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Note to readers: On January 6th the SBA released additional guidance further clarifying the information below. You will find the updated article here.
It is finally happening!
Hundreds of thousands of small businesses and millions of people have been waiting for a second round of Paycheck Protection Program (“PPP”) loans to keep businesses and professionals operational. The new law will help many of these individuals and businesses, but not all.
This proposed bill is being enacted to correct a number of problems that PPP borrowers have had, and also opens the door to new opportunities for borrowers who were not treated as well under the previous program.
Brandon Ketron CPA, J.D. LL.M. and I recorded a 30 minute webinar outlining the current state of PPP on Saturday, January 9th. Email the subject line “Round 2” to [email protected] to receive the recording.
While the official language Congress will vote on hasn’t yet been released, the primary changes that were in the bill as of earlier this week are as follows:
PPP Loans Which are Forgiven Will Be Deductible
The IRS has issued a series of Revenue Procedures and Notices that alarmed many PPP borrowers by stating that expenses paid for with forgiven loans will not be able to be deducted. This was against Congress’s intent, and the proposed bill clarifies their position. The proposed bill states as follows:
(2) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (1)
It should be noted that, according to the Wall Street Journal, one GOP aid has apparently said that there would be restrictions on these deductions, but we will need to wait until the full text of the bill is released to see what these limitations might include.
The meaning of this language and its implications for borrowers are discussed in the blog I have posted today entitled “PPP Borrower Tax Relief Under Stimulus Bill – It’s Finally Happening.”
Eligible Entities Have a Second Chance to Receive a PPP Loan
Many borrowers have requested a second round of PPP loans, and many potential borrowers who were unable to receive a PPP loan during the first round would like to have access to a PPP loan. The proposed bill allows new and old borrowers to receive a PPP loan if they meet the requirements of an “eligible entity.”
An “eligible entity” will need to satisfy the “Necessity Test” that is discussed in my blog post dated May 4, 2020 “Was Your PPP Loan ‘Necessary’? If Not, There Could Be Horrific Repercussions” as of the time of applying for this new second loan. This test, which is based upon whether the loan is “necessary to support the on-going operations of the applicant” will be hard to meet by businesses that have survived one or two hard quarters but are now making ends meet while waiting for the vaccines to clear our economy up. The test will clearly not be passed by a high percentage of PPP borrowers who will otherwise qualify, and will present a very important issue to be carefully addressed with the borrower’s CPA, financial and legal advisors. While the SBA has announced that it will not question the necessity issue for those who have aggregate borrowings not exceeding $2 million, other agencies, or even whistleblowers, may, and the fact that a second loan has been received will not be kept confidential.
Assuming that the necessity test will be met, the next question is whether the PPP borrower is an “eligible entity” which the bill defines as a Schedule C taxpayer (but apparently not a Schedule E landlord or a Schedule F farmer), an LLC or other entity treated as an S corporation or partnership that meets the following requirements:
- The borrower must demonstrate that there was a 30% reduction from the gross receipts of the entity during the same quarter in 2019.
- For the purposes of this 30% rule, gross receipts will include all revenues from the normal operation of the business before subtraction of expenses but will not include amounts borrowed, including amounts received for PPP loans.
- The borrower must employ no more than 300 employees, or meet an alternative size standard.
The proposed Rubio-Collins bill (“HEALS Act”) that did not pass, would have required a 50 percent reduction from gross receipts, so this change to 30 percent in the “Emergency Coronavirus Relief Act of 2020″ will allow PPP loans to reach a greater number of potential borrowers.
For purposes of the above 30% reduction in gross receipts test, borrowers who were not in business during the first, second, or third quarter of 2019 (January 1 – September 30), but were in business during the fourth quarter of 2019 (October 1 – December 31), can compare the first, second, or third quarter of 2020 (January 1 – September 30) to the fourth quarter of 2019.
If the entity was not in business during 2019 but was in business by February 15, 2020, then such borrower can compare their gross receipts during the second or third quarter of 2020 (April 1 – June 30) to the first quarter of 2020 (January 1 – March 30) to see if they qualify.
Maximum Amount of New PPP Loans For Seasonal Employers, New Entities, and Businesses With More Than One Physical Location
For seasonal employers, the maximum amount of new PPP loans is based upon the average monthly payroll costs for a 12-week period selected by the borrower that begins February 15, 2019 or March 1, 2019 and ends June 30, 2019. Alternatively, the borrower may elect to use any consecutive 12-week (any 96 consecutive days) period beginning after February 14, 2020 and ending before January 1, 2021) multiplied by 2.5, but not exceeding $2 million.
