Hikes to the minimum wage will negative impact very small, low margin businesses which traditionally employ teen labor such as food service and small town theatres.
A subsidy to the minimum wage would inject money into communities that need it most, reward work, and prevent closures of small businesses.
If 5 million workers are subdized at the rate of 3 dollars per hour, and work 2000 hours each, it will cost 30 billion dollars directly and also increase EITC costs if the EITC is not adjusted. However, this will be money very well spent because the sooner teenagers can get into the labor market, the better.