S. 4411 — Investing in the American Dream Act

This section defines, for purposes of the Act, (1) "covered loan" to include loans guaranteed under section 7(a) or section 7(m) (microloans) of the Small Business Act, loans guaranteed under title V of the Small Business Investment Act of 1958, and surety bond guarantees under part B of title IV of that Act; (2) "eligible individual" to include aliens meeting Small Business Act requirements—specifically, asylees, refugees, nonimmigrants with unexpired authorized stay, lawful permanent residents (including conditional), and DACA recipients under the 2012 DHS memorandum—as well as individuals whose principal residence is outside the United States and its territories and possessions; and (3) "small business concern" as that term is defined in section 3 of the Small Business Act.

This section establishes eligibility requirements for covered small business loans, requiring the small business concern to be located in the United States and at least 51% owned and controlled by U.S. citizens or nationals, or eligible individuals who are lawfully present and authorized to work in the United States at the time of application. The section prohibits denial of eligibility solely due to ownership by such eligible individuals if these requirements are met and clarifies that it does not authorize the Small Business Administration to increase the 51% ownership threshold.