N.M. Admin. Code § 2.92.1.9

Current through Register Vol. 35, No. 20, October 22, 2024

Section 2.92.1.9 - PER JOB CALCULATION

Pursuant to the Local Economic Development Act, the recovery grant shall be accompanied by net new FTE job creation. As part of the initial application, the recovery entity shall estimate the net new FTE to be created from the initial qualifying date of hire through March 31, 2022 and provide the job titles for those positions, the FTE calculations and the total average hourly wages. The maximum amount of the recovery grant to be provisionally awarded and set aside for disbursement shall be determined by the following calculation of funds per net new FTE job created:

A. The base amount of the grant per net new FTE job created: $10,000;

B. If the recovery entity has a loss in revenue of at least twenty percent and less than forty percent: $12,000;

C. If the recovery entity has a loss in revenue of at least forty percent and less than sixty percent: $14,000;

D. If the recovery entity has a loss in revenue of at least sixty percent and less than eighty percent: $16,000; or

E. If the recovery entity has a loss in revenue equal to or in excess of eighty percent: $18,000.

F. Wage bonus:

(1) If the average wage of all the recovery entity's net new FTE is over $13 per hour, the recovery entity may receive a bonus of $1,000 per net new FTE for which a base payment is calculated.

(2) If the average wage of the recovery entity's net new FTE is over $17 per hour, the recovery entity may receive an additional $1,000 per net new FTE for which a base payment is calculated.

G. The maximum grant amount per net new FTE job created is $20,000.

H. The maximum number of FTE that may be included in the recovery entity's estimates in the application is equal to the maximum number of FTE employed by the recovery entity in any quarterly period from January 1, 2019 to the date of application and documented through the ES903A filed with the department of workforce solutions.

N.M. Admin. Code § 2.92.1.9

Adopted by New Mexico Register, Volume XXXII, Issue 09, May 4, 2021, eff. 4/16/2021, Amended by New Mexico Register, Volume XXXII, Issue 15, August 10, 2021, eff. 7/23/2021, Amended by New Mexico Register, Volume XXXII, Issue 22, November 30, 2021, eff. 11/30/2021