An analysis of COVID-19’s impact on state tax revenues, a bump in consumer prices, an anticipated $10 billion windfall for Connecticut, and an SBA official’s overview of the agency’s small business support programs are among the top business news items this morning.
National
The Urban Institute think tank says state tax revenues have held relatively flat despite fears that they would be severely impacted by the COVID-19 pandemic. The analysis found that while revenue shortfalls are still anticipated, factors such as federal intervention and stable white collar employment helped reduce losses.
Consumer prices rose 0.4 percent in February, the strongest gain in six months. The increase was led by a 6.4 percent jump in gas prices, while overall price inflation was up 1.7 percent compared to last year.
Connecticut
Connecticut’s House delegation says approximately $10 billion in federal funding will be allocated to the state if the American Rescue Plan passes as expected. Approximately $4 billion of this total would go toward stimulus payments, with the remainder disbursed as rental and mortgage assistance, child care tax credits, and a host of other relief measures.
Catherine Marx, the district director of the U.S. Small Business Administration’s Connecticut District Office, recently sat down for an interview with the Hartford Business Journal. Marx discussed several of the SBA’s programs that are available to assist small businesses.
