Business News NOW
From the Central Virginia Small Business Development Center

July 12, 2022
Is the next recession looming?
We've all heard the predictions. But is a recession truly in the making? Craig Fehr, of Edward Jones, believes the predictions may be a bit too dour.

"We think the probability of a recession has risen appreciably. While Fed rate hikes aimed at quelling high inflation have been a headwind for most of 2022, the very recent plunge in consumer confidence in response to high gasoline, food and other prices has introduced a new threat to GDP growth. The fundamental underpinnings of the economy are not heralding an imminent downturn, but we think the decline in consumer sentiment introduces some potential for a self-fulfilling prophecy if consumers worry enough to cut back dramatically on spending, which constitutes the lion's share of GDP." 

Want to hear more from an Edward Jones advisor?
Attend "Protect Your Growing Business" tomorrow evening (see below.)
In late June, Governor Youngkin signed the new state budget, which includes additional funds to help the SBSD re-open the Rebuild VA program. While details regarding numbers are not yet public, those that were in the Rebuild VA queue may receive money. Please keep an eye out for more information.
QuickBooks Online Cash Flow Planner
QuickBooks Online has recently launched a cash flow planner capability. For businesses using QBO, this cash flow planner is a great forecasting tool. It also allows for experimentation with various scenarios such as the purchase of a fixed asset, taking out a loan, and sales increases to see how it affects cash flow for the business.

IRS will tax cash apps starting this year
REMINDER: Beginning in 2022, the IRS will be taxing income earned through payment systems such as Venmo, Zelle, and other cash apps through the platforms' issued 1099-Ks at year end. This will also include personal payments made. Proper documentation is needed if your business is being reimbursed for an expense in order to not have it recorded as income. CV SBDC advisors recommend using more business friendly point of sale systems in order to keep your cash flow optimized.

Need help setting up your POS or identifying the best recordkeeping tools for
your business? Contact us to meet with Technical Advisor, Ellen Martin. | 434-295-8198
SBA: Veteran-Owned Certification Changes
Currently, a service disabled veteran may self-certify for SBA purposes, and enter the vendor match process for everything except Veterans Administration opportunities. This is about to change. The VA administers their own certification process. The government has decided to make the certification process official (not a self-certification) and move it to the SBA to administer along with HUBzone, 8(a) and woman-owned business certification. If you need any assistance with certification, you can schedule a meeting with one of our business advisors through our office or our Virginia Procurement Technical Assistance Center office.
Looking to Increase Federal Subcontracting Opportunties?
Subcontracting is a great way to get into government contracting for your small business. Check out these resources to help get started!

SUBNET: Posting system for large businesses with subcontracting opportunities

Directory of Contracts with Subcontracting plans (FY17-FY21)

Commercial Market Representatives (CMRs)

Need help finding government contracting opportunities? Contact the CV SBDC team for to meet with a government contracting advisor. | 434-295-8198
Featured Upcoming Events
Protect Your Growing Business
July 13 | 6:00 - 7:30 PM

The Entrepreneurial Equation™

Learn from Jay Bradford and Joan Carlson from Edward Jones about The Entrepreneurial Equation™, a program designed to help educate business owners about tools and strategies to help make building, running, and preserving a business easier.

IN PERSON EVENT: 300 Preston Ave, second floor training room (free parking on-site)
Sponsored by:
Crowdfunding for Small Business
online or in person at 300 Preston Ave, Charlottesville
July 14 | 10:00 - 11:30 AM
Is crowdfunding right for your small business?
With the growing popularity of crowdfunding for early-stage startups, it is important to stay on top of what works, what doesn’t work, and how to best set yourself up for success. Learn about the mechanics and strategy for success as well as hearing from a founder who is currently engaged in an equity crowdfunding campaign.

Presented by:
Justin Ritter, Ritter Law PLLC, CBIC Chairman of the Board
Brian Viele, Founder and CEO, allocortech inc.
Navigating SAM and the DSBS
online or in person at the Culpeper Economic Development Center
(803 S Main St, Culpeper)
August 2 | 10:00 - 11:30 AM

If you are considering the Federal Marketplace for your business, your first steps are to complete your registration in both the System of Award Management (SAM) and the Dynamic Small Business Search (DSBS).

Join Lisa Wood, Director of the Virginia Procurement Technical Assistance Center (PTAC), for this informative presentation where she will walk you through how to properly fill out these profiles in order to stand out to Federal and Prime buyers.
Cohosted by:
Founders' Education Series

Are you ready to prepare for launch with confidence or evaluate an existing business? The Founders' Series is a 5-week series to prepare a solid foundation to start or expand. 

All classes will be held via Zoom from 10:00am - 12:00pm

We encourage taking the session in order to complete an optional
Entrepreneurship Certificate. More information can be found here.

There is a $5 administrative fee for each session of the Founder's Series. Email for more information.
Starting Your Business

Thinking about starting a small business?
Have you started…but maybe missed some critical information?
This workshop is for you!

In this workshop, we review the steps for a successful start, the registrations and regulations, and the components of sound business planning and financial projections. This workshop is offered twice monthly.

Aug 8 | 1:00 - 3:00pm
Access the CVSBDC Events Calendar and statewide training offerings

Thanks to Carter Bank & Trust, CIC was a
FOX VA Charity Spotlight in June!
We asked CIC Alum, Shaun Jenkins, to represent from a client's perspective! Check out what he had to say!

Central Virginia Small Business Development Center | Visit our website
Charlottesville main office phone: 434-295-8198 | Culpeper direct phone: 540-727-0638
Culpeper office: 803 South Main Street, Culpeper, VA 22701