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Small Business Advocacy Review Panels are created under the RFA to include input from small business representatives before the agency proposes a rule that may have a significant impact on a large number of small entities.

Under the RFA, small entities can seek judicial review of final agency rules if they believe that the agency has not adequately considered the rule's economic impact on small entities as required by the act.

Under the RFA, a small entity can be a small business, a small not-for-profit organization, or a small governmental jurisdiction. The specific size standards can vary by industry and are typically set by the Small Business Administration (SBA).

The RFA requires agencies to report annually to Congress on their compliance with the Act, including the number and type of regulatory actions that impact small entities, thus promoting transparency and accountability in the regulatory process.

Agencies must perform an Initial Regulatory Flexibility Analysis (IRFA) when developing rules that will have a significant economic impact on a substantial number of small entities. This analysis must consider alternatives and costs associated with the rule.

The purpose of the RFA is to ensure that federal agencies consider the impact of their regulations on small entities, and to encourage agencies to use flexible regulatory approaches when possible to minimize significant economic impact on a substantial number of small entities.

A Final Regulatory Flexibility Analysis (FRFA) is required once a final rule is issued, which addresses the points raised in the initial analysis, including a description of the steps the agency has taken to minimize significant economic impacts on small entities.

The RFA requires agencies to publish plain-language compliance guides for rules that have a significant economic impact on a substantial number of small entities, making it easier for these entities to comply with regulatory requirements.

This provision of the RFA mandates that, whenever possible, agencies should try to craft regulations and rules in a manner that addresses the objectives while still showing flexibility towards small entities, such as by establishing differential compliance standards.