Ohio wants to give you money to help train your employees. The state will make millions available to Ohio businesses on October 14, 2015 at 10:00 a.m. to help employers improve their economic competitiveness.
This is the third round of the Ohio Incumbent Workforce Training Voucher Program, and will reimburse Ohio companies 50 percent of eligible costs — up to $4,000 per employee and $100,000 per employer — incurred for employee training that occurs between January 1 and December 31, 2016.
This program is a cash grant and not a tax credit, so it is not dependent on tax liability.
What businesses are eligible?
Eligible businesses include for-profit entities with an Ohio location operating in one of the following industries:
• Advanced Manufacturing
• Aerospace and Aviation
• Automotive
• BioHealth
• Energy
• Financial Services
• Food Processing
• Information Technology and Services
• Polymers and Chemical
• Companies with a Corporate Headquarters in Ohio
What training is eligible?
The good news is, the list is pretty broad. Eligible training 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 association that offers certified training
• Training for improved process efficiency (e.g., ISO-9000, Six Sigma, or Lean Manufacturing)
Seminars and webinars are eligible, but only to the extent the program has an exam or test. Also, in-house training costs are eligible, but only employee trainer costs are eligible, not wages of employees being trained.
How to get your piece of the grant
In 2013, Ohio offered $20 million to help businesses offset training costs, and the funds were spoken for the very first day the program opened. We expect this round to be popular as well, so you’ll need to act fast.
The application process is now open, so companies can analyze their upcoming 2016 training costs and complete the pre-application. Companies that wait will likely miss out on grant monies, since funds are awarded on a first-come, first-served basis. And once Ohio begins accepting applications, the funds will go quickly.
We have a great deal of experience with this program and have helped a number of clients obtain significant training grants in the past. CSH advisors can help you assemble the required information now so that you’ll be ready to claim the maximum amount of training monies possible, and can also assist when requesting reimbursement for your training expenses.
