I have BIG news. We’ve made a huge step forward in my fight to roll back red tape on small businesses.
The Problem ➡️ In 2020, Congress passed the Corporate Transparency Act to root out “shell companies” operated by China and other adversaries on American Main Streets.
However, during implementation by the Biden Administration, unelected bureaucrats at the Treasury Department overstepped and created hoops and hurdles for small businesses by adding extensive reporting requirements. Unfortunately, those bureaucrats also failed to do their job and didn’t inform small business owners of the new expectations. At the beginning of this year, any non-compliant small business was going to face a fine of more than $591 per day and potential jail time.
What Iowans Had To Say ➡️ Last May, we hosted Andrea Gacki, from the Department of Treasury, for a town hall with small businesses to discuss these new requirements. One thing became very clear: Iowa businesses didn’t know about these requirements and couldn’t afford the penalties.
What I’ve Been Working On ➡️ These discussions led me to introduce the Protect Small Businesses from Excessive Paperwork Act, which passed the House of Representatives just a few weeks ago unanimously!
What Iowans Had To Say ➡️ This weekend, the Trump Administration announced they would not enforce the penalties on small businesses. They’re also working to reduce the scope of the requirements to reduce the burden on American job creators.
Bottom Line: Our fight isn’t over yet. We have more work to do – and I won’t stop fighting until my bill passes the Senate to permanently roll back this unnecessary red tape.