To help prevent and combat money laundering, tax fraud and other financial crimes, a recent bipartisan law requires many companies and small businesses to report beneficial ownership information (BOI) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
Virginia Small Business Owner Highlight
During almost a decade of service with the U.S. Military, Virginia-based lawyer Matt Banks witnessed several cases in which disabled veterans were denied disability compensation for injuries or conditions sustained during their military service because they did not have the medical evidence to show that their injuries or conditions were “service-connected.” This experience coupled with his desire to be an entrepreneur inspired Matt to start a small business devoted to helping his fellow veterans.
Virginia Events
Since its inception more than 70 years ago, the U.S. Small Business Administration (SBA) has helped millions of small businesses across the country access the capital and resources needed to thrive and grow.
Virginia Policy
Virginia is home to more than 800,000 small businesses, employing 1.6 million people and accounting for 99.5% of all businesses in Virginia. Small Business Majority has created a comprehensive state policy agenda to ensure small business ownership and entrepreneurship are at the center of a robust, equitable, and competitive economy for the Commonwealth.
Today, Public Policy Director, Awesta Sarkash, submitted a letter of support to the Virginia House Committee on Appropriations in support of HB 419, which would close the gap on childcare investments in the state. Prioritizing childcare, in all its forms, is an investment that will have greater returns for Virginians and small businesses alike.
On February 1, Small Business Majority's Virginia Council member Shirley Modlin, owner of 3D Design and Manufacturing LLC, testified before the Virginia House Labor and Commerce Committee in support of HB 570, legislation which would establish a Prescription Drug Affordability Board in Virginia.
On January 29, Small Business Majority's Public Policy Director Awesta Sarkash submitted testimony before the Virginia Senate Commerce and Labor Committee on legislation to create a Prescription Drug Affordability Board.
Virginia Research
Policymakers at all levels, from town councils to the halls of Capitol Hill, emphasize the challenges of small businesses as a key talking point during political debates. But new opinion polling in four states—Illinois, Missouri, Virginia and Wisconsin—reveals small businesses feel their government officials don’t actually understand their challenges, and they support a wide array of policies to address their needs, some of which might come as a surprise to their elected officials.
Extreme weather events have been front-page news lately, especially with the U.S. experiencing record storms across much of the country and devastating droughts in the West. Research shows small businesses are especially susceptible to financial ruin after an extreme weather event.
It’s not surprising then that Small Business Majority's polling found nearly 1 in 5 Virginia small business owners had to lay off workers after they were negatively impacted by an extreme weather event.
Small businesses account for a significant share of Virginia’s economy. For every one large business in Virginia, there are 50 small businesses diligently working to reenergize the state’s economy. These entrepreneurs are doing everything they can to hire, grow and move their businesses forward. As part of these efforts, recent scientific opinion polling shows that Virginia’s entrepreneurs want pragmatic, innovative policies that help guide them into a competitive, modern clean energy economy.