Economic and business Resilience Newsletter
*DECEMBER 2023*





Employment Security Dept.

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2024 Paid Family & Medical Leave Premiums

The Paid Leave Program is funded by premiums collected from employees and employers through quarterly reporting. By law, rates are recalculated and adjusted annually based on premiums contributed and benefits paid during the previous year.

*Starting Jan. 1, 2024:*


* The total premium rate will decrease to *0.74%*.
* Employers will pay *28.57%* of the total premium and employees will pay *71.43%*.
* Businesses classified by the Employment Security Department as having fewer than 50 employees for the 2024 calendar year are not required to pay the employer portion of the premium.?However, you must still collect the employee premium or pay employees? premiums on their behalf.

*Next steps for employers:*


* Notify your employees that you will begin collecting the new rate on Jan. 1, 2024. An updated employer toolkit, mandatory poster and paycheck insert are available in the Paid Leave Help Center. [ [link removed] ]
* *On Jan. 1, 2024, start collecting the new premium rate each pay period from your employees? total gross wages, not including tips.* Once an employee meets the Social Security cap, you need to stop collecting premiums but continue to report their wages. The Social Security cap for the 2024 calendar year will increase to $168,600.
* First quarter premiums using the new rate are due by the end of April 2024. Remember: You cannot retroactively withhold premiums from employees.

*Learn More* [ [link removed] ]


*Paid Leave Calculates Business Size Annually on Sept. 30*

For the calendar year 2024, business size is determined by averaging the number of employees on your reports for "quarters three and four of 2022" and "quarters one and two of 2023".?If your business size changed, a letter was mailed in early October to let you know.

*If they calculated that you have 50 or more employees:*


* You will be responsible for paying the full premium rate, including the employer share of premiums, on wages paid Jan. 1 to Dec. 31, 2024.

*If they calculated that you have fewer than 50 employees:*


* Beginning Jan. 1, 2024, you will?*not*?be responsible for paying the employer share of premiums. You may still choose to contribute the full premium rate to the program by opting in on an annual basis.
* The enrollment period for calendar year 2024 is open until March 1.
* For more information about opting in, please visit Paid Leave for Small Businesses. [ [link removed] ]





Dept. of Labor & Industries

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Workers? Compensation Rate Increase an Average of 4.9% in 2024

The increase, which takes effect *Jan. 1, 2024*, means employers and workers will jointly pay, on average, an additional $65 a year in workers' compensation insurance premiums for each full-time employee.?

*Learn More* [ [link removed] ]


*Minimum Wage will hit $16.28 per hour beginning Jan. 1, 2024*

Washington?s minimum wage is going up to $16.28 an hour next year, a 3.4 percent increase over 2023.?Workers who are 14 or 15 years old?may be paid 85% of the adult minimum?wage, or $13.84 per hour.?

Cities can set minimum wages higher than the state:


* Seattle [ [link removed] ]
* SeaTac [ [link removed] ]
* Tukwila [ [link removed] ]

More information is available on their website, along with details about overtime, rest breaks, meal periods, and how to file a wage complaint. The 2024 minimum wage poster is also available in 15 different languages.

*Learn More* [ [link removed] ]


2024 Workplace Safety and Health Calendar

The Workplace Safety and Health calendar focuses on eight yearly campaigns to help you engage your workforce in hazard recognition and injury/illness prevention. There will be new ideas each month, ensuring there?s plenty of options for everyone all year long.?

The calendars are free to Washington state businesses while supplies last.

*Learn More* [ [link removed] ]


Construction Sick Leave Law Takes Effect Jan. 1st

Earlier this year the legislature passed a bill requiring employers with certain construction workers who?have not met the 90-day sick-leave eligibility threshold at the time of separation be paid the balance of their sick leave upon separation.

*Attend a webinar to learn more about the new requirements established in ESSB 5111 [ [link removed] ].*


* Register at?LNI Workshops & Training Center [ [link removed] ]
* Search for ""Paid Sick Leave Changes for the Construction Industry (5111)"" in the event title drop-down menu.





