WASHINGTON, D.C. (March 3, 2025) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a statement following the Trump Administration’s suspension of enforcement, penalties and fines against small businesses who do not comply with the Beneficial Ownership Information reporting rule mandated by the Corporate Transparency Act.

“NFIB greatly appreciates President Trump’s strong support in this important effort to protect America’s Small Business owners from what he correctly labeled an ‘outrageous and invasive’ Beneficial Ownership Information (BOI) reporting requirement,” said Adam Temple, NFIB Senior Vice President for Advocacy. “NFIB will continue to work with Congress to fight for Congressional repeal of the underlying statute and regulations that intrude into the privacy of small businesses and create a vast new government database on Americans. We thank President Trump and his administration for their willingness to stand up for small businesses and address the Beneficial Ownership Information reporting rule.”

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For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.