Financial – Atlantic Storm Tue, 21 Sep 2021 03:12:55 +0000 en-US hourly 1 Financial – Atlantic Storm 32 32 criminalization of protests, guns and unemployment Wed, 07 Apr 2021 23:17:24 +0000

The Pitch has partnered with a local political advocacy organization called hard light. Their goal is to engage and empower individuals from under-represented populations to build community power. And impact decision-makers. Every week of the year that Kansas State House is in session, they publish a small video recap what the legislator does.

Knowing the details of what’s going on with your representatives is the only way to stay involved in how local government affects your life. You can donate to support Loud Light’s work by clicking here.

Here is the video transcript from this week:

Hey! I’m Davis Hammet with Loud Light. Here’s what happened in Week 8 of the Kansas Legislative Session.

Energy relief (SB88)
Small towns in Kansas face potential bankruptcy to deal with astronomical natural gas bills incurred during the February cold snap. A bill to create $ 100 million in low-interest energy loans to cities has passed with remarkable speed and bipartisanship, moving from a committee hearing Wednesday morning to enactment by the governor in the night. The bill gave newly appointed state treasurer Lynn Rogers (D) 2 weeks to implement the program, but the former farm banker implemented the relief program within 24 hours. The loans will allow cities to spread the cost of utility surges over several years.

Federal aid
Kansas Republican officials have condemned the US bailout which includes direct relief checks of $ 1,400 for most Kansans and about $ 1.6 billion in state funding. As Senator Moran (R), Senator Marshall (R) and all Republicans in Congress voted against, the Republican supermajority at Kansas Statehouse is counting on passing emergency aid in the hope that it will cover the cost of many of their proposals, including a half-billion-dollar tax cut that has already been passed by the Senate.

Criminalization of protest (SB172)
In response to protests by water protectors on the Standing Rock Indian Reservation, the oil industry lobbied for bills to criminalize environmental and human rights protests across the country. On Monday, the Senate passed such a bill introduced by US fuel and petrochemical manufacturers. This would make basic acts of vandalism like graffiti a serious crime if committed on property owned by petroleum or chemical manufacturers. In addition, it could treat organizations such as churches and indigenous nonprofits involved in environmental protests as organized criminal enterprises.

Emergency management (HB2416)
The House passed its own version of a bill aimed at restricting the ability of the governor and local government to respond to emergencies. The bill includes a process by which a small group of legislative leaders can block executive orders and even change them.

Concealed transport (HB2058)
A bill passed by the House would lower the age for carrying concealed firearms from 21 to 18. An amendment allowing college campuses to determine their own firearms policies was defeated, meaning the bill law would allow virtually all students at Kansas public colleges and universities to carry hidden weapons.

Unemployment (HB2196)
Governor Kelly (D) announced that the Department of Labor is training 500 new call representatives to double their unemployed customer service staff and has deployed extended hours of service. Meanwhile, House Republicans passed a major unemployment bill that would immediately reduce the length of time Kansas workers are eligible for unemployment. The Ministry of Labor is already upgrading its 40-year-old unemployment system, but the bill adds a variety of detailed requirements for the new system and establishes a 13-member committee to oversee the modernization project. . In addition, he is calling for $ 450 million to be transferred to the unemployment fund from the state aid portion of the US federal bailout that has yet to be adopted.

We are officially halfway through the legislative session and the legislature is taking recess on Monday and Tuesday next. Thank you for loving, sharing and donating. Stay tuned, stay engaged, and until next time, thank you very much Kansas!

Source link

]]> 0
The National League has yet to vote on the vote for the 2020-21 season Wed, 07 Apr 2021 23:17:22 +0000
The North Chester National League is among the member clubs supporting Option 2, a grant from the National League, which would accept the government loan, subject to certain assurances.

National League chiefs are due to speak to clubs this week on a vote that could cancel out the remainder of this season.

The government has told the league that £ 11million to cover expenses from January to March will be loans, not grants.

An overwhelming majority of the 66 clubs say they will not take loans.

The Department for Digital, Culture, Media and Sports is also due to announce that non-league clubs in stages three to six, below National League level, will have £ 10million in grants.

This will benefit around 850 clubs, none of which have played in two months.

