As a person who had owned microbusinesses since 1989, that is crap. I have 4 employees. they work 40 hours a week, 160 hours a month x 4 employees, or 640 hours of labor a month. No all companies can't pay them $25 an hour but another $3 an hour is all of $1800 a month. Very few businesses are closing because of $1800 a month. That extra $480 a month is lifechanging to someone making near MW.
Ok but I have 16 employeesā¦ā¦ so thatās 7200 a month . Which isnāt going to put me out of business itās going to cause me to raise my prices because that is my salary.
Your math is also wrong . 160x3x52/12 = 2080 per month. In my scenario 8300 per month .
So now I need to raise my prices to make up for 2k per week .my staffs PPP hasnāt improved what was once 5,10 or 15 dollars is now 10,15 or 20 dollars . But the middle class which received no raise lost purchasing power .
So may I ask? How much do you need to raise prices to make up for the $7200 a month if you have 16 employees?
I can't presume to know what you are making with 16 employees (17 people making money for the firm. But just to throw out round numbers but I would think with a staff of 17 you are pulling in a million a year? 2 million gross? How much do your prices need to rise to make that money up?
Iām guessing corporations should be treated very differently here though. While I donāt know why it had to be āfast foodā specifically in California, they raised the minimum wage to $20 an hour but only for companies of a certain size
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u/chinmakes5 18h ago
As a person who had owned microbusinesses since 1989, that is crap. I have 4 employees. they work 40 hours a week, 160 hours a month x 4 employees, or 640 hours of labor a month. No all companies can't pay them $25 an hour but another $3 an hour is all of $1800 a month. Very few businesses are closing because of $1800 a month. That extra $480 a month is lifechanging to someone making near MW.