Federal funding for small business loans may be increased, and the state offers new grants
The third federal aid bill included $349 billion for paycheck protection loans for small businesses. The Wall Street Journal reports, Heavy requests for the previously approved $350 billion in loans are pushing Republican and Democratic lawmakers to consider augmenting the Paycheck Protection Program less than a week after it started accepting loan applications. President Trump […]
7th of April 2020
State distributes another $45 million for COVID-19 response
Last month the state distributed $74.5 million from the disaster response account (DRA) and $13.3 million from the general fund–federal (GFF) in response to COVID-19. The Office of Financial Management (OFM) reports that it has distributed more funds: $30 million from the DRA for the Department of Health, $10 million from the DRA for the […]
6th of April 2020
Gov. Inslee’s vetoes increase unrestricted ending fund balance by about $242 million in 2019–21
Friday afternoon, Gov. Inslee vetoed sections of the operating budget and numerous bills that affected state revenues. (Here is his operating budget veto message and here is a table of the vetoes. Here is our policy brief on the budget as passed by the Legislature.) Accounting for his vetoes, appropriations from funds subject to the […]
3rd of April 2020
Recognizing the negative budget outlook, Gov. Inslee vetoes portions of four policy bills
Yesterday Gov. Inslee signed several bills. He also vetoed sections of four policy bills in recognition of the changing outlook for the operating budget. The vetoes and the rationale behind them: Three pilot projects for law enforcement officer behavioral health in SSB 6570: “With the rapidly changing environment related to the state’s response to COVID-19 […]
2nd of April 2020
Gov. Inslee expected to veto some of the spending increases passed by the Legislature last month
The Legislature passed a 2020 supplemental budget last month that increases appropriations from funds subject to the outlook plus the workforce education investment account (NGFO+WEIA) by $975.8 million over original 2019–21 appropriations. Of that, $839.5 million is new policy (the rest represents the cost of continuing current services). This is on top of substantial spending […]
1st of April 2020
Given the economic downturn, Gov. Inslee vetoed some provisions in the transportation budget
Gov. Inslee signed the supplemental transportation budget yesterday, but he vetoed several sections. As passed by the Legislature, the budget appropriated $10.373 billion. (That’s an increase of $538.0 million over original 2019–21 appropriations.) Transportation budget writers were working under constraints imposed by the passage of I-976 last year. The Seattle Times reported, The $10.4 billion […]
31st of March 2020
Mortgage relief and eviction prohibitions in federal aid bill and in Washington state
The federal coronavirus aid bill includes provisions that provide mortgage relief and suspend evictions and foreclosures. First, borrowers with federally-backed mortgages on residential properties with one- to four-family occupancy who are “experiencing a financial hardship due, directly or indirectly, to the COVID-19 emergency may request forbearance.” The forbearance period would last for 180 days and […]
26th of March 2020
With construction deemed largely non-essential, there will be a hit to state revenues
When Gov. Inslee ordered Washington residents to stay home beginning March 25, he exempted essential businesses. The Puget Sound Business Journal (PSBJ) reported that the list of essential businesses left the construction industry unsure as to whether it is included or not. Yesterday, Gov. Inslee clarified: “In general, commercial and residential construction is not authorized.” […]
19th of March 2020
State distributes $87.8 million for COVID-19 response
The Office of Financial Management (OFM) announced that it has distributed $74.5 million from the disaster response account (DRA) and $13.3 million from the general fund–federal (GFF) for use in response to COVID-19. The funds are part of the $225.0 million appropriated in EHB 2965. EHB 2965 appropriates $25.0 million from the budget stabilization account […]
A big increase in unemployment claims, and how Washington is using unemployment insurance to respond to outbreak
Today the U.S. Department of Labor (DOL) reported that national unemployment insurance (UI) claims for the week ending March 14 increased by 70,000, to 281,000 (seasonally adjusted): “During the week ending March 14, the increase in initial claims are clearly attributable to impacts from the COVID-19 virus.” Non-seasonally adjusted data by state is available: For […]