According to the U.S. Chamber of Commerce Q1 Small Business Study, released yesterday, requirements of the new health care law now surpass economic uncertainty as the number one concern among small business owners. Over seventy percent of business owners surveyed said that the recent health care law made it more difficult for their business to hire new employees, that it would make coverage more expensive for their employees, and that they anticipate that the 2014 health care tax will negatively impact their business when it goes into effect.
The Small Business Health Options Program (SHOP) was designed to let small business employees choose from a variety of health plan options. However, delays in federal and state program establishment mean that in most states next year, small businesses will not have the numerous options which were promised, but will instead be forced to accept only a single plan, at least for 2014. These delays, combined with widespread confusion over the requirements of the new law are likely the cause of the general disapproval by small business executives.
If you’re a small business owner and have concerns about how the The Patient Protection and Affordable Care Act may affect your business in 2014, the Small Business Administration has prepared a series of articles to help explain how key provisions will effect various size businesses. Additionally, as a blatant plug for our firm, you may also want to schedule a consultation with your local small business attorney to discuss your options.