The approximately $2M program presented is a combination of case management for up to 2,500 workers and financial assistance for up to 1,000 workers in hardship conditions. The attached spreadsheet breaks down the cost. Approximately 15% of the total program will address administrative costs of these services while the remainder will go to direct assistance.
Nevertheless, due to COVID-19, we are experiencing dramatic impacts to our Resort Tax, Parking, and General Fund revenues. Cumulative revenue losses in these three funds total approximately $2.9 million per week. We expect these losses to continue over the upcoming weeks and months until the COVID-19 emergency is behind us. Like many cities across the country, we will be requesting an infusion of funding from the State and Federal Governments to help offset these dramatic revenue losses that are critical to providing continued services during this time. At this point, of course, there is no assurance if and when such funding will materialize.
Similarly the State and Federal Governments are working on legislation that will assist the workers that are being hit hard by this economic shutdown to slow the spread of the virus. Some of the provisions of the Federal legislation currently on the floor of the Senate include the following:
· Direct payment to qualified Americans of up to $1,200
o Married couples could get $2,400
o Taxpayers who earn more than $75,000 annually will begin to see that payment reduced by $5 for every $100 they earn over the $75,000 threshold, with those who make more than $99,000 getting nothing
o Families with children would get $500 per child
· Delays filing deadline for tax returns
o Extends the April 15 filing date to July 15
· Retirements funds
o Waives penalties for early withdrawal from qualified retirement accounts for coronavirus-related purpose of up to $100,000
· Education loans
o Enables the Secretary of Education to defer student loan payments
o Allows students who were forced to drop out of school due to coronavirus to keep their Pell grants
o Gives colleges and universities flexibility to continue work-study payments to students who cannot work due to coronavirus closures