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This bill requires the Financial Crimes Enforcement Network (FinCEN) and the Small Business Administration (SBA) to work together to help businesses comply with beneficial ownership reporting requirements under the Corporate Transparency Act. Within 90 days of the bill's enactment, these agencies must create a formal agreement to share information about reporting requirements with small businesses, trade associations, and small business support organizations through multiple channels, including translation into Spanish and other languages. The agencies will coordinate educational activities like webinars and town halls, work to combat scams related to beneficial ownership reporting, and provide regular updates to Congress on compliance efforts. The bill requires monthly reports tracking how many companies received assistance and how many have achieved compliance, with the agencies meeting every six months to review progress and identify barriers to compliance. This legislation affects small business owners and other companies required to register beneficial ownership information, but does not establish new reporting requirements—it simply improves how agencies share existing compliance information.

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