Bill Overview
Title: One Stop Shop for Small Business Compliance Act of 2022
Description: This bill requires the Small Business and Agriculture Regulatory Enforcement Ombudsman to create a website compiling small entity compliance guides and contact information for individuals who can assist small entities with each guide.
Sponsors: Sen. Cornyn, John [R-TX]
Target Audience
Population: Small business owners worldwide
Estimated Size: 33000000
- The bill addresses issues related to compliance for small businesses.
- Small businesses are defined by various standards but generally include privately owned corporations, partnerships, or sole proprietorships with fewer employees and revenue than regular-sized businesses.
- In the United States, there are approximately 33 million small businesses, which account for 99.9% of all U.S. businesses according to the U.S. Small Business Administration.
- Globally, small businesses are also significant, with millions of entities fitting this category in countries around the world.
- This bill will streamline compliance processes, potentially reducing operational burdens on small businesses.
Reasoning
- The policy targets small business owners who frequently face challenges in navigating compliance requirements, and it will attempt to alleviate part of this burden through a centralized information source.
- The policy is unlikely to significantly alter the Cantril wellbeing scores of individuals who are not small business owners or stakeholders, but it might increase scores among those it directly assists.
- The impact distribution is anticipated to be largely low to medium given the scale of the budget and the size of the target population, with few individuals experiencing high impact unless in highly regulated sectors.
- Considering the nature of small businesses in the U.S., the policy's centralization of compliance information can help reduce the time and financial cost associated with compliance, which may improve owners' self-reported wellbeing.
- Because of budget constraints, the immediate impact (year 1-5) is likely limited unless effectively scaled.
Simulated Interviews
Café Owner (San Francisco, CA)
Age: 34 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- Currently spends a lot of time on compliance research.
- Believes a centralized resource would save time and resources.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Agriculture Supplies Retailer (Rural Kansas)
Age: 46 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- Struggles with understanding regulatory paperwork.
- Thinks the new resource could help clarify compliance processes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 3 |
| Year 10 | 5 | 3 |
| Year 20 | 5 | 3 |
Tech Startup Co-founder (Austin, TX)
Age: 29 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- Regulatory compliance is a distraction from product development.
- Excited about a centralized compliance hub that could streamline their operations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Consultant for Small Law Firms (New York, NY)
Age: 53 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 4/20
Statement of Opinion:
- Sees potential in the policy to reduce clients' dependency on consulting hours.
- Worried it might decrease her business if clients become too self-sufficient.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 6 |
| Year 2 | 5 | 6 |
| Year 3 | 5 | 6 |
| Year 5 | 5 | 6 |
| Year 10 | 5 | 6 |
| Year 20 | 5 | 6 |
Independent Real Estate Broker (Miami, FL)
Age: 61 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 6/20
Statement of Opinion:
- Rarely finds regulatory compliance difficult.
- Doesn't expect much use from the service but supports its intent.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Owner of a Boutique Digital Marketing Agency (Portland, OR)
Age: 38 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- Constantly modifies compliance strategies due to change in digital regulations.
- Looks forward to having a centralized resource for guidance.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 6 | 4 |
Retail Cell Phone Store Manager (Chicago, IL)
Age: 27 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 8/20
Statement of Opinion:
- Anything that reduces our regulatory overhead is welcome.
- Not sure how much it will help initially but optimistic.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Owner of an Eco-Friendly Cleaning Service (Seattle, WA)
Age: 39 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- Compliance with eco-friendly regulation can be tough.
- Expects the resource to help streamline product selection and reduce research time.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Owner of an Automotive Repair Shop (Newark, NJ)
Age: 44 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- Regulatory compliance is time-consuming.
- Sees potential savings in time and stress with a centralized platform.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 5 | 3 |
| Year 10 | 5 | 3 |
| Year 20 | 5 | 3 |
Owner of a Craft Brewery (Minneapolis, MN)
Age: 50 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- Hopes the policy will simplify the complex web of regulatory guidelines.
- Optimistic but skeptical about the efficiency of government-created resources.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Cost Estimates
Year 1: $7500000 (Low: $5000000, High: $10000000)
Year 2: $5000000 (Low: $4000000, High: $8000000)
Year 3: $5000000 (Low: $4000000, High: $8000000)
Year 5: $5000000 (Low: $4000000, High: $8000000)
Year 10: $5000000 (Low: $4000000, High: $8000000)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- Website utility and effectiveness will depend on regular updates and accessibility.
- Small businesses must be aware of and encouraged to use the tool.
- Inter-agency cooperation is crucial for compiling comprehensive and precise compliance guides.