New healthcare initiatives seem to be the end of small business owners or a welcome boon to the ailing economy, depending on who you talk to. It's clear from the law as written, that small businesses and insurance companies will be held more accountable for providing affordable health care to most Washington workers. Insurance companies will also be forbidden from:

• dropping coverage for sick patients
• enforcing lifetime caps on coverage amounts
• denying anyone coverage due to a pre-existing condition.

For small business owners, this means that insurance packages for employees could be more affordable than ever before. What are some of the other benefits to small business owners that could come from the Patient Protection and Affordable Care Act?

Small Businesses With Very Few Employees Will Not Have to Provide Insurance...

Small businesses with less than 50 full-time equivalent employees will not be penalized for failing to provide health insurance for employees. Part-time employees are also considered when calculating full-time equivalent employees.

...But May Want To Consider Offering Insurance to Employees

Small business owners can qualify for a maximum 35 percent tax credit today to help offset the cost of employee insurance costs. On January 1st, 2014, the tax credit offered to small business owners will be increased to 50 percent.

More Young Adults Will Stay on Parents' Plans

Small businesses that employ workers that are under the age of 26 could also get breaks on insurance costs as many young adults will be permitted to remain on their parents' health insurance plan until they turn 26.

The Affordable Care Act May Reduce Premium Costs

Health insurance premiums have rapidly increased since 2009...

WashingtonPost.com

...something which the Affordable Care Act is designed to stop by requiring insurance companies to justify rate increases over 10 percent. White House health policy experts claim the average four-person family will save $2,300.00 on health insurance premiums by 2014, compared to estimated premiums without the Affordable Care Act.

Both Insurance Providers and Businesses Will Be Held Accountable

The Patient Protection and Affordable Care Act will impose some fines on small business owners and insurance providers that disobey rules of the new health care initiative. Some include:

• $1,000.00 - The daily late fee the Patient Protection and Affordable Care Act will impose on insurance providers that fail to file their premium reports, on top of a $10,000.00 fine.
• $500,000.00 - The fine small businesses and corporations could receive for discriminatory health insurance practices under PPACA.