The South Bay won’t see significant economic recovery unless small business owners and residents hardest hit by the coronavirus shutdown receive more emergency aid and large employers increase wages, according to a new report. The report, by Silicon Valley Recovery Roundtable — a consortium of leaders from tech, labor, education, government and small businesses —...
San Jose merchants in fight of their lives with COVID-19’s second wave
Less than two months ago, consumer experts predicted shoppers, diners and patrons of bars and nightclubs would return to their favorite brick-and-mortar shops by the end of this summer in numbers that matched 2019. Zenreach — a San Francisco tech firm that sells marketing software to traditional retail outlets, hospitality and entertainment venues that allows...
Jobs, social services take hit in Santa Clara County budget
The ax is falling on jobs and social services in Santa Clara County’s next fiscal budget. Struggling to manage a massive deficit, supervisors debated for nearly six hours Aug. 21 before approving the budget 4-1, with Board President Cindy Chavez casting the sole dissenting vote. The budget gap largely stems from decreased revenues from both...
Silicon Valley unemployment sees slight decline in July
People are starting to go back to work in Santa Clara County but unemployment is still alarmingly high. After unemployment reached a historic peak of 11.6% in April, it declined to 9.3% in July, according to a study released Aug. 21 by Joint Venture Silicon Valley, a group that provides analysis on the Silicon Valley...
South Bay families cling to hope of more aid as demand doubles at food banks
Tracy Tran and her husband fear they may soon have to file for bankruptcy. Tran works as a manicurist at La Orquidea Nail Salon and Spa in Los Gatos. Her husband runs the business, and Tran is one of 23 employees. The couple filed for unemployment benefits shortly after the salon shut down in March....
How a new plan could revitalize downtown San Jose storefronts
The San Jose Downtown Association unveiled a plan Friday morning at its first public meeting since February to hasten the neighborhood’s economic recovery from the devastating effects of COVID-19 — with a focus on filling empty storefronts and keeping existing commercial tenants in business. Through a grant from the Knight Foundation, SJDA hired Progressive Urban...
Santa Clara County COVID-19 tax plan fails
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...