Small business owners do not need additional, unrelated regulations added during these unprecedented times, as many fight to survive the COVID-19 pandemic and economic crisis. In a recent letter to the Treasury Department, NFIB recommended a series of adjustments to protect small businesses from overreaching regulations proposed to implement the Corporate Transparency Act.
When NFIB surveyed its membership concerning beneficial ownership reporting, 80% of small business owners opposed Congress requiring small business owners to file paperwork with the Treasury Department each time they form or change ownership of their businesses.
NFIB has been fighting to protect small business privacy, against the anti-small business Corporate Transparency Act since 2019. NFIB opposed the Corporate Transparency Act, which requires corporations and limited liability companies (LLCs) with 20 or fewer full-time employees to file new reports with the Treasury Department’s FinCEN bureau containing the personally identifiable information of small business owners. NFIB, along with over 60 coalition partners, was successful in stopping this legislation in 2019 and in 2020, until it ultimately passed without an up or down vote as part of the must pass National Defense Authorization Act for Fiscal Year 2021 (NDAA).