Cuomo: New York is Losing $10-15 Billion in Revenue From COVID-19
Gov. Andrew Cuomo believes the COVID-19 pandemic is costing the state government $10 to $15 billion.
On Thursday, Cuomo said New York is dealing with a "double whammy" of loss of tax revenue from closed businesses and unemployed people on top of the money spent to battle the outbreak of coronavirus in the Empire State. He estimates the loss of revenue for New York State is around $10-15 billion due to the coronavirus.
"That is a ton of money for the state of New York’s budget," Cuomo said Thursday during a press conference.
Cuomo says because of the uncertain economic times the state budget, which is due in April, will have to be adjusted throughout the year to address actual revenue.
Cuomo estimates the $2 trillion coronavirus stimulus package will give New York $5 billion but doesn't think it does enough for New York.
“I was shocked they didn't address the revenue shortfall. This was the time to put politics aside and put partisanship aside," Cuomo said. "I'm disappointed. The congressional action simply failed to address the governmental need. Do your job."
Cuomo announced 385 people have died from coronavirus, an increase of 100 from the last update and those numbers are expected to rise significantly in the near future.
"We mourn the 385 New Yorkers we have lost to coronavirus-related illnesses," Cuomo said. "Tragically, we expect the number to rise as many patients have been on ventilators for weeks. Help us save lives by staying home."
There are now over 37,000 confirmed cases in New York. Over 5,000 are currently hospitalized and 1,290 are in ICU.
Cuomo again stated the coronavirus will impact New York for some time.
"This is not a sprint—it's a marathon," Cuomo tweeted during his press conference. "I know NYers are tired. I’m tired too. But when I feel tired, I think of the healthcare professionals working 7-day weeks. I think of the first responders showing up every day. I think of the pharmacists, transit workers and so many others.