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
Referred to the House Committee on Small Business.
This joint resolution disapproves two Small Business Administration rules issued in February 2026 that revised citizenship and residency requirements for applicants seeking 7(a) and 504 loans, which are common federal small business loan programs. If passed, the resolution would nullify these rules, meaning they would have no legal force or effect and the previous requirements would remain in place. The resolution uses the Congressional Review Act, which allows Congress to overturn federal agency rules within a specific timeframe by passing a joint resolution. The measure affects small business owners and loan applicants seeking federal financing, as well as the SBA's administration of these lending programs. No specific funding or implementation timeline is specified in the resolution, as its sole purpose is to reject the citizenship and residency rule changes.
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