Ohio Coronavirus Relief Programs

By Rickie Houston CEPF®

Ohio is one of many states that has formed its own relief programs to protect coronavirus-impacted individuals and businesses. As the state’s total cases surpasses 7,153, Governor Mike Dewine has taken several steps to prevent additional financial loss among individuals and employers. But the federal government’s benefits extensions and loan programs also serve as another viable source of coronavirus crisis government help. And if you’re seeking additional assistance in navigating the current economic crisis, a financial advisor may be right for you. Below, we show you which forms of aid you may qualify for if you’re an individual or business that has suffered from coronavirus-related loss.

If you’re unemployed due to a coronavirus layoff or quarantine, you may eligible for additional unemployment benefits. Governor Dewine issued an executive order that removed the one-week waiting period for claimants, and he also suspended the requirement that claimants must actively search for work during the benefits period.

Individuals can utilize these benefits in addition to the extra 13 weeks of unemployment compensation (UC) provided by federal the coronavirus stimulus package.

BroadbandOhio is a state office that works to increase public access to high-speed internet. The office partners with providers to identify public hotspot locations that Ohioans can take advantage of. See a full list of Ohio WiFi hotspot locations here.

As a response to the ongoing COVID-19 pandemic, Ohio created the Office of Small Business Relief to aid employers impacted by the crisis. The office provides many resources for economic support, including information on the following programs below.

Ohio’s Bureau of Worker’s Compensation (BWC) has allowed for the deferral of worker’s compensation insurance payments. Specifically, BWC is allowing employers to defer insurance premium installment payments, due for March, April and May, until June 1, 2020.

After Governor Dewine declared a state of emergency in Ohio, he issued an executive order that also expanded health insurance benefits for employers. Ohio’s Superintendent of Insurance mandates that all health insurers must offer Ohioan employers the option to defer premium payments for up to 60 calendar days from each original premium due date. Learn more about eligibility here.

Ohio bars and restaurants also have the option return unopened, high-proof liquor that they purchased within the last 30 days, according to the Ohio Department of Commerce’s Division of Liquor Control. The provision also applies to temporary F2 permit holders who purchased alcohol for any event scheduled between March 12, 2020 and April 6, 2020.

Ohio small businesses can take advantage of rent and mortgage relief. Governor Dewine’s executive order asks lenders and landlords to suspend rent and mortgage payments for at least 90 days. The order also requests that landlords place a moratorium on evictions for at least 90 days.

See how Ohio stands up by checking out Coronavirus Relief Programs by State

The federal Coronavirus Aid, Relief and Economic Security (CARES) Act comes with several major provisions that benefit coronavirus-impacted individuals. These include enhanced coronavirus unemployment benefits, paid coronavirus sick leave, coronavirus relief for rent and mortgage payments and various other forms of aid. The coronavirus unemployment benefits provide an additional 13 weeks of compensation, pushing the total benefit period to 39 weeks in most states. In addition, eligible applicants get an extra $600 in unemployment payments.

The federal government’s coronavirus crisis response also established a tax deadline extension and a coronavirus stimulus check program. The stimulus checks provide relief on a much larger scale to all Americans within certain income levels, even if they haven’t been diagnosed with the virus or laid off due to COVID-19. For instance, individuals receive a maximum of $1,200, while married couples can earn up to $2,400 (plus $500 per dependent). And heads of household similarly receive up to $1,200. But each filing category comes with different adjusted gross income (AGI) phaseouts. Specifically, individuals won’t receive anything if they make $99,000 or above. The cut-off limit for married couples is $198,000, and it’s $136,500 for heads of household. Our coronavirus stimulus check calculator can help you determine how much you may receive.

The CARES Act also offers an array of economic relief programs for small businesses. This includes the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The program allows eligible businesses with fewer than 500 employees to borrow 2.5 times its average monthly payroll costs or up to $10 million, excluding salaries of $100,000 or more. Employers can apply through a local PPP lender.

Some other loan options for businesses to consider include Economic Injury Disaster Loans (EIDLs), the SBA Debt Relief Program, the express loan program, SBA 7(a) loans, express loans, microloans and other forms of coronavirus relief for businesses.

Ohio isn’t at the center of the coronavirus crisis in the U.S., but the state’s confirmed cases continue to rise on a regular basis. The state has implemented several programs to aid both individuals and small businesses, including unemployment benefits and rent and mortgage. But it’s also wise to consider federal relief programs. As the pandemic continues to transform both local, state and national economies, individuals and business owners should stay up to date so that they can take the necessary precautions to protect their finances.

• Hiring a financial advisor is one way to shield your finances from significant loss during economically turbulent times. But don’t worry if you don’t currently have one. Our free financial advisor matching tool connects you with up to three advisors in your area. You’ll simply need to complete a short questionnaire about your financial situation, and you’ll match with results instantly.
• Federal and state governments aren’t the only ones supporting those impacted by COVID-19. Countless companies are helping coronavirus-impacted people, and banks are also helping customers affected by coronavirus. Google, for instance, pledged $800 million to coronavirus relief.
• Even in times of economic crisis, it’s wise to think about your expenses and how much you’ll have left to save for retirement. Our retirement calculator can help.

Photo credit: ©iStock.com/Ahmed Zaggoudi, ©iStock.com/Warchi, ©iStock.com/Julia_Sudnitskaya

The post Ohio Coronavirus Relief Programs appeared first on SmartAsset Blog.

Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklymedia.com