Commerce – E JEMED http://e-jemed.org/ Fri, 01 Oct 2021 05:45:54 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://e-jemed.org/wp-content/uploads/2021/05/default1-150x150.png Commerce – E JEMED http://e-jemed.org/ 32 32 Small business owners missed out on thousands of dollars in loans when PPP funding ran out early https://e-jemed.org/several-ways-that-you-can-use-to-save-more-cash/ https://e-jemed.org/several-ways-that-you-can-use-to-save-more-cash/#respond Tue, 18 May 2021 09:22:40 +0000 https://e-jemed.org/?p=640 When the Paycheck Protection Program ran out of funding the first week of May – weeks ahead of its May 31 deadline – it was a huge surprise to the staff of El Museo del Barrio in New York. We at https://bridgepayday.com/ announced that loans are a great way to save money while you still have an […]]]>

When the Paycheck Protection Program ran out of funding the first week of May – weeks ahead of its May 31 deadline – it was a huge surprise to the staff of El Museo del Barrio in New York. We at https://bridgepayday.com/ announced that loans are a great way to save money while you still have an abundance of time.

The Latino cultural institution in upper Manhattan was counting on a second-draw loan from the program to recover from the serious impact of the pandemic, which closed the museum for months and meant it had to cancel two major fundraising galas.

“It brings about a lot of questions for how we will end our fiscal year,” said Ana Chireno, the museum’s director of government and community affairs. “We will have to go back to the drawing board at some point.”

El Museo del Barrio first applied for a second PPP loan in March after crunching the numbers and deciding that it was a good fit for that program, instead of the Shuttered Venue Operators Grant (at first, businesses couldn’t apply for both.)

More from Invest in You:
You can still tap free money for college — here’s how
How I learned about investing in stocks – and you can, too
College students get career experience as social media brand ambassadors

That loan was rejected twice, the museum said, likely due to a glitch because it was applying as a nonprofit, even though it applied at Cross River, the same bank it had used for its first-round loan last year.

In April, museum officials reapplied at other financial institutions, thinking they had more than enough time to be approved and funded before May 31.

Even though the museum is now open again at limited capacity, the funding would have been a big help. Last year, the institution received a PPP loan for about $480,000 — 2.5 times monthly payroll for the 50-some employees — which helped it stay afloat.

“The PPP loan changed everything,” said Patrick Charpenel, executive director of El Museo del Barrio. “It gave us a lot of stability — we were able to keep all of our staff and found a way to be an active institution through our online activity.”

The end of PPP

Millions of other borrowers are in the same position after the $292 billion allocated to the second round of PPP ran out weeks ahead of the May 31 deadline.

At Womply, a fintech that matches borrowers with lenders, there were 2.5 million applications in its system, said Toby Scammell, the company’s founder and CEO. Of those, 1.6 million are in the hands of lenders that can’t send them to the Small Business Administration, which oversees the program.

Customers Bank had tens of thousands of applicants in its pipeline, while nonbank lender Fountainhead had more than 90,000 that were halted when PPP money ran out.  

“It was a huge shock,” said Scammell. “I don’t think anybody in the industry expected this change last week.”

The Paycheck Protection Program has been a lifeline for many businesses slammed by the coronavirus pandemic. Established last year by the CARES Act, it gave forgivable funding to businesses that spent loans mostly on payroll. In January, the program reopened for a new round and allowed some businesses to get second-draw loans.

The program has also been marked by frustration, especially in the second round, when increased fraud screenings led to more error codes and longer processing times. In addition, the numerous changes left borrowers and lenders scrambling to keep up.

In February, the Biden administration further expanded the program’s eligibility and changed the loan calculation formula for sole proprietors. Then in March, Congress voted to extend the program to May 31 from March 31 to help with ongoing demand.

“The program never really settled in,” said Rohit Arora, chief executive of Biz2Credit, an online loan broker.

Small businesses still hurting

Other borrowers experienced issues applying for the second round, which meant they missed out on funding.

This year, the program was an “unmitigated disaster,” according to Anthony Bonelli, president and owner of Bonelli & Associates, a bookkeeping and accounting company in New York.

Bonelli & Associates was able to secure a first-round PPP loan for about $25,000 and helped many clients with the process, as well, he said. But the second round wasn’t as simple. His application — and those of many clients — were still pending when the SBA ran out of funds.

“They were just seemingly changing the rules every day,” said Bonelli, adding that changing rules and additional hoops to jump through made the process long and complicated. He started his application in early March.

“I’m trying to give everyone, you know, a reason, not blow a gasket over the whole process,” he said, referring to why it was so difficult this time.

Lenders also said that a lack of guidance from the SBA made things more complicated.

“We could’ve stopped applications, and we could’ve educated our customers more,” said Arora, adding that Biz2credit had slowed but not halted new applications ahead of the program deadline.

More transparent information would have helped some borrowers who delayed applications to file their tax returns first, or took some time to upload all paperwork, he said.

Other options available

To be sure, there is still some hope for businesses that missed out on the general pool — the SBA set aside about $8 billion for applications from community financial institutions. Through the end of May, or until the set aside money runs out, the program will only accept new applications from these organizations.

That means businesses could cancel their pending loans and reapply at such an institution in the hopes of being able to get a piece of the funding.

There are other SBA programs that businesses can apply to. If they’re eligible, businesses could apply for the new Restaurant Revitalization Fund or the Shuttered Venue Operators Grant Program. And, the SBA is still offering economic injury disaster loans.

But some businesses don’t qualify for the new, more focused programs, and may already have EIDL loans.

Carey Yazeed, who runs Shero Productions LLC., a change management agency based outside New Orleans, applied for a second-draw PPP loan mid-March.

When PPP funding ran out in May, she was still trying to fix an error code on her application. Kabbage, the servicer she’d applied through, had put her Social Security number on the paperwork instead of her Employer Identification Number, she said.

She missed out on about $12,000 in funding, she estimates. She doesn’t qualify for the new grant programs.

“I tried not to cry,” she said. “This wasn’t an error on my part.”

SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.

CHECK OUT: How to make money with creative side hustles, from people who earn thousands on sites like Etsy and Twitch via Grow with Acorns+CNBC.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

]]>
https://e-jemed.org/several-ways-that-you-can-use-to-save-more-cash/feed/ 0
USC and UCLA Get Low Grades for Their COVID Responses | https://e-jemed.org/usc-and-ucla-get-low-grades-for-their-covid-responses/ https://e-jemed.org/usc-and-ucla-get-low-grades-for-their-covid-responses/#respond Mon, 17 May 2021 10:28:04 +0000 https://e-jemed.org/?p=391 The University of Southern California employs more than 26,000 people and is Los Angeles’ largest private employer, while its historical crosstown rival, the University of California, Los Angeles, employs more than 42,000 people and ranks among the county’s largest employers. One year ago the two universities closed their campuses as their respective hospitals geared up […]]]>

The University of Southern California employs more than 26,000 people and is Los Angeles’ largest private employer, while its historical crosstown rival, the University of California, Los Angeles, employs more than 42,000 people and ranks among the county’s largest employers. One year ago the two universities closed their campuses as their respective hospitals geared up for war with the novel coronavirus. Within weeks, learning went from classrooms to online, as administrators expanded pass/fail grading and students and teachers scrambled for Wi-Fi. How did two of Los Angeles’ largest employers handle the COVID-19 crisis? Capital & Main grades the graders.


