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 Back to Work Small Business Rehiring and Retention program to further assist small businesses as they continue to recover from economic consequences of the pandemic.
“Arizona’s economy is booming and jobs are exploding all across the state,” said Governor Ducey. “Now, our small businesses and their employees must 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 harsh impact of inflation.”
The Small Business Rehiring and Retention Program first launched in August 2021 to fund employee hiring, signing, relocation and retention bonuses. Another $5 million was added to the program in October, investing a total of $11.2 million into Arizona’s small businesses.
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 has to meet eligibility requirements to receive funding, including it must be: owned and operated in the state of Arizona; incorporated before January 1, 2020; rent or lease a physical location in Arizona; and have between five and 25 total employees that work at the physical location.
Eligible businesses may receive up to $10,000 for eligible expenditures At least 75% of the awarded funds must go to current or new employees in the form of incentives. There is a cap of $1,000 incentive for each employee. Up to 25% of the awarded funds can go to other business expenditures such as mortgage/rent, utilities, etc.
The next round of applications is now open. Apply here.