Update on the $15 minimum wage and its impact on Small Businesses
The United States Congress passed a massive relief bill totaling $1.9 trillion to aid struggling Americans with the ongoing impact of COVID-19. While opponents of the bill claimed it carried too much waste, including bailouts for cities and states, the bill does not, however, include a $15 minimum wage.
The amendment was dropped after Democratic senators voiced concern that the wage hike is not a COVID-relief measure. In the end, eight Democratic senators joined all 50 Republicans in voting against the wage amendment resulting in its removal from the bill.
So, what’s the status of the $15 per hour minimum wage?
Currently, the $15 per/hour issue off the legislative table. But it’s safe to say that the debate is far from over.
Opponents of the wage increase fear that small businesses would be the most impacted, leading to job losses and business closures. Supporters of the wage increase claim people are currently living under “starvation wages” often rallying against massive corporations like Wal-Mart and McDonalds. And argue that the increase would help small businesses by increasing consumer spending, lowering employee turnover, and driving productivity and customer satisfaction.
What does this mean for your business?
Economists expect proponents of a $15 per hour minimum wage will keep fighting to support American workers and families. Small businesses, however, should expect this issue to be in the news again. Start to think about growth opportunities and start building out a plan for implementing $15 if it becomes a reality.
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