Secretary of State

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New Year, New Business

*Are you considering starting or registering a new business this new year?*

Like thousands of others across the state, given New Year's resolutions and the convenience of bookkeeping, the Corporations & Charities Division receives a significant workload of entity formation and incorporation documents in the last two weeks of December and the first few weeks of the new year. Please be prepared for some delays during this popular time to start a business. As a reminder, online orders are instantly placed in the ready-for-review queue and?all filings are processed in the order received.?

?

*Here are a few helpful links to help you navigate during this busy time:*


* Business Structures [ [link removed] ]
* How to Start a Business [ [link removed] ]
* I submitted my filing ? Now what? [ [link removed] ]

If needing a specific effective date take advantage of filing early and utilize the *future effective date feature.*?You may select a date up to 90 days in the future from the submission date!? This can be done both by using paper forms or the online filing system.

?

Corporate Transparency Act ?CTA?

*Effective January 1, 2024, *all businesses will be?_required_?to submit a?Beneficial Ownership Information ?BOI? report to the?U.S. Treasury Department's Financial Crimes Enforcement Network ?FinCen?.


* ALL new businesses will have 30 days to submit the BOI report.
* ALL currently registered businesses are required to submit the report by January 1, 2025.

The Office of the Secretary of State?*does not*?*file the BOI report*; however, visit their website (under the Business Entities tab) for helpful information about the reporting requirements.

?

*Learn More* [ [link removed] ]






Get Certified with the Office of Minority and Women's Business Enterprises [ [link removed] ]




Dept. of Enterprise Services

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*How about doing business with the state?*

State agencies are actively seeking to spend money with small, diverse,?and veteran-owned Washington businesses*.*?

*Resources to help you get started with state contracting:*


* Learn how to sell to the state at our virtual?State Contracting Opportunities & Open House [ [link removed] ].
* View?upcoming bid opportunities [ [link removed] ]?(planned procurements).
* Get?tips for small, diverse and veteran-owned businesses [ [link removed] ].

*Featured contracting opportunities?for small, diverse, and veteran-owned businesses:*


* Facilitation Services [ [link removed] ]
* Radio Frequency Identification Solutions [ [link removed] ]
* Temporary Medical Staffing Services [ [link removed] ]
* Water Treatment Chemicals [ [link removed] ]

Stay informed and subscribe to the??monthly email bulletin for small, diverse and veteran-owned businesses [ [link removed] ].

*Learn More* [ [link removed] ]






Dept. of Revenue

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Learn about Tax Incentives, Deductions, Credits, and Programs

Understanding tax obligations can be challenging for a small business or a new business owner.??DOR has several educational resources aimed at assisting businesses with tax reporting responsibilities and questions.


* Industry Guides [ [link removed] ]?-?Online guides for specific industries.
*

Events & Workshops [ [link removed] ]?- Learn the basics of Washington state taxes.


*

Watch a Video [ [link removed] ] -?Learn about using My DOR, including how to file a basic tax return.

*Learn More* [ [link removed] ]






Learn more about the Scale Up Training Series at Startup WA [ [link removed] ]

Start 2024 with a Growth Mindset!

*This online program which normally costs $1,599 will be provided at no cost to Washington State businesses through June 30, 2025 through funding from the Washington State Department of Commerce.*

ScaleUp is an online training program that empowers established businesses to take growth into their own hands. The nine-week program consists of instructor lead virtual training sessions, online learning modules, and access to a social media networking platform that facilitates interactions between business owners and business experts.

The program is most beneficial for established business owners, with two or more years? experience owning and operating a small business who are currently based in Washington state.

97% of small businesses that have attended ScaleUp would recommend the training for other businesses!

