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".
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Summary
Based on the bill's title, this is a congressional disapproval resolution under the Congressional Review Act (CRA) targeting Small Business Administration rules that modify citizenship and residency requirements for SBA 7(a) and 504 loan programs. The resolution seeks to overturn or block implementation of the SBA's revised applicant ownership, citizenship, and residency requirements. The bill has been referred to the Senate Committee on Small Business and Entrepreneurship.
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