why raising minimum wage is good for small businesses?

why raising minimum wage is good for 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.
Full answer in: www.americanprogress.org
What are the advantages of minimum wage?
Pros of a Higher Minimum Wage
Raising the minimum wage on a regular basis helps families keep up with price inflation. Putting more money in the hands of people who will readily spend it helps the economy. Increased wages and spending raise demand and create more jobs.
Full answer in: toggl.com
Why Raising the minimum wage is good?
According to the report, increasing the federal minimum wage to $15 by 2025 will do a lot of good : Lift 900,000 people out of poverty. Raise income for 17 million people (one in 10 workers), to the tune of $509 billion over 10 years. Potentially increase wages for another 10 million people who currently make close to ... Feb 13, 2021
Full answer in: www.businessinsider.com