Bureaucrats in D.C. sit in their ivory towers, demanding businesses comply with onerous red tape without considering the burden it puts on Main Street. That’s why I introduced the Protect Small Business from Excessive Paperwork Act, and I’m proud to share that it just passed the House with bipartisan support!
As of January 1, small businesses across the country are required to report information about who really owns the company – regardless of who operates it. While more than 32 million small businesses across the country are expected to report this information, the federal government has failed to inform them about the requirements, and less than 12 million businesses have actually complied. Even worse, business owners now face fines of up to $591 per day and even jail time for non-compliance. That’s unacceptable.
This critical bill extends the filing deadline until January 1, 2026, giving small businesses time to comply without unfair penalties. It’s a commonsense solution to ensure Main Street thrives and does not get buried under red tape. Next stop: the Senate!