This bill clarifies that the Small Business Administration (SBA) must follow standard rulemaking procedures under the Administrative Procedure Act when it creates rules affecting public property, loans, grants, benefits, or contracts. Currently, certain SBA actions are exempt from these procedural requirements, which means the agency can implement rules without the typical notice-and-comment period that allows the public to provide input. The legislation would require the SBA to follow these standard procedures for rules related to small business loans, grants, benefits, and contracts, ensuring greater transparency and public engagement in the agency's decision-making process. The bill affects small business owners and the general public who may be impacted by SBA policies. The legislation does not specify new funding or implementation timelines beyond requiring procedural compliance going forward.