This week it looks like there has been a little research and a lot of legislation for small businesses. The California Paid Sick Leave law took effect, changing many companies’ payroll structures. A study shows that student loan debt is directly linked to small business success, and I think you’ll be surprised how. And Arizona has some great places to start a business. Here’s what’s happening this week.
California Paid Sick Leave Act Goes Into Effect July 1
An estimated 6.5 million Californians will become eligible for paid sick leave for the first time starting July 1. The Healthy Workplace Healthy Family Act of 2014, authored by Assembly member Lorena Gonzalez, D-San Diego, guarantees up to three days of paid sick leave for all California workers who work for 30 or more days within a year of becoming employed. Find out the details on USA Today.
Research Shows Impact of Student Debt on Small Business Creation
Small business creation—a critical economic engine—is significantly hampered in areas of the country where residents carry more substantial student loan debt, according to research co-authored by Brent W. Ambrose of the Penn State Smeal College of Business. The recently updated study “The Impact of Student Loan Debt on Small Business Formation” examined student loan debt across the United States by county and compared it with small-business creation in those areas. Between 2000 and 2010, one standard deviation increase in student debt reduced small businesses by 14 percent, on average. Read more at Phys.org.
Best Places to Start a Business in Arizona
Once a frontier state built on mining and agriculture, Arizona’s economy has grown to include health care, financial services, transportation and manufacturing, among other industries. The state hasn’t forgotten its roots, though. A mix of history and nostalgia draw tourists to cities such as Wickenburg, Prescott and Bisbee for a glimpse of life in what used to be the Wild West. That steady stream of sightseers has helped make those cities, along with Sedona, Scottsdale and more, some of the best places to start a business in Arizona. Learn where and why on Nerdwallet.com.
That’s it for this week. Let us know what you think about this news and about anything we missed in the comments section below. Have an awesome Monday!