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New Business Loan Rules: US Citizens and Residents First

This new law changes access to small business loans, requiring applicants and business owners to prove US citizenship or permanent resident status. Individuals with asylum, refugee, temporary visa, or undocumented status will not be eligible for these loans. This directly impacts who can receive financial support for business development.
Key points
Applicants for small business loans must be US citizens, US nationals, or lawful permanent residents.
Businesses applying for loans must be 100% beneficially owned by individuals meeting these citizenship/residency criteria.
Individuals with asylum, refugee, temporary visa, DACA, or undocumented status are ineligible for these loans.
Applications must include date of birth and alien registration number for lawful permanent residents.
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VOTING RESULTS
2025-06-06
53%
For 217
Against 190
Abstain 0
Full voting results open_in_new
Passed House
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2966
Sponsor: Rep. Van Duyne, Beth [R-TX-24]
Process start date: 2025-04-17
Voting date: 2025-06-06
Meeting no: 1
Voting no: 156