How are awards calculated?
The amount of the grant is calculated by the following formula, subject to a maximum amount of $500,000 per year:
- 25–49 new jobs: $1,000 per job
- 50–74 new jobs: $1,500 per job
- 75–99 new jobs: $2,000 per job
- 100+ new jobs: $3,000 per job
The maximum amount of POV Grant allowable per qualified company in any given fiscal year is $500,000, subject to the availability of funds and appropriations.
How does a company apply?
Applicants should review the full Grant Program Guidelines to make sure the company meets the eligibility requirements and review the Memorandum of Understanding (MOU) that will be required should the company be awarded a grant. Grants may be applied for by requesting a Grant Portal, (the single resource for completing the grant application and reporting requirements.
What is a new job?
A new job is a job of indefinite duration, created by the company as a result of operations within the Commonwealth. It requires a minimum of 35 hours of a qualified full-time employee’s time per week for the entire normal year of the company’s operations. A normal year consists of at least 48 weeks, or a position of indefinite duration that requires a minimum of 35 hours of a qualified full-time employee’s time per week for the portion of the taxable year in which the qualified full-time employee was initially hired for the company’s facility within Virginia.
What positions do not qualify as new jobs?
Seasonal or temporary positions, or jobs created when a position is shifted from an existing location in the Commonwealth to the company’s new facility, do not count as new, permanent full-time positions.
Building and grounds maintenance at the company’s location within the Commonwealth of Virginia do not count as new jobs.
How long must the jobs be maintained at the facility?
The new jobs created in the POV Grant must be maintained without interruption during the three years immediately following receipt of the full amount or first portion of the POV Grant.
What happens if the company does not maintain the jobs at the facility during the three-year maintenance period?
If, for any of the three years immediately following receipt of the POV Grant, the company does not maintain the new jobs, the company will be required to repay all or a portion of the POV Grant based upon a repayment formula outlined in the MOU.