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Small Businesses to be Impacted by State of the Union Address by President Obama

February 12, 2014

Several policy initiatives may affect the heartbeat of America, the small business owner.

A few weeks ago, President Obama discussed several policy initiatives that may affect the heartbeat of America, the small business owner. President Obama praised small businesses three times in his state of the union speech. Here are some highlights of what he said:

  • Job Training – The government is working on an initiative to improve job training programs that are federally funded to give students and workers the skills needed to succeed now and in the future.
  • Unemployment Insurance – A call to Congress was made to renew emergency benefits for those who have been unemployed for an extended period. The President asked businesses to employ those who have been affected by a prolonged unemployment.
  • Minimum Wage – An executive order to raise the minimum wage to $10.10 per hour will be issued. The President asked Congress to follow suit and support an across the board increase from $7.25, which was last set on July 24, 2009.
  • Retirement Savings – With Americans lacking sufficient retirement savings, the President, via executive order, will direct the formation of a new retirement savings plan (“myRA”). Under this new plan, which will independent of company retirement plans, a government-guaranteed rate of return will be the key feature.
  • Fair Workplace – A renewed pledge was made to ensure fairness to all employees in the workplace with a need to move for pay equality for women.

The Presidents initiatives including what he and his cabinet are supporting and how that impacts small businesses is critical to planning for the future. We share these changes in business climate and how they impact your business so that when making decisions, you have as much information as possible. We are always available to help our clients. Visit our blogs to learn more or email us at trustedadvisors@kahnlitwin.com.

To read the President’s full speech and to learn more, visit the Whitehouse website.

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