Third BWC Dividend Payment Announced for Ohio Employers

For the third time this year, the Board of Directors of the Ohio Bureau of Workers’ Compensation (BWC) has approved relief in the form of a dividend for Ohio employers. The payments are intended to support businesses experiencing financial pressures related to the COVID-19 pandemic. This round of dividends will total approximately $5 billion, bringing the total COVID-19 relief payments issued by the BWC to nearly $8 billion.

The year’s first dividend payment, announced in April, provided $1.6 billion to the state’s eligible employers. A September dividend delivered an additional $1.5 billion in payments.

Eligible private employers are expected to have the payments first applied to unpaid balances with the Ohio BWC. The agency said it will likely distribute checks for the remaining balances by mid-December.

To read the news release announcing this dividend, visit: https://info.bwc.ohio.gov/wps/portal/gov/bwc/news-and-events/news/bwc-board-approves-5-billion-dividend. To review frequently asked questions regarding this latest dividend, visit: https://info.bwc.ohio.gov/wps/portal/gov/bwc/for-employers/all-employer-resources/5BillionDividend-QandA.

To discuss this dividend or other COVID-19 relief options, please contact your HBK Advisor or call 330-758-8613.

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About the Author(s)
Amy Reynallt is a Manager with the HBK Manufacturing Solutions Group in the Youngstown, Ohio office of HBK CPAs & Consultants. She is experienced in navigating the strategic and financial matters associated with manufacturing and works closely with manufacturers to help them plan, execute, and meet their short- and long-term financial goals. Amy can be reached at 330-758-8613 or by email at areynallt@hbkcpa.com.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.

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