Economy

Economy

San Jose nonprofits receive millions in PPP loans, saving jobs and preventing cuts

Dozens of nonprofits in Silicon Valley received millions of dollars from the $660 billion federal Paycheck Protection Program, a data analysis by San José Spotlight found. As the COVID-19 pandemic continues, nonprofits leaders said these dollars have been vital for their survival, especially as the demand to maintain – or increase – services continues. According to data...

Santa Clara County proposes ‘regressive’ sales tax hike for COVID-19 costs

Despite admitting that sales tax hikes are “regressive,” Santa Clara County lawmakers want taxpayers to help foot the bill for COVID-19 costs that have drained the county coffers. On Tuesday, the Santa Clara County Board of Supervisors approved a referral from Board President Cindy Chavez to explore placing a general five-eighths of one cent retail...

California, Santa Clara County unemployment rates improve, but uncertainty looms

California’s June unemployment rate improved from previous months amid the COVID-19 pandemic, but it remains to be seen how recent statewide closures due to spiking cases and hospitalizations affect jobs across the state. In June, the state’s unemployment rate improved to 14.9%, with the state adding a record 558,200 jobs, according to figures released Friday...

Hours after reopening, Santa Clara County businesses will have to close again

Just hours after reopening Monday under Santa Clara County’s new health order, hair and nail salons, gyms, tattoo parlors and other personal care services have to close yet again. During his noon briefing, Gov. Gavin Newsom announced immediate closures for indoor operations of restaurants, wineries, tasting rooms, movie theaters, card rooms, family entertainment centers, zoos and...

Property assessments reach $551.5 billion, peak of Santa Clara County economic growth

The valuation of properties on Santa Clara County’s assessment roll topped $551.5 billion – likely a peak of Silicon Valley’s decade of economic growth. The net valuation of all real and business property, which determines property tax rates, increased by $35.5 billion – a 6.87 percent increase from 2019’s $516 billion valuation, with the help...

Poll: Californians trust public health officials, fear economic impact

A new poll shows that Californians support public health officials’ efforts to prevent the spread of COVID-19, but believe that the virus disproportionately affects people of color and that the worst is still ahead. Released on Thursday and sponsored by The California Endowment, a nonprofit health organization, the poll surveyed 1,240 California voters to gauge...

Downtown task force pushes San Jose to help businesses survive post-coronavirus

Downtown San Jose community leaders this week gave city officials a to-do list to help the groups limping back to an economic equilibrium following the coronavirus shutdown. The nine recommendations, compiled by a 40-person coalition of downtown business, arts and community organizations, ask officials to create a new marketing program, extend free parking in the...