After last season’s dropout, non-elite football in England was halted in November, and then fully suspended on January 4, after the third lockdown in an attempt to tackle the coronavirus pandemic – and a lost second season is expected.

The National League North and South are currently both on hiatus for two weeks, while the National League continues for the time being.

Long-term, low-interest loans will be made available to clubs in stages one and two of the National League, while grant support will also be considered on a case-by-case basis if their imminent future is threatened.

But the number of clubs willing to continue playing despite receiving virtually no income is likely to be so low that continuing the season will not be viable.

The digital, culture, media and sports ministry has previously said claims it reneged on grant funding pledges were “false.”

Officials and clubs have tried to put pressure on the government, but there is no indication that its position will change.

Unless he does, it looks like there will be little choice but to end all three leagues – the National League, the North National League and the South National League – including a well-placed source. claiming that the league is “in shambles”.

At the center of the problem is the divergence between the National League and DCMS versions of a key meeting around the whole issue of funding.

When they agreed to start the season in October, the National League clubs thought that a funding pledge, which started with £ 10million from the national lottery for the period up to the end of December, had to cover the entire season, not just the first third of it.

However, after speaking to many sources about the key conversations that have taken place between government officials and representatives of the National League and the Football Association, BBC Sport understands that neither the words ‘grants’ or ‘loans’ are have been used – and that different interpretations have been put on the term “future funding”.

The National League believed it would be a continuation of the National Lottery deal, with the clubs acting as a promotional vehicle or central grant.

He says the clubs wouldn’t even have started the league if they had known it would involve loans.

DCMS rejects this view and believes the £ 11million on offer fulfills its funding pledge.

It is understood that members of the National League board and FA officials were aware of the impending problem in early December, ahead of the third and final installment of the £ 10million paid to clubs – the format of which has itself is the subject of major controversy and independent scrutiny. by former FA President David Bernstein.

Some of the findings of the review were described as “impractical” by more than one National League official. But Bernstein was furious when the recommendations – especially regarding the money allocation – were ignored and called the review unnecessary.

It was anticipated that funding would be allocated based on the average crowd size. But the National League board decided to change this at an advanced stage, reducing the expected amount received by some clubs by thousands of pounds.

The government reacted with disappointment, although Camelot, the organizer of the national lottery, not being a public company, chose not to intervene.

A number of clubs that have lost significantly have threatened legal action against the National League, which was reportedly set to change the payout allowance in January, having decided not to do so in December on legal notice because Bernstein’s review was published so close to the next payment date.

MP Helen Grant addressed the situation in a statement to MPs Tuesday afternoon, saying the National League’s distribution model was “flawed”, adding that “the botched left many National League clubs in a predicament financial disastrous “.

Around the BBC iPlayer bannerAround the BBC iPlayer footer Source link

]]> 0
Kiss the Kissmobile goodbye: Hershey retires iconic chocolate-themed vehicle Wed, 07 Apr 2021 23:17:21 +0000

If you’ve seen a trio of Hershey’s Kisses on wheels, you’ve been lucky enough to spot the Hershey Kissmobile.

The 26-foot-long custom cruisers, designed to hold three 12-foot-tall Hershey’s Kisses candy, have crossed the roads of Pennsylvania and beyond since their inception in 1997. During this time, they have crossed the country, making promoting Hershey’s products and community goodwill in the same vein as the famous Oscar Meyer Wienermobile.

But the Hershey Company has confirmed that its small fleet of Kissmobiles will no longer be on the road in 2020.

The decision, said Jeff Beckman, spokesperson for Hershey Company, was made because of the aging conditions of the vehicles.

“Yes, we have decided to retire the Kissmobile at the end of this year,” Beckman said via email. “We made this decision for the safety of our employees and the public. It has become increasingly difficult to maintain Kissmobiles safely due to their aging condition and the increasing difficulty in finding suitable spare parts for these custom vehicles.

Fortunately, that won’t mean the public will lose their chance to ever see the Kissmobile again. One of the vehicles will take permanent residence at the AACA museum, just down the road from the main Hershey’s offices.

“For fans of the Kissmobile, they can continue to see it at the Antique Auto Museum where it will be on display as part of their permanent collection,” said Beckman.

