This bill mandates the Chief Counsel for Advocacy of the Small Business Administration to establish a Red Tape Hotline within 180 days of enactment. The primary purpose of this hotline is to provide a mechanism for small entities to report federal agency rules, guidance, policy statements, or other activities that impose an undue burden on them. The Chief Counsel must ensure the hotline is accessible through various methods, including email, submission forms, and phone numbers, with a dedicated, easily accessible website. Furthermore, the legislation requires the Chief Counsel to submit an annual report to the Small Business Administrator and Congress, beginning one year after enactment. This report must detail the most frequently reported burdensome regulations, identify the responsible agencies, and summarize the types of notifications received. Crucially, the report must also include recommendations for agencies to reduce the burden on small entities and outline actions taken by the Chief Counsel to address these issues.