Plus, drafting a fourth stimulus bill before the $2 trillion package is sorted out, considering recession scenarios, state positioning as economy shudders, and credit ratings could be more vulnerable than budgets.
State legislators are now revising their previous prediction, saying the state budget could be short up to $2 billion. New Mexico has been hit extra hard as oil and gas prices have dropped, which the state relies on for revenue.
Tennessee has created a statewide program that will give cities and counties $200 million to offset the economic damage by the coronavirus. But the relief fund isn’t available until the new fiscal year begins on July 1.
The $2.2 trillion coronavirus relief package is unlike anything we’ve ever seen. So what does it mean for cities and residents? “The challenge is unprecedented, so the stimulus must also be unprecedented.”
The Public Service Commission has awarded grants to 44 companies, municipal and tribal governments to help expand Internet access to rural parts of the state. The grants hope to help more than 46,000 homes.