The Stimulus Bill and H-1B Provisions
04/24/09
The Stimulus Bill and H-1B Provisions
The American Recovery and Reinvestment Act of 2009 (ARRA or “Stimulus Bill”) limits certain banks and other financial institutions from hiring new H-1B workers for the next two years unless they have offered positions to equally or better qualified US workers, and to prevent banks from hiring H-1B workers in occupations in which they had laid off US workers. The new limitation applies to any company that receives funding under title I of the Emergency Economic Stabilization Act of 2008 (“Tarp Bill”) or Section 13 of the Federal Reserve Act (Federal Reserves “Discount Window” for short-term, secured loans to financial institutions and other companies). These companies must comply with the additional attestations for all new employees who will commence employment. It does not affect extensions for current H-1B employees. The limitation does not apply to companies receiving funds under the Stimulus Bill itself. For more information, please contact John Perez or Laura Jurcevich at 614-431-1500.
The American Recovery and Reinvestment Act of 2009 (ARRA or “Stimulus Bill”) limits certain banks and other financial institutions from hiring new H-1B workers for the next two years unless they have offered positions to equally or better qualified US workers, and to prevent banks from hiring H-1B workers in occupations in which they had laid off US workers. The new limitation applies to any company that receives funding under title I of the Emergency Economic Stabilization Act of 2008 (“Tarp Bill”) or Section 13 of the Federal Reserve Act (Federal Reserves “Discount Window” for short-term, secured loans to financial institutions and other companies). These companies must comply with the additional attestations for all new employees who will commence employment. It does not affect extensions for current H-1B employees. The limitation does not apply to companies receiving funds under the Stimulus Bill itself. For more information, please contact John Perez or Laura Jurcevich at 614-431-1500.