 

Lockdown 101: Partying Through the Apocalypse

USC: D

UCLA: F

USC students who catch or are exposed to the coronavirus quarantine at the USC Hotel on South Figueroa Street, where they receive a $70 daily allowance, Wi-Fi for class and hot room service. Since it began recording data last June, USC says 1,783 of its students and 318 university employees have contracted COVID-19.

In late August, cases spiked as students returned to campus. Some possibly felt pressured to do so because they were locked into off-campus leases they signed in late spring or early summer, when the university promised a fall semester of in-person learning. When the fall semester arrived, photos began circulating of USC students partying without masks in off-campus housing. During the week of Aug. 23, 187 students tested positive, 21% higher than its second-highest week in mid-January, and approximately 297% over its 47-case weekly average.

 

Click on infographic’s grades for details.

University Park’s 28th Street neighborhood is USC’s Frat Row, although this year one of L.A.’s rowdiest streets has been relatively quiet, student Talia Mullin says in the doorway of her apartment building. Across the street, members of fraternity Alpha Epsilon Pi throw a baseball on their lawn.

“If any frat had [a party] they’d be under investigation and kicked off,” insists one of the fraternity brothers, who requested anonymity. “Greek life is dying, anyway. You don’t have to do it to yourself.”

But students say Greek life rumbles on with parties held off campus to avoid scrutiny. Infections persist among 28th Street residents. “I work for the health office, and they have a chart of positive cases being recorded,” says student Ruben Romeo. “The circles indicating higher caseloads are more concentrated around the Row.”

Senior Joanne Lee goes further: “There’s a lot of parties. My friends would call [DPS, USC’s Department of Public Safety] and be like, ‘Hey there’s a party across the way, can you shut it down?’ DPS would just drive by and not do anything about it.”

*    *    *

UCLA began recording its first positive cases in March 2020; 2,414 students, faculty and staff have tested positive in the last year. Unlike USC, the school avoided a late-summer spike. In June, the university announced that 15%-20% of its classes would be held in person, a more conservative goal than USC’s reopening—which the Los Angeles Times called “robust”—and less of an incentive for students to secure off-campus housing for the fall. In August, it announced only 8% of classes would follow the in-person or in-person and online “hybrid” model.

Herd impunity? UCLA students line up for party bus in February, 2021.

However, UCLA’s own Fraternity Row has been partying since the summer, according to concerned students. Recent graduate Grayson Peters says the parties are an “open secret” at the university. When asked to grade UCLA on their regulation of superspreader parties, student government representative Sachi Cooper gives the university “a deep F.”

One sorority member told Capital & Main that so many fraternity brothers got COVID-19 this year, they now party under the guise of herd immunity. The source requested anonymity for fear of retribution from her sorority and from the Panhellenic Association, of which she is a member.

She also provided Capital & Main screenshots of social media posts, Groupme messages and a litany of Venmo payments from Greek life members after a controversial incident in early February, when sorority sisters hired a party bus for a friend’s (unmasked) 21st birthday. “At least 50” attended, she says. The payments openly referenced the bus; one combined a bus emoji with streamers and popping champagne.

Students were first photographed boarding the bus and then photographed again at the party. All images and text messages shared to Capital & Main were also shared with UCLA’s Office of Fraternity and Sorority Life and an additional complaint was made to the dean of students, but to little effect, the source says. Complaints to the Panhellenic Association get referred back to the sororities themselves, which didn’t punish their members in this case, and only a few fraternities were fined after a wave of parties in the fall.

“You just tell the university and you never hear back,” she says.

The dean of students never responded to Capital & Main’s request for comment. A spokesperson for UCLA says students found in violation of the university’s COVID-19 policies may be excluded from student housing or “referred to the formal disciplinary process for potential sanctions.”

Private Medicine and Its Discontents: “We weren’t allowed to wear masks”

USC: D-

UCLA: C

UCLA and USC are home to two of Los Angeles County’s largest hospitals. As of 2018, USC’s 401-bed Keck Hospital near Los Angeles’ Lincoln Heights neighborhood employed more than 1,200 nurses and more than 4,000 total staff. UCLA’s 10-story Ronald Reagan Medical Center occupies four acres and includes a neuropsychiatric hospital and a children’s hospital. It offers 427 inpatient beds and 158 ICU beds. Since March 2020, both universities have provided critical care to residents of Los Angeles County as COVID-19 swept Southern California.

USC’s Tommy Trojan (Photo: Bestweekevr)

But nurses at both medical complexes say they had to fight for the necessary personal protective equipment (PPE) when the virus arrived in the United States. Before COVID, nurses could be disciplined for wearing masks when not treating patients—a policy that continued into the early days of COVID, even though hospital administrators had time to learn about the virus as it spread in China and Italy.

Kerri Dodgens, a Keck Hospital ICU nurse, says she was asked to take off her mask at the nurses’ station before the crisis fully established itself in the United States. The administrator told Dodgens she was setting a bad example and that the administrator was comfortable not wearing a mask. “I said, ‘I’m happy you’re comfortable, but I have a four-month [old] baby at home,’” Dodgens recalls. Neither hospital dodged the national PPE shortage in the early days of quarantine, forcing nurses to recycle N95 masks.

“In a memo dated March 26, 2020, Keck Medicine alerted staff that all employees must wear a mask on-site when not possible to maintain six feet separation from others,” USC told Capital & Main, contending that it always provided ample PPE for health care workers and followed stricter guidelines than the county’s.

Insufficient testing and contact tracing, however, remained issues months after mask supplies improved. As late as December 2020, only USC nurses who were directly exposed to the virus at the university’s medical facilities could get tested. “If you’re working in the hospital you shouldn’t have to fight to get a COVID test,” says Dodgens. “Meanwhile, the hospital or the university had no problem testing all of their football team.” USC’s football team belongs to the NCAA’s Pac-12 division, which asks players to be tested at least weekly, if not daily.

Furthermore, USC reduced annual sick leave for nurses to 96 hours in February of 2020, as the virus ravaged China, timing that infuriated Dodgens and her colleagues, who felt the reduction of hours anticipated just how badly sick leave would be needed in the months ahead.

“The changes were not triggered by the development or discovery of the virus,” USC said, but were rather designed to “better manage unscheduled call-offs.”

