Commerce – Rauen Sales Thu, 23 Sep 2021 11:28:50 +0000 en-US hourly 1 Phoenix Mortgage Survey Outcomes Reveal Third Stimulus Bundle To Put Inflation Strain On US Economic system Tue, 23 Mar 2021 05:55:03 +0000

PHILADELPHIA, March 17, 2021 (GLOBE NEWSWIRE) – Beginning within the first quarter, the outcomes of Phoenix Administration’s “Lending Local weather in America” survey present that the third stimulus package deal will put inflationary strain on the US financial system.

The third stimulus package deal contains almost $ 2 trillion in coronavirus aid funds and places cash within the fingers of hundreds of thousands of Individuals. When requested if america ought to put together for inflationary pressures going ahead, 77% of lenders agree that these historic financial stimulus packages will result in inflationary pressures within the US financial system. Twenty-three p.c of lenders disagree and consider the financial system will be capable of maintain the infusion of cash and inflation will likely be introduced underneath management.

Whereas the vast majority of loans surveyed appear to consider that the Third Stimulus Bundle will trigger inflationary pressures sooner or later, the outlook for the US financial system within the close to time period is enhancing steadily. The short-term cumulative grade level common (GPA) elevated 24 proportion factors to 2.29 from the 2020 This fall GPA of two.05. Though lender confidence within the financial system has elevated within the close to time period, seemingly boosted by constructive information associated to vaccine rollouts, the downward development in long-term confidence seen in This fall 2020 has persevered with a decline of 14 factors at 2.29 GPA within the first quarter of 2021.

The Phoenix Q1 2021 “Lending Local weather in America” ​​survey requested lenders in the event that they consider COVID-19 restrictions will finish in a 12 months and permit for a traditional financial surroundings. Even with the rollout of a number of COVID-19 vaccines, the vast majority of lenders, 51%, consider there’ll nonetheless be restrictions, corresponding to social distancing and masks, wanted sooner or later. Forty-nine p.c of lenders consider the profitable administration of the vaccines will permit america to finish all coronavirus-related restrictions within the coming 12 months.

Lenders have been additionally polled this quarter to determine their largest concern for the primary half of 2021. The overwhelming majority of lenders, 69%, reported that their largest concern for the primary half of 2021 was the distribution of vaccines and the mutation of the drug. virus. Twenty-six p.c of lenders stated weaker financial progress, whereas 5% stated the stronger greenback was their most important concern for H1 2021.

“The COVID-19 pandemic continues to be a precedence for lenders,” says Michael Jacoby, senior managing director and shareholder of Phoenix. “Lenders seem optimistic in regards to the U.S. financial system within the close to time period as vaccines roll out, however their long-term confidence continues to deteriorate.”

To view the complete outcomes of the Phoenix America Lending Local weather Survey, please go to

About Phoenix:

For 35 years, Phoenix has offered smarter, operations-driven options to mid-market firms in transition. Phoenix Administration Companies® offers turnaround, disaster and transition administration providers, in addition to specialist recommendation for struggling and growth-oriented companies. Phoenix Transaction Advisory Companies® ensures revenue high quality, operational diligence, enterprise high quality®, enterprise integration, gross sales facet enterprise preparation and different transaction assist. Phoenix Capital Assets® offers clear funding banking options, together with recommendation on mergers and acquisitions, advanced restructurings and capital investments. Phoenix Capital Assets is a registered brokerage in america and a member of FINRA and SIPC. Confirmed. Outcomes®.

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Conservatives ‘abandon Laurentian’: Sudbury MP Tue, 23 Mar 2021 05:55:03 +0000

Content material of the article

The Ford authorities has proven it has no real interest in preserving Laurentian’s packages and employees after failing to “give the college a dime” in a funding announcement Friday, in accordance with Jamie West.

“Doug Ford and Ross Romano each understand how a lot it takes to save lots of Laurentian from cuts and layoffs, and so they have determined to not present something to save lots of our college, which may very well be at risk,” mentioned the MPP. of Sudbury.

“Ford and Romano’s incapacity to help Laurentian will value native jobs, damage college students and critically damage our native financial system.