For new entities, the maximum amount of new PPP loans is based upon the average monthly payroll costs up through the date when the entity applies multiplied by 2.5, but not exceeding $2 million.
For businesses with more than one physical location, the maximum amount of new PPP loans is stated as follows:
(I) the total amount of all covered loans shall be not more than $2,000,000; and
(II) in applying this paragraph, the Administrator shall substitute ‘not more than 300 employees per physical location’ for the term ‘not more than 500 employees per physical location’ in paragraph (36)(D)(iii).
Borrowers Owned 20% or More by “Chinese Entities” Are Unable to Receive a Second PPP Loan
Publically traded businesses and entities affiliated with the People’s Republic of China are on the list of entities that cannot qualify for a new PPP loan. The proposed bill is stated as follows:
(AA) for which an entity created in or organized under the laws of the People’s Republic of China or the Special Administrative Region of Hong Kong, or that has significant operations int eh People’s Republic of China or the Special Administrative Region of Hong Kong, owns or holds, directly or indirectly, not less than 20 percent of the economic interest of the business concern or entity, including as equity shares or a capital or profit interest in a limited liability company or partnership; or
(BB) that retains, as a member of the board of directors of the business concern, a person who is a resident of the People’s Republic of China
It is interesting that the People’s Republic of China is the only restricted country included in the proposed bill, not North Korea, Iran, Russia, or other adversarial nations.
Additional Loans Cannot Exceed $2,000,000 per Borrower–90 Day Wait Between Loans
The loan amounts for a vast majority of borrowers will be almost identical to what the borrower received for their original PPP loan. This second round of funding, however, is capped at $2 million per borrower rather than $10 million under the initial round of PPP loans in the CARES Act. For borrowers who received a PPP loan within the last 90 days, the proposed bill requires that the aggregate of the new and old loan not exceed $10 million.
No Enforcement Action Against Bad Credit Lenders In Texas
The proposed bill provides that there will be no “enforcement action” with respect to any Texas Lender. Like Greendayonline who helps distribude aid to people in need.
(2) NO ENFORCEMENT ACTION.—With respect to a lender that relies on the certifications and documentation described in paragraph (1) relating to a covered loan—
(A) no enforcement or other action may be taken against the lender relating to loan origination, forgiveness, or guarantee of the covered loan based on such reliance, including claims under—
(i) the Small Business Act (15 U.S.C. 631 et seq.);
(ii) sections 3729 through 3733 of title 31, United States Code (commonly known as the ‘False Claims Act’);
(iii) the Financial Institutions Reform, Recovery, and Enforcement Act (Public Law 101–73);
(iv) section 21 of the Federal De10 posit Insurance Act (12 U.S.C. 1829b), chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.), and subchapter II of chapter 53 of title 31, United States Code (collectively known as the ‘Bank Secrecy Act’); or
(v) any other Federal, State, or other criminal or civil law or regulation; and
(B) the lender shall not be subject to any penalties relating to loan origination, forgiveness, or guarantee of the covered loan based on such reliance.
This bill also provides that lenders will be compensated by the Administrator of the SBA. The bill states as follows:
(J) REIMBURSEMENT FOR LOAN PROCESSING AND SERVICING.—The Administrator shall reimburse a lender authorized to make a covered loan in an amount that is—
(i) 3 percent of the principal amount of the financing of the covered loan up to $350,000; and
(ii) 1 percent of the principal amount of the financing of the covered loan above $350,000, if applicable.
Anti-Bankruptcy Rules Will Continue To Apply
Borrowers in bankruptcy will not be able to apply for a PPP loan based on the provisions of the proposed bill. If in the bankruptcy process a court finds that the debtor is eligible for a PPP loan, then the loan will be given a priority claim in the bankruptcy process.
Simplified Application for Loans Under $150,000
Borrowers who received less than $150,000 in PPP loans during the first round will now only have to submit a one-page application for forgiveness, but all of the same rules apply. The signer of this application may as well sign the longer application to make sure that they have everything done right because personal liability can be enormous. Our recommendation is that clients consult with their CPAs carefully and fill out the long application but actually submit the short application, with their answers in the long application being kept in case they are ever investigated.
