A little over half of small businesses understand and are prepared for the changes required by the Affordable Care Act, according to a new survey.
The survey, by payroll service provider Paychex, found that only 54% of small businesses with 100 or fewer employees understand what is expected of them under the Affordable Care Act. Another 30% only have a partial understanding of the 2010 law, and 16% do not understand at all what is expected of their business in order to comply with the requirements of the ACA.
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The survey represents the first Paychex Small Business Snapshot, a glimpse at how small business owners view the latest topics and issues affecting their business. To view the Paychex Snapshot, click here.
In a separate Paychex survey of small business startups with 50 or fewer employees, fewer than half (48%) of business owners said they feel their business is totally prepared for the changes to our health care system; while only 16% feel somewhat prepared, but still need more help; and the other 36% are not prepared at all.
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