Contact Congress about S. 505: ‘Protect Small Businesses from Excessive Paperwork Act of 2025

Companies formed before 2024 would get until January 1, 2026 to file beneficial ownership reports with the government. The bill doesn't change what's required — just the deadline for older businesses. Newer companies still follow their current timelines.

Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.

‘Protect Small Businesses from Excessive Paperwork Act of 2025 is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Latest action on S. 505: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who this affects: This bill mostly affects small and medium-sized businesses that were formed before 2024 and haven't yet filed their ownership reports. It also affects federal agencies like FinCEN that rely on this data to track financial crimes. Companies formed after January 1, 2024 are not affected — their deadlines stay the same.

Why this matters: Millions of small businesses are now required to tell the federal government who really owns them, part of a broader push to fight money laundering and fraud. Many of these businesses are struggling to understand the new rules and meet the deadline. This bill would give them breathing room, but it also means law enforcement won't have the full picture as soon as originally planned.

Key provisions in S. 505

• The bill changes the filing deadline for beneficial ownership reports for companies that were formed or registered before January 1, 2024.
• These older companies would now have until January 1, 2026 to file their ownership reports.
• The bill amends section 5336(b)(1)(B) of title 31 — the federal law that requires companies to disclose who really owns them.
• Everything else about the beneficial ownership reporting system stays the same, including who must report and what information they must provide.
• The bill applies to "reporting companies" — corporations, LLCs, and similar entities that fall under the existing federal definition.

How Modern Action helps you take action on S. 505

You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.

Questions people ask about S. 505

What is S. 505?

Companies formed before 2024 would get until January 1, 2026 to file beneficial ownership reports with the government. The bill doesn't change what's required — just the deadline for older businesses. Newer companies still follow their current timelines.

How do I support or oppose S. 505?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about S. 505?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

Can Modern Action explain S. 505 before I act?

Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.