Loans to MSMEs breach P100 billion as of August
Loans to MSMEs breach P100 billion as of AugustLawrence Agcaoili(The Philippine Star) – September 21, 2020 – 12:00amMANILA, Philippines — Loans extended to micro, small and medium enterprises (MSMEs) that are booked in compliance with banks’ reserve requirements breached the P100-billion level as of end-August as the Bangko Sentral ng Pilipinas (BSP) continued to extend regulatory relief measures amid the coronavirus pandemic.BSP Governor Benjamin Diokno said the average daily balance of bank loans to MSMEs soared by a dramatic 971 percent to P106 billion as of end-August from P9.9 billion as ...
Delta to turn down CARES Act loan, take on debt backed by SkyMiles
ATLANTA — Delta Air Lines will turn down a federal loan through the CARES Act and instead take on debt backed by its SkyMiles frequent flier program.The move allows Atlanta-based Delta to avoid surrendering more control in return for new federal money. It also highlights the airline’s ability to tap capital markets and the continued popularity of credit cards offering frequent flier miles despite a steep drop in air travel.Delta got $5.4 billion in federal aid through the CARES Act passed by Congress, and had signed a letter of intent giving it the option of also taking a $4.6 billion loan thr...
The Atlanta Journal-Constitution
Susan Tompor: Get a game plan for paying student loan debt in 2021
September is traditionally a time for back to school and, even in a time of COVID-19 restrictions, September was to be the month when student loan payments got back on track.Well, like a lot of things, we’re looking at yet another new game plan here. And it’s one that savvy consumers might be able to use to their advantage.Borrowers across the country began receiving notices in April from their federal student loan servicers about temporary 0% rates and a pause in payments. No payments were due, which theoretically offered some relief to tight budgets as wages were cut and jobs were lost durin...
Detroit Free Press
Detroit man pleads guilty in $590,000 coronavirus fraud scheme
DETROIT — A Detroit man has pleaded guilty for his role in weaving a $590,000 coronavirus fraud scheme, according to a release from the Department of Justice.Darrell Baker, 56, pleaded guilty to counts of bank fraud and money laundering Friday after intentionally attempting to defraud a Pennsylvania bank under the guise of a loan under the Payroll Protection Program, which was established to help small businesses weather the pandemic.Baker was approved for a $590,000 loan for his company, “Motorcity Solar Energy, Inc.,” through Customers Bank in Pennsylvania. In his application documents, Bake...
Detroit Free Press
Ex-Jets receiver Josh Bellamy charged with COVID relief fraud
A former New York Jets wide receiver had sticky hands — for COVID relief funds, prosecutors charged Thursday.Federal authorities in South Florida announced they’d intercepted Josh Bellamy’s scheme with 10 others to file at least 90 fraudulent loan applications seeking more than $24 million.Bellamy, who was officially released from the Jets Tuesday, obtained a loan of $1,246,565 for his company, Drip Entertainment LLC, from a federal relief program for small businesses impacted by coronavirus. The money was intended only for job retention and certain other expenses, but Bellamy allegedly splurg...
New York Daily News
Is It Really Layoffs or Loans? De Blasio's Other Options to Find $1 Billion
Mayor de Blasio at a budget presentation (photo: Ed Reed/Mayoral Photography Office)Mayor Bill de Blasio finds himself in a tricky fiscal situation as the city needs to find $1 billion by the end of the month to balance its budget. Federal aid is nowhere in sight, Albany has so far refused to allow the city to borrow the funds, and state budget cuts are also on the horizon. At the end of his rope, the mayor says he may have to lay off 22,000 municipal workers. But that nuclear option may not be necessary, and there are ways de Blasio could achieve the $1 billion goal that was baked into the ci...
The Gotham Gazette
Loans for COVID-19 hit small businesses hit over P1.3 billion
Loans for COVID-19 hit small businesses hit over P1.3 billionLouella Desiderio(The Philippine Star) – September 6, 2020 – 12:00amMANILA, Philippines — Loan applications approved under a program to help micro and small enterprises weather the coronavirus disease 2019 (COVID-19) pandemic have reached over P1.3 billion, the Department of Trade and Industry (DTI) said.Trade Secretary Ramon Lopez said 17,170 loan applications amounting to P1.37 billion have been approved under the COVID-19 Assistance to Restart Enterprises (CARES) program being administered by DTI’s financing arm Small Business (SB...
Quicken Loans' parent Rocket Companies shows $3.4B profit in first earnings report
Detroit-based Rocket Companies, the new publicly traded firm that includes Dan Gilbert’s Quicken Loans, announced a massive profit Wednesday in its first earnings report since its IPO last month.Rocket reported net income of $3.4 billion in the second quarter that ended June 30, compared to a net loss of $54 million during the same three-month period last year.The company also did a record $72.3 billion in closed loans, which was 126% more than the same period in 2019.Rocket closed Wednesday at $31.30, up about 2%.“Record low interest rates are driving demand for home loans,” Rocket Companies ...
Detroit Free Press
Par Funding threatened violence, trashed reputations after businesses took out loans at brutal interest rates, borrowers say
When two beefy men cornered Dwayne Stewart in a Wawa parking lot in Pennsauken, N.J. last year, he was worried. But he never dreamed it could be related to his business loan.In 2019, he and his partner had borrowed roughly $50,000 from a Philadelphia cash-advance lender, Par Funding, to keep their small transportation business afloat.When the lender said they fell behind in payment, the firm declared them in default and unexpectedly froze $29,000 in his partner’s business bank account. Sums of $200 to $300 a day began disappearing from Stewart’s own accounts, withdrawn by Par Funding without h...
The Philadelphia Inquirer
North Miami neighbors claimed to be farmers to get COVID-19 relief. Feds gave them $1 million
MIAMI — As the coronavirus spread havoc in South Florida, prosecutors say Latoya Stanley and Johnny Philus hauled in $1 million in federal relief loans while claiming they were struggling to operate a beauty supply store, an auto leasing business and a couple of farms in North Miami.Their loan applications were all made up, the feds say — especially the part that they were “farmers” on tiny residential lots in the urban community.Stanley, 38, and Philus, 33, were arrested Wednesday. They are charged with committing wire fraud and making false statements when they applied for Small Business Adm...