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New Bipartisan Bill Aims to Improve Payment Access for Small Businesses

KVIA•Friday, July 17, 2026 at 8:19 AM•Stacker

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AI Summary

A bipartisan initiative, the Payments Access and Consumer Efficiency Act (PACE Act), is gaining traction in Congress to address the challenges small business owners face with payment processing delays. Nearly 60% of small business owners paid extra fees for faster access to their funds over the past year, with significant cash-flow issues arising from standard processing times. The PACE Act seeks to allow nonbank payment providers direct access to Federal Reserve networks, potentially reducing costs and wait times. This legislation is crucial as it could alleviate financial strain on small businesses, which often operate on tight margins and depend on timely payments to manage expenses.

Key Details: • PACE Act introduced in April 2026 by Representatives Sam Liccardo and Young Kim. • 59% of small business owners paid extra fees for instant transfers in the past year. • 49% report cash-flow gaps due to standard payment processing times. • Federal oversight would ensure consistent consumer protections for payment providers.

legislation finance congress small-business payments

People & Organizations

Federal ReserveOffice of the Comptroller of the CurrencySam LiccardoYoung KimFinancial Technology Association

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