FDIC and SBA Offer Support for New and Aspiring Entrepreneurs

The Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) recently announced new resources to support small businesses across the nation and the U.S. Virgin Islands.  FDIC Director for Depositor and Consumer Protection Mark Pearce and SBA’s Deputy Associate Administrator for Entrepreneurial Development Michael Chodos released Money Smart for Small Business, a training curriculum for new and aspiring business owners.  Developed in partnership between both agencies, this curriculum is the latest offering in the FDIC’s 10 year old award-winning Money Smart program.

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Governor Promotes Urban Renewal with Tax Benefits

U.S. Virgin Islands Governor John P. de Jongh  De Jongh has executed an executive order this past week laying the groundwork for new economic and cosmetic renewal projects in historic towns on St Croix and St Thomas.

“The United States Virgin Islands recognizes the importance of revitalizing these once-vibrant towns with an infusion of new business and economic opportunities, to renew their physical appearance, and to rejuvenate and diversify the local economy by providing incentives for business relocation and job creation,” de Jongh said in the order.

Accordingly, Government House will establish Enterprise Zones within those towns “in order to attract new businesses and provide incentives for investment in order to sustain the future preservation of these towns for the People of the Virgin Islands.”

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Territory Offers Foreclosure Prevention Programs

 

In the current down economy, as government and private sector employees continue to lose their jobs, many are worried about losing their homes too.  To help, U.S. Virgin Islands Delegate to Congress Donna Christensen has aggregated multiple federal programs to help people stay in their homes.

"Several homeowners have called or emailed my office asking about federal programs that can assist them, as they will be out of income and unable to maintain their mortgages," Christensen said in a written statement. "There are programs in the departments of Treasury, Housing and Urban Development, Agriculture (Rural Development) and the Small Business Administration that can be helpful."

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USVI Delegate Appeals to President Obama for Declaration

In response to the closure of the HOVENSA oil refinery, the United States Virgin Islands single largest private employer, the Territory's Delagate to Congresss, Donna Christensen, is pursuing an Economic Disaster Declaration by President Obama.

“I know that is what the car industry got, and while this is on a smaller scale, for our territory, with its 110,000 population to lose over 2,000 jobs and its main supplier of energy, it is an economic disaster,” she said in a meeting with Department of Commerce officials this past week.

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NLRB Decision Impacts Unionized and Non-unionized Employers

The National Labor Relations Board (the "NLRB" or the “Board”) has ruled that a mandatory arbitration agreement preventing employees from pursuing class or collective claims against their employer is unlawful under the National Labor Relations Act (“NLRA” or the “Act”). 

In D. R. Horton, Inc., the Board held that merely maintaining such agreements with nonsupervisory employees constitutes an unfair labor practice by interfering with nonsupervisory employees’ right, under Section 7 of the Act, to engage in “concerted activities” to affect wages, hours, and other terms and conditions of employment. The Board further ruled that an arbitration agreement requiring nonsupervisory employees to submit all employment-related claims to arbitration violates the NLRA by leading employees to believe that they may not file unfair labor practice charges with the Board. While the Board sought to downplay the scope of its ruling, the decision not only may increase the number of class and collective actions filed, but also means that both unionized and non-unionized employers throughout most of the private sector should review, and potentially rewrite, the arbitration provisions contained in their employment agreements, handbooks, and policies.

 

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New Year Provides Opportunity to Review and Update Employment Policies

As we begin the new year - 2012, it is especially important for U.S. Virgin Islands employers to review their employee handbooks to ensure that they are both legally compliant and up to date with current practices.  A number of  changes in federal and territorial employment laws have taken place over the past year and are slated to become effective in 2012, requiring employers to act now. 

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U.S. Virgin Islands Corporations Allowed Fewer Directors

As of the first day of 2012, U.S. Virgin Islands domestic corporations can have fewer than three directors, making it easier for smaller companies to establish themselves, the Office of the Lieutenant Governor announced Monday. V.I. law's previous requirement of a minimum of three directors has historically placed a burden on some smaller companies, especially where there is a single owner who must coordinate management decisions with directors who have no financial stake in the enterprise.

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U.S. Virgin Islands Discusses Joint Insurance Exchange with West Virginia

One place,  known for its Appalachian Mountains and rich coal supply,  was immortalized in John Denver’s 1970s hit, “Take Me Home, Country Roads.” The other has white sandy beaches, rum distilling and an average January high temperature of 86 degrees that attracts millions of tourists each year. From economy to climate, West Virginia and the U.S. Virgin Islands are as different as any two places in the United States. But that hasn’t stopped them from discussing whether to work together to form a health insurance exchange under the federal health care law, say officials in West Virginia and the U.S. Virgin Islands.

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New Years Tips for Business Owners

With the holidays over and a new year upon us, it is a natural time for business owners to map out strategies and goals for the next twelve months. Doing so allows businesses a chance to focus their energies on having a successful 2012 and gives them a metric by which to measure their successes and locate opportunities for improvement at the end of the year. Here are three suggestions that will assist businesses in planning for the year ahead

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Confrontation Clause Bars Surrogate Testimony

Attorney Nycole A. Thompson with BoltNagi PC appealed her client’s conviction for aiding and abetting the unauthorized possession of a firearm. Thompson argued that the trial court’s admission, over her objections, of a certificate of non-existence of record (“CNR”) stating that her client did not have a gun license in District of St. Croix violated her client’s Sixth Amendment right to confront the witnesses against him because the person who prepared the certificate did not testify at trial and her client did not have the previous opportunity to cross-examine the person who prepared the exhibit.

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