Economic-Impact-of-Covid-19-on-Illinois-Counties-ResBrief9_May-4-2020
The economic impact of Covid-19 is being felt by Illinoisans in a variety of ways, from layoffs and furloughs to price hikes in essentials such as grocery products. 2 It has also changed the fiscal outlooks of state and local governments, low revenues and increased spending will be the norm for this year and probably next fiscal year. People are staying home; it means low sales tax revenue, and 2019 income tax filings have been delayed until July 15, 2020, another ‘topline’ 3 revenue loss for the state budget. About one-half of the state revenue comes from income tax, but with unemployment insurance claims increasing at the rate of 2.64% per day since April 4, 2020, 4 this source of income is sure to be much lower than the expected $19.74B.