A new rule from the Biden administration could make it harder for companies to classify workers as independent contractors, a proposal that could hurt small businesses.
Americans are relying on job side hustles to make ends meet as the job market is"ostensibly good," according to Bankrate.com senior analyst Ted Rossman.
Companies are required to provide certain benefits and legal protections to employees but not contractors, making employment of those types of workers more expensive. That includes minimum wage, overtime, Social Security and Medicare payroll taxes, unemployment insurance and workers' compensation insurance.
While the proposal could give millions of workers employee status, it could also have potentially catastrophic consequences for small businesses already struggling with the hottest inflation in four decades and a persistent labor shortage.
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