HR 2066 · Signed into Law · 05-19-26
Investing in All of America Act of 2025
What does the Investing in All of America Act of 2025 do?
HR 2066 is a House bill sponsored by Rep. Daniel Meuser (R-PA-9). Reduces the maximum leverage a Small Business Investment Company (SBIC) can obtain from the SBA from 300% to 200% of its private capital, while adding a new exclusion from the leverage calculation for investments in rural areas, covered technology categories, or small manufacturers — up to the lesser of 50% of private capital or $125M. Also expands what counts as private capital to include college and university endowments and foundations.
Did HR 2066 pass? Where it stands
As of July 17, 2026, HR 2066 has been signed into law.
Status: Signed into Law
Latest vote: Senate Passed by unanimous consent on April 15, 2026
Outlook: Enacted
Key provisions
- Leverage Cap Reduced
- Individual SBIC leverage ceiling reduced from 300% to 200% of private capital
- Dollar cap for quarterly/semiannual interest-paying SBICs: $250M; all other SBICs: $175M
- Common Control Limits
- Commonly controlled SBICs making quarterly/semiannual payments: $475M aggregate cap
- All other commonly controlled SBICs: $350M aggregate cap
- Rural and Technology Investment Exclusion
- Investments in rural areas, covered technology categories (10 U.S.C. 149(e)), or small manufacturers excluded from leverage calculation
- Exclusion capped at lesser of 50% of the SBIC's private capital or $125M
- Only investments made after the date of enactment qualify for the exclusion
- Private Capital Definition Expanded
- Funds from college or university foundations, endowments, and trusts now qualify as private capital
- New explicit exclusion for funds obtained directly or indirectly from government sources (with exceptions for pension plans and college/university trusts)
Last updated June 10, 2026