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May 02, 2023 | Press Releases

U.S. Rep. Greg Steube Reintroduces The Small Business Credit Protection Act

WASHINGTON —  U.S. Representative Greg Steube (R-Fla.) today reintroduced The Small Business Credit Protection Act to require that credit reporting companies establish much-needed protections for small businesses. 

The legislation amends the Small Business Act to direct credit bureaus to promptly inform small businesses if their non-public personal data has been breached, and prohibit credit bureaus from charging small businesses for a credit report within 180 days of a breach. Additionally, this bill would require that the GAO report on the economic harm to small businesses resulting from such data breaches. 

“Data breaches continue to plague consumers across America. Congress has attempted to protect consumers from these events, but unfortunately nothing has been done to protect our small businesses,” said Rep. Greg Steube. “Small businesses are the backbone of our local economies. This legislation is needed to ensure small businesses have the tools to navigate recovery from a data breach.”

This legislation is the House companion to a Senate bill reintroduced last week by U.S Senator Marco Rubio (R-Fla.).

“The federal government must uphold the trust that Americans need to fully participate in our economy. My legislation, the Small Business Credit Protection Act, would ensure that small businesses receive protections in cases of a security breach. I urge my colleagues to join me in passing this bipartisan bill so that we can continue to protect America’s small businesses – the cornerstone of our economy,” said Senator Marco Rubio.

As defined by the Small Business Act, a small business is a business with a maximum of 250 employees or a maximum of 1,500 employees. Small businesses are privately owned corporations, partnerships, or sole proprietorships that have less revenue than larger businesses. These businesses do not get free access to their credit report and are required to pay about $40 to $100 for their report and score from a credit reporting bureau.