With the strong possibility that the minimum wage bill will pass in the New York State Assembly, business owners across the state and city are worrying about the possible repercussions if the bill makes it past the governor's mansion.

The plan, supported by Assembly Speaker Sheldon Silver and Mayor Michael Bloomberg, will raise the minimum wage from $7.25 to $8.50 starting January 2013.

However, business owners fear that the increase could result in the layoffs of thousands of workers or the loss of business. In order to compensate for the increase, employers would either have to raise prices and face losing customers or let workers go to keep prices down. 

The minimum wage has not been raised since 2008, when it was raised on the federal level to $7.25. The increase in New York would make the minimum wage the highest in the region

Since the start of the recession, the number of New Yorkers receiving the minimum wage has increased dramatically. Raising from 6,000 in 2008 to 90,000 people in 2011.