Business Bulletin – June 1, 2020
In order to keep you informed on the evolving impact of COVID-19 on our local community, the Plano Chamber will be publishing updates on Mondays and Thursdays as the Business Bulletin. We will share the top news items that you need to read to stay up-to-date on important health, community, and business issues as they develop.
June 1, 2020
FEDERAL
- The Congressional Budget Office released a report indicating that the COVID-19 pandemic is expected to reduce the size of economic output by $8 trillion over the next decade, or 3% of cumulative GDP.
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STATE
- State Comptroller Glenn Hegar announced that Texas collected about $2.6 billion in state sales tax revenue in May, a 13.2% drop from the same month last year.
- Lieutenant Governor Dan Patrick released his Texans Back to Work Task Force recommendations for Texas to fully reopen. Separated by industry, the report seeks to provide specific recommendations for businesses and government entities to safely and effectively reopen to 100% capacity.
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REGIONAL/LOCAL
- The City of Plano has accepted $28 million in federal CARES Act funding to aid struggling residents and compensate the city for costs incurred in responding to the pandemic.
- The Plano Mayor’s Summer Internship Program is moving forward this summer with remote and onsite placements.