Federal SB4411 clarifies eligibility for small business loans, ensuring certain non-citizens can qualify.
Federal SB4411, the Investing in the American Dream Act, aims to clarify eligibility for small business loans. It defines "covered loan" as loans guaranteed under the Small Business Act and specifies that small business concerns must be located in the United States and at least 51% owned by U.S. citizens or nationals. The bill also includes "eligible individuals" in its definition, which includes certain non-citizens such as those granted deferred action, lawful permanent residents, and others. These eligible individuals must be lawfully present and authorized to work in the U.S.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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