Recently, incoming President Joe Biden has proposed a $1.9 trillion spending bill to try and address the economic suffering caused by the pandemic. Part of his proposal, in addition to spending billions on vaccine distribution and supporting state and local governments, is a significant amount earmarked to help households. This includes an additional $1,4000 direct payment to citizens, an increase in child tax credits (which are refundable to taxpayers who qualify for them), and increasing unemployment benefits by adding an additional $400 a week on to whatever they would normally qualify for in unemployment (which runs through September of 2021). Additionally, Biden is proposing raising the federal minimum wage per hour to $15 an hour. If you were the financial accountant for a local small business and the owner asked for thoughts regarding what impact these decisions will have on their company and what steps they should take to prepare for or to counter those impacts, how would you answer the owner?