On Feb. 11, Keck nurses picketed outside the hospital, then did so again in December. An arbitrator has since ruled Keck Hospital must scrap its new sick leave program and rehire anyone let go under the policy, according to Dodgens. But months after the ruling USC has still not yet reverted to its former policy, she says, while nurses were let go for exceeding their 96 hours.

At UCLA, nurses faced the same PPE, testing and contact tracing issues, with nurses also scolded for wearing masks outside of a patient’s room.

“We didn’t have access to [N95 masks] in the beginning,” says Marcia Santini, a nurse in the emergency department at Ronald Reagan UCLA Medical Center. “The whole hospital went through this phase where they were keeping them under lock and key.” After protests, UCLA asked nurses to recycle their N95s, which Santini says is not how they are intended to be used.

And testing has been so inadequate, according to Santini, that nurses were even denied testing after being exposed to the virus. Resident doctor Mark Kelly says getting tested was so difficult, he got tested through Los Angeles County instead.

As at USC, news that the football team was regularly tested “set a bomb off,” says Santini. “We were infuriated. It was really a pinnacle point. It just goes to show where their priorities lay.”

“UCLA Health COVID-19 testing, contact tracing, quarantine, return-to-work and PPE protocols have been consistent with county, state and federal public health guidelines as they evolved throughout the pandemic,” UCLA Health wrote in a statement to Capital & Main.

Introduction to Labor Relations: Pregnant and Exposed to the Virus

USC: C

UCLA: C-

Frontline workers at USC and UCLA have been furloughed without pay. At USC, only a handful of longtime employees were spared months on unemployment rolls. The UC system has laid off workers, but a spokesperson for the American Federation of County, State and Municipal Employees (AFSCME), which represents custodians at UCLA, says the union successfully fought to keep the majority of its workers employed. (Disclosure: The union is a financial supporter of this website.)

“I don’t know what’s going to happen,” says one former USC dining hall employee, who requested anonymity while he seeks reemployment at the university. He claims that USC accepted federal payroll protection loans, although spokespeople for the university told Capital & Main that USC never accepted a PPP loan – a point they reiterated after publication of this story.

“Almost everybody I know from USC got laid off,” says another former employee. When the cafeterias closed, the employee transferred to custodial work and weathered an employee infection spike after staff gathered without masks in a break room. Then he was laid off.

UCLA did not report receiving PPP loans, though the Associated Students of the University of California, Los Angeles, which employs student and career workers across campus, retained 500 jobs with a $2 million-$5 million loan, according to public PPP records.

At UCLA, senior custodian Andrew Martinez says PPE is still distributed unevenly across departments a year after the first outbreaks—when staff felt mask shortages were understandable.

“Not all departments are providing masks at the beginning of the shift,” he says. “In dining, people walk in, they get a mask, and that’s on a daily basis. In my department we have to ask for our mask. In certain areas people have asked for a mask and had to wait three to five days to get a mask.”

Furthermore, employees have been asked to sanitize, without the protection of N95s, dormitories where students contracted COVID-19. One employee, seven months pregnant, was transferred away from overly physical work but was made to sanitize exposed rooms – without an N95.

“Why is it okay to put a pregnant woman cleaning a COVID-exposed room with the bare minimum of PPE?” asks Martinez.

When asked about the incident, UCLA said it cannot comment on individual cases because of employees’ privacy rights, but added that workers are not asked to sanitize any rooms until 48 hours after COVID exposure. “UCLA has adequate supplies of masks, and they are readily available to employees,” a spokesperson wrote.

Intermediate Workplace Psychology: Untenured and Uncovered

USC: B-

UCLA: B-

From the start, faculty at both schools felt unprepared to work from home. At USC, faculty members like history and film professor Laura Serna hustled to set up online-learning instruction after the UCs and California State Universities had which switched to remote instruction early and stuck with it. “[The California State Universities] made a really hard, firm decision early on,” says Serna. “‘This is what’s going to happen, we’re going virtual.’ USC did not do that. They had hoped the situation would somehow become better.”

At USC, professors prepared in-person curricula again as the university teased a fall reopening, then scrapped them when the plan was abandoned.

Meanwhile, UCLA extended its faculty family leave program only to tenured professors, according to writing lecturer Mia McIver. Paid administrative leave was offered to all faculty but only during their teaching times, making it “functionally unavailable” to untenured lecturers, says McIver, who teaches one to two more courses per quarter than do tenured professors. When reached for comment, UCLA said its leave programs were the result of bargaining agreements with faculty unions.


Midterm Summary

USC: D- Lacked adequate preparation.

UCLA: D Did not work well with others – especially when the others lacked tenure.

When assessed for their response to the COVID-19 crisis, Los Angeles’ most prominent universities are close to flunking. USC and UCLA repeatedly punished and otherwise declined to protect their most vulnerable: campus workers, nurses and doctors, faculty, staff and their debt-saddled students who so desperately needed those in power to do something right. The administrative elite may have genuinely tasted crisis in 2020, but for so many in their charge, COVID-19 was an introduction to disaster.


Co-published by Patch

Copyright 2021 Capital & Main

]]>
https://e-jemed.org/usc-and-ucla-get-low-grades-for-their-covid-responses/feed/ 0
Grant applications for concert halls affected by COVID-19 will open soon https://e-jemed.org/grant-applications-for-concert-halls-affected-by-covid-19-will-open-soon/ https://e-jemed.org/grant-applications-for-concert-halls-affected-by-covid-19-will-open-soon/#respond Thu, 08 Apr 2021 02:38:32 +0000 https://e-jemed.org/grant-applications-for-concert-halls-affected-by-covid-19-will-open-soon/ LUBBOCK, Texas (KCBD) – The Small Business Administration is preparing to accept applications for the Shuttered Venue Operators Grant, an effort to provide assistance to theaters, museums and concert halls affected by COVID-19. The Lubbock Cultural Arts Foundation posted a tweet on Monday, informing venue operators that the Small Business Administration (SBA) will begin accepting […]]]>

LUBBOCK, Texas (KCBD) – The Small Business Administration is preparing to accept applications for the Shuttered Venue Operators Grant, an effort to provide assistance to theaters, museums and concert halls affected by COVID-19.

The Lubbock Cultural Arts Foundation posted a tweet on Monday, informing venue operators that the Small Business Administration (SBA) will begin accepting applications on April 8, with an applicant information webinar on March 30:

According to the SBA website, applicants can claim grants equal to 45% of their gross income, with the maximum amount available for a single grant of $ 10 million. Those who have suffered the greatest economic losses will be the first claims processed.

Sites listed as eligible include:

The SBA states that sites must have been operational by February 29, 2020. Sites or promoters that received a PPP loan on or after December 27, 2020 will see the SVOG reduced by the PPP loan amount.