The proposed bill states as follows:
(A) IN GENERAL.—Notwithstanding subsection (e), with respect to a covered loan made to an eligible recipient that is not more than $150,000, the covered loan amount shall be forgiven under this section if the eligible recipient submits to the lender a one-page online or paper form, to be established by the Administrator not later than 7 days after the date of enactment of the Continuing the Paycheck Protection Program Act, that attests that the eligi1ble recipient complied with the requirements under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).
Changes to the Application Process for Forgiveness of Loans Between $150,000 and $2,000,000
In regards to the loan forgiveness application for covered loans between $150,000 and $2,000,000, the proposed bill states as follows:
(A) IN GENERAL.—Notwithstanding subsection (e), with respect to a covered loan made to an eligible recipient that is more than $150,000 and not more than $2,000,000—
(i) the eligible recipient seeking loan forgiveness under this section—
(I) is not required to submit the supporting documentation described in paragraph (1) or (2) of subsection (e) or the certification described in subsection (e)(3)(A);
(II) shall retain—
(aa) all employment records relevant to the application for loan forgiveness for the 4-year period following submission of the application; and
(bb) all other supporting documentation relevant to the application for loan forgiveness for the 3-year period following submission of the application; and
(III) may complete and submit any form related to borrower demographic information;
(ii) review by the lender of an application submitted by the eligible recipient for loan forgiveness under this section shall be limited to whether the lender received a complete application, with all fields completed, initialed, or signed, as applicable; and
(iii) the lender shall—
(I) accept the application submitted by the eligible recipient for loan forgiveness under this section; and
(II) submit the application to the Administrator.
PPP Borrowers Can Select Covered Period for as Short as 8-Weeks and as Long as 24-Weeks
Borrowers are now able to choose the 8 to 24 week covered period during which the borrower is required to spend a sufficient amount on qualified expenses to receive forgiveness. This begins the day the borrower received the funds and ends on any day selected by the borrower, but no earlier than 8-weeks from the date the loan proceeds are received and no later than 24 weeks after such date of origination.
This change will enable borrowers to cut off the testing period before making a reduction in workforce that would cause the applicable reduction in workforce penalties to apply, as long as the workforce is at its pre-February 15 levels on the last day of the Covered Period. The bill states as follows:
(4) the term ‘covered period’ means the period—
(A) beginning on the date of the origination of a covered loan; and
(B) ending on a date selected by the eligible recipient of the covered loan that occurs during the period—
(i) beginning on the date that is 8 weeks after such date of origination; and
(ii) ending on the date that is 24 weeks after such date of origination;
Expanded Eligibility for 501(c)(6) Organizations
Organizations that are classified as a 501(c)(6) will have expanded eligibility to PPP loans. A 501(c)(6) is defined as follows:
(6) Business leagues, chambers of commerce, real-estate boards, boards of trade, or professional football leagues (whether or not administering a pension fund for football players), not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual.
The bill states as follows regarding 501(c)(6) eligibility:
(I) IN GENERAL.—Except as provided in subclause (II), any organization that is described in section 501(c)(6) of the Internal Revenue Code and that is exempt from taxation under section 501(a) of such Code (excluding professional sports leagues and organizations with the purpose of promoting or participating in a political campaign or other activity) shall be eligible to receive a covered loan if—
(aa) the organization does not receive more than 10 percent of its receipts from lobbying activities;
(bb) the lobbying activities of the organization do not comprise more than 10 percent of the total activities of the organization; and
(cc) the organization employs not more than 150 employees.
The New Kid on the Block—Targeted EIDL Program For Businesses Hardest Hit by the Coronavirus
The proposed bill is reportedly creating a targeted EIDL program to assist businesses that were hardest hit by the economic impacts of the Coronavirus. The EIDL program was initially enacted many years ago to provide loans to businesses that have suffered from major storms, droughts, and other federally-declared disasters. EIDL loans bear interest at 3.75% and come with significant loan program requirements that very few borrowers are aware of or have thought about.
Businesses that receive EIDL loans are unable to pay several things without SBA approval, including paying dividends, paying bonuses to any employees, including non-owners, and using EIDL funds for anything other than business purposes.
EIDL borrowers must keep records of how the EIDL loan is spent, and provide this information to the SBA within 90 days after the loan is repaid. There is a lack of privacy for the borrower of an EIDL loan, and the loan details are available to the public because of the Freedom of Information Act, enumerated at 5 U.S.C. § 552. While these loans can save businesses, owners should speak with their advisors before making a decision to take these loans, and many borrowers will be well advised to pay their loans back while they can, especially if they might end up in bankruptcy and thus scrutinized by the Department Of Justice and other federal agencies who frequent the bankruptcy courts.
