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FOXBusiness.com’s Kate Rogers on what business owners are most concerned about regarding ObamaCare.
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In my name -- -- -- -- thanks for joining us this is this special edition of small business Wednesday because we're talking about one real issue.
That is going to impact every small business owner and unfortunately.
While the election was supposed to erase a lot of uncertainty out there about what the new healthcare law would mean.
It -- some analysts are still very confused so we're gonna break it all down starting with Fox Business dot -- Kate Rogers thanks for joining -- -- Right you talk to businesses all the time and you have the pulse of the small business community so what are they telling you about their level of understanding of the new health -- -- and -- -- that it's not getting repeal.
-- they don't understand it that's it points and now they need to figure out will they hire -- they fire.
Well they keep workers at their part time hours or you know let them work a full full -- right.
And it's every one at that fifty employee level.
And above that's going have to start offering healthcare to their workers come 2040 he -- to give us.
Cliff notes.
For small businesses on what they do and don't have to do at certain times voted -- -- under fifty workers yes.
You have to you well under fifty workers your your exact right you don't have to offer coverage and no penalty no penalty.
When -- hit that fifty workers and above level.
It's a 2000 dollar fine per worker per year they have to pay if you choose not to offer health -- -- employees.
And a lot of this is is that I talk to say that it might cost them.
Last you know dissipate that penalty and it would actually offer full benefits -- their employees.
And you also is gonna happen but a lot of companies have like maybe 45 employees are gonna stay right there only because they under the fifty level and not have to be an employer.
Ten selling themselves with additional cost exactly and another point is those those hourly employees -- -- -- keep someone on a part time level that you don't have to offer them coverage or.
What we're time let's full time when thirty hours is our guest -- thirty hours a week and under is part time.
And above that -- times that's definitely one major concern that they -- another thing to think about.
Is those tax credits and that you can take advantage out of here is small business on so if you provide health insurance Stewart yes you get a tax credit yes but it's worth mentioning that the IRS they testified before congress in September and they said that they did everything in their power to promote this tax credit and make it known among -- -- -- that this was available for them.
-- the New York Times reported about four million businesses are eligible for this tax credit up to four million businesses and guess how many took it.
-- -- in 201012.
Only about a 170000.
And -- the number is really really well.
-- -- I mean it's definitely worth -- -- absent the tax credit the way that it works yes you can claim 35% of your health care costs right for up to three years us from 2010 to 2013.
It gets more confusing though because -- believe this is only for firms under 25.
Dad Billy small small firms but.
They can -- taking even bigger break of up to 50% of those health care costs but it passed me for two consecutive years of crack and that I think begin in 2014 yeah.
We're.
Women -- not even sure it's going on in.
I eon -- money and I don't know who understands this stuff if I feel like you're gonna have to hire a health care expert very well business funny -- -- I -- I spoke to this small business owner Craig Donnelley since he owns all of these different franchises he is about 75 franchisees.
Across the country.
And those franchisees have.
Thirty he.
Or 3500 employees I -- across the country they have a whole big pull people out there working with me and he said as soon as he -- President Obama was reelected.
He scheduling meeting with all of his workers to kind of reassure them and he also told him that he's gonna bring in a legal expert to really walk them through what this means for.
Then and you know their employees and I think that's smarter because businesses do feel helpless they don't understand.
And they need some guidance I think if -- small business owner.
Might be worth it to bring someone in and really walking through it and want to -- because the government certainly not paying or read your article for help.
We'll show on the screen right now -- right is getting down to business with a small business community and now we're going to talk.
