Providing for congressional disapproval under chapter 8 of title...
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".
This bill, HJR207, seeks to overturn a rule proposed by the Small Business Administration (SBA) concerning "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." Essentially, it targets a new set of rules that may affect who can apply for certain SBA loans and under what conditions.
Those who apply for SBA loans, particularly businesses and individuals needing 7(a) or 504 loans, would be directly affected by these changes. The bill proposes to use a congressional disapproval process to reject these new rules if they are finalized.
As of the last update on July 23, 2026, the bill has just been introduced in the House and referred to the House Committee on Small Business. This means it is in the early stages of consideration, and further steps will depend on the committee's actions.
