Commerce – E JEMED http://e-jemed.org/ Fri, 28 May 2021 19:37:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 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.)

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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.”

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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

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Inter Suning owners converted loans worth 55 million euros into equity for Nerazzurri in recent months https://e-jemed.org/inter-suning-owners-converted-loans-worth-55-million-euros-into-equity-for-nerazzurri-in-recent-months/ https://e-jemed.org/inter-suning-owners-converted-loans-worth-55-million-euros-into-equity-for-nerazzurri-in-recent-months/#respond Wed, 07 Apr 2021 23:16:33 +0000 https://e-jemed.org/inter-suning-owners-converted-loans-worth-55-million-euros-into-equity-for-nerazzurri-in-recent-months/ Suning has invested an additional € 55million in Inter in recent months, according to a club statement released today. The owners of the Nerazzurri have converted a series of shareholder and related party loans into equity, with the aim of alleviating Inter’s current liquidity problems. Suning converted 30 million euros of loans to equity during […]]]>

Suning has invested an additional € 55million in Inter in recent months, according to a club statement released today.

The owners of the Nerazzurri have converted a series of shareholder and related party loans into equity, with the aim of alleviating Inter’s current liquidity problems.

Suning converted 30 million euros of loans to equity during the six-month period that ended on December 31 of last year, in accordance with an official press release.

They then converted an additional 25 million euros last month, combining the aforementioned total of 55 million euros.

Earlier Friday, Calcio e Finanza have revealed that Inter are missing around € 55.7million in unpaid payments from their sponsors in Asia.

It’s unclear whether Suning’s decision to convert the loans to equity was a direct response to this, or if it’s just a coincidence that the two numbers are nearly identical.

Inter is certainly notorious for being cash-strapped at the moment due to revenue losses suffered by the COVID-19 pandemic, as well as Chinese government restrictions on the export of capital to Europe.

Suning are would consider selling up to 25% in shares in their own business, Suning.com, in order to release funds.

The majority shareholders of Nerazzurri are nevertheless determined to guarantee the financial stability of Inter for the foreseeable future, as confirmed in another official statement this morning.


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Theater Royal and Royal Concert Hall in Nottingham receive £ 425,000 grant https://e-jemed.org/theater-royal-and-royal-concert-hall-in-nottingham-receive-425000-grant/ https://e-jemed.org/theater-royal-and-royal-concert-hall-in-nottingham-receive-425000-grant/#respond Wed, 07 Apr 2021 23:16:17 +0000 https://e-jemed.org/theater-royal-and-royal-concert-hall-in-nottingham-receive-425000-grant/ The Theater Royal & Royal Concert Hall in Nottingham has received a grant of £ 425,000 from the £ 1.57 billion government fund for the recovery of culture to help the organization recover and reopen. Over £ 300million has been awarded to thousands of cultural organizations across the country, including the Theater Royal & Royal […]]]>

The Theater Royal & Royal Concert Hall in Nottingham has received a grant of £ 425,000 from the £ 1.57 billion government fund for the recovery of culture to help the organization recover and reopen.

Over £ 300million has been awarded to thousands of cultural organizations across the country, including the Theater Royal & Royal Concert Hall, as part of the Culture Restoration Fund’s latest round of support, the Culture Secretary announced today.

6

The Theater Royal & Royal Concert Hall has been closed since March 2020, the longest unplanned closure in its 156-year history. The award announced today will ensure the site is ready to reopen to the public this summer, once national restrictions are lifted, and will help with essential maintenance projects in one of Nottingham’s most treasured historic buildings .

More than £ 800million in grants and loans have already been made to support nearly 3,800 cinemas, performance venues, museums, heritage sites and other cultural organizations facing the immediate challenges of the coronavirus pandemic.

Culture Secretary Oliver Dowden said:

“Our record-breaking Culture Restoration Fund has already helped thousands of cultural and heritage organizations across the country survive the most serious crisis they have ever seen.

Now we stand by their side as they prepare to welcome the returning audience through their doors – helping our cultural gems plan to reopen and thrive in the best times to come.

Councilor Dave Trimble, head of the recreation, culture and information technology portfolio at Nottingham City Council, said:

“After so many months of uncertainty and a few false dawns along the way, there is now a real sensation of light at the end of the tunnel. This award will help us immensely, to look forward to spring and summer with confidence and to plan our reopening and recovery.

