Bill > HR2966

This bill, known as the American Entrepreneurs First Act of 2025, requires applicants for Small Business Administration (SBA) loans under specific program sections to provide detailed citizenship documentation. Applicants must now include their date of birth, certify their citizenship status (being a U.S. citizen, national, or lawful permanent resident), and confirm that no owners are "ineligible persons." The bill defines "ineligible persons" as asylees, refugees, individuals on temporary visas, nonimmigrants, recipients of deferred action, or those without lawful immigration status. Loan applications that do not meet these documentation requirements or include any owners classified as ineligible persons will be automatically disqualified. The legislation aims to restrict access to SBA loan programs to individuals with clear and established legal residency in the United States, effectively tightening immigration-related eligibility criteria for small business financing. This bill represents a significant change in the SBA loan application process by introducing more stringent citizenship verification requirements.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2966/all-info