Ohio Governor Mike DeWine today urged BWC to send $5 billion in dividends to Ohio employers to ease the continued financial hardship inflicted by the COVID-19 pandemic.
If approved by BWC’s Board of Directors on Nov. 2, it would mark the agency’s third dividend of more than $1 billion this year, bringing the total to nearly $8 billion this year. (Follows $1.54 billion in April, $1.34 billion in October.)
Checks could be mailed by the end of the year. All told, private employers will see approximately $4.3 billion. Public employers – counties, cities, schools, etc. – will see approximately $687 million in dividends. This includes around $219 million for schools.
- On average, a restaurant in Ohio could see a check for $13,000. (That’s $21,000 for the year when you add in our other dividends this year.)
- In our agricultural community, the average farm could see a check for $9,500, bringing its total to more than $14,000 this year.
- The city of Columbus, as a public employer, stands to collect the single largest check at nearly $64 million from this dividend, bringing its total for 2020 to $100 million.
- Collectively, Franklin County’s private and public employers will see an infusion of $558 million. That’s a half billion dollars from this dividend alone. Other top counties include:
- Cuyahoga: $528 million
- Hamilton: $379 million
- Summit: $241 million
- Montgomery: $194 million
- Lucas: $191 million
Employers: To estimate your dividend, multiply your October dividend by 3.72.
This dividend would leave BWC with a net position of approximately $6.1 billion. The State Insurance Fund would remain in strong position to support Ohio’s injured workers for years to come.
Note: Given this is BWC’s third dividend this year, we urge employers to consult their tax advisors on any potential tax implications. We will send employers a 1099 federal tax form.