A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Small Business Administration relating to "Citizenship and Residency Requirements and Recission of Procedural Notice 5000-872050" and "Revised Applicant Ownership, Citizenship, and Residency Requirements for 7(a) and 504 Loans".
About This Bill
Committee
Latest Action · July 23, 2026
Read twice and referred to the Committee on Small Business and Entrepreneurship.
This joint resolution disapproves two Small Business Administration rules issued in February 2026 that established new citizenship and residency requirements for applicants seeking 7(a) and 504 loans, which are major federal small business lending programs. If passed, the resolution would effectively nullify these rules under the Congressional Review Act, a law that allows Congress to reject regulations issued by federal agencies. The rules being challenged modified ownership and citizenship standards for who can qualify for these federally-backed business loans. The resolution was introduced by Senator Markey in July 2026 and referred to the Senate Committee on Small Business and Entrepreneurship. No specific funding is involved since this action simply reverses existing regulations rather than appropriating money.
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