Last updated on 4/28/2020
Much-needed emphasis was placed within the CARES Act and subsequent legislation on retaining jobs in the private sector and providing assistance for the costs related to the pandemic. However, one critical component of the economy was not addressed in that legislation – the potential loss of employment in the public sector due to decreased sales, income, and property tax and other lost revenue.
Senators Bill Cassidy (R-LA) and Bob Menendez (D-NJ) announced that they are introducing the bipartisan State and Municipal Aid for Recovery and Transition (SMART) Fund, which would create a $500 billion fund to help states and local governments respond to the current public health and economic crisis while maintaining essential services. The funds would be delivered in three equal parts based on population size, number of COVID-19 cases, and state revenue losses relative to pre-coronavirus projections.
As this legislation is developed and finalized, P&N’s dedicated professionals are committed to understanding and applying this information to help our clients. Please contact us or connect with your P&N advisor to discuss your agency’s questions, concerns, and priorities.