Small Business Regulatory Relief Act Reintroduced

It costs small businesses (50 or fewer employees) 20% more per employee in regulatory costs than larger businesses. In 2022, complying with regulations cost American small businesses an average of over $16,500 (adjusted for inflation as of December 2024) per employee on their payroll. The Small Business Regulatory Reduction Act (H.R. 974), which is supported by small business advocacy groups such as the SBE Council and the National Taxpayers Union, would alleviate these costs and require the SBA to submit an annual report to Congress outlining the impacts of regulations on small businesses. The measure went nowhere in 2023. Who knows whether there is a chance for success now. #IdeaoftheDay