Santa Clara County’s effort to tax residents to pay for COVID-19 relief measures failed after a short debate Tuesday. County leaders proposed two options for asking voters in November to approve a 5/8-cent sales tax to help close the county’s estimated $300 to $600 million budget deficit. The county has spent $165.4 million so far...
San Jose pension plans face perilous future in COVID-19 economy
The coronavirus pandemic has already wreaked havoc on the city’s financial health, with officials tightening their belts last month to make up for a $71 million shortfall in its $4.1 billion budget this year. But questions remain about how the budget crisis will affect the city’s pension system, which has an unfunded liability of $3.4...
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...
Vulnerable Californians place coronavirus fears ahead of the economy: survey
As the region begins to reopen, the threat of the coronavirus remains firmly among the top three worries for many of the most vulnerable people in the Bay Area, according to a recent survey. The survey, commissioned by nonprofit health foundation, The California Endowment, polled 813 Californians who are people of color, Spanish speakers or...
Retail returns in Silicon Valley, but challenges and changes loom
Long before the coronavirus spread, retail was changing as big box stores’ popularity sank and experiences became the new must-have. But the pandemic flipped the industry on its head in a new way. Those changes are being felt across businesses in Silicon Valley, a region with several shining examples of retail hotspots that serve as...