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The House passed H.R. 736, a bill that gives small businesses an extra year to report ownership details to the government, in a 408-0 vote.
This bill, known as the Protect Small Businesses from Excessive Paperwork Act of 2025, extends a major filing deadline for millions of existing small businesses. Under current anti-money laundering rules, companies formed before 2024 were required to report details about who owns and controls them to the government by early 2025. This bill moves that deadline to January 1, 2026, providing relief to business owners who are still learning about the new requirements. This vote was held under a procedure called 'suspension of the rules.' In Congress, this is a fast-track method used for bills that have broad support. It skips several standard steps and limits debate, but it requires a higher bar to pass: two-thirds of the members present must vote in favor for the bill to succeed. The bill passed with unanimous support from all members present, with 408 votes in favor and none against. Having cleared the House, the bill now moves to the Senate. If the Senate passes it and the President signs it, small businesses will officially have an additional year to comply with these federal reporting rules.
The bill has been received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.
OPEN BILL →Why it matters. This provides immediate relief to millions of small businesses facing steep penalties for missing a looming reporting deadline that many were unaware of.
Who’s affected. Small Business Owners: Gain an additional year to comply with federal ownership disclosure requirements, reducing the risk of accidental non-compliance. · FinCEN: The agency will see a delay in the collection of ownership data intended to fight financial crimes like money laundering.
Democrats. Democratic members present voted unanimously in favor of the bill.
Republicans. Republican members voted unanimously to support the bill, which was sponsored by Republican Rep. Zachary Nunn.
On Motion to Suspend the Rules and Pass
Feb 10, 2025
The House passed H.R.
736, a bill that gives small businesses an extra year to report ownership details to the government, in a 408-0 vote.
Suspension of the rules is a fast-track procedure used for bills that have broad bipartisan support. It requires a two-thirds majority to pass rather than a simple majority, but it allows the House to bypass the usual committee and debate rules.
The bill has been received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.
This provides immediate relief to millions of small businesses facing steep penalties for missing a looming reporting deadline that many were unaware of.
The vote was entirely unanimous among those present, reflecting a rare moment of total agreement across party lines to support small business relief.
Democratic members present voted unanimously in favor of the bill.
Republican members voted unanimously to support the bill, which was sponsored by Republican Rep. Zachary Nunn.
The lone independent member voted in favor of the legislation.