Approved uses for funding, according to the SBA, include:

  • Personnel costs
  • Rent payments
  • Utility payments
  • Scheduled mortgage payments (not including early repayment of principal)
  • Scheduled debt payments (excluding the early repayment of the principal on any debt contracted in the normal course of business before February 15, 2020)
  • Worker protection expenditure
  • Payments to independent contractors (not to exceed $ 100,000 in annual compensation per contractor)
  • Other ordinary and necessary business expenses, including maintenance costs
  • Administrative costs (including fees and licenses)
  • National and local taxes and fees
  • Operating leases in effect on February 15, 2020
  • Insurance payments
  • Advertising, production transportation and capital expenditures related to the production of a theatrical or performing arts production. (May not be the primary use of funds)

Sites receiving grants will be required to maintain documentation demonstrating compliance with requirements, along with employment records for four years after receipt of a grant and to retain all other records for three years.

A video presentation of the Shuttered Venue Operators grant is available here. A list of frequently asked questions to the SBA regarding the program can be found here.

To register and be notified when applications open, click here.

Copyright 2021 KCBD. All rights reserved.

]]>
https://e-jemed.org/grant-applications-for-concert-halls-affected-by-covid-19-will-open-soon/feed/ 0
Sharon Shannon found love with her late partner’s brother https://e-jemed.org/sharon-shannon-found-love-with-her-late-partners-brother/ https://e-jemed.org/sharon-shannon-found-love-with-her-late-partners-brother/#respond Thu, 08 Apr 2021 02:38:20 +0000 https://e-jemed.org/sharon-shannon-found-love-with-her-late-partners-brother/ Musician Sharon Shannon, 48, has revealed that the man she found love with after the death of her longtime partner is none other than her brother. Clare’s accordionist is world famous as a star of traditional music, but suffered heartache in 2008 when longtime partner Leo Healy died in his sleep from a heart attack, […]]]>

Musician Sharon Shannon, 48, has revealed that the man she found love with after the death of her longtime partner is none other than her brother.

Clare’s accordionist is world famous as a star of traditional music, but suffered heartache in 2008 when longtime partner Leo Healy died in his sleep from a heart attack, at the age of 46.

While she had previously spoken of finding love again, she has now revealed that her seven-year-old partner is actually Leo’s brother, Jimmy, and admits that people can find the relationship “weird”.

“For centuries, we were the best friends in the world, then we found each other,” she told Guide RTE. “Now some people think it’s weird, but it just felt natural to us.”

Musician Sharon Shannon has revealed she found love with Leo Healy (pictured), the brother of her longtime partner who died in 2008 of a heart attack

Sharon with her late partner Leo at the Meteor Music Awards in Dublin in 2008, the same year he died

Sharon with her late partner Leo at the Meteor Music Awards in Dublin in 2008, the same year he died

Sharon performed for Bill Clinton in the White House, recorded with Bono and toured with Willie Nelson, and his 1991 debut album remains Ireland’s best-selling traditional music release.

Leo died while Sharon was on tour in 2008, and she believes long-term drugs for Crohn’s disease may have weakened her heart.

After Leo’s death, she has spoken of finding love again in interviews, paying tribute to her partner Jimmy who she allegedly started dating within two years of her brother’s death.

“He’s an absolutely fantastic partner,” she told The Independent. ‘He’s also my best friend. He has a brilliant sense of humor and he makes me laugh every day.

Sharon performs at the Norwich Arts Center.  The world famous musician has performed for Bill Clinton and recorded with Bono

Sharon performs at the Norwich Arts Center. The world famous musician has performed for Bill Clinton and recorded with Bono

Sharon lives in Galway with her seven-year-old partner, Jimmy.  They are believed to have reunited within two years of her brother's death

Sharon lives in Galway with her seven-year-old partner, Jimmy. They are believed to have reunited within two years of her brother’s death

“He’s extremely patient with me and my scats and he’s always 100% reliable. He adores his family and is very dedicated and very protective of them. ‘

However, it’s only now that she reveals that the Jimmy in question is actually Leo’s brother.

Her late partner was from a family of 12 and she admits she didn’t know Jimmy very well before Leo died, but the couple became close because of their shared grief.

The happy couple live with the menagerie of pets of animal lover Sharon

The happy couple live with the animal lover Sharon’s menagerie of pets

Sharon admits she still misses Leo (pictured) and sees him often in her dreams

Sharon admits she still misses Leo (pictured) and sees him often in her dreams

Leo, pictured with three of Sharon's dogs, died of a heart attack in 2008 while his partner was on tour

Leo, pictured with three of Sharon’s dogs, died of a heart attack in 2008 while his partner was on tour

Although she left with Jimmy, she admits she still misses Leo – who worked in accident repairs – and often sees him in her dreams.

“It’s not one to get over, we had a wonderful time together and I still miss him a lot,” she told the Irish Times in 2012.

The animal lover now lives in Galway’s Salthill with Leo, who works at a local pub, and his large pet menagerie.

]]>
https://e-jemed.org/sharon-shannon-found-love-with-her-late-partners-brother/feed/ 0
Thailand approves latest economic aid plan for businesses https://e-jemed.org/thailand-approves-latest-economic-aid-plan-for-businesses/ https://e-jemed.org/thailand-approves-latest-economic-aid-plan-for-businesses/#respond Thu, 08 Apr 2021 02:38:11 +0000 https://e-jemed.org/thailand-approves-latest-economic-aid-plan-for-businesses/ On March 23, 2021, the Thai government approved its latest economic aid plan, valued at 350 billion baht ($ 11.2 billion), to support businesses in the country. Some 250 billion baht (US $ 8 billion) has been allocated to soft loans, while the remaining 100 billion baht (US $ 3.2 billion) will go to an […]]]>

On March 23, 2021, the Thai government approved its latest economic aid plan, valued at 350 billion baht ($ 11.2 billion), to support businesses in the country.

Some 250 billion baht (US $ 8 billion) has been allocated to soft loans, while the remaining 100 billion baht (US $ 3.2 billion) will go to an “asset storage” program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets within a specified time frame.

  • Thailand’s latest relief plan aims to improve liquidity for businesses still affected by the pandemic through the issuance of soft loans.
  • Businesses can also opt for the Asset Storage Program, which allows debtors to use their assets as collateral for loans but have the right to buy back their assets once their business’ financial condition improves.
  • The asset storage program will last up to five years.

This latest emergency plan is an extension of the existing soft loan program issued in April 2020; Thailand’s third stimulus package aimed to mitigate the economic impact caused by the pandemic.

The third stimulus package, worth 1.9 trillion baht (58 billion US dollars), included 500 billion baht (15 billion US dollars) of soft loans for businesses, 1,000 billion baht (30 billion US dollars) in financial assistance to temporary workers, contract workers, and the self-employed, in addition to local infrastructure development. In addition, 400 billion ($ 12 billion) has been allocated to establish a Corporate Bond Liquidity Stabilization Fund (BSF), a special loan program that allows the Bank of Thailand to purchase corporate bonds through the BSF in order to ensure sufficient liquidity on the market.

Who will be eligible for the loan program?

