One thing to consider is percentage of gross revenues spent on payroll varies by type of industry but is somewhere between 10 and 30%. 10% would manufacturing. 30% would be a restaurant. Most everything else would be around 15%. Likely the businesses that would see the largest increases are those that can't be outsourced easily. The ones that are already paying well above minimum wage.

Difference between a business owner and an economics professor is the later writes equations down to describe how he thinks thinks business should work. And then blathers about hedonistic adjustments. A business owner stares at his books every week and thinks 'my problem is my customers have no money' Really easy for a business owner or accountant to get that customers with more to spend outweighs small increase in payroll expenses.