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Updated: July 11th, 2023
H.R. 3335 will increase access and speed in which small business owners can access capital
Today, Chairman of the House Financial Services Committee, Patrick McHenry (R-NC) and Representative Jimmy Panetta (D-CA), member of the House Committee on Ways and Means introduced H.R. 3335, bipartisan legislation to modernize the IRS Income Verification Express Service by:
For small business owners, this legislation would eliminate the need to gather and submit tax returns to their lender – a costly and time intensive process for many businesses. It would also eliminate the need to interact directly with the IRS allowing lenders to do all the work on the applicant’s behalf so they can focus on running their business.
“We applaud Chairman McHenry and Representative Panetta for working together to reduce costs and complexity for small business owners seeking financing by modernizing this outdated fax based system which will increase access and speed in which businesses can obtain affordable capital,” said Ryan Metcalf, Director of Public Affairs for Funding Circle US.
About Funding Circle
Funding Circle (LSE: FCH) is a leading online small business financing platform for business borrowers. Since 2010, Funding Circle originated $4.3 billion to 42,000 small businesses in the U.S. and $20.2 billion to 135,000 small businesses globally.
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Abby Ford is a content marketing manager who regularly writes for a number of small businesses, including architecture and finance companies. She has a degree in English Literature and previous experience in the legal field.