Protect Small Business Privacy

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. The U.S. House-passed Defense bill (NDAA) included an amendment that would create a new, periodic reporting requirement for nearly every small business with 20 or fewer employees. NFIB urges Congress to exclude unrelated small business mandates from the Defense bill.

In a recent NFIB member ballot, 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.

Click here to tell your members of Congress to keep Small Business Regulatory Burdens out of NDAA

NFIB has been fighting to protect small business privacy, against the anti-small business “Corporate Transparency Act” since 2019. Most recently, on August 12, 2020, NFIB led a group of 63 small business organizations in urging the exclusion of the Corporate Transparency Act of 2019 from the National Defense Authorization Act for Fiscal Year 2021. Read the announcement and letter. 

Background on this issue:

  • October 22, 2019, H.R. 2513, the Corporate Transparency Act of 2019 passed the House of Representatives. NFIB issued a Key Vote letter in opposition to H.R. 2513. The bill is not expected to be acted upon by the Senate. 
  • In July 2020, the Corporate Transparency Act of 2019 legislation was included as an amendment within H.R. 6395, the William M. (Mac) Thornberry National Defense Authorization Act (NDAA) for Fiscal Year 2021
  • July 21, 2020, H.R. 6395, known as the NDAA, passed the House of Representatives including the anti-small business and so called “Corporate Transparency Act” provision. The Senate also passed a National Defense Authorization Act for Fiscal Year 2021, however this legislation does not contain the Corporate Transparency Act of 2019 or any similar provisions.
  • August 12, 2020, NFIB led a group of 63 small business organizations in urging the exclusion of the Corporate Transparency Act of 2019 from the National Defense Authorization Act for Fiscal Year 2021. Read the announcement and letter. 
  • Next, the House and Senate must conference together to work out a final National Defense Authorization Act for Fiscal Year 2021. This “conference” negotiation will decide if the Corporate Transparency Act of 2019 is included or excluded from a final bill that will again be voted on by both chambers of Congress. Take action, urge your members of Congress to keep Small Business Regulatory Burdens out of NDAA.

 

Learn how the Corporate Transparency Act affects Small Business


Urge your legislator to oppose a new small business mandate in the Defense bill!
 

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