{"database": "press", "table": "releases", "rows": [["https://nunn.house.gov/2024/08/01/nunn-introduces-bipartisan-bill-to-protect-iowa-small-businesses-from-excessive-paperwork/", "Nunn Introduces Bipartisan Bill to Protect Iowa Small Businesses from Excessive Paperwork", "2024-08-01", "2024", "2024-08", "Republican", "House", "IA", "Zachary Nunn", "N000193", "nunn.house.gov", "nunn", "https://nunn.house.gov/category/news/press-releases/", "scraper", "DES MOINES \u2014 U.S. Representative Zach Nunn (IA-03) today introduced a bipartisan bill to reduce excessive paperwork for small businesses. The Protect Small Business from Excessive Paperwork Act, which is co-led by U.S. Representatives Yadira Caraveo (CO-08), French Hill (AR-02), and Sharice Davids (KS-03), will make it easier for Main Street businesses to comply with federal law and reporting requirements.\n\n\u201cIowa\u2019s economy is driven by small businesses \u2013 more than half of Iowans are employed by Main Street,\u201d said Rep. Nunn. \u201cBureaucrats in D.C. sit in their ivory towers, demanding businesses comply with onerous red tape, without considering the burden it puts on businesses. We must do everything we can to roll back unnecessary regulations and simplify requirements for job creators while still following the law.\u201d\n\nIn 2020, Congress passed the Corporate Transparency Act to establish new beneficial ownership information (BOI) reporting requirements for businesses to root out nefarious shell companies operated by foreign adversaries. However, during implementation, the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) failed to notify small businesses of the new reporting requirements. According to a survey by the National Federation of Independent Businesses (NFIB), 80% of NFIB members had never heard of the new reporting requirements.\n\n\u201cThroughout the Front Range and Northern Colorado, there is widespread concern amongst our small business owners regarding the quickly approaching deadline to submit beneficial ownership reporting requirements for their businesses,\u201d said Rep. Caraveo. \u201cThese requirements are critical to tackling money laundering, tax fraud, and financing of terrorism. However, the lack of accessible information and awareness on these requirements and the upcoming deadline is only causing unnecessary confusion for small business owners. I\u2019m proud to introduce the Protect Small Business from Excessive Paperwork Act with Representative Nunn to provide small businesses with a year extension to complete these requirements. Our small businesses need our support and we must act now.\u201d\n\nRep. Nunn hosted FinCEN Director Gacki in Des Moines on May 31, 2024 to host a small business roundtable to discuss the new BOI requirements. During the event, Director Gacki reported that only 2 million out of approximately 32.6 million small businesses had filed their reports.\n\n\u201cSmall businesses across America need more time to learn about FinCEN\u2019s costly and burdensome beneficial ownership reporting requirement as the Biden Administration has failed to educate and inform them,\u201d said Rep. Hill. \u201cThe closer we get to the current deadline, the angrier small business owners across the country are going to be when they learn that they only have five short months left to comply with these new, intrusive reporting requirements. Extending the deadline another full year will give small businesses time to file while we fight in Congress to save small businesses from the severe penalties for non-compliance.\u201d\n\nDespite the lack of filings under the new requirements, FinCEN has refused to extend the deadline, leaving millions of small business owners at risk of a $591 daily fine and up to two years in jail. According to the National Small Business Association, the average small business owner will spend nearly $8,000 to comply with these new reporting requirements.\n\n\u201cSmall businesses are the backbone of our economy, and we should create policies that support them, not penalize them,\u201d said Rep. Davids. \u201cThis bipartisan bill would give these business owners the time they need to comply with new regulations, allowing them to focus on what they do best \u2013 driving innovation and growth in our communities. I\u2019m glad to work across the aisle with Representative Nunn in this effort.\u201d\n\n\u201cBecause of the CTA, small businesses are facing a mountain of burdensome paperwork and confusing, staggered deadlines,\u201d said President & CEO, Todd McCracken, National Small Business Association. \u201cMany, if not most small companies have no idea they need to file, and legal and accounting resources are limited. Moreover, noncompliant businesses could face up to $500 per day in fines. However, we have some good news. Thanks to a bipartisan coalition including Reps. Nunn, Caraveo, Hill, and Davids, small businesses are looking at least a temporary reprieve. The Protect Small Businesses from Excessive Paperwork Act is a vital first step to getting some clarity for small businesses and making sure they\u2019re not left on the hook for stiff fines and penalties.\u201d\n\n\u201cThe U.S. Chamber applauds Representatives Nunn and Caraveo for introducing the Protect Small Business from Excessive Paperwork Act,\u201d said VP for Small Business Policy, Tom Sullivan, U.S. Chamber. \u201cThe last thing small business owners want on January 1 is to face fines and criminal penalties because of missing federal reporting requirements they know nothing about. The Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN) and the business community need more time to bring small businesses into compliance with the Corporate Transparency Act.\u201d\n\nThe bipartisan Protect Small Business from Excessive Paperwork Act extends the filing deadline until December 31, 2025 for small businesses while the Treasury Department educates businesses on the new reporting requirements and ensures small businesses are not overburdened with unclear and unnecessarily complicated new regulations.\n\nText of the bill can be found here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:36:13Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://nunn.house.gov/2024/08/01/nunn-introduces-bipartisan-bill-to-protect-iowa-small-businesses-from-excessive-paperwork/"], "units": {}, "query_ms": 0.8541180286556482, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}