Laurentian supplies greater than 1,700 jobs in Sudbury and injects tons of of thousands and thousands of {dollars} annually into town and the area as an entire, West mentioned.

On Friday, Romano mentioned he supported the Firms’ Collectors Association Act course of as “the appropriate approach” to cope with Laurentian.

CCAA settlement requires Laurentian to chop packages and employees to be able to profit from a 90-day extension to the Might 1 deadline for its $ 25 million mortgage from a personal lender .

“The Ford authorities is aware of Laurentian’s packages and employees are heading in the right direction, however Doug Ford and Ross Romano do not care,” West mentioned.

“They refused to supply the funding crucial to guard college students or their programs, or employees from dropping their jobs.”

The NDP MP mentioned his get together “will proceed to struggle for our college, for college students and for native jobs. Collectively, we’ll proceed to struggle for Sudbury and we’ll proceed to struggle to save lots of Laurentian.

Assist or hurt? New Laws to Assist Tenants and Debtors Affected by COVID Issues Householders and Lenders | Harris Seashore PLLC Tue, 23 Mar 2021 05:55:03 +0000

In his latest state-of-state deal with, New York Gov. Andrew Cuomo mentioned he needed to remain mortgage foreclosures, enterprise evictions and foreclosures till Might 1, 2021. ninth March 2021, the governor’s needs got here true when Senate Invoice S471A enacted as Chapter 73 of the Legal guidelines of 2021, often known as the “COVID-19 Emergency Defend Our Small Companies Act of 2021″ (the ” Regulation”).


Though the suspensions for residential and business evictions and foreclosures expired on February 26, 2021, residential tenants and mortgage debtors had the choice of merely submitting a standardized hardship declaration type to be able to prolong the eviction ban and foreclosures till Might 1, 2021 – apparently leaving business tenants and mortgages topic to enforcement. The regulation has now modified that and supplied business tenants related protections.


With respect to evictions, this laws expands protections for sure business tenants, whether or not for non-payment of lease or for retention after the expiration of a lease, on the straightforward presentation of an ordinary declaration type. difficulties, which the proprietor should present. The truth is, landlords at the moment are required to incorporate this manner “with each written discover required by the business lease or rental settlement”; in addition to earlier than the beginning of an expulsion process; and with each discover of petition or summons and grievance served on a tenant.

To be able to proceed, a landlord has the extra burden of certifying to the courtroom that they haven’t acquired a declaration of hardship from the tenant, or if acquired, that the tenant is “ persistently and unreasonably behaving which critically impairs the use. and the enjoyment of different tenants or occupants, or entails a considerable hazard to the security of others. “

A lined tenant, as outlined within the regulation, is an independently owned and operated business tenant who’s a resident of New York State, with fifty or fewer staff, and isn’t dominant of their space. By signing the hardship type, which doesn’t require any corroborating or supporting documentation, such a tenant is solely declaring that they’ve misplaced important revenue or have considerably elevated crucial prices through the pandemic, thereby cashing in on a protracted keep of expulsion till a minimum of Might 1. , 2021. In fact, given the monumental backlog of evictions which were prevented from submitting, in addition to circumstances which were pending for months, mixed with the decline in newly decreased judicial capability, everybody is aware of when a landlord may successfully reclaim possession of his property by the use of a sheriff or marshal, who will finally face their very own tsunamis of warrants to be executed.

Whereas the shape reminds tenants that unpaid lease will nonetheless be owed, the cruel actuality for a lot of landlords might be tenants who will merely vacate their areas – and money owed – as soon as they exhaust these legislative donations. Or some might discover it useful at this level to desert the tenant entity for good and proceed operations underneath a brand new, carefully held entity elsewhere. In the meantime, owners, with a big asset at stake, may have no alternative however to pay all property charges, together with these which may be briefly suspended, or threat the eventual lack of their properties by way of foreclosures. Whereas the regulation claims to “shield small companies” and seeks to make sure that “small companies can survive on this unprecedented time”, it seems that the authors of the payments and the governor fail to acknowledge that almost all homeowners are themselves from small companies.

