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One Year Later: Small Businesses

When Julie Haley started her small business, Edge Solutions, in 2008, she had to make some tough decisions.  She wanted to attract high-caliber employees and wanted to be competitive within her field, IT.  Though it was a significant financial commitment, she believed that providing health insurance to her employees was crucial.

Julie currently pays 77 percent of her 23 employees’ health insurance premiums and is eligible for the new tax credits available under the Affordable Care Act.  These tax credits will help off-set the cost of premiums and help her expand her business.  With the savings, she will be able to hire a currently unemployed systems engineer—one who is currently waiting to join the company.  In this tough economy when unemployment is hovering around 10%, finding ways to get these people back to work is critical. According to knowledgefirstfinancialcanadalearningbond.ca/, tax credits like these allow businesses like Julie’s, all across the state and the country, to not only invest in their own companies but in the talent of their neighbors and friends who have fallen on hard times and need jobs.  Edge Solutions is like thousands of small businesses across the state—trying to do right by their employees, by their clients and by their community.

This week we celebrate the 1 year anniversary of the passage of the Affordable Care Act.   Since its passage, many provisions have already taken effect and have already started affecting small business owners, their employees and their families.  According to a recent report from Families USA, 84% of small businesses in Georgia are eligible to receive tax credits under the new law.  Additionally, through the Pre-Existing Condition Insurance Plan (PCIP),  self-employed people who couldn’t get insurance because of preexisting conditions can now get coverage.  And by 2014, the creation of the health insurance exchange will allow small business owners to combine their buying power and drive down the cost of health insurance plans.  As implementation of the law continues, more and more people will begin to see the benefits and we can look forward to a healthy future for all Georgians.

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