Only 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 percent of small businesses with 100 or fewer employees understand what is expected of them under the Affordable Care Act. Another 30 percent only have a partial understanding of the 2010 law, and 16 percent do not understand at all what is expected of their business in order to comply with the requirements of the ACA.
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 percent) of business owners said they feel their business is totally prepared for the changes to our health care system; while only 16 percent feel somewhat prepared, but still need more help; and the other 36 percent are not prepared at all.
For more information, visit www.paychex.com/health-reform.