Section 73.163. Levying of penalties

If PIDA determines that the failure to meet employment projections is warranted by one of the explanatory criteria in § 73.162 (relating to criteria), a penalty will not be levied. If the failure is not warranted, the following penalty scale criteria will be applied to determine the level of penalty to be imposed:

If Job Creation % is:	Penalty Interest Rate Increment
100	0.00%
›95	0.33%
›90	0.67%
›85	1.00%
›80	1.33%
›75	1.67%
›70	2.00%
›65	2.33%
›60	2.67%
›55	3.00%
›50	3.33%
›45	3.67%
›40	4.00%
›35	4.33%
›30	4.67%
‹30	5.00%
If Job Retention % is:
100	0.00%
›95	1.00%
›90	2.00%
‹90	3.00%

(1) In addition to an interest rate penalty which may be imposed, PIDA may refuse to approve new loans for a company which fails to meet its employment projections if the failure is not warranted by one of the criteria listed in this section.

(2) Several options remain available to PIDA. For example, PIDA may choose to delay a penalty, conduct periodic reviews to remove an imposed penalty, or waive a penalty after it is imposed, depending on extenuating circumstances. The levying of interest rate penalties is at the sole discretion of PIDA.

The provisions of this § 73.163 amended October 19, 2007, effective October 20, 2007, 37 Pa.B. 5601. Immediately preceding text appears at serial pages (230914) to (230915).

Notation

Cross References

This section cited in 12 Pa. Code § 73.14 (relating to interest rate penalty for failure to create projected employment).