With this being the second full week of May, it's National Small Business Week in the U.S., an awareness event that's been recognized ever since 1963 when President John F. Kennedy made it official with a formal proclamation. President Barack Obama recently did the same, making sure to reference how consumers now have greater access to employee benefits because of coverage reform.
"Thanks to the Affordable Care Act, it is now easier for small business owners to purchase quality health insurance," said Obama. "They are now eligible for tax credits that cover up to half of the cost of providing coverage for their employees."
The employer mandate portion of the ACA requires business owners with at least 50 workers offer health benefits to their workers, provided they are full-time employees. This includes many organizations. As recently as 2011, there were 28 million small businesses in the U.S., according to the SBA. The Office of Advocacy defines a small business as an independent organization with 500 employees or less.
Opponents of the ACA say that the health reform law is bad for business owners. Various polls have revealed that some hiring managers and human resource professionals have altered their hiring outlook because of the employer mandate. While individuals are required to have a health plan in place, business owners aren't required to make them available until 2016, as the U.S. Department of Health and Human Services and the White House has delayed the mandate several times.
According to a recent poll performed by the National Federation of Independent Business, health care costs are one of the major concerns among small business owners. The poll found that in April, entrepreneurs were "far more concerned about taxes, regulations and health care costs than financing issues."
