Protecting Small Business Information Act of 2023

Protecting Small Business Information Act of 2023

This bill requires the Department of the Treasury to ensure all rules issued under the Corporate Transparency Act have the same effective date. Any final rules already issued must not take effect until all final rules under the act have been issued. The act requires companies to report beneficial ownership information (i.e., the identity of individuals behind a corporate entity) to the Financial Crimes Enforcement Network (FinCEN).

Bill 118 HR 4035, also known as the Protecting Small Business Information Act of 2023, aims to safeguard sensitive information of small businesses from potential cyber threats. The bill requires the Small Business Administration (SBA) to establish guidelines and procedures for protecting the data of small businesses that is collected and stored by the agency.

The legislation emphasizes the importance of securing this information to prevent unauthorized access, data breaches, and other cyber attacks that could harm small businesses. It also requires the SBA to regularly assess and update its cybersecurity measures to ensure they are effective and up-to-date.

Additionally, the bill includes provisions for training SBA employees on cybersecurity best practices and requires the agency to report to Congress on its efforts to protect small business information. This transparency and accountability are intended to ensure that the SBA is taking the necessary steps to safeguard sensitive data. Overall, the Protecting Small Business Information Act of 2023 is aimed at enhancing the cybersecurity measures of the SBA to better protect the information of small businesses and prevent potential cyber threats.