S. 4411

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4411 Introduced in Senate (IS)]

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119th CONGRESS
2d Session
S. 4411

To clarify eligibility for small business loans, and for other 
purposes.

_______________________________________________________________________

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).
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