The regulation additionally mechanically suspends any eviction proceedings filed no later than Might 7, 2020 or began inside thirty days of March 9, 2020, for a minimum of 60 days, or at a later date if the Chief Administrative Choose so orders. . In all circumstances the place an expulsion warrant or a possession or expulsion judgment has already been issued, however not but executed, together with these issued earlier than Might 7, 2020, the regulation additional supplies that the courts should droop the ‘execution a minimum of till a standing convention. passed off with the events.

This ever-changing panorama continues to rework the way in which landlords cope with defaulting tenants. Every scenario is exclusive and owners are suggested to seek the advice of with a educated legal professional who is ready to navigate these complicated and evolving regulation enforcement necessities and focus on choices and sources that can be utilized to assist recuperate the declare. possession of their property and acquire the overdue lease.


Just like the protections afforded to business tenants (and the extra burden positioned on business landlords), the Act protects mortgagors and landowners working small companies from foreclosures actions initiated or pending for a interval of sixty ( 60) days. Particular hardship reporting types have been created for mortgage foreclosures and tax foreclosures.


With regard to business mortgage foreclosures, the courts have been ordered to supply defendants in business foreclosures with a replica of the declaration of hardship to return and file within the pending case. However this provision, it’s prompt that practitioners present the hardship assertion to all business defendants in pending circumstances; this may present causes to exhibit that the issue assertion has in reality been despatched. If a borrower is in default however a foreclosures case will not be pending, mortgagees should ship a hardship assertion to the defaulting mortgages with each discover despatched to the mortgagor previous to submitting. The Act supplies that to be able to convey a foreclosures motion, the mortgagee should present an affidavit stating that the hardship assertion was served and the style by which it was served, in addition to an affidavit stating that the hardship assertion was not served. not been returned.

As with the eviction hardship report, the foreclosures hardship report doesn’t require the mortgagor to exhibit precise hardship on account of COVID-19.

Mortgage foreclosures

Half B, Subpart A of the Act applies to “any motion to exclude a mortgage referring to business property, offered that the proprietor or mortgagor of such property owns ten or much less enterprise items, straight or not directly, and both a enterprise that could be a resident of New York State, independently owned and operated, will not be dominant in its subject and employs fifty individuals or much less. Not like the Residential Foreclosures Keep Regulation which doesn’t apply to vacant and deserted properties, there isn’t any corresponding provision within the regulation for vacant business properties. Apparently, the corporate would not should be in enterprise or have been in enterprise earlier than the pandemic started.

One puzzling side of the brand new laws is that the regulation suspends all enterprise foreclosures for “a minimum of sixty days” from the efficient date of March 9, 2021; however that if a declaration of problem is returned, the case is suspended a minimum of till Might 1, 2021 (ie lower than 60 days). The regulation supplies that in circumstances the place the foreclosures and sale judgment has been rendered however not executed, the case is stayed till the courtroom has held a standing convention with the events. If a declaration of problem is returned, the execution might be suspended a minimum of till Might 1, 2021.

Specifically, the declaration of hardship creates a rebuttable presumption of economic hardship; failure to submit a monetary hardship report “doesn’t create a presumption of absence of economic hardship”.

Tax foreclosures

Half B, Subpart B of the Act applies to “any motion to exclude overdue taxes or to promote a tax lien referring to business property, offered that the proprietor or mortgagor of such property owns ten or fewer enterprise items, straight or not directly, and both a New York State resident, independently owned and operated enterprise, non-dominant in its subject, and using fifty individuals or much less. This is applicable to the identical proprietor or mortgagor because the mortgage foreclosures actions.

The therapy of tax foreclosures circumstances by regulation may be very totally different from that of mortgage foreclosures. In tax foreclosures, the enforcement agent or the particular person / entity finishing up the tax lien sale or tax foreclosures is required to tell the proprietor of the proprietor’s rights underneath the regulation and the supply of a declaration of difficulties. The hardship assertion for tax foreclosures might be out there on the New York State Division of Taxation and Finance web site. The discover of availability of a declaration of hardship have to be offered a minimum of 30 days earlier than the sale of a tax lien or when submitting the petition for foreclosures of a tax lien.

