For the purpose of this rule, the following terms shall have the following meanings:
“Business” means any individual, association of individuals, joint venture, partnership, limited liability company or corporation which is validly existing and authorized to conduct business in Oregon.
“Calendar year” means an individual’s tax year of January 1–December 31.
“Eligible Employee” means a new employee of the Business:
Who will have an annual wage that is at least 150% of the most recently available average pay for the county in which the new job will be created or the most recently available average pay for the state, both as determined by the Oregon Employment Department in the Covered Employment and Wages Summary Report, whichever is less;
Who will be hired by the Business at its Oregon facility before the end of the two calendar years following the year of OBEP loan approval;
For whom FICA and state and federal income taxes are deducted from his/her gross wages, which are then forwarded to the appropriate agencies by the Business on behalf of the person;
For whom the Business pays state and federal unemployment insurance; and
For whom the Business contributes to FICA.
“Full-time Job” one Full-time Job equals 1,820 Hours Worked in a one-year period.
“Hours Worked” means all hours that the employee worked, if the employee is paid for those hours. “Hours worked” does not include holiday, vacation time, sick leave or any other paid time where no work is performed.
“OBEP Fund” means the Oregon Business Retention and Expansion Fund.