loans
Washington (AFP) - After a three-and-a-half year pandemic-era pause, US federal student loans start accumulating interest again from Friday, with repayments set to cut the monthly take-home pay of millions of Americans by hundreds, and in some cases thousands, of dollars. Joe Biden campaigned for president on a pledge to forgive at least $10,000 in student loan debt for millions of Americans, and unveiled a $400 billion program to do just that after taking office. But on June 30, the US Supreme Court ruled that his administration had overstepped its authority, and struck down the student loan...
AFP
Washington (AFP) - The United States lost more than $200 billion to fraud from two schemes designed to help small businesses through the Covid-19 pandemic, according to a US government watchdog report. "We identified multiple schemes used by fraudsters to steal from the American taxpayer and exploit programs meant to help those in need," the Small Business Administration's (SBA) Office of Inspector General (OIG) said in a new report. The potentially fraudulent loans were disbursed through two Covid-19 programs, the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP)...
AFP
Washington (AFP) - Nearly 40 million Americans will begin making payments on their student loans when a pandemic debt forbearance expires in May, and a Federal Reserve study warned Tuesday of an increase in delinquencies. Former president Donald Trump imposed a moratorium on repayments of some student loans when the Covid-19 pandemic began in March 2020, and his successor President Joe Biden extended it repeatedly, with its expiration now scheduled for May 1. A study from the New York Fed found that about two-thirds of borrowers were able to benefit from the moratorium, but for those who had t...
AFP
Washington (AFP) - The US government on Tuesday closed the books on the Paycheck Protection Program (PPP) that extended a nearly $800-billion lifeline to small businesses to keep them afloat amid the Covid-19 pandemic. Created by the CARES Act rescue package in March 2020, the PPP emergency aid measure offered low-cost loans to small businesses which did not have to be repaid if certain conditions were met. In a statement announcing its May 31 closure, Small Business Administration chief Isabella Casillas Guzman said the program provided $798 billion to 8.5 million small firms and nonprofits a...
AFP
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
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
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
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