It seemed as if it might never happen, but Congress in May raised the minimum wage from $5.15 to $7.25—ten years after its last boost. Of course, half the states beat them to it. Although some entrepreneurs opposed the jump, it may help them compete for employees. "Attracting and retaining qualified employees is a perennial issue for small companies," says Tom Nist, manager of the small business segment for PNC Bank.
Edited by Jeremy Quittner