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”.
Latest action (23 Jul 2026): Introduced
What this bill does
S.J.Res. 202 is a joint resolution that uses the Congressional Review Act to disapprove a rule issued by the Small Business Administration (SBA). The rule in question, titled "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," was issued in February 2026 and revised the citizenship and residency criteria that applicants must meet to qualify for SBA 7(a) and 504 loan programs. If enacted, the resolution would declare that this SBA rule has no force or effect, effectively nullifying it.
The measure would primarily affect small businesses and individuals applying for SBA-backed 7(a) and 504 loans, as well as the SBA itself, which would need to revert to or reconsider prior standards governing ownership, citizenship, and residency eligibility for these loan programs. Lenders participating in these SBA loan programs could also be affected, since eligibility rules determine which applicants they can approve for federally guaranteed loans.
The resolution was introduced in the Senate on July 23, 2026, by Senator Ed Markey and referred to the Committee on Small Business and Entrepreneurship. It is a joint resolution of disapproval under the Congressional Review Act, meaning that for it to take effect, it would need to pass both the Senate and House and be signed by the President, or otherwise become law according to the procedures set out in that statute. At this stage, it has only been introduced and referred to committee; no further action has occurred.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This resolution is in the first stage of the legislative process. It was introduced into Congress on July 23, 2026. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.
Common questions
- What does S.J.Res. 202 do?
- S.J.Res. 202 is a joint resolution that uses the Congressional Review Act to disapprove a rule issued by the Small Business Administration (SBA). The rule in question, titled "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," was issued in February 2026 and revised the citizenship and residency criteria that applicants must meet to qualify for SBA 7(a) and 504 loan programs. If enacted, the resolution would declare that this SBA rule has no force or effect, effectively nullifying it. The measure would primarily affect small businesses and individuals applying for SBA-backed 7(a) and 504 loans, as well as the SBA itself, which would need to revert to or reconsider prior standards governing ownership, citizenship, and residency eligibility for these loan programs. Lenders participating in these SBA loan programs could also be affected, since eligibility rules determine which applicants they can approve for federally guaranteed loans. The resolution was introduced in the Senate on July 23, 2026, by Senator Ed Markey and referred to the Committee on Small Business and Entrepreneurship. It is a joint resolution of disapproval under the Congressional Review Act, meaning that for it to take effect, it would need to pass both the Senate and House and be signed by the President, or otherwise become law according to the procedures set out in that statute. At this stage, it has only been introduced and referred to committee; no further action has occurred.
- Has S.J.Res. 202 become law?
- Not yet. As of 23 Jul 2026, S.J.Res. 202 is introduced.
- Who sponsored S.J.Res. 202?
- S.J.Res. 202 was sponsored by Sen. Edward “Ed” Markey [D-MA] (Democrat-MA), with 0 cosponsors.
- What's the latest action on S.J.Res. 202?
- Introduced (23 Jul 2026).
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