Small Business Credit Protection Act of 2023

The Small Business Credit Protection Act of 2023 requires credit reporting companies to promptly report data breaches involving nonpublic information of small businesses to the affected business, following the reporting timeline set by the business's state law. If a small business operates in multiple states, the shortest applicable state reporting period applies. The bill also prohibits credit reporting companies from charging small businesses for their consumer reports for 180 days after a breach occurs. Additionally, it mandates a Government Accountability Office report within one year of enactment on the economic harm caused by such breaches to small businesses.