The upshot of the debt ceiling deal recently approved by Congress is that all nondefense discretionary spending will remain at its current level of $638 billion in FY 2024, which begins October 1. Additionally, some funds were marked for recission, including $150 million from the State Small Business Credit Initiative (SSBCI). All jurisdictions that have been approved or have applied for SSBCI funding will not see a decrease in their funds, according to an email from Treasury regarding SSBCI.

Early-stage research from the Federal Reserve Bank of St. Louis examines the correlations between an area’s level of financial distress and its vulnerability to both the health and economic impacts of the COVID-19 pandemic. The Fed’s initial findings indicate that areas with low levels of financial distress were infected with the coronavirus and reached the point of exponential growth in new infections before areas experiencing greater levels of financial distress, while the rate of new infections is higher in more distressed areas.