H.R. 2966: American Entrepreneurs First Act

This bill, known as the American Entrepreneurs First Act, seeks to modify the requirements for applicants seeking certain loans from the Small Business Administration (SBA). It primarily focuses on ensuring that the applicants are either U.S. citizens or lawful permanent residents. Here are the key points:

Documentation Requirements

The bill mandates that any individual or entity applying for loans under specific SBA programs must provide the following information:

• The date of birth for each individual applicant and each owner of the applying entity.
• A certification that each individual applicant is a U.S. citizen, U.S. national, or lawful permanent resident or that the entity is fully owned by such individuals.
• Confirmation that no direct or indirect owner of the applicant is considered ineligible.
• Documentation regarding the alien registration number for any lawful permanent resident who is applying or who is an owner of the applying entity.

Eligibility Criteria

An applicant will be deemed ineligible for loans if:

• The application does not include the required documentation.
• Any owner of the applicant is classified as an ineligible person.
• The individual applicant themselves is classified as ineligible.

Definition of Ineligible Person

The term "ineligible person" is defined in the bill to include:

• Asylees
• Refugees
• Individuals on certain types of visas
• Nonimmigrants
• Aliens granted deferred action under specific policies
• Aliens present in the U.S. without lawful status

Overview of Impact

This legislation aims to clarify and strengthen the criteria for who can apply for certain SBA loans, potentially reducing the number of applicants by excluding non-citizens and other designated groups. It is part of a broader initiative to prioritize U.S. citizens and lawful permanent residents in entrepreneurial support programs.

Relevant Companies

None found