*Upcoming Classes:*


* Tuesdays, 9 AM -10:30 AM, Jan. 23 - March 19 ? Register Here [ [link removed] ]
* Wednesdays, 6 PM - 7:30 PM, Jan. 24 - March 20 ??Register Here [ [link removed] ]
* Thursdays, 6 AM - 7:30 PM, Jan. 25 - March 21 ? Register Here [ [link removed] ]

*La formaci?n est? disponible en espa?ol.* Este entrenamiento empresarial avanzada para empresas que han ido m?s all? del inicio y el lanzamiento. Scale Up?se trata?de desarrollar?capacidades, aumentar?la rentabilidad?y automatizar?los?sistemas?empresariales.?Este programa?le mostrar?c?mo?posicionar?su?negocio?para la inversi?n?y lo preparar?para ese momento.?

Este programa se proporciona actualmente sin costo gracias al apoyo del Departamento de Comercio de Washington.


* Martes, 6 PM - 7:30 PM, 23 de enro - 19 de marzo,?Registrar aqu? [ [link removed] ]

*Learn More* [ [link removed] ]






Washington Health Benefit Exchange

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*Get the health insurance you need for 2024!*

Washington residents have until Jan. 15 to sign up for a health and dental plan on "Washington Healthplanfinder" [ [link removed] ]for the 2024 plan year.

Federal and state subsidies are available for to lower an eligible customer?s monthly cost of insurance. Visit wahealthplanfinder.org [ [link removed] ]to learn more about available savings and find the right plan!

*New!* This open enrollment, everyone who lives in Washington state can buy health and dental insurance through "Washington Healthplanfinder", regardless of immigration status.

*Need help?* Free assistance is available to answer questions, understand tax credits, and sign up for coverage. Find an assister near you [ [link removed] ].

*Questions on how you can support your employees sign up for health coverage??*Contact [email protected].

*Learn More* [ [link removed] ]






Small Business Requirements & Resources (SBRR)

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Business.wa.gov [ [link removed] ]

The Small Business Requirements & Resources (SBRR) are?*free workshops*?providing you with essential information and resources to help start and grow your business.

Outreach events are sponsored by the Small Business Liaison Team and hosted by local partners.



*Next workshop:*


* Starting a Business in WA - Thursday, December 14, 2023 2:00 PM???Register Here [ [link removed] ]

*Learn More* [ [link removed] ]






Small Business Guide

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The Small Business Guide is broken into six sections, based on your stage of business.? Whether you are starting your business, managing a new business, or expanding your business, you will find valuable information and resources.?

The business guide is readily accessible online, but it is also available in PDF, so you can have it as a printed reference manual.? The PDF is available English, Spanish, Russian, Korean, Vietnamese, Chinese, Japanese, Samoan, Somali, Tagalog and two volumes in Braille Ready Format.

Washington state Small Business Guide [ [link removed] ]

*Learn More* [ [link removed] ]






Explore Workshops?? Events?? Webinars?? Training

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* Women's Business Center? [ [link removed] ]
* SCORE [ [link removed] ]
* SBA [ [link removed] ]
* WSBDC [ [link removed] ]
* Dept. of Enterprise Services [ [link removed] ]?
* Dept. of Labor & Industries [ [link removed] ]
* Dept. of Revenue [ [link removed] ]
* Office of Minority's & Women's Business Enterprises [ [link removed] ]





Happy Holidays





Washington state Small Business Liaison Team [ [link removed] ]
Your Newsletter Team
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This newsletter is a collaborative effort by Washington's?Small Business Liaison Team?(SBLT) [ [link removed] ].?

The SBLT is a partnership between twenty-nine state agencies working together with local economic development partners to support and connect with business owners.

Our Mission:

* To preserve the connection to businesses for emergency related communication.
* To make it easier for businesses to access state services & resources.
* To provide the latest cross-agency news affecting small businesses.

*"Published by?The Governor's Office for Regulatory Innovation and Assistance? [ [link removed] ]"*

*"Contact the newsletter team at:[email protected]. <[email protected]>"*


ORIA Connecting People with Information [ [link removed] ]






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This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Office of the Governor / Office of Financial Management ??PO Box 40002 ? Olympia, WA ??98504-0002 GovDelivery logo [ [link removed] ]