"Obamacare," or the Affordable Care Act as it's really called, has a myriad of confusing provisions and if you are a small business owner, you may be confused as to your obligations and deadlines.
The requirements vary depending on how many employees a business has. We found a great resource at the SBA website for those with fewer than 25 employees. The site lays out requirements for small businesses with fewer than 25 and those with over 50 employees. A major upcoming deadline is the Oct. 1 deadline to provide employees with the required notice of the new Health Insurance Marketplace. Any employer covered by the Fair Labor Standards Act (FLSA) must provide this notice to employees. Two sample notices can be found on the SBA website, depending on whether the employer offers health insurance coverage or not.
I will soon be hosting an informational breakfast in Manayunk for small business owners and their obligations under the Act. Watch this site for details!
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way.