A bill to establish within the Office of Management and Budget the Administrative Information Management Office, to consolidate certain paperwork reduction functions of the Government, to reduce the Federal paperwork burden on small business enterprises and others, and to amend the Small Business Act to establish a means for assessing the effectiveness of Federal paperwork reduction efforts with respect to small business enterprises.

Small Business Paperwork Reduction Act - Amends the Federal Reports Act of 1942 to include an independent Federal regulatory agency within the definition of the term "Federal agency" for purposes of such Act.

Establishes the Administrative Information Management Office (AIMO) within the Office of Management and Budget. Sets forth the functions of the Administrator of AIMO which include: (1) establishing policies and procedures for the management of the information collection activities of Federal agencies and for measuring the burdens imposed by such activities on business, especially small business, and individuals; (2) transmitting to Congress an annual report describing the burdens imposed by the information requirements of each agency; (3) reviewing, at least once every three years, the information management, information collection, and paperwork reduction activities of each agency; (4) establishing paperwork reduction goals for each agency; and (5) implementing a Federal information locator system and a one-form universal reporting system.

Transfers certain duties and responsibilities of the Director of the Office of Management and Budget under the Federal Reports Act of 1942 to the Administrator. Makes other conforming amendments.

Amends the Small Business Act to direct the Small Business Administration to submit to AIMO an annual report which includes: (1) an assessment of the effectiveness of AIMO efforts to reduce the burden of information requirements on small business; and (2) recommendations for increasing the effectiveness of such efforts.