Banks Tighten Lending Standards, DOL Tip Credit Rule Tossed, and 2025 Pay Raise Rate
THRIVE, a Paychex Business Podcast
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Show Notes
Small and midsized businesses are feeling pinched as banks hold on to money rather than loaning it out, citing an uncertain economic outlook. Gene Marks says there is still funding to support those in need – and it isn’t the half-point the Fed might cut interest rates. At least businesses in the service industry don’t have to deal with the DOL’s tip credit rule after a federal court of appeals tossed it out for being “too granular.” However, as Gene points out, employees in that industry are expected to get the lowest raises in 2025, according to a survey. What can your business expect? Listen to insights on the podcast.
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