Protecting American Families and Businesses Act of 2011 - Amends the Immigration and Nationality Act to: (1) eliminate the per country numerical limitation for employment-based immigrants, and (2) increase the per country numerical limitation for family based immigrants.
Amends the Chinese Student Protection Act of 1992 to eliminate the provision requiring the reduction of annual Chinese (PRC) immigrant visas to offset status adjustments under such Act.
Allows extensions of stay based upon a lengthy labor certification or priority adjudication for: (1) foreign students, (2) speciality occupation aliens, and (3) intracompany transfers.
Eliminates the foreign residency requirement for certain foreign students.
Provides for the recapture of unused employment-based and family-based immigrant visas.