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May 2017 Archives

Small Business Owners Need to Plan an Exit Strategy

The United States Small Business Administration defines a "Small Business" as generally one with less than 500 employees. Of the approximately 29 million businesses in the United States, 99% are, by definition, a small business. Ohio has approximately 927,000 small businesses representing 98% of all companies in Ohio, and those companies employ 46% of the Ohio workforce. A recent study published by Babson College estimates that more than 50% of America's small business owners are over the age of 50. Do they all have an exit strategy?

Public Service Employees May Have Student Loans Forgiven Starting Later This Year

Beginning in October, individuals with student loans that meet certain requirements will be able to apply for forgiveness of the remaining balance of the loans under the Public Service Student Loan Forgiveness Program. While private loans are not eligible, four types of loans being repaid under certain income-based repayment plans are eligible for the program. Loan forgiveness under this program is not considered taxable income.

US House Narrowly Passes American Health Care Act

On May 4, the House of Representatives passed the controversial American Health Care Act (HR 1628) by a 217-213 margin. The AHCA is touted by President Trump and House GOP leadership as the bill that will repeal and replace the Affordable Care Act, which was enacted in March 2010. The AHCA now moves to the Senate where its future is uncertain.

What Will Happen to the Salary-Exempt Regulations Under the New Administration?

We have continued to follow the litigation and political maneuvering surrounding last year's proposed wage and hour regulations. Those regulations, which would have increased the threshold requirement for most salary exempt positions from $455 to $913 per week, were temporarily halted nationwide last November by a federal judge in Texas. Since that time, the case has been appealed to the Fifth Circuit Court of Appeals, while political wrangling over the regulations has continued. Recently, President Trump's initial pick for Secretary of Labor, Andrew Puzder, withdrew his nomination and was replaced by Alexander Acosta, the dean of Florida International Law School.