Ohio BWC Defers Premiums Until Sept. 1, 2020
June 4, 2020
Private employers in Ohio are required to pay premiums to the Ohio Bureau of Worker’s Compensation (“BWC”) in periodic installments, depending on the payment scheduled chosen by the employer. These payments can be made once a year, twice a year, quarterly, or monthly. The BWC recently announced that businesses may defer premium installment payments for June, July, and August of 2020 until September 1, 2020. To be eligible for the deferral, your business must be unable to make the payment for that month. There is no additional paperwork needed. If your business chooses not to pay the installments for these months, there will be no penalty or lapse of coverage. However, if your business is financially able to make the payment, it is best practice to do so since the unpaid premiums will be due in their entirety on September 1, 2020.
This recent announcement continues the BWC’s efforts to help businesses during the current climate of crisis. Previously, the BMC deferred the installments for March, April, and May of 2020 until June 1, 2020. Additionally, to help businesses during the current climate of crisis, the BMC gave $1.6 billion in dividends to businesses, which meant that businesses received refunds or dividends were applied to the unpaid balance from March, April, and May. Additionally, the BWC began sending out in the last two weeks, the more than 2 million (non-medical grade) face masks to Ohio employers, in fulfillment of Governor DeWine’s promise issued in his May 19th press conference.
For additional questions related to that matter, please see the BWC’S FAQ document here.
The Broehl Law Office is committed to the success of our clients and their small businesses. If you need legal assistance with a business related manner, we can be reached at (330) 264-9897, or at contact@BroehlLawOffice.com.