Bill > HR5119

This bill, the Protect Small Business and Prevent Illicit Financial Activity Act, amends Title 31 of the United States Code to provide small businesses with additional time to file beneficial ownership information reports. Specifically, it prevents the Treasury Department from adjusting the report submission deadline and requires reporting companies to submit the required report within 90 days of certain events, rather than "in a timely manner." Additionally, the bill prohibits the Financial Crimes Enforcement Network (FinCEN) from allowing reporting companies to submit a report indicating their inability to obtain or identify the required information as an alternative to submitting the full report.