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How much the government collects each year. https://e-jemed.org/how-much-the-government-collects-each-year/ https://e-jemed.org/how-much-the-government-collects-each-year/#respond Wed, 07 Apr 2021 23:16:07 +0000 https://e-jemed.org/how-much-the-government-collects-each-year/ Here’s a question you think Google can easily answer: How much money does the federal government collect in student loan payments each year? I wondered this several months ago. At the time, Joe Biden had just won the presidency, but it was not clear whether the Democrats would take the Senate. And so lawmakers and […]]]>

Here’s a question you think Google can easily answer: How much money does the federal government collect in student loan payments each year?

I wondered this several months ago. At the time, Joe Biden had just won the presidency, but it was not clear whether the Democrats would take the Senate. And so lawmakers and activists began batting the idea of ​​mass loan cancellation as an important move, defining the legacy the administration could potentially pursue without Congress.

But how much money would borrowers as a whole actually save each year through a jubilee? No one seemed to know.

The issue had implications not only for the borrower’s portfolio, but for the economy as a whole. In response to the coronavirus crisis, the federal government suspended payments on student loans from its wallet (people can choose to continue paying them, but few are). When payments finally resume, it will act as a new tax on households, dampening consumer demand slightly.

But how big is a tax? Again, I had never seen a number.

Turns out there was a good reason, which I learned from emailing higher education buffs in Washington. The Education Department doesn’t actually release straightforward numbers of how much money it collects from borrowers each year. At least not useful. The data agency releases combines the regular collections of principal and interest annually with the massive number of loan consolidation payments borrowers make each year, which doesn’t really tell us how much of their own money Americans are paying for loans.

Eventually I got in touch with the Ministry of Education, and after going back and forth with them for a while, they offered to retrieve the data for me. The grand total: $ 70.3 billion.

To be precise, this is the amount the government collected on its loan portfolio in fiscal 2019, the last full year before payments were suspended due to the pandemic. It only covers payments on government-owned and managed loans, which currently total around $ 1.4 trillion, according to the Education Department. latest portfolio summary. It does not take into account repayments on the $ 160 billion in outstanding loans which are backed by the government but held by private lenders, which were made under the former federal student loan program which was halted. after 2010. It does not cover private debt either.

So what do we think of the $ 70.3 billion figure?

One striking thing I noticed is that about 32% of the total, or $ 22.4 billion, consisted of interest payments. At first glance, this seems high, and you can easily imagine it becoming a talking point for anyone looking to lower student loan interest rates.

Clare McCann, a federal student aid expert at the New America Foundation, said she can think of two explanations. *

The first is that more and more borrowers are managing their heavy debt loads by signing up for income-based repayment programs, which cap what they owe each month as a proportion of their income. Many who sign up end up paying only interest on their loans because their payments are kept so low (often they can’t even keep up with the interest, which then accumulates and results in their sales to grow).

The second problem is, frankly, a bit dull and technical, but perhaps more important. Student loans are structured to be amortized like a mortgage, with debtors paying mostly interest at the start and principal later. With a large number of young borrowers repaying each year, this could mechanically keep the share of all collections at a fairly high interest rate.

The share of collections that will be of interest “might reflect the fact that interest rates are a challenge for a lot of people,” she said. “It might also reflect the fact that a lot of people have only recently issued a refund.”

In short, it is not clear whether the amount of student debt repayments that are used for interest is really troubling. The greater significance of $ 70.3 billion, ultimately, is probably just that it gives us some idea of ​​the overall household debt repayment burden. When people talk about the student loan crisis, they often cite the total amount of outstanding loans – which, again, is hovers around $ 1.7 trillion– although that doesn’t tell us much about what Americans pay or will ever pay, because much of the debt will likely be forgiven. Economically, it’s probably more useful to think of the impact of debt as an annual tax borne by about 45 million Americans. And the government take helps us say roughly how big it is, which is substantial, but not huge. For a comparison of size, $ 70.3 billion is just over a third of what the government took in in capital gains tax revenues in 2019 ($ 183 billion), slightly less than double what it brings in from the federal gasoline tax ($ 36 billion). That’s about 3.6% of the size of the Biden administration’s $ 1.9 trillion COVID-19 relief effort – likely not enough to calm the economy if payments start again next year.

Would it be too much to ask the government to publish this figure on its own?

Correction, March 24, 2021: This piece originally incorrectly identified Clare McCann as Clare McCann Miller.

