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March 18, 2026
Certainty is needed for over 32 million small businesses affected by BOI
What it means: NFIB submitted a statement for the record urging Congress to repeal the Beneficial Ownership Information reporting requirement and destroy the previously collected personal information of small business owners.
Our take: The federal government’s Beneficial Ownership database poses a security and privacy risk for millions of small business owners. Since the Administration exempted U.S. small businesses from submitting their information in 2025, NFIB has been pushing Congress to delete the information millions of small businesses who were previously required to file and to fully repeal the BOI mandate to avoid this threat from returning.
Take Action: Your voice makes a difference! Urge your lawmakers to delete previously collected data due to this unconstitutional mandate.
Small business owners across the United States were forced to report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) last year under threat of harsh penalties. Though U.S. small businesses were exempted from this mandate in March 2025, sensitive data stored by FinCEN continues to remain a privacy risk while stored in government databases. NFIB urged the U.S. House to repeal BOI and delete the personal information.
Security leaks of this information could cripple small businesses across the nation, and though FinCEN previously stated they would delete this data, they have yet to follow through with that promise. Exempting U.S. businesses reduced regulatory compliance costs by over $128 billion, allowing small businesses to keep more of their hard-earned dollars.
While business owners currently do not have to file BOI, unless the mandate is fully repealed, small businesses are vulnerable to BOI mandates reemerging under a future Administration. Read the full testimony sent to the U.S. House Committee.
Take Action: Let Congress know how reducing regulatory costs will affect small businesses.
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