Trump signs bill updating forgivable loans program for small businesses
WASHINGTON — President Donald Trump on Friday signed into law a new version of the small business loan program known as PPP.The new law, called the Paycheck Protection Program Flexibility Act, reshaped the forgivable loans Congress created in late March as the coronavirus pandemic forced many businesses to shut down and layoff workers.It now lets businesses qualify for loan forgiveness up to $10 million if they meet certain criteria. And it extended the period in which business can spend funds in order to have them forgiven.As well, Businesses forced to shut down during the pandemic now have m...
Star Tribune (Minneapolis)
Real estate Q&A: Do tenants have to agree to multiple credit checks?
Q: We are looking to rent our home, and the management company requires background and credit checks on all buyers and tenants to get approved. Our real estate agent already conducted a credit check on our prospective tenants. The tenants do not want a second credit check because they do not want to hurt their credit score. The tenants will have to pay us the rent, so I do not see why the management should care. Do we have to go through this? — StanA: When you purchased a home in a planned community, you agreed to live by the rules. This is the trade-off for the amenities and aesthetics for li...
Susan Tompor: Mortgage rates could stay low for weeks, months — but there's a catch
Super-low mortgage rates, which took hold back in early April, are now amazingly stretching into summer, giving many who didn’t refinance yet a second chance.“The average 30-year fixed mortgage rate is 3.56%, close to the record low of 3.50%,” said Greg McBride, chief financial analyst at Bankrate.com.Essentially, mortgage rates have hovered below 3.6% ever since the U.S. economy was rocked by widespread shutdowns to stem the spread of COVID-19, particularly in major metros such as Detroit and New York.The average 30-year rate was 3.9% back in December and 4.54% back in late February 2019.What...
Detroit Free Press
Small rural businesses fight for bailout aid
Travis Hogman describes himself as a “small fish” who competes with “just about everybody.”The owner of The Lumberyard in rural, far southwestern Wyoming, squares off with regional rivals like BMC West and heavyweights like Amazon, Lowe’s and Home Depot.“I fight the small-town mentality all the time,” Hogman said. “We’re always fighting every day for every penny that we get.”Over the past several months, small rural business owners like Hogman have been fighting another battle: getting their share of federal coronavirus aid.The $2 trillion CARES Act Congress approved in late March funded sever...
Bank robberies could rise due to mask mandates, top banking regulator warns
The novel coronavirus pandemic could have a new side effect: more bank robberies.That’s the argument from the new acting Comptroller of the Currency, Brian Brooks, in a letter he sent to multiple local and state government associations Monday. In the letter, Brooks argued that extended economic lockdowns could pose risks to the banking system.“Lengthy and potentially permanent requirements that individuals wear face masks in many or even all public spaces create the very real risk of increases in bank robberies,” Brooks, a former Fannie Mae and Coinbase executive, wrote.“Recent reports of face...
The Charlotte Observer
Virginia's biggest payday loan firm is leaving as state crackdown looms
Virginia’s largest payday lender is pulling out of the state ahead of stricter new regulations that will take effect next year.Advance America surrendered its payday and title loan licenses last week, said Joe Face, commissioner of the Virginia Bureau of Financial Institutions.So did Express Check Advance, which shares a South Carolina headquarters with Advance America.A payday loan is a short-term advance of up to $500, secured by a post-dated check for a higher amount. That surcharge and the interest lenders have been allowed to charge has amounted to the equivalent of an annual interest rat...
Daily Press (Newport News, Va.)
Got a $1,200 stimulus debit card in the mail? Yes, it's real
About four million Americans will receive their stimulus corona cash on a prepaid debit card, according to the Treasury Department.And yes, these debit cards are real.If you thought these debit cards were fake, you have a lot of company, according to local accountants.“One client thought the card was a scam, and shredded the prepaid debit card which had their $1,200 payment,” said David Zalles, a CPA based in Blue Bell.“It took a lot of people by surprise,” said Mary Lew Kehm, a CPA in Whitehall Township.As the Treasury Department sends out the prepaid debit cards — called Economic Impact Paym...
The Philadelphia Inquirer
Finance should get a sharper focus
he talk of transformation is everywhere. Industries are being disrupted by com- petition, alternative business models are as common as the ones they challenge, traditional jobs are being automated as new ones are being created. Amongst this significant change, finance has become the sounding board for CEOs.But is it keeping up with the pace of change?A mentor once said: “When you work in finance,you should know everything about everything.” This advice is a lot more judicious now than ever before. My industry – advertising and brand com- munications – is going through its own version of disrup...
Law firm sued for unpaid rent in Chicago's first big office space leasing lawsuit of pandemic
CHICAGO — One of Chicago’s largest law firms is itself getting sued after skipping rent payments on its sprawling riverfront office during the coronavirus pandemic.Jenner & Block failed to make April 1 and May 1 rent payments and is in default on its lease at 353 N. Clark St., alleges a lawsuit filed by its landlord, an affiliate of Chicago-based real estate investment manager Heitman. The suit seeks to collect more than $3.8 million.The lawsuit, filed May 20 in Cook County Circuit Court, is the first known major legal spat between commercial landlords and tenants in Chicago since companies be...
Amazon CEO Jeff Bezos in shareholder meeting rejects notion that workers were fired in retaliation
SEATTLE — Jeff Bezos rejected the notion that Amazon has fired employees in recent weeks for speaking about working conditions.“We support every employees’ right to criticize their employer’s working conditions, but that also doesn’t mean they’re allowed to not follow internal policies,” the Amazon founder, chairman and CEO said in response to a question during the company’s annual shareholder meeting Wednesday. “But for sure, your rights to protest working conditions, we take that super seriously, and we have no problem with that at all.”That has been the company’s official line in recent wee...
The Seattle Times