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Financing of tobacco companies | Swinburne https://e-jemed.org/financing-of-tobacco-companies-swinburne/ https://e-jemed.org/financing-of-tobacco-companies-swinburne/#respond Wed, 07 Apr 2021 23:15:52 +0000 https://e-jemed.org/financing-of-tobacco-companies-swinburne/ Swinburne recognizes the large volume of scientific evidence proving that smoking is harmful to human health. The concern surrounding the sponsorship of research by the tobacco industry is an ethical one because of the ability of smoking to cause harm. In addition, the Victorian Health Promotion Foundation’s funding terms require that Swinburne does not accept […]]]>

Swinburne recognizes the large volume of scientific evidence proving that smoking is harmful to human health. The concern surrounding the sponsorship of research by the tobacco industry is an ethical one because of the ability of smoking to cause harm. In addition, the Victorian Health Promotion Foundation’s funding terms require that Swinburne does not accept funding for research or related activities from tobacco companies or related organizations.

As such, the University will not accept funding from the tobacco industry for research. The tobacco industry includes sole proprietorships or their business units or related entities, engaged in the manufacture, distribution, promotion and sale of tobacco and related products.

Electronic cigarette research

Electronic cigarettes (also known as electronic nicotine delivery systems, nicotine-free electronic delivery systems, or “ ENDS ”) are battery-powered devices that heat a liquid (called “ e-liquid or users The chemical composition of the liquid varies and may or may not contain nicotine.

The NHMRC reports that “there is currently insufficient evidence on the potential risks and benefits of e-cigarettes, and more research is needed to assess their safety, quality and effectiveness.”

Swinburne Policy

We have adopted the following guidelines which apply to all research, all activities that support research, and all activities that have the potential to support research undertaken at the university. This also extends to the acceptance of gifts, sponsorship, travel, conference support or the like.

Goal

1.1. The University recognizes the large body of scientific evidence that smoking is harmful to human health. The concern surrounding the sponsorship of research by the tobacco industry is an ethical issue because of the ability of smoking to cause harm.

1.2. For these guidelines, the tobacco industry includes sole proprietorships, their business units or related entities engaged in the manufacture, distribution, promotion and sale of tobacco and related products. This includes foundations sponsored by the tobacco industry.

Scope

2.1. These guidelines apply to all staff at Swinburne University of Technology, follow-up appointments, and students undertaking research at the university.

Guidelines

3.1. The University will not accept funding from the tobacco industry for research or related activities, including sponsorship, gifts and awards, travel or attendance at conferences.

3.2. The University, at the discretion of the Assistant Vice Chancellor (Research and Enterprise), will review research projects involving electronic cigarettes or the like, but only if the proposed project has undergone an independent review process by peers and sponsors or partners. in the project have no ties to the tobacco industry. Acceptance of funding and presentation or communication of research results cannot be interpreted as supporting the tobacco industry and its activities.

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After remaining open throughout the pandemic, Crust Artisan Bakeshop will open a second location in Worcester https://e-jemed.org/after-remaining-open-throughout-the-pandemic-crust-artisan-bakeshop-will-open-a-second-location-in-worcester/ https://e-jemed.org/after-remaining-open-throughout-the-pandemic-crust-artisan-bakeshop-will-open-a-second-location-in-worcester/#respond Wed, 07 Apr 2021 23:15:10 +0000 https://e-jemed.org/after-remaining-open-throughout-the-pandemic-crust-artisan-bakeshop-will-open-a-second-location-in-worcester/ What is beyond the pandemic? Front mass is MassLive’s series examining the journey of Massachusetts businesses through and beyond the coronavirus pandemic. ________ In March, after hearing news from the state compulsory advice at home, Alexis Kelleher, owner of Crust Artisan Bakeshop, thought that would be it for his business. We’re not going to be […]]]>

What is beyond the pandemic? Front mass is MassLive’s series examining the journey of Massachusetts businesses through and beyond the coronavirus pandemic.

________

In March, after hearing news from the state compulsory advice at home, Alexis Kelleher, owner of Crust Artisan Bakeshop, thought that would be it for his business.

We’re not going to be able to survive this, Kelleher thought to himself.

Today, Crust Artisan Bakeshop is booming and opening a second location in the city of Worcester, despite the coronavirus pandemic.

The famous artisan bakery will open its second location at One West Boylston Street in Chadwick Court.

The Main Street Bakery’s performance during the pandemic enabled them to make the move, Kelleher says.

“We decided not to allow people to enter the store until it was mandatory,” Kelleher said. “We got used to ordering online pretty early on and I think it bothered some people a bit at first because it confused them or they didn’t want to change their routine, but it ended up being beneficial to us in the long run. run because we were able to handle things quite easily. “

As big box grocers across the country quickly ran out of staples like bread, Crust took advantage of shortages.

