H.R. 8563
The Investing in the American Dream Act (H.R. 8563) aims to clarify and expand eligibility for small business loans. It defines 'covered loans' to include various types of federal loans under the Small Business Act, such as general small business loans, microloans, and surety bond guarantees. The bill specifies that small businesses must be located in the U.S. and at least 51% owned and controlled by U.S. citizens, nationals, or certain eligible individuals, including asylees, refugees, lawful permanent residents, and others authorized to work in the U.S. Importantly, it prohibits denying loan eligibility solely based on ownership by these eligible individuals, provided they meet the ownership and control requirements. The bill also clarifies that the Small Business Administration cannot increase the ownership percentage requirement beyond 51%.