The Ohio Bureau of Worker’s Compensation (BWC) began distributing $5 billion in dividends to employers Thursday that Governor Mike DeWine requested in late October. As we originally reported here, this is the third major dividend request the Governor has requested this year, designed to help businesses stem their losses created by COVID-19 and stay open.
The dividend will be applied as a credit to employers’ BWC accounts, and any additional amounts will be mailed via paper checks. All checks should be in the mail within the week but may be delayed due to holiday delays at the USPS. In all, 178,415 employers are eligible to receive dividends, with $4.3 billion going to private companies and $687 million going to local government taxing districts, with Franklin and Cuyahoga counties receiving the largest dividends.
To estimate the dividend, businesses should multiply their October dividend by 3.72. For other FAQs, check the BWC page here or consult with your attorneys. There may also be tax implications for the dividends, to be sure to talk with your attorney or accountant to properly account for the refund.