Budget

Unofficial budget outlook estimates unrestricted ending balance will be negative $3.403 billion in 2019–21

The Economic and Revenue Forecast Council (ERFC) has posted an unofficial budget outlook that reflects the June revenue forecast. The outlook was prepared by the Office of Program Research and has not been officially adopted by the ERFC. (Budget outlooks are officially adopted in January and within 30 days of enactment of an operating budget.) […]

The June caseload forecast and implications for the next budget

Yesterday the Caseload Forecast Council presented the June caseload forecast. The forecast includes caseloads for education; corrections; public assistance; children’s services; medical assistance; and aging, long term, and early support. Not surprisingly, the forecasts for many of the areas have changed significantly since February. Among the caseloads whose forecasts for 2020 and 2021 have increased […]

Ways & Means work session highlights more potential uses of federal aid funds

On Tuesday, the Senate Ways & Means Committee heard from David Schumacher of the Office of Financial Management (OFM) about the federal aid funding for Washington. One of the main sources of this funding is the coronavirus relief fund adopted as part of the CARES Act. As I’ve written, OFM has already distributed $388.3 million […]

Congress approves changes to paycheck protection program

Last night the U.S. Senate approved H.R. 7010. The bill was passed by the House last week. If signed by the president, it will make the paycheck protection program more flexible. For the loans to be forgiven, businesses will have 24 weeks to spend loan funds (instead of eight); 60 percent (instead of 75 percent) […]

92,627 paycheck protection loans have been approved for Washington businesses, and a bill is moving through Congress to increase flexibility for the program

According to the Small Business Administration, 92,627 loans have been made to Washington businesses under both rounds of the paycheck protection program. (The numbers are through May 30.) Altogether, $12.014 billion has been approved for Washington businesses (this figure was revised down since the May 8 report). Currently, the loans are forgivable if businesses do […]

88,570 paycheck protection loans have been approved for Washington businesses, and could more local news organizations become eligible?

Updated data from the Small Business Administration (SBA) shows that Washington businesses received $12.354 billion in loans through May 8 under the paycheck protection program. From May 1 to May 8, the number of loans to Washington businesses increased by 7,861 and their amounts increased by $352.7 million. As of May 8, the program has […]

$1 trillion for state and local governments?

Gov. Inslee, House Speaker Laurie Jinkins, and Senate Majority Leader Andy Billig have signed onto a letter asking Congress to provide “$1 trillion in direct and flexible relief to states and local governments.” The letter continues, “Though even this amount will not replace the decline in revenue that we forecast, it will make a meaningful […]

80,709 paycheck protection program loans have been approved for Washington businesses

The federal CARES Act included $349 billion for forgivable paycheck protection loans for businesses with fewer than 500 employees. That funding ran out on April 16, after 1.7 million loans had been made nationwide. A subsequent federal aid bill added $310 billion to the program. The Small Business Administration has released data on the approved […]

New federal aid bill would increase funding for small business loans, and Trump administration will add flexibility to funding for governments

Yesterday the U.S. Senate passed the Paycheck Protection Program and Health Care Enhancement Act. The U.S. House is expected to pass it tomorrow. The third coronavirus aid bill (CARES Act) included $349 billion for the paycheck protection program, which provided forgivable loans for small businesses. This funding ran out on April 16. The new bill […]

Governors say states should get $500 billion more to address shortfalls

On Saturday, the National Governors Association (NGA) asked Congress to increase federal aid funds for state governments and make them more flexible. The third coronavirus aid bill (CARES Act) that was passed in March included $150 billion to be shared by state, local, and tribal governments. The funds must be used for needs related to […]