In the News

Are You Ready for Big Wage Changes in 2020?

By Reanna Werner, MBA, SPHR, SHRM-SCP |  Co-Founder, HR Branches

"On January 1, 2020, we are going to wake up to two significant wage changes that will impact most Colorado small businesses."

On January 1, 2020, we are going to wake up to two significant wage changes that will impact most Colorado small businesses. Are you prepared for these changes?

What’s Changing?

 

  • Hourly Employees:  Colorado Minimum Wage- Colorado minimum wage has been on an increased schedule of $.90 per year for the past 2 years. In January 2020, you will see the third and final $.90 minimum wage increase. Effective January 1, 2020, Colorado Minimum Wage will be:
    • Colorado Minimum Wage- $12.00/ hr
    • Colorado Tipped Employees- $8.98/ hr

*Denver increased its local minimum wage to $12.85 per hour effective Jan. 1, becoming the first local government in Colorado to set its minimum higher than the statewide level per a new statute passed by the legislature in 2019.

  • Salaried Employees: Minimum Salary Rate (Federal Overtime Rule)- The minimum annual salary for exempt (salaried) employees is going to increase in 2020. Effective January 1, 2020, the Federal minimum salary rate will be:

    • $684 per week (or $35,568 per year)
    • $107,432 for highly compensated employees 

*Don’t forget that in addition to the minimum salary level, you must meet the duties requirements. 


What To Do?

  • Review all employee wages. The easiest method is to pull a basic wage report out of your payroll system (if you have one). Review how they are paid (hourly, salaried or tipped), what they are paid and determine whether any changes need to be made. 

  • Increase all minimum wage worker’s pay to Colorado’s required minimum wage, if necessary.

  • Increase salaried employees’ wages or change wages to an hourly rate that meets FLSA requirements, if necessary.

  • Communicate with your employees about any changes they may see on their paycheck and why. 

  • Update Colorado Minimum Wage employment poster.  The poster should become available on the CO DOL website on January 1, 2020: https://www.colorado.gov/pacific/cdle/posters 

Small Business Week in Review

From the Pikes Peak SBDC Crew

With over 500 participants, the 2016 Pikes Peak Region Small Business Week was a HUGE success. Thank you to all of you who participated! Together we celebrated the tremendous impact of small businesses in the region starting with the wildly popular Food Truck Cook-Off, followed by three informative workshop and networking events, and finishing the week with the Small Business Awards Celebration.


 
We look forward to building on the best week ever and working with the thriving small business community in the Pikes Peak region to make next year's events even better!  Check out these highlights from your 2016 Small Business Week!

Congrats to the 2015 Small Business Award Winners!
  • Family-Owned Business of the Year: John and Beth Hughes, O'Briens Carpet One
  • Veteran-Owned Business of the Year: David Hollenbach, DSoft Technology Co
     
  • Young Entrepreneur of the Year: Clay Guillory, Titan Robotics
     
  • Small Business Champion of the Year:  Dave Van Ness, Old Colorado City Associates
     
  • Small Business Person of the Year: Mike Tipton, Integrity Communications Solutions
     
  • Small Business Development Center Volunteer of the Year: Darrell Fleck
  • Best Food Truck of the Year:  Mira Sol



Presenting Sponsor:


US Bank

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Small Business Week is Hosted By:



A Colorado Lending Source Success Story

Special Times Limousine is Hudson, Colorado’s only locally owned and operated limousine and luxury sedan service. When owner Kevin Labonte realized South Weld County and Northeast Adams County were renting limousine and luxury sedan services from the Northern Suburbs and Denver, he knew he was entering a sizable market. As the company continues to grow, they now serve the Denver-metro areas as far south as Castle Rock, Colorado. Mr. Labonte offers affordable pricing on general local transportation for those “special times” using only the most dependable trained staff of chauffeurs with high-class customer service.

With help from Jesse Esparza from the Denver Metro Small Business Development Center, Special Times Limousine received financing under Colorado Lending Source’s direct-micro loan, the Colorado Main Street Loan Program. The funds assisted with start-up costs, and the purchase/renovation of a custom limousine. They currently have 4 vehicles and employ a staff of 9. With the capital provided, the company has expanded into new markets and has formed viable partnerships with other industries and several chambers.

For more information about Colorado Lending Source loans, you can contact Nicole Christianson at Nicole@clsloan.org, or call 303.657.4813.
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