Small Businesses May Face $100-Per-Day Obamacare Fine
A little-noticed Obamacare provision could slap unknowing small business owners with a $100-per-day penalty starting in 20 days.
Beginning on October 1, any business with at least one employee making $500,000 or more a year must notify all employees via letter about the Obamacare government exchanges or face up to a $100-per-day penalty, reports Fox Business.
Kimmie Candy Co. CEO Joseph Dutra told Fox News he had never heard about the Obamacare fine.
"My understanding is that a lot of businesses don't know what the requirements are under the law," said Dutra. "So many businesses don't have a designated HR department."
The Obama Administration's decision to put off the healthcare law's employer mandate until 2015 may have led business owners to think they had additional time to comply with the complex law. Not so, says Small Business & Entrepreneurship Council chief economist Ray Keating.
"With this, you are dealing with the threat of a $100-a-day penalty fine, but you also have to go through the process of notifying everyone," said Keating. "So there are no easy ways out for business owners."