A group of Republican U.S. senators, including Senator Bill Hagerty (R-TN), filed legislation on Wednesday that would delay the new requirement for 33 million small business owners to provide beneficial ownership reports to the Financial Crimes Enforcement Network (FinCEN) or face possible penalties, including six-figure fines and years in prison.
Led by Senator Tim Scott (R-SC), the senators on Wednesday introduced the Protect Small Business from Excessive Paperwork Act of 2025. According to a press release by the Senate Banking, Housing, and Urban Affairs committee, this bill would extend the deadline for small business owners to report their private information to FinCEN until 2026.
Scott, who chairs the committee, said the bill would “ensure small businesses are protected and not overly burdened by unclear and unnecessarily complicated regulations – allowing them to focus on serving their customers while following the law.”
