-
Amazon pledges $2 billion to affordable housing
Amazon will direct $2 billion in loans and grants to secure affordable housing near three American cities where the company employs thousands of workers, the tech giant announced Wednesday. In a first step in the Puget Sound region, Amazon is promising $185.5 million, mostly in loans, to the King County Housing Authority to help buy affordable apartments in the region and keep the rents low. The Housing Authority will use an initial portion of that money to help fund its recent purchase of three Bellevue apartment buildings. Amazon will also direct about $382 million to a non-profit in Arlingt...
The Seattle Times
-
Federal pandemic relief bill's payroll loans provide lifeline to local media outlets
This week's COVID-19 relief bill brought a rare bit of good news for the news business. Under COVID-19 stimulus legislation passed by Congress Monday, many media outlets that missed out on so-called Paycheck Protection Program (PPP) loans earlier this year could now apply, while others that already got a PPP loan may be eligible for another. The provision, co-sponsored by Sen. Maria Cantwell, D-Wash., will provide a lifeline for local newspapers and TV and radio stations that have lost much of their advertising revenues during the pandemic. "Local news has been very, very hard hit and it's jus...
The Seattle Times
-
Congress' coronavirus relief bill brings welcome change to old PPP biz loans; funds new borrowers
Congress has passed a bipartisan bill offering as much as $267.5 billion more for Paycheck Protection Program loans and $13.5 billion for Economic Injury Disaster Loans. For struggling businesses, a second round of loan money could make the difference between survival and closing up shop. The most welcome change? Small business owners who receive PPP loans — whether last round or the next round — can deduct the expenses for which they use loan money on their taxes. The American Institute of CPAs president and CEO Barry Melancon said this latest COVID-19 Relief Bill provides "much-needed econom...
The Philadelphia Inquirer
-
With new program, health system helps doctors and nurses cut their massive student loan burdens
PHILADELPHIA — So many employees were stressed out about student loans that Temple University Health System this fall offered a new benefit — a concierge service to help them qualify for a much-touted federal program that can massively cut their debt. Trouble is, help from the program, known as the Public Service Loan Forgiveness (PSLF) venture, has been notoriously difficult to get. Meant to assist new doctors, nurses, teachers, soldiers, firefighters and others in public-service jobs, the program has so far been largely a flop. Critics, including several attorneys general who have launched l...
The Philadelphia Inquirer
-
Covid-19 dampens holiday cheer for Black small businesses
Los Angeles (AFP) - It's been a rough year for Black-owned small businesses in the United States, and the latest surge in coronavirus cases suggests a festive season without much celebration."Black Friday" normally kicks off the holiday shopping season the morning after Thanksgiving. But rising coronavirus cases have prompted fresh restrictions in Los Angeles and elsewhere.The new rules mean Hotville Chicken, a south Los Angeles restaurant specializing in "Nashville-style" spicy dishes, will have to shut its outdoor eating space after already closing the dining room. "It's going to hurt," said...
AFP
-
Mnuchin defends ending Fed emergency programs amid sabotage claims
Washington (AFP) - US Treasury Secretary Steven Mnuchin on Friday defended a decision to halt a series of emergency lending programs after Democratic lawmakers claimed Donald Trump's administration was trying to sabotage the economy following his loss in the presidential election.Mnuchin said he was following congressional intent in phasing out at year's end Federal Reserve programs intended to help the US financial system weather the shock of the Covid-19 pandemic, adding that the funds unused by the central bank should be repurposed to other pandemic relief efforts.But the move drew scathing...
AFP
-
US Treasury declines to extend Fed emergency lending tools
Washington (AFP) - US Treasury Secretary Steven Mnuchin on Thursday said he had declined to extend emergency lending facilities established with the Federal Reserve aimed at countering the coronavirus downturn. The decision, which prompted a protest from the central bank, means the facilities aimed at the inner workings of the US financial system will expire at the end of the year."I was personally involved in drafting the relevant part of the legislation and believe the Congressional intent as outlined in Section 4029 was to have the authority to originate new loans or purchase new assets (e...
AFP
-
Easing millennial and Gen Z veterans' path to homeownership, VA-backed loan program sees historic growth: 'They're turning to it in waves.'
Adam Seidler set several goals to hit by the time he turned 30 — start a family, own a home.With the help of a loan from the U.S. Department of Veterans Affairs, he achieved them. This year, he purchased a five-bedroom home for his family in Diamond, Ill.“It was pretty smooth sailing,” he said.Seidler, 30, is one of many millennial veterans capitalizing on their ability to secure a VA Home Loan, a program that started in 1944. Decades later, the initiative has provided the most loans in its history this year, helping more military families buy homes than ever before.“To me, that’s one of the m...
Chicago Tribune
-
Susan Tompor: Refinancing boom continues in 2020 as rates remain low
Hard to imagine but all the noise in 2020 actually might have blocked out the sound of the refinancing boom for many people.But homeowners who dragged their feet and have yet to refinance a mortgage might even snag a lower rate now than if they acted in January or February.The 30-year, fixed-rate mortgage fell to another record low for the week ending Nov. 5, hitting 2.78%, according to Freddie Mac. That’s down significantly from 3.69% for the same time a year ago.The uncertainty relating to the election — as well as the coronavirus pandemic — helped to drive down rates to new lows.Mortgage ra...
Detroit Free Press
-
Baby Boomers and high earners now carry the most student loan debt: Fidelity study
More than 44 million Americans owe an estimated $1.67 trillion in student debt — and Baby Boomers lead the pack over other generations.Boomers owed 33% more debt in 2020 vs. 2019, due in part to Parents Plus loans secured for children and grandchildren, according to more than 250,000 loans surveyed by Fidelity.“People in their 50s and 60s should be preparing for retirement,” said Asha Srikantiah, head of Fidelity Investments’ student debt program. “This is the first generation taking on debt of up to $100,000 to support one or more kids through college.”Surprised? Brookings research confirms a...
The Philadelphia Inquirer
- More