why raising minimum wage is bad for small businesses?

Does raising minimum wage affect small businesses?
Small businesses can reap several benefits from a higher minimum wage that may offset the increased payroll costs. A survey from CNBC found that a majority of small businesses can absorb the rise in labor costs resulting from increases in state and local minimum wages in January 2021. Feb 25, 2021
Full answer in: www.americanprogress.org
How does the minimum wage affect businesses?
-A minimum wage means that low-paid workers have more money to spend on goods and services in the economy. This is simple - if your wage increases, then you will be more likely to purchase things.
Full answer in: www.agencycentral.co.uk
What are the negatives of raising minimum wage?
Opponents of raising the minimum wage believe that higher wages could have several negative repercussions: leading to inflation, making companies less competitive, and resulting in job losses. Nov 10, 2020
Full answer in: www.investopedia.com
Why raising minimum wage is bad for businesses?
Adding a federally mandated cost in the form of increased minimum wage would lead to longer unemployment, reduced work hours or hiring, and increased layoffs for low- wage workers as businesses balance reduced revenues and increased costs. Jan 27, 2021