For more information, visit the AACA museum website.

Source link

]]> 0
Iraq Passes New Law to Help ISIS Genocide Survivors Wed, 07 Apr 2021 23:17:19 +0000

On March 1, 2021, the Iraqi parliament adopted the Yazidi law [Female] Survivors Bill, a law designed to provide assistance to survivors of Daesh atrocities. In 2014, Daesh, a terrorist organization, unleashed genocidal atrocities against religious minorities: Yazidis, Christians and others.

One of its biggest attacks began on August 3, 2014. On that day, Daesh launched a violent attack against the Yazidis in Sinjar. Daesh fighters have killed hundreds if not thousands of men. As part of the same campaign, Daesh fighters abducted boys and turned them into child soldiers, women and girls for the purpose of sexual slavery. More than 3,000 women and girls are still missing and their fate is unknown. A few days after the attack on Sinjar, Daesh also attacked the plains of Nineveh and forced more than 120,000 people to flee for their lives in the middle of the night. Atrocities are qualified as genocide. Daesh provoked this genocide through murders, slavery, deportation and forcible transfer of populations, imprisonment, torture, kidnapping of women and children, exploitation, abuse, rape, sexual violence – relentlessly. ISIS has specifically targeted religious minorities, including Muslim minorities, for destruction in an attempt to annihilate religious pluralism and establish a purely Islamic region, in accordance with its perverse interpretation of what this would entail.

The recently adopted bill aims to provide assistance to

“1. Every Yazidis [female] survivor kidnapped by Daesh and subsequently released.

2.women and girls of the components (Turkmen, Christians, Shabak) who suffered the same crimes mentioned in article 1 [ namely, every woman or girl who has been subjected to crimes of sexual violence from her kidnapping, sexual slavery, selling her in slavery markets, separating her from her family, forcing her to change her religion, forced marriage, pregnancy and forced abortion or inflicting physical and psychological harm to her by [Daesh] since the date [August 3, 2014] and was subsequently released].

3. Surviving Yazidi children who were under the age of eighteen at the time of their abduction.

4. Yazidi, Turkmen, Christian and Shabak survivors of the massacres and mass elimination perpetrated by [Daesh] in their fields.

This law aims to provide survivors with compensation to guarantee them “a decent life”. The law further seeks to ensure that survivors receive rehabilitation and any other assistance necessary to help them integrate into society and prevent repetition of violations.

In addition to prescribing assistance to survivors of Daesh atrocities, the bill defines the atrocities perpetrated by Daesh against the Yazidis, Turkmens, Christians and Shabaks as genocide and crimes against humanity. In addition, it recognizes August 3 as a national day of remembrance for the victims and survivors of atrocities. Finally, the bill stresses the need to prosecute the perpetrators of atrocities who will not benefit from the amnesty.

Welcoming the bill, Nadia Mourad, Nobel Peace Prize Laureate and UNODC Goodwill Ambassador, said: “[the] Passing the Iraqi Yazidi Survivors Bill is an important first step in recognizing the gender-based trauma of sexual violence and the need for tangible redress. The implementation of the law should focus on the comprehensive support and sustainable reintegration of survivors. The bill is an important step towards assistance and justice for survivors of the Daesh atrocities – assistance and justice that have been neglected for too long.

Source link

]]> 0
Drowned in debt, women farmers take a firm stand – Groundviews Wed, 07 Apr 2021 23:17:16 +0000

Trapped between unscrupulous microfinance companies and deceptive governments, rural women farmers in Sri Lanka are drowning in debt. More than 200 have committed suicide, some with their young children; families have been destroyed and hard-earned assets lost as they struggle to meet the impossible demands of large corporations to increase their profit margins.

With the emergence of unregulated microfinance at the end of the 2000s, there are 2.8 million borrowers, including 2.4 million are women. Interest paid varies from 28% to 89%.

“In general, microcredit loans are based on the idea that providing access to credit will help women and, therefore, their families, to lift themselves out of poverty. Microcredit helps women set up a microenterprise, the income of which is supposed to meet the consumption, education and health needs of their family members, especially children. But these fundamentals are being eroded in the face of strong competition between lenders to reach the same pool of borrowers, ”according to an in-depth study on microfinance and its effects on women conducted by the Poverty Analysis Center in 2019.

