American Entrepreneurs First Act of 2025
American Entrepreneurs First Act of 2025
Plain Language Summary
# American Entrepreneurs First Act of 2025 - Summary **What the bill does:** This bill changes eligibility rules for two Small Business Administration (SBA) loan programs that help small businesses get financing. It would require applicants to provide their date of birth and certify that they—and all owners with a stake in the business—are U.S. citizens, nationals, or lawful permanent residents (green card holders). The bill would make certain groups ineligible for these loans, including refugees, asylees, people on visas, DACA recipients, and undocumented immigrants. **Who it affects:** Small business owners and entrepreneurs seeking SBA-backed loans would be directly affected.
The 7(a) and 504 loan programs are commonly used by small businesses to finance operations, equipment, and real estate. The bill would restrict access for non-citizens and certain immigrant groups currently allowed to apply. **Current status:** The bill passed the House of Representatives and is awaiting action in the Senate. The SBA loan programs help thousands of businesses annually, so this change would have meaningful implications for who can access these federal lending resources if enacted.
CRS Official Summary
American Entrepreneurs First ActThis bill revises the application requirements for the Small Business Administration's 7(a) loan and 504 loan programs.Specifically, the bill requires applications for such loans to include (1) the applicant's date of birth; and (2) a certification that the applicant or all beneficial owners are citizens, nationals, or lawful permanent residents of the United States.The bill specifies that certain individuals are ineligible for such loans, including (1) asylees, (2) refugees, (3) individuals issued a visa to remain in the United States, (4) individuals legally classified as nonimmigrants, (5) individuals to whom deferred action has been granted pursuant to the Deferred Action for Childhood Arrivals, and (6) individuals without lawful status under the immigration laws of the United States.
Latest Action
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.