I have heard claims that this bill constitutes something of a stealth attack against the gun control crowd by a handful of savvy GOP senators, taking advantage of the Dem's desperate need to get something passed.
Hence funds for state red-flag laws - but only if said laws have meaningful due process protections.
I've been uncertain.
But with respect to the FFL requirements - BATF has always refused to establish fixed rules for what is or is not "engaged in the business", so as to allow themselves maximum flexibility with respect to how they might bring charges against.
This new law contains:
Section 921(a) of title 18, United States Code, is amended— (1) in paragraph (21)(C), by striking ‘‘with the principal objective of livelihood and profit’’ and inserting ‘‘to predominantly earn a profit’’;
[...]
(22) The term ‘to predominantly earn a profit’ means that the intent underlying the sale or disposition of firearms is predominantly one of obtaining pecuniary gain, as opposed to other intents, such as improving or liquidating a personal firearms collection: Provided, That proof of profit shall not be required as to a person who engages in the regular and repetitive purchase and disposition of firearms for criminal purposes or terrorism.