The New Year is just around the corner, which means we’re mere days away from falling off the so-called fiscal cliff. This impending situation — created by a vast array of tax provisions set to expire January 1, at the same time that across-the-board spending cuts start to kick in — could spell disaster for the small business community and our slowly recovering economy.
A look at the numbers makes it clear that America’s economy relies on small business. After all, they create a majority of new jobs and employ four out of six American workers. And it’s not often political leaders miss an opportunity to tout the importance of this critical constituency.
As Fairfax, Va., small business owner Mike Brey prepares to close the books on 2012, he’s also starting to make expansion plans. But he hasn’t sealed the deal on his two new Hobby Works stores yet — largely because of growing economic uncertainty as we race toward the edge of the “fiscal cliff.”
As we move beyond the recession, it becomes increasingly apparent that our smallest businesses are the ones putting America back to work. These hardworking entrepreneurs deserve a chance to tell legislators in Washington what kinds of policies are going to help them grow and flourish. And that’s exactly what they got this week, when Small Business Majority flew 14 entrepreneurs from 11 states out to D.C. for their first annual network council trip.
Here’s a riddle for you. What did the small business owner do when she opened the letter from her health insurer. If it’s Lynn Petrazzuolo we’re talking about, she did the happy dance. Because in that envelope was a $1428 rebate check from her health insurance carrier, who was reimbursing Lynn because it had failed to spend her premium dollars the way the new federal healthcare law requires.
The U.S. Supreme Court’s ruling today upholding the Affordable Care Act is a victory for small business owners who have struggled with the excessively high cost of health insurance for decades. The Affordable Care Act tackles small business owners’ top priorities when it comes to healthcare reform: cost and accessibility. The law will significantly rein in costs while providing more health coverage options for entrepreneurs.
John Arensmeyer
Originally released June 14, 2012:
A plurality (50 percent) of small business owners want the healthcare reform law upheld—either as is or with minor changes—while only one-third want the Supreme Court to overturn it, according to opinion polling released today by Small Business Majority. However, after learning more about the law, a clear majority (56 percent) want it kept intact with, at most, only minor changes.
States across the country are working to develop Small Business Health Options Program (SHOP) exchanges—online marketplaces where small businesses can purchase health insurance. An opinion survey released today provides important new insights into what small businesses in California are looking for from the state exchanges being created under the Affordable Care Act. Topping the list are allowing employees to choose among multiple insurance carriers and more disease prevention and wellness programs. The survey also found interest in the SHOP exchange is high, and awareness among owners of small business tax credits is low.
With the Supreme Court set to announce the fate of the healthcare reform law this month, the news today that 4,400 California small firms with 36,000 employees will get $3.5 million back from one of the nation’s biggest insurers—all thanks to the law—is strong evidence that its provisions are working for small employers. These rebates emphasize how important it is that high court justices uphold the Affordable Care Act so small businesses across the country can continue reaping its benefits.
Since the enactment of federal health care reform, hundreds of thousands of small business owners across the country have been able to claim a tax credit for offering their employees health benefits — and millions more are eligible, according to a report released today by advocacy group Small Business Majority and consumer group Families USA. For tax year 2011, seven in 10 small businesses with 25 or fewer employees are eligible for the credit.
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