New York State might need an emergency loan.
Due to the pause on federal income tax filings, which are not due until mid-summer now – the state won’t receive $12 billion it was expecting.
State government is cash-strapped right now.
The New York Post reports that Assembly Speaker Carl Heastie sent out a memo to lawmakers, which outlined the billions needed to keep government afloat during the pandemic.
“Added to this uncertainty are downward revisions in sales tax, user fees and other non-tax receipts linked to depressed economic activity. The financial markets are in distress,” Heastie’s memo said.