Something I think isn't being accounted for by either side of this discussion is competitive markets.
If you suddenly had to pay $15/hr and your competitors don't, yes, you'd go out of business fast. They have lower costs than you, thus can offer their product at lower cost, and will eat up your market share. But raise costs for everyone, and you can raise your prices. Higher price still lowers quantity demanded of course, but it's far less of an effect on your business than the "just you" scenario, and it is partially mitigated by money in the system increasing demand (unless what you sell is an "inferior good" that gets substituted out when people have more money).
On the flip side, a business that employs low-value workers is constrained by its competitors and it is not some kind of failure of its ownership that it cannot unilaterally pay its employees more.
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