CBS "Evening News" Report: Is ObamaCare Bad For Business?
(CBS News) NEW YORK CITY - Most parts of Obamacare will take effect next year, but a lot of small businesses are already making plans.
At the Five Guys restaurant in New York City, burgers and fries are the specialties, but owner John Rigos worries he'll have to cook up some cost savings when the affordable care act is fully implemented.
"It'll likely affect the number of people we can hire," Rigos said.
Rigos, who has 10 New York franchises and 250 employees, was waiting until after the election to confront the new health care legislation -- officially called the Affordable Care Act -- which will force him to provide insurance for all his full time workers, or face hefty fines.
"It'll probably have to reduce the staff to some degree, and again, focus on building smaller stronger team rather than being as aggressive in opening up new stores and creating new jobs," Rigos said.