If a hardship report is submitted, it acts as a keep of all tax lien sale and tax foreclosures actions that have been or may have been initiated earlier than Might 1, 2021. It additionally acts as a keep in opposition to the tax lien. ” opening of future proceedings geared toward recovering overdue taxes. The limitation interval for bringing an motion or promoting a tax lien is imposed till the expiration of the keep.

As with mortgage foreclosures, it’s acknowledged that the declaration of hardship creates a rebuttable presumption of economic hardship; failure to submit a monetary hardship report “doesn’t create a presumption of absence of economic hardship”.

Discrimination prohibited

Half B, Subpart C of the Regulation prohibits credit score establishments: a) from discriminating in opposition to homeowners of business buildings in deciding whether or not or to not grant credit score; or (b) report damaging credit score to a credit score bureau, if the proprietor has obtained a keep of a mortgage foreclosures or tax foreclosures continuing, or a tax lien sale. The part additionally accommodates a hardship assertion which might be made out there to enterprise homeowners / mortgages on the New York State Division of Monetary Providers web site and, though not offered for in regulation, ought to be made out there by credit score establishments. If a hardship report is filed with the lender, it’s prohibited from: a) discriminating in opposition to homeowners of business buildings in figuring out whether or not to increase credit score; or (b) report damaging credit score to a credit score reporting company.

The regulation is one in all many statutory efforts to guard New York Metropolis companies from the numerous opposed results of the COVID-19 pandemic. It’s strongly advisable that lenders, municipalities and personal mortgagees seek the advice of with a educated lawyer who is ready to navigate these complicated and evolving enforcement necessities and focus on choices and sources that can be utilized to assist accomplish that. respect numerous rights in business actual property.

Debtors Can Save 1000’s Of {Dollars} By Repaying Tue, 23 Mar 2021 05:55:03 +0000

A current Authorized & Basic examine signifies that greater than a 3rd of these financially affected by the pandemic are contemplating reverting to their lender’s Normal Variable Fee (SVR) reasonably than looking for a brand new mortgage deal.

Bridgepayday have fast money that illustrates the way it can value hundreds of kilos in greater month-to-month repayments to those that can probably afford it the least.

With right this moment’s common SVR standing at a low of 4.41% after final 12 months’s base price cuts, these coming to the tip of a 2-year fixed-rate deal struck in March 2019 when the typical price was 2.49%, may face a price hike of virtually 2% in the event that they revert to their SVR.


Most Advisor Bought Subscription Mortgages

Bridgepayday suggests these prospects may probably save over £ 3,500 in the event that they had been to enter into a brand new 2-year fastened price supply.

These exiting a 5 12 months fastened price deal from 2016 and on the lookout for an identical deal, the equal common price is 0.49% decrease than the final time they bought a deal which, in comparison with switching to an SVR, may scale back their mortgage bills. funds over £ 130 per thirty days based on Bridgepayday.

Over the 60 months of a typical 5-year fastened deal, this might quantity to a complete of over £ 8,000 saved.

Bridgepayday additionally states that whereas the typical payment charged on a hard and fast price mortgage is £ 27 greater now than on the identical time final 12 months, 34% of the fastened price affords at present on supply don’t comprise a product payment. and the proportion of the market the place incentives can be found. stays comparatively steady from 12 months to 12 months.

Eleanor Williams, finance professional at Bridgepayday, mentioned: “Households could have been affected by the coronavirus pandemic in numerous methods; some had been lucky sufficient to take care of a steady revenue and had been ready to economize, however many noticed their family revenue negatively affected.

“A technique to economize is likely to be to remortgage, particularly if a borrower is on an SVR.

“At 2.57%, the general two-year common fastened price for all LTVs is 0.08% greater than the equal common price of two.49% for many who obtained a two-year fastened price in March 2019.

“Nevertheless, switching to an SVR may value debtors hundreds of kilos extra in month-to-month repayments.

“The truth is, the speed distinction is sort of 2% and relying on an individual’s fairness of their dwelling, they can get a two-year fastened price contract of lower than 2%.

“Those that restore now may additionally shield themselves from future rate of interest hikes and guarantee a steady month-to-month mortgage cost that they’ll finances on.