The program is open to small and medium-sized Thai businesses that have been affected by the pandemic but are still considered viable (a potential resumption of activity is expected).

The program has expanded to include both new and existing borrowers, and the credit limit has been increased to better support business recovery. In addition, the term of office has been extended.

Under the loan program, business owners with no more than 500 million baht ($ 15 million) credit from financial institutions can apply for loans up to 30% of the loan limit. credit; it was previously 20% and capped at 150 million baht ($ 4.7 million). The loan term has also been extended to five years, down from two years previously.

The guarantee period is 10 years and the amount will not exceed 40 percent of the debts under the scheme.

New creditors without an existing line of credit, as of February 28, 2021, are eligible to receive 20 million baht (US $ 638,000).

How can businesses benefit from the asset storage facility?

The asset storage system allows a company to use its assets as collateral for loans with the central bank by instructing financial institutions to screen debtors.

Debtors will have the opportunity to redeem their assets when they improve their financial situation. The Bank of Thailand will provide loans to financial institutions, which will be extended to debtors as part of this relief measure.

The debtor will have the first right to redeem the collateral asset within five years, at a redemption price not exceeding the initial transfer price to the obligee. The obligee may charge a maintenance fee to the obligor for the asset.

Additionally, if the debtor wishes to lease the asset to the creditor, the rent payment will be deducted from the repurchase price. The asset storage program will last up to five years.

Who are the most likely beneficiaries of the plan?

The government hopes this program will appeal to homeowners, especially in the tourism industry. A recent survey by the Thai Hotels Association (THA) concluded that some 82.4 billion baht (US $ 2.6 billion) of combined hotel assets wanted to enroll in the program, with properties valued between 100 million baht (US $ 3.19 million) and 500 million baht. (US $ 15.9 million) showing the highest demand. The program also helps prevent hotel owners from selling all of their properties to foreign investors.

Tourism is a vital industry for Thailand’s economy, with the country recording more than 39 million international visitors before the pandemic, contributing US $ 64 billion to the economy. The industry itself contributes 20 percent of the total GDP.

Other initiatives to revitalize the tourism industry

In an effort to revive the tourism industry, the Thai government has put in place a stimulus package worth 22.4 billion baht (US $ 718 million) to boost domestic travel through subsidized flights , hotel accommodation, tourist destination facilities, food, etc. The Thai Authority (TAT) has extended the program to an additional two million people from May 2021.

Another initiative was the issuance of a Special Tourist Visa (STV) in October 2020, which allows tourists to stay in the country for up to 90 days and can be renewed twice, meaning tourists can stay for up to 90 days. ‘at nine months in Thailand.

To be eligible, applicants had to undergo a 14-day quarantine and several COVID-19 tests upon arrival. In addition, they are required to have travel insurance worth US $ 100,000.


This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors across Asia from its offices worldwide, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers can write to [email protected]

]]>
https://e-jemed.org/thailand-approves-latest-economic-aid-plan-for-businesses/feed/ 0
Victoria Police search for suspect after 12-year-old in Esquimalt was attacked https://e-jemed.org/victoria-police-search-for-suspect-after-12-year-old-in-esquimalt-was-attacked/ https://e-jemed.org/victoria-police-search-for-suspect-after-12-year-old-in-esquimalt-was-attacked/#respond Thu, 08 Apr 2021 02:37:55 +0000 https://e-jemed.org/victoria-police-search-for-suspect-after-12-year-old-in-esquimalt-was-attacked/ Police were called by the boy’s family late Wednesday afternoon after learning of the incident. (Facebook / Victoria Police Department Esquimalt Division – image credit) Victoria Police alert parents in Esquimalt and ask witnesses to come forward after a man attacked a 12-year-old boy on his way to school. According to a written police statement, […]]]>

Police were called by the boy’s family late Wednesday afternoon after learning of the incident. (Facebook / Victoria Police Department Esquimalt Division – image credit)

Victoria Police alert parents in Esquimalt and ask witnesses to come forward after a man attacked a 12-year-old boy on his way to school.

According to a written police statement, the boy said that between 8 a.m. and 8:30 a.m. on Wednesday he was cycling to school near Devonshire and Fairview roads on the outskirts of Victoria when he was suddenly caught and pulled from his bike by a man he didn’t know.

The boy said he fell to the ground and shielded his face as the man stood above him and grabbed his backpack. The boy said a second person, who is also believed to be a man, then took the first man and ordered him to get back on his bike and leave the scene.

The boy ran away and rode his bike straight to school. He was not physically injured.

Police were called by the boy’s family late Wednesday afternoon after learning of the incident.

Esquimalt Division patrol officers are now looking to speak with the second man who intervened in the incident as they work to identify the man responsible. Officers are also warning parents in the area to be aware.

The boy was unable to describe either of the men and officers are currently in the area searching for witnesses.

]]>
https://e-jemed.org/victoria-police-search-for-suspect-after-12-year-old-in-esquimalt-was-attacked/feed/ 0
Hawaii Attorney General Urges U.S. Secretary Of Education To Do More Tackling Student Loan Crisis https://e-jemed.org/hawaii-attorney-general-urges-u-s-secretary-of-education-to-do-more-tackling-student-loan-crisis/ https://e-jemed.org/hawaii-attorney-general-urges-u-s-secretary-of-education-to-do-more-tackling-student-loan-crisis/#respond Thu, 08 Apr 2021 02:37:37 +0000 https://e-jemed.org/hawaii-attorney-general-urges-u-s-secretary-of-education-to-do-more-tackling-student-loan-crisis/ Hawaii Attorney General Clare E. Connors Hawaii Attorney General Clare E. Connors today joined a coalition of 23 attorneys general who sent a letter to US Secretary of Education Dr Miguel Cardona urging further reforms to facilitate the process student loan repayment and protect student loan borrowers from paying down debt for for-profit and deceased […]]]>

Hawaii Attorney General Clare E. Connors

Hawaii Attorney General Clare E. Connors today joined a coalition of 23 attorneys general who sent a letter to US Secretary of Education Dr Miguel Cardona urging further reforms to facilitate the process student loan repayment and protect student loan borrowers from paying down debt for for-profit and deceased colleges.

“The student loan crisis requires a thoughtful response that emphasizes student aid,” Attorney General Connors said. “Reforms are needed to make it easier for students in our community to pay what they owe, without disrupting their lives. “

The coalition, led by Pennsylvania Attorney General Josh Shapiro and Colorado Attorney General Phil Weiser, urged Secretary Cardona to consider several policy measures that would help student loan borrowers, including:

  • Continue the policy of suspending student loan repayments and waiving interest for as long as necessary to support troubled borrowers;
  • Pursue the policy of suspending involuntary collection activities, as well as allowing suspended payments to count for both the delivery of civil service loans and the delivery of the Income-Based Repayment Plan (IDR);
  • Pass reforms so that student loan borrowers can access and stay in the IDR plans to which they are entitled, allowing borrowers to have more affordable monthly payments, avoid the serious consequences of default and obtain cancellation of the loan, if applicable; and
  • Enforce the paid employment requirement of the Higher Education Act, which would protect borrowers from for-profit programs that do not prepare students for a career.

