The U.S. Department of the Treasury announced on Sunday that it won’t enforce the penalties or fines associated with the Biden-era “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses under the Corporate Transparency Act, reported CNBC.

“After previous court delays, the Treasury in late February set a March 21 deadline to comply or risk civil penalties of up to $591 a day, adjusted for inflation, or criminal fines of up to $10,000 and up to two years in prison. The reporting requirements could apply to roughly 32.6 million businesses, according to federal estimates,” said the outlet.

In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting companies only, wrote CNBC.

President Donald Trump reportedly praised the news in a Truth Social post on Sunday night, describing the reporting rule as “outrageous and invasive” and “an absolute disaster” for small businesses.

“Other experts say the Treasury’s decision could have ramifications for national security,” said CNBC.

NACS previously had filed briefs with the Fifth Circuit Court of Appeals urging the requirement to be blocked and advocated that the Trump Administration further delay any requirements pending the litigation challenges. NACS will continue advocating that these requirements should not be placed on small businesses.