout the Act. A covered loan would mean any of four types of Small Business Administration financing: a loan guaranteed under section 7(a) of the Small Business Act, a microloan under section 7(m) of the Small Business Act, a loan guaranteed under title V of the Small Business Investment Act of 1958, or a surety bond guarantee from the Small Business Administration under part B of title IV of the Small Business Investment Act of 1958. An eligible individual would include a non-citizen who meets the existing requirements of section 2(i) of the Small Business Act, including an alien granted asylum under section 208 of the Immigration and Nationality Act, a refugee admitted to the United States under section 207 of that Act, an alien admitted as a nonimmigrant under section 101(a)(15) of that Act whose authorized period of stay has not expired, an alien lawfully admitted for permanent residence (including on a conditional basis), and an alien granted deferred action under the Department of Homeland Security memorandum on prosecutorial discretion for individuals who came to the United States as children, issued June 15, 2012. An eligible individual would also include an individual whose principal residence is outside the United States and its territories and possessions. A small business concern would keep the meaning already given that term in section 3 of the Small Business Act.
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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 ).
3Eligibility for business loans
This section would set the eligibility rule for a covered loan. A small business concern would have to be located in the United States and be at least 51 percent owned and controlled by citizens or nationals of the United States, or by eligible individuals who, at the time they apply for the loan, are lawfully present in the United States and authorized to work in the United States. A small business concern could not be denied eligibility for a covered loan just because it is owned by eligible individuals, as long as the concern is also located in the United States and meets the 51 percent ownership and control requirement. The Act would not give the Small Business Administration authority to raise that 51 percent ownership threshold.
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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).
Where it is
In the House.