S. 3625, titled the “Protect Small Business and Prevent Illicit Financial Activity Act,” seeks to extend the timeframe for small businesses to submit beneficial ownership information. It amends Section 5336(b)(1) of title 31, United States Code, by providing small businesses...
Simple Explanation
In simple terms, this bill wants to give small businesses more time—90 days—to share important information about who owns them, but it also makes it harder for these businesses to ask for more time if they run into problems.