Ohio Governor Mike DeWine has unveiled his Executive Budget for Fiscal Years 2022 to 2023, which proposes spending $1 billion through the Investing in Ohio Initiative in new programs aimed at sparking the state’s pandemic recovery. The one-time expenditure calls for investing $460 million toward relief for businesses impacted by the pandemic, $450 million for infrastructure projects and improving broadband internet access, and $50 million for a marketing campaign encouraging people to move to Ohio and businesses to invest in the state.
According to DeWine, the additional funds were made possible due to pre-emptive budget cuts, restructured debt and a hiring freeze in the early days of the pandemic. The initiative is also made possible, in part, by $1 billion in federal CARES Act funds, as well as temporary increases in Medicare matching funds received by the state in 2020. The budget does not include any tax increases and DeWine said the state will not dip into the rainy day fund.
KJK will be covering specific programs in greater detail in the coming days and weeks; however, a brief summary of new supporting programs is as follows:
Small Business Support
Gov. DeWine proposes to invest $460 million in small businesses that have been impacted by the pandemic. Specifically, the Investing in Ohio Initiative proposes to:
- Invest $200 million in grants for bars and restaurants;
- Invest $150 million in grants for Small Business Relief Grant applicants, who previously applied and are qualified;
- Invest $50 million in grants for lodging industry businesses;
- Invest $40 million in grants for indoor entertainment venues;
- And invest $20 million in grants for new businesses, many of whom were unqualified to receive previous funding.
Workforce Development in Ohio Budget
The Investing in Ohio Initiative also includes $70 million to train and upskill Ohio’s workforce. Specifically, $55M will be allocated to Ohio’s existing TechCred Program with a goal of providing 40,000 new credentials to Ohio workers by 2023. The Initiative will also invest an additional $15 million in Ohio’s distressed rural and urban communities.
Infrastructure and Marketing
The Initiative proposes allocating $200 million of the Ohio budget toward infrastructure critical to attracting new jobs and winning investment opportunities. Installing broadband to allow all Ohioans access to the digital economy is also a priority as the Initiative proposes investing $250 million in the same. Finally, Ohio plans to increase its marketing efforts to out–of–state companies and residents through a $50 million investment, promoting Ohio as a destination of choice to live, work and play.
For more information about the Ohio Budget for Fiscal Years 2022 to 2023, or any other subjects covered in this article, contact Stephanie Mercado at smmercado@kjk.com or 216.736.7272.
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