“With only a few documents to submit and little cross-checking to verify the client’s borrowing history, women can access loans at extremely short notice – sometimes less than three days for women who are not a first-time borrower. times. Information about the forms they sign and the deductions made are not available in many cases. In addition, the forms are not always in their native language, which makes it difficult for them to understand the basic terms of the credit facility, ”the study said, adding that if the women knew the payment schedule, they would not. could not indicate the interest rate applied. by microfinance companies.

Such poor financial literacy along with many other factors has caused many women, especially women farmers, to be unable to repay their loans and fall into desperate financial hardship.

Pushed to the wall, a group of women farmers from Polonnaruwa has been organizing a continuous protest in Hingurakgoda since March 8. The protest site they chose is a memorial erected by President Ranasinghe Premadasa in 1986 after one of his village awareness programs featuring statues of kings. and queens including King Parakramabahu whose magnificent reservoir, the Parakrama Samudra, was built to bring prosperity to his people by providing water for agriculture. Today, his descendants are plunged into poverty and are struggling to survive.

Women have proven to be a fiery bunch, pushing back microfinance firms that try to cheat them and take advantage of their low level of financial literacy. They are hard working and principled and went out of their way to repay as much as they could. Some fell ill or were unable to weather droughts and floods while others were forced to pay exorbitant interest rates.

They identify the exact day of the rot – July 22, 2018 – when, at a meeting in Jaffna, then Prime Minister Ranil Wickremesinghe and his finance minister Mangala Samaraweera announced that all microfinance debts will be wiped out and called on borrowers to stop repaying their loans. Mr Samaraweera said interest rates would be capped at 30%. Many women have done just that, only to have huge amounts owed, as well as penalties, down the road. During the election campaign, President Gotabaya Rajapaksa made the same promise but to no avail. Nothing has been done to erase their debt burden; even the brief respite granted during the lockdown linked to the Covid-19 pandemic came back to haunt them with accumulated sums to be repaid immediately. Many are indebted to several microfinance companies after taking out a second loan to repay the first and a third loan to repay the second. They are inundated with demand letters and some companies have filed for the women to pay.

Debt collectors, often young men, come into houses at 6 a.m. and sit there all day. Sometimes it’s just the wife at home with the husband at work. The neighbors argue and the husband becomes suspicious, which creates tension in the house. Some women have pledged their jewelry, electrical appliances and other household items to meet repayments. One said the hairs on her arms stood on end when she heard a motorbike go by. Others tell their kids to lie and say they’re not home when they head for the back door or hide inside, reluctant to come out in case they run into. the formidable collector of debts.

Studies have shown that women go to great lengths to repay their loans; it is a matter of honor for them unlike men who often use the money for drinking and gambling and cannot fulfill their obligations. Women farmers used their loans on workers’ wages, fertilizers and other agricultural inputs; it costs around Rs. 50,000 to cultivate an acre of land. The women of Polonnaruwa did not buy consumer goods or waste the money on celebrations, as some financial firms suggest. Some have taken on other jobs such as sewing clothes or preparing food, but once again the pandemic has added to their woes.

There are four MPs for Polonnaruwa district but none of them cares about the fate of their constituents. They regularly walk the road in front of the site in their large vehicles but do not stop to offer a solution or assistance.

Fed up with their plight, the women are determined to continue the protest until their demands are met. These include writing off all debts, stopping debt collection until a debt audit is performed, and dropping legal proceedings.

“It’s like cancer that spreads across the country,” explains Priyanthika Kumari, the leader of the Collective of Women Victims of Microfinance. His family has mortgaged everything they have to pay off their loans. “There is no end to paying these loans. Government banks only give money to big business, not to us. They ask for documents that we do not have and we must have a regular job.

“This government made false promises during an election to get our votes by saying it would write off our debt. President Gotabaya’s election promise was just a promise. Lives of innocent women are lost when company people enter villages and ruin people with lies and false information. They say we buy electrical appliances and have parties with the money, but I only used it to cultivate my fields, ”she says.

Anusha Damayanthi claims that interest is calculated arbitrarily. She was told it would be 18%, but she paid 26%. With a penalty for non-payment during Covid-19 and interest on funds, including the penalty, the amount to be repaid has reached an unimaginable level. “I had to be in Colombo for a year to take care of my sick husband who was in the navy and suffered from a war wound. I have started sewing work but now there are no more orders. I have three daughters under the age of 18 and no way to pay for their education.

“We live in a rented house. We don’t have our own land. I have no way of repaying what I owe. I had to take out a second loan to pay off the first. The company took legal action against me and sent me a summons, ”she said.

Janaki Sriyakanthi is determined to continue satyagraha until the debt is cleared for everyone. “This government made false promises to us. We paid off our loans until the previous government told us to stop, even if we paid them off somehow. Now we are in trouble because the amount accumulated is so high. How can we pay? The companies are making big profits, so until we have a solution, we won’t stop, ”she said.

The women do not want one-off measures like private money, but are determined to get a definitive solution to the microfinance debt problem facing women across the country.

Below are excerpts from interviews with the victims:

Priyanthika Kumari of the Collective of Women Victims of Microfinance talks about the burden and consequences of microfinance debt on women, including the increase in suicide cases among women. Watch the full video below.

Janaki believes that protesting is the only way to bring attention to the plight they are facing. “It is not the victims but the authorities whoo will resort to violence, ”says K. Jayatissa, a community leader. Watch the full video below.

Source link

]]> 0
PPP extended for small businesses affected by the pandemic Wed, 07 Apr 2021 23:17:14 +0000

ALBANY, Ga. (WALB) – Small business owners have a second chance to apply for a federal loan.

The Paycheque Protection Program (PPP) was due to expire at the end of March, but it has been extended. The PPP is now scheduled to end on May 31. The extension will help give small business owners affected by COVID-19 more opportunities to apply for loans.

“This extension will be useful because more than five million loans have been granted, saving around 52 million jobs. And in the city of Albany, there were only 200 loans, made between $ 350,000 and $ 1 million, ”said William Wright, a business owner.

William Wright, President of Afram Tech Inc. leads workshops on PPP.(WALB)

Wright also said few businesses are owned by African Americans or minorities. Executives, including Wright, continue to hold “New Deal” information workshops to help boost those numbers.

Previous workshops indicated that some people were confused about how the program worked.

“It was just inundated with questions because they didn’t understand, for example, if you were a cosmetologist, esthetician, or barber, that you were also eligible for the program,” Wright explained.

Dougherty County Commissioner Victor Edwards sponsors the workshops. They have hosted eight so far and Wright said they are working on more.

“There is about $ 130 billion left in the program. We need to put as much money as possible in the hands of small businesses and Albanians, and for the region, ”Wright said.

PPP is an effort of the Small Business Administration. It was originally created under the CARES Act and was sued under U.S. bailout law last week.

There was also a delay in processing loan applications.

The extension gives the Small Business Administration until June 30 to complete the process.

Copyright 2021 WALB. All rights reserved.

Source link

]]> 0
Heritage FCU plans to complete bank acquisition on March 31 Wed, 07 Apr 2021 23:17:11 +0000
State of Indiana. (Source: Shutterstock)

After securing regulatory and shareholder approvals, the $ 781 million Heritage Federal Credit Union of Newburgh, Indiana announced Monday that it plans to complete the acquisition of State Bank Elberfeld for $ 86, $ 5 million on March 31.

Heritage said its assets will grow to around $ 877 million and its branch network will grow from 10 to 13 across the metro Evansville area.

Founded in 1905, the bank operates three branches in Elberfeld, Evansville and Hausbstadt, handling total deposits of $ 75.4 million at the end of 2020, according to the FDIC.

At the end of the fourth quarter of 2020, ESB posted net income of $ 757,000 and an ROA of 0.89%. The bank recorded $ 10.2 million in capital at the end of last year.

The FDIC lists the bank’s concentration of assets as an agricultural specialization, which includes financial institutions with agricultural production loans as well as real estate loans secured by agricultural land for more than 25% of total loans and leases.

The financial terms of this acquisition were not disclosed during the announcement last July. It was one of six proposed credit union bank purchase agreements announced in 2020, up from 14 in 2019.

So far this year, only one draft credit union bank acquisition agreement has been signed.

In January, the $ 6.7 billion Wings Financial Credit Union in Apple Valley, Minnesota agreed to acquire the $ 72.3 million from Brainerd Savings & Loan in Brainerd, Minnesota. Minnesota. The transaction, which requires approval from state and federal regulators, is expected to be finalized in May. 31.

Last year, Wings Financial has not completed its acquisition project to buy the $ 260 million Neighborhood National Bank in Mora, Minnesota. The credit union declined to comment on the reasons the bank’s purchase was not finalized.

Source link

]]> 0
‘Travel with Food’ with Community Inspired Meal Kits Made in Grass Lake Cafe Wed, 07 Apr 2021 23:17:09 +0000

GRASS LAKE, MI – A community culture-focused Grass Lake business has used the coronavirus pandemic to showcase locally grown foods in international-style meals.

Owner Britt Keene launched Roaming Goat Cafe in 2016 as a coffee and community space, which she said she yearned for when she moved to Grass Lake from Ypsilanti.

“I haven’t really found a sense of community for myself,” Keene said. “I kept walking past this shabby little building and one day I told my husband I thought we should open a cafe.”

The cafe at 115 S. Lake St. celebrated its fourth anniversary on the first weekend in October.

The cafe closed when the COVID-19 pandemic forced stay-at-home orders statewide, in part because foot traffic was down, but more to protect the health of employees, Keene said. Conversations between Keene and her “co-caffeinator” or store manager MaryJane Marshall quickly turned to the next steps to keep their business running.

It didn’t take long for them to come up with community-supported farm meal kits.

Described as “CSA meets Hello Fresh”, Roaming Goat brings together pre-measured ingredients with a recipe to prepare a unique meal on Friday or Saturday. The boxes range from $ 35 to $ 50, depending on the meal. The kits are meant to “gracefully” feed four people with leftovers, as Keene said a recent test meal fed seven adults.

The idea came to Keene, who previously ran a CSA in Ypsilanti, as a way to inspire travel when most people were confined to their homes. She identified 12 countries and found recipes in their kitchens.

“A lot of my life is traveling – hence roaming in Roaming Goat – so we decided to travel with food,” Keene said.

The Field to Kitchen Meal Kit is now an integral part of the Roaming Goat business model. Keene said they make about 20 boxes a week, but hope to expand the program to 50 a week.

Recent recipes include Polish cabbage rolls, harissa plate flour, and Korean barbecue rolls. Boxes can be pre-ordered online under “kitchen field kits”. This week’s meal is a pan-fried Creole fusion.

Like other Roaming Goat products, most of the products in the meal kits come from farms within 200 miles of the cafe. The company has always focused on 90 cents of every dollar pumped back into the local economy through the supply chain, Keene said. Therefore, buying meal kits was not much different from buying food for the cafe.

“It has been the backbone of our business since we opened, supporting local entities and small businesses, especially women-owned businesses,” she said. “It’s something that both of us are passionate about.”

Roaming Goat is open 7 a.m. to 1 p.m. Tuesday through Friday and 9 a.m. to noon on Saturdays. It is closed Sunday and Monday.


Jackson Area Football Power Rankings After Week 3

Bear sculpture to be a centerpiece at Michigan Center bar

Former Jackson Catholic School teacher charged with 6 counts of sexual assault

Source link

]]> 0
Keith Foulke of the Red Sox forgot his glove in Boston for Game 6 of the 2004 ALCS against the Yankees; borrowed from Curt Leskanic Wed, 07 Apr 2021 23:17:08 +0000

The Red Sox’s closest, Keith Foulke, reacted in the ninth inning against the Yankees in Game 6 of the 2004 ALCS. Boston won 4-2. (AP Photo / Charles Krupa)

Keith Foulke, then closer to the Boston Red Sox, forgot to bring his glove to Yankee Stadium for Games 6 and 7 of the 2004 ALCS. He left it in Boston and borrowed the glove from his teammate Curt Leskanic, he tweeted on Saturday.

NESN broadcast the 2004 series of the Red Sox World Series.

Foulke certainly wore a different glove if you compare a photo from Game 6 with the glove he wore in two other appearances in 2004, including Game 1 of the World Series. Below is also a photo of Leskanic wearing his own glove in ALCS Game 3.