“We were selling every day,” Kelleher recalls. “There was a small period of time where our numbers actually got a little boost, which we weren’t expecting. But I think it also helped keep morale high at the bakery. Everyone was working really hard … Knowing that we were doing something important for people and what people needed, I think we really helped keep it going.

Kelleher says a second location was always in mind, but there were no plans to open one until the One West Boylston Street opportunity presented itself. Before the coronavirus outbreak, Niche Hospitality Group operated an off-premises Steam Energy Café.

“We thought it was going to be something we wanted to do later and then that sort of thing happened, not when we had necessarily planned it, but we just thought this place was something we couldn’t.” Give Way. “

And while many local restaurants and businesses have closed during the pandemic, Crust has remained open and has hired more staff to track orders online.

All of the cooking will still be done at the Main Street location, Kelleher said.

“We’re going to try to expand our offering of breakfast and lunch sandwiches a bit,” Kelleher said.

Now Kelleher and her husband Nate, who owns the bakery and Main northern provisions with, focus on transforming the window into a space that reflects the Crust brand.

“We painted a bit to make the colors feel a bit more like us and put a showcase so we could showcase our pastries,” she said. “Most of them were in really great shape, we don’t have to do much, we’re really happy and lucky about that.”

Artist Nicole Coleman, who participated in the Black Lives Matter Wall Paint, will paint a mural inside the new location, Kelleher says.

The bakery hopes to open the new location by mid-September.

MassForward is MassLive’s series examining the journey of Massachusetts small businesses through and beyond the coronavirus pandemic.

Related content:

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Michigan man quits corporate business for baking and lands on Food Network for $ 25,000 https://e-jemed.org/michigan-man-quits-corporate-business-for-baking-and-lands-on-food-network-for-25000/ https://e-jemed.org/michigan-man-quits-corporate-business-for-baking-and-lands-on-food-network-for-25000/#respond Wed, 07 Apr 2021 23:15:10 +0000 https://e-jemed.org/michigan-man-quits-corporate-business-for-baking-and-lands-on-food-network-for-25000/ He gave up his day job to follow his passion for baking. This passion has now given him a Food web contest for a chance to win $ 25,000. Jonathan peregrino worked in sales and marketing for 15 years before moving to baking. He is now participating in Season 7 of Food Network “Holiday Pastry […]]]>

He gave up his day job to follow his passion for baking. This passion has now given him a Food web contest for a chance to win $ 25,000.

Jonathan peregrino worked in sales and marketing for 15 years before moving to baking. He is now participating in Season 7 of Food Network “Holiday Pastry Championship, Which premieres tonight, Monday, November 2 at 9 p.m. ET.

“I used to work at Federal-Mogul, which is now called DRiV. I left in 2018 and went to pastry school in the Philippines. My parents are both from there and my grandmother spends most of her time there. So it was a great opportunity to reconnect with my heritage and spend time with my family.

Peregrino has lived in Michigan since arriving in Ann Arbor from Indiana in 2014. He recently moved to Detroit where he lives and works as a baker. How he got to the Holiday Baking Championship was a bit unusual. He didn’t even apply for the show. The producers found it.

“At the end of June, I received a message on my Instagram page of the casting director. I thought it was a joke, but I accepted it. We started chatting and finally spoke on the phone. A Skype interview was then scheduled. They said they might have an opening on the vacation show and a week later told me they were doing a background check and asked me to come to California a week later.

Peregrino says the whole process of being on the show took about a month. After going to California he quarantined for a few days, took a COVID test and started recording the show.

Currently, Peregrino has two bakery jobs. He is a head baker at Coffee and craft drinks in Canton and a pastry assistant in Oak and coil Italian restaurant in Detroit where he works under the direction of 2 Michelin star chef Jared Gadbaw. Peregrino tells MLive that he hopes to one day open his own bakery.

“Holiday Baking Championship” has 12 participants in total. It is hosted by Jesse Palmer. The judges are Nancy Fuller, Duff Goldman and Carla Hall. Season 7 has eight episodes.

