Green Card Holders Impacted by Major Trump Admin Change
Summary
The Small Business Administration (SBA) announced that green card holders will no longer be eligible to apply for SBA loans starting next month. This change aligns with the Trump administration's immigration enforcement efforts and affects businesses with any ownership by green card holders.Key Facts
- Green card holders cannot apply for SBA loans starting March 1.
- The policy applies even if a green card holder owns just 1% of a business.
- The SBA requires 100% ownership by U.S. citizens or nationals living in the U.S.
- Previously, borrowers could have up to 5% ownership by foreigners or certain residents; this is no longer allowed.
- The SBA aims to support economic growth focused on U.S. citizens.
- The new policy will take effect on March 1.
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