The Board of Directors of the Ohio Bureau of Workers' Compensation (BWC) has approved $1.5 billion in dividends to be paid to eligible Ohio employers. The action comes in response to Ohio Governor Mike DeWine's proposal to provide support to Ohio businesses that continue to experience economic setbacks from the COVID-19 pandemic.
Eligible private employers are expected to receive an amount equal to their 2019 Workers' Compensation premiums. The dividend will first be applied to unpaid balances, with the Ohio BWC sending checks to eligible employers for the remaining balances beginning in late October.
The September 25 announcement follows a series of support measures the Ohio BWC has implemented for the state's public and private employers this year. The agency allowed deferrals for payments owed between April 1 and August 1, and issued a $1.6 billion dividend in April to Ohio employers.
For more information regarding the upcoming dividend payment, visit https://info.bwc.ohio.gov/wps/portal/gov/bwc/news-and-events/news/bwc-board-approves-1.5-billion. In addition, frequently asked questions regarding employer eligibility and the dividend payment are available at https://www.bwc.ohio.gov/downloads/blankpdf/DividendFAQ.pdf.
To discuss this dividend or other COVID-19 relief options, please contact your HBK Advisor or call 330-758-8613.