Coronavirus Small Business Financial Relief Options - Ohio

This article was updated on March 23, 2020.  Updates to this article will be made as new information becomes available.

CORONAVIRUS SMALL BUSINESS FINANCIAL RELIEF OPTIONS - OHIO

Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus pandemic (“COVID-19”).   The following are some of the many resources available for impacted small businesses in Ohio due to the COVID-19 pandemic.  Schneider Downs can assist your organization with any of these programs. 

Ohio Bureau of Workers’ Compensation

The Ohio Bureau of Workers’ Compensation will defer business premiums for March, April and May 2020.  While payments are deferred until June 1, 2020, the state could reassess before then.

Coronavirus and Unemployment Insurance Benefits

FAQs from the Ohio Department of Job and Family Services can be found here:

http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm?fbclid=IwAR1TvrdQew5Ze6orqygYb2UoW5WysBOSeDT69vaRAJ9KGRvFDF8UG7lw2OY

Health Insurance Coverage Flexibility

The Superintendent of Insurance has issued the following requirement of Insurers:

• Employee Eligibility – Insurers must permit employers to continue covering employees under group policies even if the employee would become ineligible due to a decrease in hours worked per week.
• Grace Period for Premiums – All health insurers are required to provide the option of deferring payments without interest for up to 60 days from each original premium due date.
• Continuation Coverage – For employers with 20 or more employees, as long as one person is actively employed, eligible employees can continue coverage under COBRA.

For employers with less than 20 employees and at least one active employee, eligible employees may elect to continue coverage for up to 12 months.

• Special Enrollment – Employees who lose coverage are eligible for a special enrollment period and premium subsidies may be available.

Full details can be found here:

https://iop-odi-content.s3.amazonaws.com/static/Legal/Bulletins/Documents/2020-03.pdf

The Columbus Foundation

The Columbus Foundation has activated its Emergency Response Fund.  The fund assists nonprofits who are responding to COVID-19 and experiencing financial challenges as a result of that response.  Nonprofits can apply at the following website:

TechCred Program

The TechCred program is available to Ohio employers who upskill their employees while they are unable to perform their day-to-day duties.  Some key summary points of the program are:

• $2,000 in reimbursement for every technology-focused credential earned by an employee, up to $30,000 per employer per round; and
• the current application period is open until March 31.

Ohio Department of Jobs and Family Services – Shared Work Ohio Program

A voluntary layoff aversion program which allows workers to remain employed and employers to retrain staff during times of reduced business activity.  Under this plan, a participating employer:

• reduces affected employees’ hours in a uniform manner;
• the participating employee works the reduced hours each week; and
• ODJFS provides eligible individuals an unemployment insurance benefit proportionate to their reduced hours. 

In order to qualify, companies have to:

• have at least two affected, full-time employees;
• be current on all Ohio unemployment insurance; and
• agree to the program requirements.

More details can be found here: http://jfs.ohio.gov/ouio/SharedWorkOhio/

Ohio Department of Commerce – One-Time Liquor Buyback

Bars and restaurants can return unopened, high-proof liquor products (obtained within the past 30 days) to the agency where they purchased the product and this is also available to those with temporary (F2) permits for events scheduled between March 12 and April 6, 2020.  Instructions can be found here:

https://myemail.constantcontact.com/UPDATED-PROCESS--Wholesale-Return-Requests.html?soid=1102307935227&aid=Qgw_kAcrofU

Local Banks

Many local banks have programs available to consumers and small businesses. 

The Ohio Department of Transportation (ODOT)

ODOT is modifying the process for haulers carrying heavy loads of essential foods.  While oversized loads usually require advanced permission, haulers can download and print a permit at https://transportation.ohio.gov/wps/portal/gov/odot/.

DVI Funding (National Program)

The Coronavirus Financial Bridge Loan Program provides unsecured cash loans up to $100,000 to U.S. Citizens nationwide.  To review the program and start the pre-approval process, please visit the link below.

https://www.dvifunding.com/coronavirus

Honeycomb Crowdfunded Small Business Relief Loan (National Program)

To help deliver the working capital that businesses need, Honeycomb is offering 45-day payment free periods,  6-month interest-only periods and reducing posting, success, and investor fees.

For more information on the loan program, please visit the link below.

https://www.honeycombcredit.com/relief

AT&T and Verizon (National Program)

For the next 60 days, AT&T and Verizon will not terminate the service and will waive any late payment fees of any wireless, home phone or broadband residential or small business customers because of their inability to pay their bill due to COVID-19.

If you need assistance with any of these programs, please reach out to any of your contacts at Schneider Downs or contact Dan Phillips ([email protected]) or Joel Rosenthal ([email protected]) directly.

Please see the following article for a summary of federal and Pennsylvania specific programs: https://schneiderdowns.com/our-thoughts-on/coronavirus-small-business-financial-relief-options.

Please visit our Coronavirus resource page at schneiderdowns.com/our-thoughts-on/category/Coronavirus for related content.