Limits SBA 7(a) and 504 loans to citizens, nationals and permanent residents

§1What it does

Why this matters: A plain-English description of the bill as it was voted on, written by us from the official summary and text.

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This bill would limit the Small Business Administration's 7(a) and 504 loan programs to applicants who are U.S. citizens, U.S. nationals or lawful permanent residents, or to businesses fully owned by such people.^2,3,4 Applications would have to include each applicant's or owner's date of birth, a certification of citizenship or permanent resident status, and the alien registration number of any permanent resident.⁴ Refugees, people granted asylum, visa holders and others with temporary (nonimmigrant) status, recipients of Deferred Action for Childhood Arrivals (DACA) and people without lawful immigration status could not receive these loans, and a business would be ineligible if any of its owners fell into those groups.^2,3,4

§2Status

§3How Congress voted

Why this matters: The official count.