Governor Ducey opens new round of funding to help small businesses hire and retain employees
PHOENIX, AZ (STL.News) Governor Doug Ducey announced $5 million in additional funding for the Return to Work Small Business Rehire and Retention Program to further help small businesses as they continue to recover from the economic consequences of the pandemic.
“Arizona’s economy is booming and jobs are exploding across the state,” Governor Ducey said. “Now our small businesses and their employees need to be protected from rising prices. Today’s funding will help small businesses retain and hire their employees so they can continue to recover from the effects of the pandemic and not feel the adverse effects of inflation.
The Small Business Rehire and Retention Program was first launched in August 2021 to fund employee hiring, signing, relocation and retention bonuses. An additional $5 million was added to the program in October, investing a total of $11.2 million in Arizona small businesses.
The small businesses awarded in the first round were able to offer hiring bonuses to 2,320 new hires and retention bonuses to 9,523 employees for an average bonus amount of $782.
An Arizona small business must meet eligibility criteria to receive funding, including: being owned and operated in the State of Arizona; incorporated before January 1, 2020; rent or rent a physical location in Arizona; and have between five and 25 total employees working at the physical site.
Eligible businesses can receive up to $10,000 for qualifying expenses. At least 75% of the funds awarded must be paid to current or new employees in the form of incentives. There is a cap of $1,000 in incentives for each employee. Up to 25% of funds granted can be spent on other business expenses such as mortgage/rent, utilities, etc.
The next round of applications is now open. Apply here.