It's NOW LAW: White House Rules Side Hustles illegal – 80M Americans Impacted in 12 Days

💥 NEW LAW: 12 Days Side Hustles Will Be illegal 💥
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The new law that will make 12 days side hustles illegal in America is causing a stir among companies that heavily rely on gig workers. This law, announced by the Biden Administration, will come into effect on March 11th, marking a significant shift in the gig economy landscape. As companies scramble to adjust their workforce and avoid penalties for misclassification, the implications of this law on the economy are far-reaching.

Presently, 50% of Americans have a side hustle, and 80 million people participate in the gig economy. With the new law requiring companies to classify gig workers as employees, the cost for businesses could increase by as much as 30%. The Internal Revenue Service (IRS) is ramping up audits to ensure compliance, adding 30,000 agents to investigate misclassification lawsuits. This crackdown on gig workers threatens the livelihoods of many individuals who depend on side income to make ends meet.

The Fair Labor Standards Act mandates that employers provide minimum wage, overtime pay, and various benefits to employees, but not to independent contractors. The new rule from the Department of Labor aims to redefine the classification of workers, making it harder for companies to designate gig workers as contractors. This policy change will impact industries like construction, trucking, healthcare, and more, where gig workers are commonplace.

As businesses face the challenge of reclassifying contractors as employees, they must conduct internal audits to assess the risk of misclassification. The impending increase in audits and potential penalties for non-compliance pose a threat to the gig economy’s viability. With millions of gig workers at risk of losing their jobs, the economy faces a wave of defaults and delinquencies.

The new law coincides with the end of the Business Term Finance Program (BTFP), which provided funding to support American businesses and households. The convergence of these events on March 11th signals a challenging economic landscape ahead. As unemployment rises, consumer debt escalates, and the housing and auto industries face uncertainty, the financial stability of millions of Americans hangs in the balance.

To navigate these turbulent times, it is essential to take proactive steps to secure your financial future. Addressing high-interest credit card debt, exploring investment opportunities, and preparing for potential wealth transfer opportunities are crucial strategies. Seeking assistance to improve your credit profile can position you for economic shifts and capitalize on emerging opportunities.

In summary, the prohibition of 12 days side hustles under the new law underscores the changing dynamics of the gig economy and its implications on the broader economy. As businesses and workers adapt to the regulatory changes, the need for financial preparedness and strategic planning becomes paramount. By understanding the challenges and opportunities presented by this new law, individuals can proactively navigate the evolving economic landscape.

Definitions:
– Gig economy: A labor market characterized by short-term contracts or freelance work, as opposed to permanent jobs.
– Fair Labor Standards Act: A federal law that establishes minimum wage, overtime pay, and other standards for employment in the United States.
– Misclassification: The act of improperly classifying workers as independent contractors when they should be considered employees.
– Internal Revenue Service (IRS): The government agency responsible for collecting taxes and enforcing tax laws in the United States.
– Business Term Finance Program (BTFP): A program designed to provide funding to eligible depository institutions to support American businesses and households.

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