President Obama's impact on small businesses - WMBFNews.com, Myrtle Beach/Florence SC, Weather

President Obama's impact on small businesses

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MYRTLE BEACH, SC (WMBF)- During the Presidential campaign, you probably heard both President Barack Obama and Governor Mitt Romney reach out to small business owners to prove to them why they would be the best man to help grow businesses.

Now that the election is over, the responsibility falls on the Obama administration.  This means, his health care plan stays in place.

Mark Lazarus with the Wild Water and Wheels amusement park in Surfside Beach does not know what to expect over the next four years, especially as it pertains to providing health care for employees.

"I just want to know what are the rules and how is it going to affect us," Said Lazarus.  "There's a lot of tax implications built into the 4,000 pages of Obamacare and we really have to get a handle on that to see how it affects us tax wise."

Some major provisions of the healthcare law take effect in 2014. This includes the requirement that businesses with more than 50 employees provide affordable health insurance for workers.  Right now, businesses do not know how much that is going to cost.

"There are some tax deductions involved if you carry certain health insurances but there are some increases if you do not," Said Lazarus.  "We are going to have to see how we are affected by it and the jury it still out on that."

That cost will not be determined until states set up exchanges, essentially markets, where individuals and businesses can buy healthcare coverage.

Gary Henderson owns a smaller business in Myrtle Beach and will not be as affected by the policy.  He started is marketing company during Obama's first term, however he still voted for Romney.

"I was a Romney supporter and Obama won so it is what it is," Said Henderson who added he is taking a positive approach to the next four years.  "We have been successful in the past three years in doubling our size year after year and we anticipate that over the next four years."

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