MORE FROM MLIVE:

Detroit auto assembly line worker kicks John Legend out of his seat in ‘the Voice’

Small-town Michigan opera singer shocks ‘the Voice’ coaches with rare vocal chops

Nicole from Michigan finished 3rd on “Big Brother”, missing the $ 500,000 prize. Here is what happened

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British Labor Party pushes for electric vehicle revolution https://e-jemed.org/british-labor-party-pushes-for-electric-vehicle-revolution/ https://e-jemed.org/british-labor-party-pushes-for-electric-vehicle-revolution/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://e-jemed.org/british-labor-party-pushes-for-electric-vehicle-revolution/ The UK electric vehicle market has been hot, but it could be a lot hotter, and the Labor Party wants to make it happen. Party leaders want to expand access to electric vehicles, increase charging infrastructure, and accelerate adoption of EVs. Shadow Business Secretary Ed Miliband wants the UK to make the electric vehicle market […]]]>

The UK electric vehicle market has been hot, but it could be a lot hotter, and the Labor Party wants to make it happen. Party leaders want to expand access to electric vehicles, increase charging infrastructure, and accelerate adoption of EVs.

Shadow Business Secretary Ed Miliband wants the UK to make the electric vehicle market fairer and bigger by offering interest-free loans to buyers as well as a scrapping system in which people can make a vehicle older and polluting and get credit for the purchase of a new electric vehicle.

The interest-free loans would be made available to low- and middle-income people, if Miliband and the Labor Party got their way, and would be applicable for purchases of new and used electric cars. Electric cars clearly have much lower operating costs, which can lead to lower lifespan costs even though they have higher initial costs than comparable gasoline vehicles (as is usually the case), and interest-free loans would suddenly make them less operational. and the lifetime costs available to those who could benefit the most.

“By extending the possibility of buying an electric car to low-income people and accelerating the deployment of charging stations in areas that have been left out, we would ensure that everyone can benefit – rather than cook in injustice, ”says Miliband.

“And we would invest to secure the future of the industry. While it is true that the government has announced the end of the sale of new gasoline and diesel cars, it is wrong to force a massive transition on our Whitehall manufacturers and then wash its hands of responsibility.

“To support the auto industry and create jobs, Labor would come up with ambitious proposals to spark an electric vehicle revolution in all parts of the country.”

In addition to these subsidy options and a larger investment in electric vehicle charging, Miliband would like the UK to welcome 3 new gigafactories of batteries by 2025.

The flip side of this ambitious drive to become greater leaders in electric vehicles is that the UK has just cut its subsidy for electric vehicles (Plug-in Car Grant / PiCG). The maximum grant is now £ 2,500 instead of £ 3,000. In addition, high-end electric vehicles are no longer eligible. The maximum price (before incentives) to be eligible is £ 35,000, compared to £ 50,000. However, this fits with Labor’s goal of making incentives for electric vehicles more focused on low- and middle-income households.


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US Senate approves expansion of small business lending amid pandemic https://e-jemed.org/us-senate-approves-expansion-of-small-business-lending-amid-pandemic/ https://e-jemed.org/us-senate-approves-expansion-of-small-business-lending-amid-pandemic/#respond Wed, 07 Apr 2021 23:15:09 +0000 https://e-jemed.org/us-senate-approves-expansion-of-small-business-lending-amid-pandemic/ The US Senate on Tuesday approved an additional $ 484 billion coronavirus relief package, which provides more 310 billion dollars more funding for the paycheck protection program. The program, designed to provide small businesses with forgivable loans to keep workers employed during the COVID-19 crisis, ran out of money on April 16. The Paycheck Protection […]]]>

The US Senate on Tuesday approved an additional $ 484 billion coronavirus relief package, which provides more 310 billion dollars more funding for the paycheck protection program. The program, designed to provide small businesses with forgivable loans to keep workers employed during the COVID-19 crisis, ran out of money on April 16.

The Paycheck Protection Program is helping keep businesses afloat as the economy nears halt during the pandemic. Small businesses with 500 or fewer employees can apply for loans under the Paycheck Protection Program.

The National Retail Federation (NRF) welcomed the new relief program, saying it was essential to keep retailers in business.

“Retailers continue to face the catastrophic hardships of COVID-19 and small retailers are hit the hardest,” said Matthew Shay, president and CEO of NRF. “The CARES Act was an important first step, but funding for the Paycheck Protection Program has already been depleted and additional relief is essential to keep employees of small retailers on the payroll and contribute to the economy. until we can overcome this challenge. This aid is too important to be granted on a first come, first served basis and limited to those who were the fastest to submit their application. This will ensure that those who need help the most will benefit. “

The US House of Representatives is expected to pass and pass the legislation on Thursday with overwhelming bipartisan support, followed shortly by legislation being signed by the president.

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