What are Unemployment Insurance Based Awards?
A qualified business in a zone may be eligible for an award based upon the amount of unemployment insurance tax it has paid for certain new employees. No qualified business with a deficit reserve ratio qualifies for this award as long as it maintains that ratio. A deficit reserve ratio results when the employer’s unemployment charges exceed the employer contributions to the unemployment trust fund. The award applies only to those full-time employees (30 hours or more/week) whose gross salaries are less than $4,500 per quarter and is calculated according to a specific schedule. Contact the Department of Labor at (609) 292-2327. The award is unavailable to businesses located within an Urban Enterprise Zone-impacted business district.