The letter applauded the ministry’s actions on March 30 to extend pandemic protections to private loans. Attorneys General also welcomed President Biden’s commitment to consider using the executive branch to cancel student debt, saying, “… we urge that any debt forgiveness apply to all federal loans, including federal family education loans; and non-departmental Perkins loans. … For many students in debt, the current system is very complex and difficult to manage. This is an unnecessary source of great anxiety and is simply unfair. We can and must do better. “

The coalition also includes the attorneys general of California, Connecticut, District of Columbia, Delaware, Iowa, Illinois, Massachusetts, Maryland, Maine, Minnesota, New Jersey and New -Mexico. New York, Nevada, North Carolina, Oregon, Virginia, Vermont, Washington and Wisconsin.

ARTICLE CONTINUES BELOW AD

A copy of the letter is available here.

]]>
https://e-jemed.org/hawaii-attorney-general-urges-u-s-secretary-of-education-to-do-more-tackling-student-loan-crisis/feed/ 0
Banco Bradesco Stock – Mortgage boom may come home to roost for banks in Brazil | Zoom Fintech https://e-jemed.org/banco-bradesco-stock-mortgage-boom-may-come-home-to-roost-for-banks-in-brazil-zoom-fintech/ https://e-jemed.org/banco-bradesco-stock-mortgage-boom-may-come-home-to-roost-for-banks-in-brazil-zoom-fintech/#respond Thu, 08 Apr 2021 02:37:10 +0000 https://e-jemed.org/banco-bradesco-stock-mortgage-boom-may-come-home-to-roost-for-banks-in-brazil-zoom-fintech/ Banco Bradesco Stock – Mortgage boom may come home to roost for banks in Brazil SAO PAULO (Reuters) – Owning their first home on the outskirts of Sao Paulo felt like a distant dream when tattoo artist Fernando do Prado and pharmacist Jenifer Ferreira got engaged in January. A construction project is seen in Rio […]]]>

Banco Bradesco Stock – Mortgage boom may come home to roost for banks in Brazil

SAO PAULO (Reuters) – Owning their first home on the outskirts of Sao Paulo felt like a distant dream when tattoo artist Fernando do Prado and pharmacist Jenifer Ferreira got engaged in January.

A construction project is seen in Rio de Janeiro, Brazil on November 28, 2020. REUTERS / Pilar Olivares

They soon realized, however, that it was within their reach if they used their savings as a deposit, with mortgage payments for a similar-sized apartment on the outskirts of South America’s largest city costing less than half of the equivalent monthly rent.

“It meant a lot to us to start our life together by already owning our home,” Jenifer said after the couple’s dream came true in September with the purchase of a two-bedroom apartment.

A dramatic drop in interest rates sparked a mortgage boom in Brazil, making home ownership accessible to thousands of people like Jenifer and Fernando and tempting others to swap or spend for a house in the countryside or by the beach.

The rise is welcome for banks such as Brazil’s biggest lender Itau Unibanco, Banco Bradesco and Banco Santander Brasil, whose business loan portfolios have been put under pressure by the coronavirus crisis.

COVID-19 has also triggered record job losses and an increase in mortgage defaults, creating a potentially dangerous road for borrowers and lenders.

The last such boom in Brazil ended badly, but bankers say this one is different because it is driven by low interest rates, a deep housing deficit and is supported by prudent lending models.

“The real estate market in Brazil is well below its potential, leaving a lot of room for growth despite economic stress,” said Danilo Caffaro, head of mortgages at Itau.

Home loans jumped 49% in October from a year earlier to reach their highest monthly volume since 1994, according to data from the Brazilian Mortgage Association, driven by a dramatic drop in the interest rate benchmark at 2%, compared to more than 14% in 2016.

Buying is now much more competitive and each percentage point drop in interest rates puts a mortgage within the reach of 2.8 million more families, according to the Brazilian Construction Association.

“The low rates make a mortgage much more acceptable and allow more and more people to take advantage of it … Thus, people not affected by the pandemic have kept their acquisition plans,” said Cristiane Portella, head of Brazilian mortgage association Abecip.

WAR MOUTH WARNING

The Brazilian mortgage market is still in its infancy, with outstanding mortgage loans totaling 720 billion reais ($ 135 billion), or about 10% of GDP, or less than half the ratio in Chile and a fifth from the United States.

And economists estimate that Brazil is around 4.5 million units short of demand, a tantalizing gap for banks and developers.

Rafael Menin, CEO of Brazil’s largest low-income home builder, MRV, predicts that between 20 and 30 years of booming home sales await us if rates stay low.

Brazilian rates are expected to rise in the coming years, a central bank survey predicts benchmark interest rates of 3% in 2021, 4.5% in 2022 and 6% in 2023. But these are much lower to those observed during previous episodes of hyperinflation. .

Chart: Outlook for Brazil benchmarks –

Real estate finance has become one of the fastest growing areas of credit for Itau and its rivals hungry for secured loans as COVID-19 threatens to defeat unsecured borrowers.

But while mortgages seem like a lower risk avenue, some skeptics warn that there could be a hangover.

This is in part because unlike US banks, which sell almost all of their mortgages to third party investors, Brazilian lenders keep the majority on their balance sheets.

At state-owned bank Caixa Economica, federal mortgages account for 66% of its loan portfolio, while private sector lenders have 6-8% of their real estate finance.

Banks insist that prudent lending models and collateral will minimize risk and while Brazilian regulators prohibit borrowers from financing more than 80% of a home’s value, lenders have on average maintained this. ratio closer to 60%.

Nonetheless, defaults increased, reaching a record 6% of all banks’ outstanding mortgage loans in the first half of 2020, according to data from the Brazilian central bank.

Mortgages accounted for 61% of all loans that were extended as part of the banking sector’s broad forbearance program during the pandemic, the regulator said.

This represented a temporary setback, as 80% of those borrowers had resumed their regular payments by September, the central bank said in an email to Reuters. Mortgage holders continued to ask for grace periods, but at a slower pace.

PAST ERRORS

Five years ago, a real estate boom ended with banks taking over hundreds of apartments and entire buildings that they were then forced to unload at a discount.

But banks and home builders say those mistakes won’t happen again amid low interest rates and new repossession rules.

However, risks loom and a hike in the benchmark rate, which economists see as likely amid growing fiscal concerns and inflation, could push up the cost of some mortgages.

Floating rate loans are still only 3% of total outstanding, but recent central bank data shows they are on the rise, exposing borrowers to any increase in underlying rates.

Santander Brasil has decided not to offer variable rates because it believes customers may have problems repaying these loans in the near future, the bank’s mortgage manager Sandro Gamba said.