Game 6 (Leskanic glove):

Keith Foulke

Keith Foulke reacts in the ninth inning against the Yankees in Game 6 of the 2004 ALCS. (AP Photo / Charles Krupa)

Game 1 2004 World Series (own glove)

Keith Foulke

Keith Foulke celebrates his save in the 2004 World Series opener. (AP Photo / Elise Amendola)


August 22 at the White Sox (his own glove)


Keith Foulke of the Red Sox celebrates after knocking out Carlos Lee of the White Sox on strikes to end the game on Sunday, August 22, 2004 in Chicago. Boston won 6-5. (AP Photo / Jeff Roberson)PA

(Leskanic wearing his glove)

Curt Leskanic

Red Sox relief pitcher Curt Leskanic reacts to Yankees Gary Sheffield’s three-run homerun in Game 3 of the 2004 ALCS. (AP Photo / Charles Krupa)PA

Source link

]]> 0
Biden Changes Paycheck Protection Program to Help Small Businesses Wed, 07 Apr 2021 23:17:05 +0000

Companies with less than 20 employees can apply within two weeks.

The paycheck protection program is getting a facelift with the Biden administration, the Treasury Department said on Monday, changes that could help many ailing independent restaurants nationwide.

At the heart of the update, it will exclude companies with more than 20 employees for a two-week period starting Wednesday.

In addition, self-employed, sole proprietors, and independent contractors will be eligible for more money, starting the first week of March. Business owners who have committed non-fraud crimes and certain non-citizen residents, such as visa holders, will now also be eligible.

The goal of the Biden administration, he said, is to funnel additional funds to small businesses. One of the harshest criticisms of the first PPP was how it seemed to favor large companies. In the restaurant business, brands like Shake Shack and Ruth’s Chris have been criticized on social media for receiving loans. The two brands, among others, eventually repaid loans.

Monday’s announcement did not say whether the program will be extended or not. It is scheduled to end on March 31.

President Biden criticized the first round of the PPP at a press conference on Monday. He said it was designed for businesses with banking connections. Biden added that “family businesses have been sidelined by larger companies that have jumped in front of the line.”

“These changes will provide much needed and long overdue help to small businesses that really need help staying open, maintaining their jobs and making ends meet,” Biden said.

The PPP offers loans at an interest rate of 1%, with guidelines for having them canceled if the funds are used to retain employees.

The SBA released a statement on Monday saying that under the Biden administration, the share of funding for companies with less than 10 employees increased by nearly 60% in this third round, which began a month ago. The share of funding going to small businesses in rural areas has increased by almost 30 percent, and the share of funding distributed by community development finance institutions and minority depositories has increased by more than 40 percent.

The first program ended in August. The funding was added in December, when the PPP reopened. The new loans were aimed at companies with fewer than 300 employees who had experienced a decline of at least 25% in their revenues in the first, second or third quarters of 2020.

Since that date, approximately $ 134 billion has been distributed to 1.8 million small business owners.

For restaurants, complaints about the first edition reflected general sentiment. The “Accommodation and food services” sector received only 8.1% of PPP dollars.

However, the group received over 134,166 loans in the last round, according to February data from the SBA. This time around, the hospitality sector was the biggest borrower across the board with 18% of the $ 101 billion, or around $ 18 billion.

Small businesses account for 44% of U.S. GDP, according to a Leaving the White House Monday. They create two-thirds of net new jobs and employ nearly half of American workers.

“The exclusive 14-day application period will allow lenders to focus on servicing these smaller businesses,” the statement said. “The Biden-Harris administration will also make a sustained effort to work with lenders and small business owners to ensure that small businesses make the most of this two week window.”

With other changes, the Biden administration has said it wants to help sole proprietors, independent contractors and self-employed people. These types of businesses include home repair contractors, beauticians, and small independent retailers.

“Of these businesses, those that do not have employees are 70% owned by women and people of color. Yet many are structurally excluded from PPP or have been approved for as little as $ 1 because of the way PPP loans are calculated, ”the administration said.

In turn, the formula for calculating loans has been revised to provide more relief and establishes a reserve of $ 1 billion for companies in this category without employees located in low and modest income areas.

Source link

]]> 0