News & Information

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

Beginning on January 1, 2024, many companies in the US will have to start reporting information about their beneficial owners to the US Treasury. Existing businesses will have until January 1, 2025 to file their initial report. However, companies created/registered on or after January 1, 2024 must report their BOI within 90 calendar days.

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Under current law, your lender could be required to release 20 points of data that could be used to identify you and your business.

What information would be made public under current rules:

  • Ethnicity, race, and sex of principle owners
  • Minority-owner, women-owned, and LGBTQI+-owned business status;
  • Amount applied for;
  • Application method;
  • Application recipient;
  • Credit type;
  • Credit product;
  • Guarantees;
  • Loan term;
  • Credit purpose;
  • Amount approved or originated;
  • Action taken;
  • Action taken date;
  • Denial reasons;
  • Pricing information;
    • Interest rate;
    • Total origination charges;
    • Broker fees;
    • Initial annual charges;
    • Additional cost for merchant cash advances or other sales-based financin;
    • Prepayment penalties;
  • Census tract;
  • Gross annual revenue;
  • NAICS code;
  • Number of workers;
  • Time in business;
  • Application date;
  • The application’s unique identifier; and
  • Number of principle owners.
How can you protect your privacy? Make your voice heard!

Contact your member of congress today.

Scan the QR code to take action and tell Congress your privacy matters.

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