On the same day dozens of small business owners from across New York rallied at the state Capitol, Comptroller Thomas P. DiNapoli released a report highlighting the nearly $1 trillion in annual revenues small businesses generate for the state.
According to the report: “New York’s small businesses generated $954 billion in receipts in 2012, the latest figures available, accounting for approximately 43 percent of all business receipts in New York, according to DiNapoli’s report.
Among the more than 455,000 businesses in New York, more than 451,000 are small businesses. Almost two-thirds of small businesses have fewer than five employees. More than 80 percent have fewer than ten employees.
Firms with 20 to 99 employees comprised approximately one-third of the total small business employment with over 1.2 million employees. The larger firms (those with 100 to 499 employees) had the highest average payroll per employee, nearly $56,000 per year.”
This report should serve as a stark reminder to lawmakers of the myriad of benefits small businesses bring to their communities as they contemplate a 67 percent increase in the state’s minimum wage.
That wage increase would cost anywhere from 200k to 600k and further erode the job prospects and opportunities for growth among our state’s poorest citizens.
Please visit www.minimumwagerealitycheck.org to learn more about this misguided proposal and to join our growing coalition against the $15 an hour minimum wage.