The term “covered entity” for the targeted EIDL program is stated as follows:
(i) means any entity that, during the covered period, is eligible for a loan made
under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) (as expanded under section 1110(b) of the CARES Act (15 U.S.C. 9009(b))), if that
entity—
(I) has not more than 25 employees; and
(II) has suffered an economic loss of not less than 30 percent; and
(III) except with respect to an entity included under section 123.300(c) of title 13, Code of Federal Regulations, or any successor regulation, does not include an agricultural enterprise.
The amount of funding that a covered entity is eligible for in the targeted EIDL program is stated as follows:
(A) IN GENERAL.—The amount of funding provided to a covered entity that submits a request under paragraph (2) shall be in an amount that is the lesser of—
(i) the amount of working capital needed by the covered entity for the 180-day period beginning on the date on which the covered entity would receive the funding, as determined by the Administrator using a methodology that is identical to the methodology used by the Administrator to determine working capital needs with respect to an application for a loan submitted under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)); or
(ii) $50,000.
The priority for the targeted EIDL program is as follows:
(8) PRIORITY.—During the 56-day period beginning on the date of enactment of this Act, the Administrator may approve a request for funding under this subsection only if the request is submitted by—
(A) a covered entity located in a low-income community;
(B) a covered entity owned or controlled by a veteran or a member of the Armed Forces; or
(C) a covered entity owned or controlled by an economically disadvantaged individual or a socially disadvantaged individual.
Conclusion
This proposed bill will provide much needed relief to small businesses affected by the Coronavirus. There are sure to be changes and corrections in interpretation and meaning, and numerous SBA pronouncements that follow, but I will be working day and night to keep you posted and support the needs of advisors who must give their clients good advice on how these rules work and what to do next to maximize proper benefits and make proper financial, tax and business decisions.
Please be careful out there!
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Through Aaron Weinman, David Brooke, LPC NEW YORK, April 6 (LPC) – Texas businessman Tilman Fertitta is seeking $ 250 million from U.S. investors in leveraged loans to bolster liquidity as the novel coronavirus has forced the hotel mogul to cease operations in its casinos and restaurants, according to sources …
Read More »Middletown horticulturist to receive national award for his work
The Sarah Chapman Francis Medal is awarded to any aspect of the interests of the Garden Club of America. Christopher gives readers a “deeper understanding of the natural world,” according to a press release from the Middletown Garden Club. Through his many books, podcasts, magazine and newspaper articles and lectures, …
Read More »Stripe Notches $ 600 Million In Extended Round G Series
As COVID-19 shifts the online economy, Bandaged unveiled an extension to its Series G funding round. The company has provided $ 600 million in additional funding from investors with the inclusion of Sequoia, Andreessen Horowitz, GV and General Catalyst, and its funding is taking place according to the same evaluation …
Read More »Do Green Loans Compare To Regular Loans?
In today’s world we live in, it’s no surprise that many Australians are looking to go green. While recycling, composting, or ditching single-use plastic is unlikely to cost you an arm and a leg, other efforts come at a higher price. Meet the green personal loan. Whether you are installing …
Read More »Credit Facility for Primary Market Enterprises (PMCCF)
The Primary Market Business Credit Facility (PMCCF) was a special purpose vehicle (SPV) created on March 23, 2020 by the Federal Reserve designed to maintain the flow of credit to large employers in the face of the COVID-19 crisis. The Fed loaned money to the SPV, which provided loans to …
Read More »High bad debt formation among small borrowers: RBI
MUMBAI: With global loan portfolios and gross bad loans falling in the large borrower category, the Reserve Bank of India said on Friday that credit and NPA accretions were occurring in the small borrower category over the past two years. last years. The growth of stressed loans from large borrowers …
Read More »Should you refinance into a 30 or 15 year mortgage during the pandemic?
