To amend the Occupational Safety and Health Act of 1970.

Amends the Occupational Safety and Health Act of 1970 (OSHA) to direct the Secretary of Labor to waive penalties for certain OSHA violations by small business concern employers.

Provides for waiver of up to 100 percent of the penalty otherwise proposed for such a violation if an employer corrects the violation within the time set for abatement. Provides, if the employer does not correct the violation within such time, for waiver of up to 100 percent of such penalty to the extent that such employer uses the amount which would have been paid as the penalty for correction of the violation. Makes such waivers applicable where: (1) the employer has made a good faith effort to comply with applicable regulations; and (2) the violation does not constitute a significant threat to an employee's health or safety.