# 119-s-505: ‘Protect Small Businesses from Excessive Paperwork Act of 2025

119-s-505, ‘Protect Small Businesses from Excessive Paperwork Act of 2025, is a 119th Congress bill sponsored by Sen. Scott, Tim [R-SC] (R-SC); status introduced; PRIA reads it as touching household money (as of 2025-12-21).

- Canonical: https://policyrisk.com/legislation/119-s-505
- As of: 2025-12-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-505
- Congress: 119
- Title: ‘Protect Small Businesses from Excessive Paperwork Act of 2025
- Status: introduced
- Introduced: 2025-02-11
- Sponsor: Sen. Scott, Tim [R-SC] (R-SC)
- Cosponsors: 12
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2025-12-21

## Summary

**Adds one year to the filing deadline for certain companies' beneficial ownership reports.** It would require companies formed or registered before January 1, 2024 to submit beneficial ownership information to the Financial Crimes Enforcement Network by January 1, 2026 instead of January 1, 2025.

## Cosponsors (12)

- Sen. Rounds, Mike [R-SD] (R-SD), 2025-02-11T00:00:00.000Z
- Sen. Moran, Jerry [R-KS] (R-KS), 2025-02-11T00:00:00.000Z
- Sen. Hagerty, Bill [R-TN] (R-TN), 2025-02-11T00:00:00.000Z
- Sen. Ricketts, Pete [R-NE] (R-NE), 2025-02-11T00:00:00.000Z
- Sen. Lankford, James [R-OK] (R-OK), 2025-02-11T00:00:00.000Z
- Sen. Cramer, Kevin [R-ND] (R-ND), 2025-02-11T00:00:00.000Z
- Sen. Lummis, Cynthia M. [R-WY] (R-WY), 2025-02-11T00:00:00.000Z
- Sen. Britt, Katie Boyd [R-AL] (R-AL), 2025-02-11T00:00:00.000Z
- Sen. Tillis, Thomas [R-NC] (R-NC), 2025-02-11T00:00:00.000Z
- Sen. Banks, Jim [R-IN] (R-IN), 2025-02-11T00:00:00.000Z
- Sen. Moreno, Bernie [R-OH] (R-OH), 2025-02-26T00:00:00.000Z
- Sen. Crapo, Mike [R-ID] (R-ID), 2025-03-10T00:00:00.000Z

## Provisions PRIA read

- Delay for small business ownership filings: benefit, medium. If enacted, reporting companies formed or registered before January 1, 2024 would have until January 1, 2026 to file beneficial ownership information reports under 31 U.S.C. 5336. This would give those companies more time to gather and submit ownership details. It would not change the filing deadli…

## Related bills

- 119-s-587: Death Tax Repeal Act of 2025
- 119-s-186: No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2025
- 119-s-6: Born-Alive Abortion Survivors Protection Act
- 119-s-128: SAVE Act
- 119-s-65: Constitutional Concealed Carry Reciprocity Act of 2025
- 119-s-5: Laken Riley Act

## Sources
- [119-s-505 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/505)

## Related
- [119-s-587: Death Tax Repeal Act of 2025](https://policyrisk.com/legislation/119-s-587)
- [119-s-186: No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of…](https://policyrisk.com/legislation/119-s-186)
- [119-s-6: Born-Alive Abortion Survivors Protection Act](https://policyrisk.com/legislation/119-s-6)
- [119-s-128: SAVE Act](https://policyrisk.com/legislation/119-s-128)
- [119-s-65: Constitutional Concealed Carry Reciprocity Act of 2025](https://policyrisk.com/legislation/119-s-65)
- [119-s-5: Laken Riley Act](https://policyrisk.com/legislation/119-s-5)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-505 (as of 2025-12-21).