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 • October 2024 •
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Curious About Minimum Wages in your Area?
The New Minimum Wage Calculator is Right for You!
A new addition to Business.wa.gov, and in partnership with the Small Business Office of L&I, the Minimum Wage Calculator will break down new minimum wage requirements for minors and adults based on your location and business size.
You can find this resource under the Start tab in the Small Business Guide, or click the links below.
Minimum Wage Increase Effective Jan. 1, 2025
Employees must receive the state minimum wage of $16.28 per hour or higher. Minors ages 14 to 15 and workers who meet certain criteria may be paid less than the state minimum wage. Washington’s minimum wage will rise to $16.66 an hour in 2025.
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NextCycle Washington Application Period is Open!
The NextCycle Washington program supports the growth of businesses and community organizations working in Washington’s waste prevention, reuse, repair, recycling and/or organics recovery industries to develop a circular economy.
To learn more about the program and find out if your business or project is a fit, join us for a virtual party, one-on-one, or drop us an email.
Composting Microgrants to Support Food Scrap Programs & Compostable Products
Award Amounts: $500-$5,000
Eligible entities: For-profit companies (such as food waste haulers and composters), non-profit organizations, and governmental agencies actively involved in composting.
Example of eligible activities: Promotional material demonstrating compostable products as accepted feedstock; courses, consulting time, equipment, etc., to improve operations for processing compostable products, etc.
Deadline for applications: November 8, 2024
For more information, please visit BPI’s Composting Microgrant webpage.
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When You Send Us Payments, Please Include the Program Name
Employers submit tax payments to the Employment Security Dept. for state Unemployment Insurance (UI), Paid Family and Medical Leave (Paid Leave) and WA Cares Programs - Please be sure to specify a program when submitting any of these payments.
If we receive payment with no program specified, we will contact you to clarify. If we cannot reach you, we will first apply payment to any balance for UI, second to any balance for Paid Leave, and third to any balance for WA Cares. This rule in the Washington Administrative Code went into effect Sept. 7, 2024.
To find up-to-date information about each program and learn more:
Paid Leave will Announce the 2025 Premium Rate in Late October
The Paid Leave premium rate is changing on Jan. 1, 2025. Premiums, collected from employees and employers through quarterly reporting, fund the Paid Leave program. By law, we recalculate the Paid Leave premium rate annually on Sept. 30. The premium rate is adjusted based on contributions from premiums and benefits paid during the previous year.
When we announce the new premium rate, we will publish it on the Updates page of the Paid Leave website. We will also send an email announcement to subscribers of this newsletter.
Paid Leave Calculated Business Sizes for 2025
The Paid Family & Medical Leave program calculated business sizes on Sept. 30 for the next year. To do this, we averaged the employee headcount you reported over the previous four quarters. The average includes reports you filed as "no payroll." If your business size changed, we will mail you a letter in early October to let you know.
If we calculated that you have 50 or more employees:
- You will be responsible for paying the full Paid Leave premium rate on wages paid Jan. 1 to Dec. 31, 2025. The full premium rate includes the employer’s and employee’s share. The first report for these premiums will be due in April 2025.
If we calculated that you have fewer than 50 employees:
- Beginning Jan. 1, 2025, you will not be responsible for paying the employer share of premiums. You still need to remit the employee portion. You may choose to contribute the full premium rate to the program by opting in annually. The enrollment period for calendar year 2025 is open until March 1.
To find more information on the Paid Leave website about:
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Multiple Deadlines Postponed to Feb. 3, 2025
The Internal Revenue Service announced disaster tax relief for individuals and businesses in the Confederated Tribes and Bands of the Yakama Nation in Washington state affected by wildfires that began on June 22, 2024. Affected taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes the Confederated Tribes and Bands of the Yakama Nation in Washington state.
Individuals and households that reside or have a business in these localities qualify for tax relief. The same relief will be available to any other localities added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.
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Open Enrollment is Coming!
Open enrollment (Nov. 1 – Jan. 15) is when Washingtonians, regardless of immigration status, can sign up for health and dental insurance on Washington Healthplanfinder for the following plan year. On Washington Healthplanfinder, Washingtonians can shop, compare, and select an individual plan that fits their budget and health care needs.
Monthly savings are available for eligible households and are only available through Washington Healthplanfinder. Customers are encouraged to visit wahealthplanfinder.org or connect with a trusted resource in their community early to learn what savings and plans are available to them.
Don’t forget to share this information with your employees and ensure they have the coverage they need for 2025!
Questions on how you can support your employees sign up for health coverage? Contact [email protected].
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Beneficial Ownership Information Report (BOIR)
Effective January 1, 2024, most business entities registered with the Secretary of State are required to submit a Beneficial Ownership Information Report “BOIR” to the U.S. Treasury Department's Financial Crimes Enforcement Network “FinCEN”.
- Business entities formed prior to Jan 1, 2024 must file by Jan. 1, 2025.
- New business entities formed in 2024 must file within 90 days of formation.
- New business entities formed after Jan. 1, 2025 must file within 30 days of formation.
- Is your business exempt from reporting? Review the FAQs from FinCEN.
Watch out for Misleading Notices!
Our office has been made aware of individuals and business entities, who may be subject to reporting requirements, receiving misleading notifications to send in a BOIR paper form with payment, or being provided with a link to file the BOIR and submit payment.
