The state just announced that it will launch the second round of the Incumbent Workforce Training Voucher Program. Earlier this year the state offered $20 million in cash to businesses to reimburse for training costs. However, all those dollars were accounted for the first day the program launched. Don’t fret though – more dollars will be available on September 30 at 10:00 a.m.!
This time there is $27 million available to businesses. That means as an employer, you can apply for a credit that will reimburse you 50 percent of eligible training costs – up to $4,000 per employee. This is for training between August 1, 2013, and June 30, 2014, meaning you can apply for training that has already taken place.
The funds will be available on a first-come, first-serve basis and a single business could qualify for up to $250,000. This time around there will be a pre-application process which is now open. Ultimately, this allows you to enter many of the specific details into the state’s system now, greatly reducing the amount of time it will take to complete and submit your application on September 30. Because of this change, it is anticipated that the funds will be claimed within hours of the program opening.
What Training Qualifies for the New Funding?
Some of the eligible training for the new Incumbent Workforce Training Voucher Program includes:
- Classes at an accredited education institution
- Training that leads to an industry recognized certificate
- Training provided in conjunction with purchase of a new piece of equipment
- Upgrading of computer skills (e.g. Excel, Access)
- Training for the ICD-10-CM/PCS diagnostics classification system
- Training from a national, regional or state trade associations that offers certified training
- Training for improved process efficiency (e.g. ISO-9000, Six Sigma, or Lean Manufacturing)
What Companies Can Apply for New Incumbent Workforce Training Dollars?
For-profit entities with an Ohio locations operating in one of the following industries:
- Advanced Manufacturing
- Aerospace and Aviation
- Financial Services
- Food Processing
- Information Technology and Services
- Polymers and Chemical
- Companies with a Corporate Headquarters in Ohio (limited availability of funds)
To even have a chance to obtain any of these dollars, you need to have completed the pre-application process so the application can be finished the moment the system opens at 10:00 a.m. on September 30. This requires that you have very specific details about the training worked out this month. Some of the details you need include who is doing the training, dates of the training and exact employees attending. This is not something you can wing at the last minute.
If you want to apply, do your homework now. And if you need help, we are prepared to help you complete your application and enter it into the state’s system as soon as it opens. We’ve created some tools to make the process easier on you and more efficient for all involved.
Contact us or call your Rea advisor today if you have questions or would like to have our assistance.
Joe Popp, a manager with Rea & Associates contributed to this post.