Good morning, Even if a minimum wage increase doesn’t make it into the next Covid stimulus bill, the writing is on the wall: Interest in a federal minimum wage of $15 per hour has never been greater. Since 2009, the federal minimum wage has been $7.25 per hour. Already, 29 states and Washington D.C. have minimum wages above that figure--with seven states joining D.C. to pass $15 per hour minimum wages of their own in recent years. President Joe Biden ran on a campaign of raising the minimum wage to $15 per hour by 2025, and Democrats in the House of Representatives appear to be forging ahead by including the proposition in the latest drafts of Biden’s $1.9 trillion Covid rescue plan. Even if the provision doesn't make it into the final version of this bill, a boost to the federal minimum wage will likely be on the agenda later in Biden's tenure. So it may be wise to consider your options now, because the impacts on small businesses could be more complex than you think. There’s some bad news for business owners, yes--but also some surprisingly good news, and a plethora of potential paths forward for your company. Read our story to learn the full breakdown of what a $15 per hour federal minimum wage could mean for you. |
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