S3625-118

1. Short title This Act may be cited as the Protect Small Business and Prevent Illicit Financial Activity Act.

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: 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. (H)Unable to obtainFinCEN 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..