There are over 2.52 million businesses owned by veterans in the United States, making up about 9% of all businesses in the country. Veterans make up a 5.6% of the total civilian labor force, contributing to our national economy in a major way.
The U.S. Department of Veteran Affairs (VA) provides several benefits for employers who are looking to hire veterans. Salary subsidies are just one of the many programs offered by the Department, which allows employers to pay veterans an entry level salary while they are being trained, and Veteran Readiness & Employment subsidizes the rest of their wages. This allows veterans to get the necessary training they need for a job while also neutralizing the onboarding cost of a new hire. The VA also provides a salary reimbursement program that gives an incentive to businesses to hire veterans facing extreme obstacles of up to 50% reimbursement of their salary for six months.
There are also tax credits that come with hiring veterans. Under the Work Opportunity Tax Credit program, employers can claim up to 40% of the first $6,000 in wages of hired veterans that meet the requirements for qualified long-term unemployment standards. There is also no limit to how many veterans you can employ and still receive the credit. Learn more about the various tax credits associated with hiring veterans here.
Veteran-owned businesses can take advantage of several resources to help make their businesses run smoothly. The government awards contracting dollars to several veteran-owned businesses each year, which requires a formal verification. There are also programs like Boots to Business from the U.S. Small Business Administration that provides entrepreneurship training for veterans, active-duty service members, and spouses.
See below for additional resources for veterans and businesses: