Starting this week, Ohio is accepting applications to distribute $155 million in grant funding to small and medium-sized businesses in Ohio.
The JobsOhio Inclusion Grant has been getting off the ground the past month and may provide up to $50,000 in grant money for eligible projects.
The Ohio TechCred Program is open again and employers once again DO NOT have to identify specific employees (current and/or prospective employees) on the application this round. The employees will need to be identified when filing for reimbursement. This makes the program much more flexible for employers that know what credentials/trainings will be needed but are not sure which employees will be receiving those credentials/trainings!
The Ohio TechCred Program is open again and employers DO NOT have to identify specific employees (current and/or prospective employees) on the application this round. The employees will need to be identified when filing for reimbursement. This makes the program much more flexible for employers that know what credentials/trainings will be needed but are not sure which employees will be receiving those credentials/trainings!
The Ohio Development Services Agency has created two new grant programs to help small businesses recover from the impact of the COVID-19 pandemic. These programs are targeted to help small businesses that have disproportionately been affected by closures, or have pivoted to help end shortages of protective medical gear. The two grants are funded by federal CARES Act stimulus funds.
JobsOhio, Peoples Bank and First Federal/Home Savings Bank announced a partnership to support existing small business clients with maintaining operations and payroll during the COVID-19 pandemic. JobsOhio has committed up to $50 million to assist Peoples Bank and recently merged First Federal Bank and Home Savings Bank. The program provides additional financing on favorable terms for local Ohio business customers in good standing that would otherwise not be able to access this credit on such terms due to the COVID-19 crisis.
Last night, the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bill builds upon earlier versions of the CARES Act and includes an employee retention credit for employers that close or partially close due to the coronavirus pandemic. Eligible employers are allowed a credit against employment taxes equal to 50% of qualified wages (up to $10,000 in wages) for each employee.
California, New York, Texas, and Washington D.C. have recently adopted economic nexus thresholds for sales and use tax collection purposes. California and D.C. adopted South Dakota’s thresholds, which were the subject of the U.S. Supreme Court’s decision in South Dakota v Wayfair, decided on June 21, 2018. Texas promulgated a rule requiring remote sellers to collect sales tax, unless the remote seller meets Texas’s safe harbor exemption. And, most recently, New York indicated that it would begin enforcing a rule that has been on its books since 1989.
The Ohio Senate unanimously passed Senate Bill 8 on April 3, 2019. If enacted, the bill will create a 10% tax credit against the Ohio income tax for Opportunity Fund investments. The maximum amount of credits allowed by Ohio for a two-year period is $50 Million, with a per applicant cap of $1 million. This credit should also available to investors that do not have capital gains to invest. Investors would apply for credits between January 1 and February 1 each year, and the credits are non-refundable but can be carried forward for five years.