Lt. Governor Jon Husted provided the following small business updates on March 26:
Bureau of Workers’ Compensation Payment Deferral
Ohio’s Bureau of Workers’ Compensation (BWC) system is deferring insurance premium installment payments for March, April, and May until Monday, June 1, 2020. For more information, visit the BWC website.
Health Insurance Premium Grace Period
All health insurers are required to provide the option of deferring premium payments, interest free, for up to 60 calendar days from each original premium due date. This means that employers can defer their premium payments for up to two months, giving them some relief on costs, while keeping their employees insured.
SharedWork Ohio
SharedWork Ohio allows business owners to cut employee pay between 10% and 50% and provides a portion of the benefit the employee would receive through unemployment to that employee. This program is designed to allow employers to reduce payroll costs during times of business decline, without having to lay off employees. For more information, visit the Ohio Department of Job and Family Services website.
Small Business Administration (SBA) Economic Injury Disaster Loan
Ohio small businesses and nonprofits are now eligible to apply for up to a $2 million, low-interest loan through the SBA. Apply online, which is recommended, or call 800.659.2955 to have an application mailed to you.
Unemployment Compensation
Individuals who are quarantined during the emergency period are considered to be unemployed. This also applies to companies that determine they need to temporarily shut down. Apply for benefits anytime day or night, or call 877.644.6562 from 8 a.m. – 5 p.m. weekdays.