Section 1 Short title
This Act may be cited as the “Protect Small Business and Prevent Illicit Financial Activity Act”.
Protect Small Business and Prevent Illicit Financial Activity Act
A BILL
To amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.
Sec. 2 Beneficial ownership information reporting deadlines for small businesses
Section 5336(b)(1) of title 31, United States Code, is amended—
in subparagraph (B)—
by inserting “(but which may not adjust the report submission deadline)” after “Treasury”; and
by striking “in a timely manner, and”;
in subparagraph (C)—
by inserting “(but which may not adjust the report submission deadline)” after “Treasury”; and
by striking “at the time of” and inserting “not later than 90 days after the date of such”;
in subparagraph (D)—
by inserting “(but which may not adjust the report submission deadline)” after “Treasury”; and
by striking “in a timely manner, and not later than 1 year” and inserting “not later than 90 days”; and
by adding at the end the following:
“(H) Unable to obtain—FinCEN may not by rule, guidance, or otherwise, permit a reporting company from submitting a report relating to the inability of the reporting company to obtain or identify information in the alternative to submitting a report required under this subsection.”