One Stop Shop for Small Business Compliance Act Signed into Law
Small business owners have enough administrative tasks on their plate without the added burden of tracking federal regulations that are continually updated. A recently signed federal law will make it easier for owners to locate and navigate federal regulations that apply to their businesses.
What is the One Stop Shop for Small Business Compliance Act?
The One Stop Shop for Small Business Compliance Act, which was recently signed into federal law, requires the Small Business Administration’s (SBA) Office of the National Ombudsman to establish a centralized website for small-entity compliance guides within the first quarter of 2023.
By creating an easily-accessible and comprehensive website, the Act eases the regulatory burden on small business owners and reduces the amount of time they spend navigating red tape. Specifically, the Act requires that hyperlinks to small entity compliance guides and contact information for departments and individuals be available on the SBA website.
Why was the Act established?
For most businesses to stay legally compliant, owners will need to meet external and internal business compliance requirements. Oftentimes, small business owners are unaware of their new responsibilities as federal laws are updated. While requirements vary based on business structure, typical external requirements include filing paperwork, paying taxes with state and federal governments, renewing licenses, and more.
Help is available
The attorneys at O’Reilly Rancilio are available to assist business owners with questions who require assistance or with questions about the Act. To learn more, please call 586-726-1000 or visit our website.