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Guide to Minimum Wage, Tip Credit Phase Out, and Paid Sick Leave Requirements

Beginning February 21, 2025 all small businesses operating in the State of Michigan will be subject to new minimum wage and paid sick leave requirements.

Guide to New Requirements

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Navigating the Corporate Transparency Act

The Corporate Transparency Act (CTA) is a U.S. federal law that went into effect on January 1, 2024. Businesses that existed prior to January 1, 2024 have a year to comply. Companies that form after the start of this year have only 90 days in which to file.

SBAM has compiled resources to help small businesses navigate the complex reporting requirements you now face.

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Fair Labor Standards Act: Prepare for January 1 Updates

The current minimum salary level (as of July 1, 2024) is $844 per week or $43,888 per year. The salary level will increase again on January 1, 2025, to $1,128 per week or $58,656 per year. The 2025 update, which the DOL said will impact 3 million workers, is pegged to the 35th percentile of weekly earnings of full-time salaried workers in the lowest-wage U.S. Census region, which is the southern U.S.

Know the Rules

Small Business Support Hub Grant Program

The SBSH Grant Program provides free programming, courses, events, and support designed to help your business recover from the devastating effects of the COVID-19 pandemic, and help you achieve the success you seek for your business.

Qualifying as a Participant in the SBSH Grant Program is relatively easy. Simply tell us a little about your business and we will handle the rest.

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