(1) A for-profit business that is creating new incremental high paying jobs in the state, may apply to receive a talent development grant from the restricted account.
(2) In accordance with the provisions of this section and in consultation with the GOED board, the administrator may award up to $10,000 per new job created.
(3) The administrator shall designate an application process for a business to apply for the grant.
(4) A business may apply to receive a grant only after each employee has been employed at qualifying wage levels for at least 12 consecutive months.
(5) The office shall deduct money granted for a talent development grant under this section from any other money or incentive awarded by the office to the business.
(6) Grants awarded under this section are only to reimburse a business for the costs incurred to recruit, hire, train, and otherwise employ an employee in a newly created job.
(7) As part of the application process, a business shall submit a hiring and training plan detailing how the grant money will be used.
(8) The administrator may grant an award only up to an amount that is no more than 25% of the estimated costs to be incurred by the business for the costs in the hiring and training plan.