Bill > S3625

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. Specifically, it prohibits the Treasury Department from adjusting the report submission deadline and requires reporting companies to file the required beneficial ownership information within 90 days instead of the previous one-year timeline. Additionally, the bill prevents the Financial Crimes Enforcement Network (FinCEN) from allowing reporting companies to submit alternative reports if they are unable to obtain the necessary information.