Finance

Treasury Nominee Voices Support for State and Local Relief Funding

Janet Yellen also said during a confirmation hearing that a cap on the federal deduction for state and local tax payments should be studied more before any changes are made to the policy.

  • By Andrea Noble

Biden Calls for $350 Billion in State and Local Aid as Part of Massive Stimulus

The president-elect released details on Thursday for a $1.9 trillion coronavirus relief package.

  • By Bill Lucia

Cutting-edge Financial Technology is a Must for Local Governments Recovering from the Pandemic

COMMENTARY | States and municipalities who have had to adopt remote services amid the coronavirus pandemic should scale up their digital infrastructure to maintain their ability to collect and reconcile payments. Doing so will help them to prevent disruptions to revenue flows and services.

  • By Mark Engels

Schumer Says $2,000 Checks Will Be Top Priority for Democratic-Controlled Senate

Payments of this size have lacked support among Republicans.

  • By Bill Lucia

States Expect Delay of Federal Unemployment Payments

The late passage of the coronavirus relief package and new requirements for verifying benefits are complicating the rollout of payments by state unemployment agencies.

  • By Andrea Noble

Some Pandemic Protections for Consumers Could Become Permanent

Previous economic disasters, such as the Great Recession, led to new laws.

  • By Caitlin Dewey, Stateline

Heading Into 2021, State and Local Budget Gloom Lingers

Revenues are better than initially expected in some states. But they’re still down in many places as the cost of the pandemic response adds up.

  • By Bill Lucia

Trump Signs $900 Billion Covid Relief Package

The law funds special unemployment programs and $600 stimulus payments, as well as providing aid to people who need help with rent, struggling transit, schools and businesses.

  • By Laura Maggi

End Nears for Fed’s Municipal Lending Program

The initiative only attracted two borrowers, but experts say it helped to stabilize the municipal bond market following Covid-driven turmoil earlier this year.

  • By Bill Lucia

Trump Blasts Covid Relief Package, Demands Revisions Risking a Shutdown

The president asked Congress to dramatically increase the size of stimulus checks.

  • By Amelia Gruber

State, Local Governments Could Get an Extra Year to Spend Covid Funds

President Trump on Tuesday disparaged the coronavirus relief package approved by Congress this week. The deal does not appropriate more direct funding for local governments and states, but if it does go forward, it would extend the deadline for them to spend previous funds.

  • By Andrea Noble

Small Banks Helped Businesses Win More PPP Loans

Generally, large banks were slow to start processing PPP loans, opening the way for smaller and regional banks that acted faster in some states.

  • By Tim Henderson, Stateline
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Stop Worrying About Budget Deficits

COMMENTARY | Red ink isn’t a problem as long as the country is spending on the right things.

  • By Annie Lowrey, The Atlantic

Seeking To Boost Savings and Safety, One State Eliminates Paper Tax Forms

Missouri will stop printing paper taxes forms and encourage residents to file electronically, which a spokeswoman said most taxpayers already do.

  • By Kate Elizabeth Queram

McConnell: State and Local Aid Should Be Left Out of Near-Term Virus Relief Deal

The Senate majority leader recommended passing a package with programs that Democrats and Republicans can agree on, while the Trump administration offered its own proposal.

  • By Bill Lucia

‘We Simply Cannot Afford to Wait’: Several States Consider Stimulus Bills

In the absence of a second federal coronavirus relief package, some state leaders are pushing plans to provide stimulus money to individuals and businesses.

  • By Emma Coleman

County Leaders Urge Bipartisan Deal on Federal Covid Relief

“We continue to see too much politicization of a public health care crisis,” said Mark Poloncarz, the Democrat county executive of Erie County, New York, describing the logjam that has prevented additional funding for state and local governments.

  • By Andrea Noble

Manufacturing Rallies as Tourism, Energy Lag

Consumers spent money on cars and recreational equipment.

  • By Tim Henderson, Stateline

San Francisco Voters Approve ‘Overpaid Executive Tax’

The surcharge will apply to businesses where top executives earn more than 100 times the median pay level for a company’s employees in the city.

  • By Bill Lucia

Rejecting the ‘Fair Tax’ Ballot Measure, Illinois Voters Decide to Keep a Flat Income Tax

Illinois voters rejected a ballot measure that would have allowed the state to implement a graduated income tax. Campaigns for and against the initiative together raised more than $120 million.

  • By Emma Coleman

Judge Rules Cities’ Muni Bond Rate-Fixing Lawsuit Against Big Banks Can Proceed

STATE AND LOCAL ROUNDUP | One Republican governor says he voted for Joe Biden … Federal judge strikes down “public charge” rule … Oil clean up on Maryland and Delaware beaches.

  • By Bill Lucia and Laura Maggi