Ask an Expert: How does the Minimum Wage Bill now affect small businesses?

Digital Now

COLORADO SPRINGS — FOX21 Digital NOW is taking your coronavirus concerns directly to the experts, to get your lingering questions answered.

A FOX21 viewer sent in a question regarding the Minimum Wage Bill and how it now affects small businesses. They want to know:

“Does the Minimum Wage Bill, passed with the intent to help individuals, now hurt small businesses by not giving them flexibility when it comes to pay?”

FOX21 turned to Aikta Marcoulier, Executive Director of the Pikes Peak Small Business Development Center, for the answer.

According to Marcoulier, it’s a difficult question to answer. In general, every business had to adapt to new laws and regulations and generally are having a difficult time. This is where the Personal Protection Program (PPP) Loan could be helpful, as it helps pay those higher payroll amounts. Also, in order to recruit employees back and retain them, it’s important to pay those employees the same wages, otherwise there would be no incentive to come off of Pandemic Unemployment Assistance (PUA), which will provide payment until July. In some cases, she says, providing better benefits, flexibility, and hazard pay is essential.

The SBDC is holding a class on recruiting and retaining employees on May 22. Click here to register.

Click here to learn more about small business guidance or loan resources.

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