Improving Access to Small Business Information Act

This bill lets the SEC’s Advocate for Small Business Capital Formation ask people for information without going through slow, formal paperwork steps under the Paperwork Reduction Act. The goal is to make it faster and easier for the Advocate to hear from small businesses and investors. However, some basic rules still apply—like telling people why the information is being collected—so there’s still transparency and safeguards.

Key points

• Who is affected: Small businesses, startups, and investors who share feedback or data with the SEC’s Small Business Advocate.
• What changes: The Advocate’s information gathering isn’t treated as a formal “collection of information” under the Paperwork Reduction Act, so no OMB submission, no display of a control number, and no clearance notice are required. Some requirements still apply, including certain notice and review steps.
• What this means for you: Expect fewer hoops and faster responses when engaging with the SEC’s Small Business Advocate, while still being told why your information is being requested.