WASHINGTON, D.C., January 15, 2026 - To reduce the financial barriers for early-stage entrepreneurs using crowdfunding while still maintaining investor confidence and market integrity, Senators Dave McCormick (R-PA) and Andy Kim (D-NJ) today introduced the Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act.

Currently, startups, early-stage companies, or small businesses raising $100,000 are required to have financial statements reviewed by a public accountant before crowdfunding. The average cost per filing is approximately $10,000 so for businesses raising $100,000, accounting fees can immediately consume at least 10% of the total capital raised. This bipartisan bill proposes to raise the crowdfunding limit from $100,000 to $250,000 before companies need to submit financial statements to be reviewed by an independent accountant. This approach modernizes outdated thresholds and focuses compliance where it matters most - ensuring that larger, more sophisticated offerings remain subject to stronger oversight, while smaller and early-stage issuers are not burdened with one-size-fits-all requirements.

"Crowdfunding can be particularly valuable for Pennsylvania entrepreneurs who may not qualify for traditional financing or want to validate market demand before fully launching. By removing unnecessary barriers while maintaining investor protections, we're unlocking greater capital for new businesses to take root in Pennsylvania and across the country - proving that smart regulation can mean more opportunity, not less," said Senator Dave McCormick.

"Too often start-ups and small businesses face red tape and obstacles to capital that is a critical tool to their success, and in turn, their ability to give back to our communities. By modernizing outdated 'one-size-fits-all' requirements, we open doors for businesses and investors of all sizes and backgrounds to grow, while still looking after the overall stability and strength of our financial markets," said Senator Andy Kim.

BACKGROUND:

In 2012, Congress passed the Jumpstart Our Business Startups (JOBS) Act to help small businesses raise money from everyday investors. Before this law, companies had to complete a long, expensive registration process with the Securities and Exchange Commission (SEC) before selling shares to the public.

The new Regulation Crowdfunding rules let startups raise smaller amounts from regular people through investment websites. Since 2016, these rules have helped over 6,500 businesses raise nearly $2.4 billion across 8,400 investment rounds for early-stage companies.

The Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act will:

• Enable small businesses to raise up to $250,000 (instead of the current $100,000) through crowd funding before they're required to hire an outside accountant to review their financial statements; and
• Allow the SEC to raise the threshold to $400,000, if the Advisory Offices recommends the change.

Pennsylvania ranks 5^th in the total number of crowdfunding issuers, with more than 330 companies utilizing this funding opportunity since 2016.

Read the full bill text here.

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