Last week, State Comptroller Tom DiNapoli released a report which finds that small businesses – those with fewer than 500 employees – account for more than 99 percent of all companies operating in the state. These businesses generated some $954 billion in annual revenues in 2012, about while supporting almost 3.9 million jobs throughout the state.
Comptroller DiNapoli said:
“Small businesses help drive New York’s economy. From neighborhood coffee shops to start-up tech firms, small businesses account for more than half of all private-sector employment and provide almost $190 billion in annual payrolls. These businesses are critical to New York’s economy and integral to the fabric of life in the Empire State.”
This report is an important reminder of the critical part that small businesses play in the state’s economy. The bottom line is that it is already very difficult for small businesses to thrive and grow in New York. We need lawmakers to reduce the tax and regulatory burden on these businesses, and most importantly, avoid putting billions in new wage mandates in the form a $15 per minimum wage on these businesses.