On Saturday, previously battling compact business house owners acquired a further gut punch

RICHMOND- April 29, 2021– NIFB, or the Countrywide Federation of Independent Business in this article in Virginia, expressed disappointment with the newest mandate from the Virginia legislature that gradually boosts the least wage in Virginia from $9.50 on Might 1^st to $15 an hour by 2026 starting on Saturday.

“This is not the time to stress little company entrepreneurs with extra governing administration mandates,” mentioned Nicole Riley, NFIB Point out Director in Virginia. “A $15 minimal wage would harm Virginia modest small business entrepreneurs most impacted by COVID-19 limitations. Not to point out that rural Virginia small organizations would be burdened with increased wages that never match the price tag of residing. You can’t evaluate significant enterprise to compact small business. Massive business enterprise has the profits and revenues to cushion the blow. Meanwhile, tiny organization entrepreneurs are only attempting to survive and can not afford supplemental charges.”

Those people cost will increase would power little corporations homeowners to slice back on bills these kinds of as a lot less several hours for workers – or even close their doors.

Nationally, NFIB study demonstrates the incredible damage a $15 for every hour federal minimum amount wage would do:

• 1.6 million work opportunities shed – 57% at compact businesses
• 700,000 employment misplaced at the smallest firms
• 165,000 jobs missing in the cafe sector
• 162,000 work lost in the retail trade field
• 85,000 work shed in the administrative and help solutions industries
• $2 trillion reduction in actual economic output
• Approximately $1 trillion reduction in actual GDP
• $103 billion reduction in private disposable earnings

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