Small businesses hope to see some Obama-backed rules scrapped
NEW YORK — Small businesses are hoping to see some high-profile Obama administration regulations scrapped after Donald Trump takes office, with rules affecting overtime, sick leave and the environment among those that may be taken off the books.
Complying with federal, state and local regulations affects companies of all sizes, but can be especially tough for small businesses because they have less revenue to absorb labor, paperwork and other costs related to regulations.
Businesses with fewer than 50 workers paid an average of $11,724 per employee to comply with federal regulations, compared with less than $10,000 for companies of all sizes, a 2014 report released by the National Association of Manufacturers found. Manufacturers with fewer than 50 workers paid an average of $34,671 per worker, while manufacturers of all sizes averaged $19,564.
Federal regulations were cited as the most burdensome kind by 58 percent of owners in a survey released Wednesday by the National Small Business Association advocacy group. Twenty-three percent cited state regulations, and 12 percent said local rules. Seven percent did not identify a source.
https://www.msn.com/en-us/money/smallbusiness/small-businesses-hope-to-see-some-obama-backed-rules-scrapped/ar-AAlZbn1?li=BBnbfcL&ocid=edgsp
