inSITE Update March 2020

Webinar Overview of PPP
Paycheck Protection Program:
The National Development Council (NDC) is hosting a webinar on Friday, April 17th at 3:00 PM to provide an overview of the PPP Application Requirements.

Helping Entrepreneurs Complete Strong PPP Applications
If you’re looking to help your community’s entrepreneurs and nonprofits connect with Paycheck Protection Program (PPP) assistance, join us for a free webinar giving a line by line overview of the PPP application. By walking through the PPP application requirements live with a NDC GAF Loan Officer, you will gain a strong understanding of the requirements needed to put together a successful PPP application by the end of the session.

REGISTER NOW

NDC website
SBA PPP Website
PPP Interim Final Rule – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans – Effective April 14, 2020

Ohio Office of Small Business Relief:

The Ohio Development Services Agency created the Ohio Office of Small Business Relief which focuses on identifying and providing direct support to the state’s nearly 95,000 small businesses to help during the current public health crisis and to position them for a strong rebound. This Office provides resources for economic support that covers Small Business Considerations during COVID-19 Outbreak, Financial Support for businesses and nonprofits, layoff alternatives and banking updates.

Contact BusinessHelp@Development.Ohio.Gov

1-833-BIZ-OHIO (1-833-249-6446)
Employer Relief from COVID-19 2020 Employer Dividend:

Ohio Governor Mike DeWine has asked the Ohio Bureau of Workers’ Compensation (BWC) to send up to $1.6 billion to Ohio employers this spring to ease the economic impact of COVID-19 on Ohio’s economy and business community:
This dividend equals approximately 100% of the premiums employers paid in policy year 2018.
BWC will apply the dividend to an employer’s outstanding balances first, including the recent installment deferrals. Any amounts exceeding outstanding balances will be sent to the employer. For those employers, it means one less bill to worry about.
Even with the downturn in the market, BWC is able to provide this important dividend to employers while maintaining funds to take care of injured workers for years to come. As in previous years, the dividend is possible due to strong investment returns on employer premiums, a declining number of claims each year, and prudent fiscal management. It’s also due to employers who work hard to improve workplace safety and reduce injury claims.
Should the proposed dividend total be approved for $1.6 billion (the final number is to be determined by the board):
Approximately $1.4 billion will go to private employers.
Approximately $200 million will go to local government taxing districts (counties, cities, schools, etc.).
Checks will start going out later this month.

This is BWC’s sixth dividend of $1 billion or more since 2013.
This proposal follows other recent actions by BWC to ease the strain on employers at this time. In the last two weeks, BWC:
Told employers they could defer their monthly premium installment payments for March, April, and May until June 1.
Waived or postponed some requirements and deadlines for several programs that reduce their premiums as a reward for participating. BWC will discount their premiums automatically, as if the employers successfully completed the programs.

The proposed dividend continues BWC’s trend of lowering workers’ comp costs for Ohio’s private and public employers. BWC has repeatedly lowered premium rates in recent years, including a 10% cut for public employers that took effect in January and a 13% cut for private employers that begins July 1.
For answers to your COVID-19 questions, call 1-833-4-ASK-ODH (1-833-427-5634).