Governor Urges $5 Billion BWC Dividend to Aid Employers
Today, Governor DeWine announced that he has asked the board of directors of the Ohio Bureau of Workers’ Compensation (BWC) to approve a $5 billion dollar dividend for all state fund employers. The purpose of the dividend is to ease the continued financial hardship inflicted by the COVID-19 pandemic. If approved, it will be the third BWC dividend issued this year—nearly $8 billion in dividends total–and the largest in the fund’s history. The BWC board will be meeting virtually within the next few days and if they approve the Governor’s request, checks could be sent to employers as soon as December. All told, private employers would realize approximately $4.3 billion in dividend payments. To estimate your dividend, multiply your October dividend by 3.72.
Should the board approve it, the proposed dividend would leave BWC with a net position of approximately $6.1 billion, ensuring that the State Insurance Fund will remain in a strong position to support Ohio’s injured workers for years to come.
Given that this is the third dividend this year, BWC will send state fund employers a 1099 federal tax form. They are urging employers to consult their tax advisors regarding potential tax implications.
For questions concerning the proposed BWC dividend, please contact Alex Boehnke at firstname.lastname@example.org or 614-221-7833.
Ohio Small Business Assistance Grant Program – Opens Monday, November 2
Applications for grants from the Ohio Small Business Assistance Program can be submitted beginning Monday, November 2nd. The initiative, which is funded by a portion of CARES Act dollars, will provide grants up to $10,000 to businesses who have been adversely impacted by the ongoing pandemic. Approximately $125 million will go to small businesses in need with 25 employees or less. Eligible expenses under the program include costs relating to the purchase of PPE and sanitizing products, payment of wages, retrofitting business/office space for social distancing, rent and mortgage payments, and utility bills.
For more information or to apply visit: https://businesshelp.ohio.gov/small-business-relief-grant.html. Applications are accepted on a first-come-first-serve basis.
If you have additional questions, please contact the Development Services Agency at SmallBizRelief@Development.Ohio.gov or call 833-249-6446.