Privacy is a huge concern for small business owners in an increasingly digital age. For small businesses, Beneficial Ownership Information (BOI) reporting forces sensitive information to be stored in online databases accessible by more than 12,000 federal, state, and local law enforcement agents. NFIB Vice President of Federal Government Relations Jeff Brabant joined SiriusXM’s POTUS Mornings with Tim Farley to discuss why it is crucial for Congress to repeal the reporting regulation. 

The interview covered: 

• BOI reporting  

• Privacy for small businesses 

• Legal consequences 

In a victory earlier this year, U.S. small businesses currently do not need to file BOI reports. But this regulation could be added back to legislation in the future if not repealed.  

Brabant explained the initial intention of BOI reporting was to eliminate money laundering and fraud, something that is exceedingly rare among small businesses. The burdensome and vague paperwork to file can have severe consequences for small business owners who do not file in time, including up to two years in federal prison and $10,000 in fines.  

What can Congress do to protect the privacy of small business owners? 

Small business is opposed to this burdensome regulation and continues to fight to repeal BOI reporting. Congress can protect the privacy of small businesses by repealing BOI reporting and keeping personal information out of the hands of those who may misuse it.  

For an in-depth understanding of BOI reporting and its consequences, listen to the full interview. Take Action: Urge Congress to permanently repeal Beneficial Ownership Information reporting now.