Updated: What Health Insurance Reform Means for Small Business

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With health insurance reform passing just last night, lots of questions have already come up about the final bill that passed. A few highlights from the bill and what it means to small business includes:

By no later than 2014, states will have to set up Small Business Health Options Programs, or "SHOP Exchanges," where small businesses will be able to pool together to buy insurance. ("Small businesses" are defined as those with no more than 100 employees, though states have the option of limiting pools to companies with 50 or fewer employees through 2016; companies that grow beyond the size limit will also be grandfathered in.)

For the next four years, until the SHOP Exchanges are set up, businesses with 10 or fewer full-time-equivalent employees earning less than $25,000 a year on average will be eligible for a tax credit of 35% of health insurance costs. (Companies with between 11 and 25 workers and an average wage of up to $50,000 are eligible for partial credits.)

These restrictions, however, would not kick in until 2014. Going into effect immediately: a ban on lifetime limits on coverage, and on "rescission" (canceling policies already issued) except in cases of fraud.

For more information about what health insurance reform means to small business, click here for more information or go to this account at CNN Money.