I had exactly this situation, also in Ohio. Yes, there are laws requiring a company to pay its employees the promised salary. But if the company doesn't have the money, the law can't make the cash appear out of nowhere. If the owner is trying to pull millions of dollars out of the company while not paying the employees, you can bring lawsuits and get government regulatory agencies involved and force him to hand over the money. But if the company is going broke and the money isn't there, then it just isn't there.
If the company goes bankrupt, employees are near the front of the line. As I recall the government comes first -- unpaid taxes etc. I think creditors with secured assets are number 2 and employees are number 3. Something like that.
Realistically, you have to decide if you're willing to take the risk. The safe thing to do is to find another job with a more stable company. If you stick around and the company survives and prospers, there may be rewards.
In my case, I was willing to take the risk but my wife wasn't, so I got another job. I did some consulting work for them on the side after I left. The company did eventually declare bankruptcy and I got letters from the court for years about the progress of the bankruptcy proceedings, but I never got the money they owed me.
The moral of the story being: If a paycheck bounces once, that might just be a mistake or some special hard case. But if bouncing paychecks become a regular thing, you can't count on ever getting the money owed you. Decide how you want to deal with that.