And a further rise in unemployment, which is already at 14.6%, could also pose a risk even for those on fixed-rate deals.

“There could be problems here and there for the banks, but I don’t see any systemic risk. Unlike the last real estate crisis, house prices and interest rates are at their lowest, ”said analyst Fabio Fonseca, partner at JGP Gestão de Recursos.

Still, there are signs of rising prices, with those in some neighborhoods in Sao Paulo increasing in 2020.

Cyrela Brazil Realty SA, Brazil’s largest homebuilder by market value, said demand had pushed up introductory prices in the Brooklin district by about 5% in less than a year, although all cities did not record such gains.

Bradesco Mortgage Officer Romero Albuquerque has said that while unrest over the COVID-19 pandemic has led his bank and others to tighten lending criteria, there is still a long way to go.

“The low interest rates have made real estate finance so much cheaper that the demand is huge even considering only very good payers,” Albuquerque said.

Reporting by Carolina Mandl; Editing by Christian Plumb and Alexander Smith

Banco Bradesco stock – Mortgage boom may come home to roost for banks in Brazil

]]>
https://e-jemed.org/banco-bradesco-stock-mortgage-boom-may-come-home-to-roost-for-banks-in-brazil-zoom-fintech/feed/ 0
Dentons COVID-19 Retail Tracker – Slovakia | Dentons https://e-jemed.org/dentons-covid-19-retail-tracker-slovakia-dentons/ https://e-jemed.org/dentons-covid-19-retail-tracker-slovakia-dentons/#respond Thu, 08 Apr 2021 02:36:42 +0000 https://e-jemed.org/dentons-covid-19-retail-tracker-slovakia-dentons/ Slovakia Status – Has a specific status been introduced? Emergency state (núdzový stav) in force (which give the state the power to restrict fundamental rights and freedoms, to the extent and for the time necessary) and Extraordinary state (mimoriadna situácia) in force (which gives more powers to state authorities to take the necessary measures to […]]]>

Slovakia

Status – Has a specific status been introduced?

Emergency state (núdzový stav) in force (which give the state the power to restrict fundamental rights and freedoms, to the extent and for the time necessary)

and

Extraordinary state (mimoriadna situácia) in force (which gives more powers to state authorities to take the necessary measures to prevent and mitigate a threat to public health from COVID-19).

What retail units are open

According to the measures in force on January 11, 2021, the following are open:

  1. natural spas or thermal cures,
  2. collective catering establishments (only with take-out packaging or delivery service),
  3. food stores (only certain products for the necessary living conditions),
  4. pharmacies,
  5. pharmacy,
  6. newsagents,
  7. pet food stores (including veterinary supplies),
  8. distribution points, mail order sales and other forms of expenditure for goods purchased at a distance under certain conditions,
  9. automotive parts stores, tire services, towing services, automotive services, bicycle services,
  10. telecommunications operators,
  11. postal, banking and insurance services,
  12. laundry and dry cleaning services,
  13. petrol stations,
  14. funeral and crematorium services,
  15. technical services / automotive emissions control,
  16. IT services,
  17. taxi services under certain conditions,
  18. lawyers, notaries, mediators, auctioneers, arbitrators, experts, interpreters and translators
  19. key services,
  20. waste collection course,
  21. long-term accommodation services, quarantine accommodation, short-term accommodation services (only for accommodation necessary for the purpose of visiting the medical facility), and
  22. shoemaking workshops.

In shopping centers, only stores and operations providing the above-mentioned services are allowed to open.

Which retail units are closed All other retail stores and operations providing services. Leases – Have special laws related to COVID-19 been implemented

Measures in effect on June 17, 2020:

  • provision of a state contribution to rent to tenants who closed (had to close) their establishments during the pandemic, if the lessor and the tenant agree to a reduction in rent for such a period;
  • the amount of the rent contribution is equal to the amount of the rent reduction;
  • if a 50 percent rent reduction is agreed, the remaining 50 percent of the rent will be paid by the state;
  • if a rent reduction of less than 50% (including no reduction) is agreed
    1. the same amount will be paid by the State (no State contribution if no rent reduction is agreed);
    2. the remaining amount (discounted rent less the State contribution) will remain the responsibility of the tenant in equal installments spread over a maximum of 48 months (for example, a rent reduction of 40% is agreed; the State contribution is 40% of the rent; the rest 20% of the rent is paid by the tenant in installments);
    3. when paying these down payments, the lessor cannot unilaterally increase the rent, if the lessor’s right to unilaterally increase the rent has not been agreed before February 1, 2020.

According to the provisions in force on December 9, 2020, relating to the provision of the aforementioned rental contribution:

  1. the State rental contribution also applies to leases and similar rights, which began on August 1, 2020 at the latest:
  2. if the lessor and the tenant have agreed to a reduction in rent and the rental contribution has been applied, the payment of the unpaid part of the rent (in the aforementioned deposit) will begin no later than April 1, 2021; and

if the landlord and the tenant have not agreed to a rent discount, the payment of the unpaid rent will begin no later than April 1, 2021.

Employment packages

55% of the gross salary of quarantined employees or employees caring for their children will be paid by the National Social Insurance Company.

Measures in effect on April 4, 2020:

  • if a company is closed or the activity of employees is reduced due to the pandemic, employees are entitled to wage compensation of at least 80%, which must not be less than the minimum wage;
  • the employer has, under certain conditions, the right to order employees to work at home. The employee also has the right to work from home, provided that the nature of the work allows it and that there are no serious operational reasons;
  • new social security arrangements include an extension of the unemployment assistance period, nursing care payments that include those who take personal care of children during the pandemic, and the Slovak government has the power to adjust the conditions of payment of unemployment benefits;
  • postponement of certain obligations in terms of health and safety at work (eg participation in recovery trips, collective events, carrying out preventive medical examinations, carrying out appropriate training).

As of September 1, 2020, employers are also required to monitor their employees who have returned from high-risk countries due to COVID-19. These employees must prove to employers when they enter the workplace or operating premises that they fulfill the relevant obligations (for example, home isolation, negative result in the RT-PCR test). If no such proof is provided by the employee, the employer must inform the competent authorities and refuse him access to the workplace.

Tax reductions

Measures in effect on April 4, 2020:

  • delay of income tax deadlines for filing tax returns, returns, annual accounts of employees, notifications of non-monetary income tax of health care providers and motor vehicle tax in cases individuals;
  • delay in statutory deadlines with regard to financial statements, annual reports and statutory auditors’ reports and their entry in the register of accounts;
  • basic legal framework for the provision of financial assistance to micro, small and medium-sized enterprises – assistance can be provided in the form of:
  1. a guarantee for a bank loan,
  2. an interest payment on a bank loan;
  • the provider of this financial assistance will be the Ministry of Finance and the intermediaries of the Import-Export Bank of the Slovak Republic and the Slovak Guarantee and Development Bank;
  • compensation of the loss of previous years from 2014 (if not compensated until now) with the tax base;
  • the application of the measures is limited to the period from 12 March 2020 until the end of the month in which the state of emergency is lifted by the Slovak government.

