NEW JOBS PROGRAM
The New Jobs Program is a vital part of the Commonwealth of
Virginia's economic development efforts. This program targets those projects which involve competition with other states or countries. These projects may involve expansions of existing Virginia companies or new facility locations. To qualify for assistance under the New Jobs Program, the following criteria will apply:
Number of jobs created and capital investment - To be eligible, both expansions of existing companies and new company locations must be creating a minimum of twenty-five (25) net new jobs and making a capital investment of at least one-million ($1,000,000).
A minimum entry-level rate of $8.00 per hour
required - In those cities and counties that have an unemployment level of two times or more than the state level of unemployment, as determined by the Virginia Employment Commission's most recent published report, this wage minimum may be waived. Only full-time jobs qualify for this reimbursement. Part-time jobs (less than 36 hours/week) will not qualify.
Company Revenue Requirement - To meet basic employer criteria, over 50% of the company's revenue must be generated from outside Virginia.
Competition for Project - Only projects that are in competition with at least one other state or country will qualify.
Project Funding Limits - Funding for recruitment and training will
be based upon an agreed number of new jobs to be created. This job
creation figure will represent the maximum number of jobs eligible
for reimbursement. Additional funds sought due to business expansion
or growth, beyond the initial approved budget, will require the submittal
of a new application meeting all eligibility requirements. Funding
will be limited for each project to the estimated one-year payback
of tax benefits based on sales and income tax estimates paid to the
Commonwealth. All funds must be spent for recruiting and training
costs only. Justification must be documented with an approved budget
as developed by the Workforce Services Division.
Virginia Department of Business Assistance
Workforce Services Division
P.O. Box 446
Richmond, VA 23218-0446
804-371-8120
chart@dba.state.va.us
