CONGRESS FOR VOTERS

RepublicanBill · S. 505· Senate(119-S-505)

‘Protect Small Businesses from Excessive Paperwork Act of 2025

Rep. Scott
Age: 61 years
South Carolina
Introduced
2/11/2025
Last activity
2/11/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsored by
Tim Scott
Cosponsors
Republican - 12Democrat - 0
Finance and Financial Sector
  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "Protect Small Businesses from Excessive Paperwork Act of 2025," aims to amend title 31 of the United States Code. It specifically seeks to modify the deadline for filing beneficial ownership information reports. This change applies to reporting companies that were formed or registered before January 1, 2024. The amendment replaces existing language regarding the filing deadline.

Yes

  • Would business owners be better off under this?+5

    The extension of the filing deadline offers relief from administrative burdens for those running existing companies.

  • Does this make it easier to run a small business?+5

    The bill provides more time for pre-existing reporting companies to file beneficial ownership information reports, reducing immediate administrative pressure.

The opposite

  • Does this make what the government does easier for the public to see?-2

    Delaying the filing of beneficial ownership reports may temporarily slow the public and regulatory visibility into corporate ownership structures.