BGOV Bill Analysis: H.R. 2966, Immigration Status for SBA Loans

Individuals who aren’t US citizens or lawful permanent residents couldn’t receive Small Business Administration loans under H.R. 2966.

The SBA would have to require loan applicants to certify that their company is 100% owned by US citizens, nationals, or permanent residents. An applicant wouldn’t be eligible for a loan if any direct or indirect owners are unauthorized immigrants, asylum seekers, refugees, visa holders, foreign diplomats, and Deferred Action for Childhood Arrivals recipients.

The prohibition would apply to 7(a) loans — SBA’s largest loan program — and 504 loans, which are often used for construction projects or buying equipment. ...