Lee esto en Español por Google Translate

Bringing more resources to the East Side of San José is important to both the City and the community, and the Office of Economic Development and Cultural Affairs is working to make this happen.

On January 20, the Office of Economic Development and Cultural Affairs, in partnership with Yacanex Community, co-hosted Emprendéte 2024, a free all Spanish-language event at the Mexican Heritage Plaza for San José-based entrepreneurs and business owners.

More than 300 people attended a day full of workshops on how to obtain a business loan, how to start a business, and on topics such as Sales Tax, Marketing, HR,and Contractors Licenses, all led by City of San José staff and partners such as TMC Community Capital, Start Small Think Big, Santa Clara University’s My Own Business Institute (MOBI), and US Bank. In addition, participants learned about new laws taking effect in 2024 that will impact small business owners.

These workshops, coupled with pan dulce, live music, the cultural backdrop of the Mexican Heritage Plaza, and the attendees’ entrepreneurial energy, affirmed the City’s work to foster economic prosperity in East San José by connecting small business owners with City and partner resources and programs.

“We’re proud to have worked with the City of San José to help share knowledge and inspire our Latino small business community,” said Yacanex Posadas of Yacanex Community. “We intend on bringing more opportunities and resources to serve our Spanish-speaking community.” Yacanex Community is an organization that focuses on education and entrepreneurship in underserved communities in Santa Clara County, with an emphasis on the Latino population.

If you are a small business owner or entrepreneur based in the East Side of San José and want to learn about resources and programs offered by the City of San José and partners, please contact Jessica Muñoz, Eastside Economic Coordinator for the Office of Economic Development at jessica.munoz@sanjoseca.gov or (408) 659-0202. And of course, please also follow Yacanex Community and our partners above!

So what are the new laws impacting small business owners? Below is a quick summary.

• Additional Paid Sick Leave: In California, most workers earn Paid Sick Leave to take time off work to care for themself or a family member. Starting January 1, 2024, Paid Sick Leave has increased from three to five days off each year for most workers.

• January 31, 2024 Deadline for 1099 and W-2: Employers had until January 31, 2024 to send Form 1099’s to independent contractors, or those who you paid more than $600 to in 2023 and were not an employee.

• 1099-K delay: The IRS has delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023. The Form 1099-K is sent to anyone who uses payment apps or online marketplaces to accept payments for selling goods or providing services. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in reporting requirements.

• IRS Mileage Rate:  Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be $0.67 cents per mile driven for business use, up 1.5 cents from 2023. It is critical that you document your mileage if using this method for the vehicle deduction.

• Filing with FinCEn: If you have a corporation or LLC and were created or registered to do business in the U.S. before January 1, 2024, you must file by January 1, 2025 with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCen). Those companies created or registered in 2024 will have 90 calendar days to file. You will only have to file once, and non-compliance can mean $500 a day.

• Minimum Wage: Effective January 1, 2024, the minimum wage in California is $16.00/hour for all employers. For the City of San José, the minimum wage is now $17.55.

• CalSavers: If you have 5 or more employees, you must offer a retirement plan. If you do not have one, you can use CalSavers. You must notify CalSavers if you have a retirement plan and or have employees who want to opt-out or opt-in. Employer contributions are not necessary.