On July 24th, 2009, the minimum wage was raised to $7.25. To employees, this meant another $2,000 per year added to their income, and to employers it meant an even larger headache. Minimum wage is the state and federal law that requires employers to pay their employees a minimum hourly wage. This wage is set up by the federal government, but each state, city, and county is free to impose it's own minimum wage or "living wage." The employer is held accountable to pay the highest--federal, state, or local wage.Understanding the Relevant LawThe Fair Labor Standards Act (FLSA) increased the minimum wage over three years, 2009 being the last section of the law passed. The average employer must abide to the FLSA provisions if: (1) the business earns more than $500,000 in annual sales; or (2) if its employees conduct business between states, better known as interstate commerce. This includes calling, mailing, and shipping or receiving items to or from out-of-state. [Read Full Article]
Government and Economy
American Business Grapples with Pending Climate Bill
The "American Clean Energy and Security Act," better known as the Waxman-Markey bill, isn't a law yet, but it has become the basis for the debate over how the US should respond to pressure to slash its carbon emissions. WSJ.com
What Qualifies for an Emergency Business Loans?
Not all businesses will be eligible for the SBA's forthcoming loan-relief program. For example, the loans cannot be used to pay down existing SBA loans. Past borrowers, however, will still be eligible for help with other debts. CNNMoney.com
Management and Fi... [Read Full Article]