BOIR Facts
- There is NO FEE to file the BOIR.
- The BOIR must be filed online with the U.S. Treasury Department’s Financial Crimes Enforcement Network at FinCEN.gov.
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Stay informed! Learn about misleading notices and attempts to solicit information from those subject to reporting requirements under the CTA. Review alerts at FinCEN.gov.
The Office of the Secretary of State does not file the BOIR; however, visit their website (under the Business Entities tab) for helpful information about the reporting requirements.
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LLC Owners: Beneficial Owner Information E-File Workshop
Available in English & Spanish
Ensure compliance with federal requirements - join us for a hands-on workshop to accurately complete and submit your Beneficial Ownership Information Report.
Why attend?
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Avoid Penalties - Failure to file can result in significant fines and jeopardize your LLC's standing.
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Stay Compliant - Meet federal requirements with expert guidance.
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Hands-On Support - Receive direct assistance in e-filing your report. Attendees are welcome to bring their own devices. Please bring photo identification for electronic filing.
When?
- October 22, 2024
- Time: 4-5 pm (English) and 6-7 pm (Spanish)
- Location: OIC-Training Center, 815 Fruitvale Blvd, Yakima, WA 98902
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Small Business Resources & Requirements
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.
Starting a Business in Washington • Live Webinar
Small Business Requirements and Resource • In Person Workshops
These in-person workshops are designed to help business owners navigate the world of small business resources and state regulations. Whether you're just starting out or growing your business, this workshop is for you! Learn, connect, and build relationships from experts in the field.
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October 16th • 2-4 pm • Okanogan • (English) • Okanogan County Economic Alliance • Register
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October 17th • 2-4 pm • Okanogan • (Español) • Okanogan County Economic Alliance • Registrate
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October 29th • 6-8 pm • Wenatchee • (English) • Wenatchee Chamber of Commerce • Register
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October 30th • 6-8 pm • Wenatchee • (Español) • Café Registrate • Registrate
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November 12th • 5-8:30 pm • Skagit • (English) • Skagit EDC & Center for Inclusive Entrepreneurship (CIE) • Register
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November 13th • 5-8:30 pm • Skagit • (Español) • Skagit EDC & Center for Inclusive Entrepreneurship (CIE) • Registrate
The ORIA Information Center Team
Let us do the research for you!
We offer an experienced team familiar with owning a small business, working for regulatory agencies, and ready to connect you with reliable information and valuable resources.
- Our service is free!
- Contact the IC Team at 800-917-0043 or email [email protected] or click the link below for live chat or text messaging.
The Small Business Guide
The Small Business Guide is broken into six sections, based on your stage of business and the kind of information you need.
Plan - If you’ve never owned a business before, you may be unaware of all the things you need to get your business going. Careful planning and research will improve your chances of success.
Start - Once you have a basic business plan in place, it is time to register your business. Obtain the required licenses and permits needed for your business location and type of activities.
Payroll - Hiring employees for the first time? Employers have a legal responsibility to comply with local, state, and federal labor laws and payroll taxes.
Open - Is your business registered in another state and would like to operate in Washington? Learn about out-of-state business reporting thresholds, nexus, and registration requirements.
Run - Keep your business in compliance. You must take certain steps on an ongoing basis to keep your business active and in good standing. These requirements vary for each business, based on your activities, locations, and employees.
Grow - For established businesses seeking opportunities to grow their business beyond their current model. Expanding a business can require many different things, including money, employees, new locations, and new markets.
Close - People close their businesses for many different reasons. A practical guide for creating an exit strategy plan.
The Small Business Guide is now available in the following languages:
English, Spanish, Russian, Korean, Vietnamese, Samoan, Somali, and Tagalog, and as two volumes in Braille Ready Format Braille - Volume 1 and Braille - Volume 2.
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Maximize Your Business Potential at the North Puget Sound Contracting Event!
Economic Alliance Snohomish County invites you to connect with industry leaders and government agencies, participate in expert-led matchmaking, and hear from keynote speaker Mike Fong, Director of the Washington State Department of Commerce.
Enhance your brand visibility with sponsorship or exhibition options.
Register now to secure your spot and unlock your contracting success!
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“Future 4Ward: Technology and Ownership”
The 2nd Annual Entrepreneurship Summit hosted by Seattle University and the Urban League of Metropolitan Seattle.
- October 26th, 2024
- 11:00 am–6:00 pm
- Seattle University, Pigott & Paccar Building
This year’s summit will gather aspiring and seasoned entrepreneurs, industry experts, and thought leaders to discuss and explore critical aspects of entrepreneurship, focusing on Technology, Innovation, Capacity Building, Sustainability, and Capital. We invite our partners and those interested in joining our ecosystem to connect, collaborate, and continue advancing the success of BIPOC-owned businesses.
Capabilities Statements 101
A Hybrid Workshop and Q&A Session Hosted by the City of Tacoma's Community & Economic Development Dept.
The City of Tacoma is partnering with Washington’s APEX Accelerator to provide a workshop that will cover capabilities statements and how to market your business to show your experience and past performance and communicate what sets you apart from other competitors.
- October 24, 2024, from 2 pm - 3:00 pm
- Tacoma Municipal Building, 747 Market Street Tacoma 98402, Room 248
- or virtually via Zoom
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