For many, the pandemic and government imposed shut down is no laughing matter.
Many small businesses are struggling. Some people have already shuttered their businesses. Those applying for small business loans are finding the task challenging, and many small business people are slow in getting those applications submitted. Meanwhile, large businesses are snagging up to ten million dollars, even if they don’t need it.
Cities are saying the loss in tax revenue could be devastating. Earlier this week, Paso Robles city manager Tom Frutchy talked about the revenue loss the city is facing this fiscal year which ends June 30th. Ryan Cornell is the city accountant and budget analyst. His office is projecting the city will lose nine million dollars next fiscal year. Mike Manchack is president and CEO of the economic vitality commission in San Luis Obispo county. He says the cities’ tax issues are not surprising.
The only way to improve the revenue situation for cities is to get people back to work, but the state of California leadership and most local governments are dragging their feet on reopening.
