A CRITICAL VOTE FOR AMERICA'S SMALL BUSINESSES.
FOR IMMEDIATE RELEASE
Wednesday, Dec. 18, 2024
Contact:
Molly Day
202-552-2904
UPDATE 18 DEC. 2024, 8:45 p.m. ET | Just in from Capitol Hill - House Majority Leader Steve Scalise tells reporters the stopgap funding measure released this week, including provisions for a one-year delay of the Corporate Transparency Act, is dead:
“There is no new agreement right now, just, you know, obviously looking at a number of options."
This is a developing matter.
Follow NSBA as we continue tracking progress on federal funding and action over the CTA.
Shutdowns harm Small Business, and NSBA implores Congress to choose compromise and bipartisan solutions to keep the government open.
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Washington, D.C. – The National Small Business Association (NSBA) is calling on Congress to quickly pass the Continuing Resolution spending bill to fund the government through March 14, 2025. Not only does this bill avoid a costly and detrimental government shutdown, it also includes language to delay by one year the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) reporting requirement. For years, NSBA has fought hard against the CTA and America’s small businesses need Congress to pass this legislation.
Below is a statement from NSBA President and CEO Todd McCracken.
“From its inception, NSBA has warned against the CTA which could force well-intending small businesses to pay fines up to $591 per DAY and up to two years of jail time. And while our lawsuit and others following it have provided some relief, there is widespread confusion and frustration about the BOI reports, who must file them and when.
“Furthermore, government shutdowns are deeply damaging to the U.S. economy, spreading uncertainty and directly impacting countless small-business owners and their employees who are performing services or providing goods to the federal government with no payment coming in.
“This delay is a top priority for NSBA and the millions of small businesses we represent. The law is deeply flawed and unconstitutional – two U.S. District Court judges have affirmed this. If the CR and CTA delay isn’t approved, small-business owners across the country will be in limbo, not knowing how long the temporary injunction will last and fearful of the repercussions of not filing. However the repercussions of sharing this private, personal—and highly sought-after by hackers—information are much more significant.”
“On behalf of our 65,000 members and the 31 million small-business owners in the U.S., I strongly urge Congress to pass this bill and delay the CTA.”
Click here for NSBA’s CTA Resource page.
Celebrating more than 85 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.
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