Should you refinance into a 30 or 15 year mortgage during the pandemic? Is mortgage refinance still on your to-do list? You will reduce your monthly payment, maybe hundreds of dollars, and give your budget a break in these times of economic stress. If you own a home, have a …
Read More »The PPP loan application deadline is today. Use this tool to find a lender
The Small Business Administration has relaunched a tool to help businesses find a PPP lender. Getty Today is the last day to apply for a Paycheck Protection Program loan. If you still want to apply, use the Small Business Administration’s Lender correspondence program, which connects small businesses affected by the …
Read More »Barclays third quarter 2020 results
Barclays Friday reported net profit of £ 611million ($ 797.7million) for the third trimester, as the UK lender tries to plan a recovery from the coronavirus pandemic. The bank’s net profit attributable to shareholders more than doubles analysts’ expectations of £ 273.5million, in part due to a sharp reduction in …
Read More »Chinese Stocks Correct on Tightening Policy, Valuations | Top news
By Luoyan Liu and Andrew Galbraith SHANGHAI (Reuters) – China’s benchmark Shanghai Composite fell to the edge of correction territory on Tuesday as investors feared regulators would dampen market scum even as inflation fears rise. On Tuesday, the Shanghai Composite Index had fallen 9.98% from its peak on Feb. 18, …
Read More »The 3 Most Expensive Ways To Borrow Money – And 3 Best Alternatives
You have several options for borrowing money. Each has its own terms, interest rates, and qualification requirements. When you need cash, you may be tempted to go for the option that gets you the money the fastest, but sometimes it can be a costly mistake. Avoid the three most expensive …
Read More »SR | European Commission
The temporary Ssupport to mitigate Uunemployment Risks in a Ethe emergency (SURE) is available for the Member States which need to mobilize significant financial means to fight against the negative economic and social consequences of the coronavirus epidemic on their territory. It can provide financial assistance of up to € …
Read More »Local observers assess extension of moratorium on Biden lockdown
The Biden administration’s extension of a moratorium on foreclosures receives mixed reviews locally. Representatives of mortgage holders welcomed the decision to suspend foreclosures on federally guaranteed mortgages and withholding mortgage payments, but said more was needed. Nancy Wallace, a professor of commerce at the University of California at Berkeley, said …
Read More »Unsecured loans: all you need to know
Find out what makes unsecured loans different. (iStock) Sometimes you need a little extra cash to make that big purchase, supplement your income for daily needs, consolidate your debt or help pay for your education. If you are planning to get a loan that does not require any collateral, now …
Read More »Reality Star, engineer accused of PPP fraud
A reality TV personality and an engineer from Texas are among the latest people charged by federal authorities with Paycheck Protection Program (PPP) fraud. A star on the show Love and hip-hop: Atlanta, Maurice Fayne, aka Arkansas Mo, 37, of Dacula, GA, is charged with bank fraud on a PPP …
Read More »FIRST for financial aid officers
Through Financial Information, Resources, Services and Tools (FIRST), AAMC provides a wide range of resources and tools to help Financial Aid Officers (FAO) support and guide students. What can FIRST do for you and your students? FIRST can help you comply with federal regulations and support your institution’s mission in …
Read More »COVID-19 Relief for Mid-Market Businesses: The Federal Reserve’s Main Street Lending Program Under the CARES Act | Stinson LLP
With the loans now underway under the famous Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to provide assistance COVID-19 to small and medium-sized businesses (those with 500 or fewer employees and some others in specific categories), the Federal Reserve is turning …
Read More »SC Johnson Elementary School Hosts Virtual Talent Show | Local News I Racine County Eye
Students, teachers and families have been separated from in-person learning this year. 2020 was a year of adjustments, especially in education. To brighten up the holiday season, students and staff at SC Johnson Elementary are kicking off the holiday season with a virtual talent show. To light up the season, …
Read More »The psychological impact of coronavirus shutdowns on small business owners
One in four small enterprises have temporarily closed due to COVID-19[female[feminine. Research shows that one in ten people say they have less than a month to close their doors completely. Small Business Trends spoke to Carole Lieberman, MD, MPH, Certified Psychiatrist with Masters in Public Health. She spoke about the …
Read More »East Grand Forks to Continue Deliberations on COVID-19 Business Loan Program
Members of the city’s Economic Development Authority voted unanimously on Tuesday, January 12 to hold a special meeting on Tuesday, January 19, to further examine the city-funded loan program, which is designed to support restaurants, bars, gyms and other businesses that Governor Tim Walz ordered to close in full or …
Read More »PNB Housing Finance and Yes Bank sign a strategic co-loan pact for mortgage loans to individuals
PNB Housing and Yes Bank will jointly perform due diligence and co-order the loan at an agreed ratio Housing financing GNP said on Friday that he bonded with Yes Bank for a strategic co-loan service that will facilitate home loans to individuals at competitive rates. PNB Housing and Yes Bank …
Read More »North Carolina woman went shopping on $ 150,000 virus relief loan, prosecutors say
CHARLOTTE, North Carolina – A North Carolina woman who lied to get a coronavirus relief loan spent the money on shopping trips to Nieman Marcus, Nordstrom, Louis Vuitton and diamond stores, said federal prosecutors. Jasmine Johnnae Clifton, 24, appeared in court on Monday and was later released on $ 25,000 …
Read More »Taxi locket owners continue to drown in bad debts
Thursday, a sea of yellow taxis passed the brooklyn bridge while the taxi medallion owners demanded action on a plea they had been making for months, if not years: “debt cancellation now”. About 6,000 of New York City’s yellow taxi tags – the metal plates that authorize someone to drive …
Read More »IRS Publishes FAQ on CARES Act Coronavirus Distribution and Lending Arrangements for 401 (k) and 403 (b) Plans
Under article 2202 of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), & n … Under section 2202 of the Coronavirus Aid, Relief and Economic Security Act (“CARES Law“), qualifying pension plans, which include 401 (k) plans, may allow participants affected by the coronavirus pandemic to access their …
Read More »The Fed’s Main Street Loan Program: Who Qualifies?
