S 4411

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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). <all>