Small Business Relief Act
Small Business Rules: Changes to Shareholder Counting
Legislative Progress
Key Points
- This bill, introduced by Mr. Garbarino, changes the rules for when a private company is forced to register with the government. Right now, if a company has too many owners, it must start sharing its financial secrets with the public and follow strict, expensive reporting rules.
- The new rule would stop counting big professional investors, like banks or insurance companies, toward that owner limit. Only regular people who own a piece of the company would count toward the total that triggers the extra paperwork.
- This helps growing businesses stay private for a longer time. It allows them to raise money from large firms without being forced into the public spotlight or being required to follow complex regulations before they are ready.
- By staying private longer, companies can save a lot of money on legal and accounting fees. The goal is to help businesses focus on growing and hiring instead of spending resources on government filings.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Placed on the Union Calendar, Calendar No. 450.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-525.
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 24.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Small Business Relief Act
Data Sources
Sponsor
Cosponsors
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