SB3625: Protect Small Business and Prevent Illicit Financial Activity Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.
Plain-language summary
This bill would give small businesses extra time to report who actually owns them to the federal government. The law currently requires businesses to file beneficial ownership information—a list showing individuals who own or control a company—but this bill would extend the deadline for small businesses to do so. The bill also addresses preventing illegal financial activity through these reporting requirements. Currently, the bill has just been introduced in Congress and is in the early stage of the legislative process.
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SB3625: Protect Small Business and Prevent Illicit Financial Activity Act