New York could need emergency loan to keep government functioning

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.

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