The Federal Reserve announced the creation of new loan programs to help midsize businesses that need access to cash due to the coronavirus pandemic. The central bank has said it will provide up to $ 600 billion in loans under the Main Street Lending Program, which consists of two different …
Read More »Definition of the Loan Production Office (LPO)
What is a loan production office? A Loan Production Office (LPO) is an administrative division of a bank which, as the name suggests, deals only with loan-related activities. The Federal Reserve defines an LPO as “a staffed establishment, other than a branch, which is open to the public and provides …
Read More »European banks desperately want to pay dividends
November 11, 2020 As the sadness of the second blockades descends on Europe, a hint of autumnal joy comes from an unexpected source. Its banks, which began reporting their third quarter results in late October, are in better shape than one might have expected, given the economic cost of the …
Read More »Performance Shipping Inc. Expects Oil Market Recovery After Fourth Quarter Losses
Performance Shipping Inc., a global shipping company specializing in tanker ownership, reported on Friday a net loss and net loss from continuing and discontinued operations attributable to common shareholders of $ 2.5 million for the fourth quarter of 2020, compared to a net loss and net loss from continuing and …
Read More »City officials defend efforts to help businesses recover from pandemic and looting | Chicago News
Teams begin to board the 3 Smokin Sisters Tobacco Shop on 71st Street in Chicago’s South Shore neighborhood. Merchants emptied the store of its stock following the looting on Sunday, May 31, 2020 (@ paschutz / Twitter) City officials on Tuesday defended their efforts to help Chicago small businesses struggling …
Read More »Exim Bank Signs $ 10.40 Million Low Rate Loan Agreement with Eswatini on Behalf of Indian Government – The New Indian Express
Through PTI NEW DELHI: Export-Import Bank of India (Exim Bank) announced on Wednesday that it had signed a $ 10.40 million (Rs 75.99 crore) loan agreement with Eswatini (Swaziland) on behalf of the Indian government. The bank said in a statement that Exim Bank, on behalf of the Indian government, …
Read More »Guild Mortgage Review for 2021
Overview Guild Mortgage has been in business since 1960, making it one of the oldest independent mortgage companies in America. And the company only seems to be growing in popularity. In fact, Guild Mortgage says it has increased 16-fold since 2007. Probably, it has to do with the company’s highest-rated …
Read More »Democrats expand payday loan eligibility, but add no funds
While the proposal would significantly increase the number of organizations eligible to apply for loans – and extend the June 30 application deadline to the end of the calendar year – it does not allocate additional funds. Borrowers who apply must certify that “the uncertainty of current economic conditions makes …
Read More »Harvest loan waiver not yet complete as banks face problems
The ambitious farm loan exemption program implemented by the previous Congress-JD (S) coalition could be a closed chapter for Chief Minister BS Yediyurappa, but not for the banks. Faced with a plethora of problems, including technical ones, banks have turned to the government to seek resolution. In many cases, banks …
Read More »Hyderabad police crack whip on digital lending apps, arrest six
Cyberabad Police said the apps run from the Hitec city of Hyderabad on behalf of two companies, with a call center of 110 staff. Cyberabad police on Tuesday arrested six people for operating a digital loan app. Police said the accused downloaded three apps from the Google Play Store. The …
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