New Jersey’s treasurer is predicting the state will face massive revenue losses over two fiscal years, including a crippling $7 billion loss next year, according to a new bond disclosure.

States across the nation are seeing their tax collections plunge following weeks of social distancing that forced business closures and put more than 33 million people out of work. In New Jersey, income tax withholdings were down 7% in April and sales tax collections were down nearly 14%.

This new disclosure provides a general overview of the possible impact of the pandemic on state finances. The treasurer has until May 22 to provide the Legislature with more detailed projections.

Read more at NJ.com.