CARES Act

The naming of the first Native American U.S. treasurer follows complaints about how pandemic relief funds were distributed among tribes.

Pandemic-related aid helped raise the proportion of state revenues coming from the federal government to record highs in fiscal year 2020, Pew Research found.

The state expects to cut interest costs through the early repayment on the loan taken out through the Federal Reserve's emergency lending program to help pay down healthcare bills.

New York, New Jersey and Connecticut finally come to terms on splitting up emergency funding.

"You now have a proven toolbox based on the data from the MSRB municipal trades,” says Brad Wendt of Charles River Associates.

Hempstead, N.Y., Supervisor Donald X. Clavin Jr., talks about the town’s receipt of $133 million of CARES Act federal funding and the subsequent credit rating upgrade by Moody’s during the COVID-19 pandemic. He speaks about how the town’s conservative budgeting helps bolster its financial position during tough economic times. Andrew Coen hosts (24 minutes).

Chicago Public Schools will get more than it budgeted for from the federal emergency relief bill; the Illinois Regional Transportation Authority got a bit less.

Gov. Gina Raimondo signed the $12.8 billion FY21 budget bill, which includes seven ballot questions on $400 million worth of projects.

The Chicago-area transit agency says it needs more federal aid to manage pandemic-induced funding shortfalls.

Democratic members of the Congressional Oversight Commission say the Federal Reserve has treated municipalities unfairly compared to private entities.

State lawmakers closed a $1.2 billion budget hole during a 15-hour special session, but they may need to return in the absence of federal coronavirus aid.

Metropolitan Transportation Authority Chairman Patrick Foye called mass transit "the circulatory system of the nation."

The three-month extension for the central bank's lending programs is one of several recent steps by policymakers to stabilize the economy as the coronavirus pandemic stretches through the summer.

The Senate minority leader told advocates to lean on 21 key Republicans. "Everyone has friends and family in other states," he said.

Municipalities have been counting on another round of stimulus from the federal government.

The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive.

Illinois said Tuesday it signed an agreement for the Municipal Liquidity Facility to purchase its one-year certificates. Closing is expected Friday.

Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.

Cities and counties of fewer than 500,000 are seeing a fraction of the reimbursements for coronavirus spending that their larger counterparts received.

With tax revenues plummeting, one additional solution policymakers could consider would throw state and local governments a revenue lifeline: uncapping and funding the Community Disaster Loan program.