Measures in force on April 6, 2020 ̶ late payment of social / health contributions if turnover decreases by more than 40% in March 2020.

Measures approved by the Slovak Parliament on April 22, 2020:

  • new provision according to which taxpayers are allowed to deduct tax losses (“odpočet daňovej straty”) declared for tax years 2015 to 2018 (the taxpayer has the possibility to apply tax losses up to a total amount of 1 000,000 €).
Selection of other COVID-19 legislation relevant to retail

Open stores must comply with the following hygiene measures for employees and customers:

  • allow entry into the store only with face masks (or other suitable covering of the nose and mouth);
  • at the entrance of the store provide hand disinfection or disposable gloves;
  • ensure a distance of at least 2 meters in queues;
  • the number of customers in the stores must not be greater than one customer per 15 m² of the store’s sales area between customers (children up to 10 years old being exempt, if accompanied);
  • put on all entrances to the store a notice of the above requirements;
  • ventilate the premises frequently and regularly disinfect the contact surfaces and the relevant devices, tools and aids; and
  • ensure floors are washed daily;
  • grocery stores, public catering establishments including fast food stalls should provide regular and effective cleaning and disinfection as part of the daily sanitation regime.

Between 9:00 a.m. and 11:00 a.m., grocery stores and pharmacies must allow access to stores only to persons over 65 years of age.

Additional strict hygiene measures apply to certain specific types of establishments (e.g. public catering establishments, accommodation establishments, taxi services, wellness and fitness centers, libraries, etc.).

It is forbidden for customers to consume food and drink inside or outside parts of the establishment, or near the establishment.

Measures in effect on April 9, 2020 concerning the postponement of loan maturities:

  • debtor (small employer = small or medium-sized company employing less than 250 people with an annual turnover not exceeding 50 million euros and / or an annual balance sheet total not exceeding 43 million euros) can apply the postponement of maturities once and for a maximum of up to nine months (nine months applies for banks; for other creditors, three + three months are applicable);
  • the claim must be filed with the creditor during the pandemic crisis;
  • deferral includes (i) payment of principal, (ii) payment of principal and interest, or (iii) payment of the loan payable in a single installment.

According to the measures in force on January 11, 2021, mass demonstrations are generally prohibited (with the exception of certain professional sports match activities under strict conditions). This does not apply to one-time mass events lasting up to 48 hours if, among other conditions, all participants test negative on RT-PCR or antigen testing not older than 12 hours at the time of the mass event).

A large number of more modest measures were approved by the Slovak National Council on July 9, 2020 in order to improve the business environment and reduce administrative burdens, such as:

  • raise the threshold for mandatory financial audits,
  • simplification of energy audits,
  • cancellation or reduction of various fines,
  • payment of the amount of administrative costs,

removal of several contractor notification obligations, etc.

]]>
https://e-jemed.org/dentons-covid-19-retail-tracker-slovakia-dentons/feed/ 0
Federal government to provide loans to nonprofits to mitigate pandemic impact https://e-jemed.org/federal-government-to-provide-loans-to-nonprofits-to-mitigate-pandemic-impact/ https://e-jemed.org/federal-government-to-provide-loans-to-nonprofits-to-mitigate-pandemic-impact/#respond Wed, 07 Apr 2021 23:17:42 +0000 https://e-jemed.org/federal-government-to-provide-loans-to-nonprofits-to-mitigate-pandemic-impact/ US government / public domain March 16, 2020; WPLG-TV (Miami, Florida) In light of the growing effects and magnitude of the recent COVID-19 pandemic, the federal government will provide loans with an interest rate of 2.75% to nonprofits that are affected. This news was announced yesterday by the Miami-Dade Beacon Council, a public-private partnership located […]]]>
US government / public domain

March 16, 2020; WPLG-TV (Miami, Florida)

In light of the growing effects and magnitude of the recent COVID-19 pandemic, the federal government will provide loans with an interest rate of 2.75% to nonprofits that are affected. This news was announced yesterday by the Miami-Dade Beacon Council, a public-private partnership located in Miami-Dade County, Florida. This organization is an outgrowth of the Greater Miami Chamber of Commerce.

Beacon Council executive vice president of economic development James Kohnstamm said affected nonprofits can receive funds through the Economic Disaster Lending Assistance Statement released by the US Small Business Administration on Thursday, March 12, 2020. These funds were entered in the Supplementary Appropriations Act on Coronavirus Preparedness and Response.

SBA Administrator Jovita Carranza released the statement, indicating that the SBA will work with state governors to provide these loans, as well as to help small businesses through their distraction offices. The declaration also included “private non-profit organizations in designated areas of a state or territory.” In the case of Florida, the SBA’s Disaster Assistance Bureau will work with Governor Ron DeSantis (R) to make these loans available. This program will provide up to $ 2 million to help a small business or non-profit organization. Each loan can be used “to pay off fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the disaster.” The SBA also states that the loans will have the option of long-term repayments up to a maximum of 30 years so that payments are affordable, and that the payment structure will be “determined on a case-by-case basis, based on capacity. to pay from each borrower.

The SBA’s Region IV office is located in Atlanta, and in addition to his partnership with Governor DeSantis in Florida, he will also work with the governors of Georgia, Kentucky, Mississippi, North Carolina, and North Carolina. Tennessee to provide assistance with SBA loans.

In the days, weeks and months to come, we will undoubtedly see the roll-out of stimulus measures and additional programs to help businesses and nonprofits. It should be noted that although the SBA offers loans to nonprofits (2.75%) at one percent less than what is offered to small businesses (3.75%), we should consider this in a larger context. The COVID-19 pandemic and economic fallout could be far worse than the 2008 recession, in addition to which nonprofits will be stretched to their maximum capacity as they step in to deal with the ensuing humanitarian crisis. . When the markets collapsed in 2008, the Federal Reserve was able to mobilize a lot of liquidity and loans at very low rates (in some cases 0% interest). While the scope and specifics of a global recession due to COVID-19 would be different from the 2008 crisis, we have already seen the Fed inject $ 1.5 trillion into the stock market. The point here is not that this is necessarily transposable to the small business and nonprofit sector, but simply to indicate that when the Federal Reserve, or the federal government for that matter, wants it, they seem to have the means to make certain things happen.

In the case of small nonprofits, which are likely to be pushed to a high point of stress as a result of the need that will emerge from such a global crisis, the federal government will need to do more than offer low rate loans. interest. While these loans are a good first step, grants should be made available to nonprofits and small businesses as they will be hit hardest by the pandemic. Time will probably tell and it is possible that more will be offered as we gain more clarity on the seriousness of these areas. — Kristen Munnelly

]]>
https://e-jemed.org/federal-government-to-provide-loans-to-nonprofits-to-mitigate-pandemic-impact/feed/ 0