The Small Business Development Center at Southwest Virginia Community College provides our registered clients with a monthly newsletter to keep them informed of the latest funding opportunities, regulatory issues, and best business practices.
We would like to share our updates with you.
Please feel free to pass this information to others and let us know how we can be of service to you.
|
|
ON JANUARY 1, 2022 VIRGINIA'S MINIMUM WAGE
INCREASEDTO $11.00 PER HOUR
|
|
|
|
Virginia Department Of Labor And Industry Labor Law Division
|
|
The following information has been provided by the Virginia Department of Labor and Industry Labor Law Division to ensure everyone is informed of how the new minimum wage increase may affect employees. |
|
|
|
Some employees previously exempt may now be covered as eligible employees. These include: |
Domestic Service - Services related to the care of an
individual in a private home or the maintenance of a private home or its premises
- May be on a permanent or temporary basis
- Includes services such as companions, cooks, waiters, butlers, maids, valets, and chauffeurs
Home care providers
Babysitters who work more than 10 hours per week
|
|
Tips plus wages must now meet Virginia’s minimum wage rate.
|
|
|
|
|
As of May 1, 2021, training wages may be increased.
Training Wages:
- Applies to employees younger than 20 years of age
- Is restricted to the first 90 days of employment
|
|
For More Information, please visit :
|
|
Questions?
Contact the Labor Law Division
Phone: 804-786-2706
Fax: 804-371-6524
|
|
|
IRS ISSUES NEW 2022 MILEAGE RATES |
|
|
The Internal Revenue Service issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021,
- 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and
- 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2021.
It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, unless they are members of the Armed Forces on active duty moving under orders to a permanent change of station.
Taxpayers have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Taxpayers can use the standard mileage rate but must opt to use it in the first year the car is available for business use. Then, in later years, they can choose either the standard mileage rate or actual expenses. Leased vehicles must use the standard mileage rate method for the entire lease period (including renewals) if the standard mileage rate is chosen.
|
|
LEARNING OPPORTUNITIES THIS MONTH |
|
 |
SBA MENTOR-PROTEGE
PROGRAM REVIEW
Wednesday, January 5, 2022
10:00 AM – 11:00 AM EST
Your small business can learn from an experienced government contractor through SBA's Mentor-Protégé Program.
Protégés can get valuable business development help from their mentors.
Join us to learn about program qualifications and benefits.
Presented by Shirelle Taliaferro, the Deputy District Director at the U.S. Small Business Administration – Richmond District Office.
Sponsored by: Southwest Virginia Regional Procurement Technical Assistance Center (PTAC).
|
|
|
|
SUCCESS THROUGH ECOMMERCE BOOTCAMP
Tuesday, January 11, 2022
2:00 PM
Join us if you’re interested in pivoting more of your efforts to ONLINE SALES
This session will cover:
- The variety of websites available, the possibilities for upgrading yours to better accommodate online sales, and the estimated costs to accomplish this!
- The various e-commerce platforms available and how to select the best based on your specific business needs.
- How to set up and manage your online storefront or service portal and how to use data and marketing to maximize returns.
|
|
|
|
|
SBA SOCIO-ECONOMIC CERTIFICATION OVERVIEW
Wednesday, January 19, 2022
10:00-11:00 AM
Join the Southwest Virginia PTAC
for this overview of the Small Business Administration’s Socio-Economic Certifications.
This webinar will:
- Review the different types of certifications,
- Demonstrate how to determine if you are eligible for a certification,
- And educate attendees on the process of becoming certified.
Presented by Shirelle Taliaferro, Deputy District Director, U.S. Small Business Administration-Richmond District Office
You will receive login information when registration is completed.
This event is hosted by the Procurement Technical Assistance Center (PTAC) of Southwest Virginia.
|
|
|
|
ANATOMY OF A MURDER:
How Hackers are Killing Small Businesses
Wednesday, January 26, 2022
10:00 am
What will be discussed:
- BEC (Business Email Compromise) and how it’s bankrupting small businesses
- What BEC is and the psychology behind it
- Why BEC is so effective and dangerous
- Trends in BEC attacks
- Examples – Learn to recognize BEC
- What you should do to protect against BEC attacks
Speakers:
|
|
|
|
The Virginia SBDC Network is funded in part through a cooperative agreement with the U.S. Small Business Administration, George Mason University‐Mason Enterprise, local host institutions and GO VIRGINIA, a state‐ funded initiative administered by the Virginia Department of Housing and Community Development (DHCD). The Virginia SBDC is nationally accredited by America’s SBDC.
|
|
|
|
|
|
|
