Protect Small Business and Prevent Illicit Financial Activity Act

This bill modifies reporting requirements for small businesses under beneficial ownership rules. It sets a strict 90-day deadline for small businesses to submit ownership information (replacing flexible "timely" or 1-year deadlines) and prohibits the Financial Crimes Enforcement Network (FinCEN) from allowing companies to skip reporting if they cannot obtain required information. The key provision mandates that small businesses must file the report within 90 days of incorporation or when ownership changes, rather than having extended or flexible timelines. This directly affects small businesses required to disclose ownership details to prevent illicit financial activity.