“The Fairness Launch Council mentioned householders paid off over £ 5bn in mortgage debt within the final quarter of final 12 months, so those that get a remortgage would possibly then think about using a few of it. of the cash they saved on their month-to-month SVR funds to scale back their excellent debt and will subsequently save much more curiosity general.

“Indubitably, regardless that a few of them are at present in monetary issue, it will be unwise for debtors to imagine that they might not be eligible for a brand new mortgage, even when their present lender is unable to. suggest a brand new supply.

“In search of unbiased recommendation from a dealer who’s updated on the quickly altering mortgage business may reveal choices that would save them vital quantities of cash.

“There may be “Vacation pleasant” lenders who could possibly assist, lenders who could have completely different mortgage standards than their present supplier, and a few brokers could have entry to affords that debtors can’t get hold of immediately.

“Those that really feel delay by considerations about elevating funds to cowl related prices ought to word that whereas the share of the market providing free affords has declined by 6% 12 months over 12 months, many merchandise can be found at no cost, and at 2.75%, the typical price for fastened no-charge charges is decrease than the typical for many who cost a payment (2.92%).

“Likewise, there are nonetheless many choices that would assist scale back up-front prices, with the proportion of the market providing numerous incentive packages remaining pretty steady 12 months over 12 months.

There may be extra to the proper mortgage than the preliminary price supplied, and recommendation may very well be invaluable in assessing what is likely to be the perfect plan of action for a person’s scenario. ”

Banks criticized for demanding lump sum payments on forbearance loans Tue, 09 Mar 2021 10:57:18 +0000

The big banks that offered mortgage relief to homeowners during the pandemic are facing new criticism of the rules they apply when borrowers are supposed to resume their monthly payments.

A report released on Tuesday found that banks are dealing with the question of how borrowers should make up for their missed payments in multiple ways. Some homeowners see these payments deferred at the end of their loan term, while others are offered loan modifications, and still others are told they owe the money in the form of a loan. upfront lump sum payment which may be unaffordable.

The outcome can depend on a dizzying array of factors including whether the mortgage is guaranteed by the US government, the options offered by the bank, whether the borrower is aware of all these choices and their financial means.

“With millions of Americans at risk of losing the roof over their heads during a pandemic, it is unreasonable for the big banks to seemingly take advantage,” said Nick Weiner, organizing co-director of the Committee for Better Banks, who wrote The report. A press release. He argued that some arrangements can be financially risky for borrowers.

The Better Banks Committee report includes the recommendation that banks should offer all affected customers the option of extending the loan term instead of making a lump sum payment at the end of the forbearance period.

The economic stimulus law passed by Congress in March government-guaranteed mortgage managers have asked for payment deferrals to homeowners who have been affected by the pandemic and ask for relief. But the Coronavirus Aid, Relief and Economic Security Act is silent on what should happen at the end of the forbearance period, which is often 180 days.

The percentage of US mortgages in forbearance rose from 0.25% in March to 8.5% in June, and has since fallen to 6.9%, according to the most recent data available from the Mortgage Bankers Association.

At a congressional hearing in July, the president of the Housing Policy Council, an industry group, Noted that there is no single solution for borrowers leaving the forbearance period. House Democrats passed a law that includes mandatory repayment options after abstention, but the bill did not get a vote in the Senate.

The union-backed Better Banks Committee’s new report highlights some of the situations struggling homeowners may face at the end of their forbearance periods.

Weiner said in an interview that the group decided to write the report after some customer service representatives at the banks expressed concerns about scripts that allowed them to make offers based on questions asked by consumers.

He argued that banks’ communications with cash-strapped owners are often not as clear as they should be, and said better employee training would help.

Borrowers with mortgages guaranteed by Fannie Mae, Freddie Mac, the Federal Housing Administration or another government agency cannot be required to make lump sum payments at the end of a forbearance period, said Alys Cohen, lawyer at the National Consumer Law Center.

But, she added, “the communication has been bad enough that many homeowners still believe there is a lump sum.”

Specific banks cited by the Committee for Better Banks have defended the steps they have taken to help borrowers during the COVID-19 pandemic.

“Our employees have been trained on the policies set out in the CARES Act and are available to educate borrowers of their options during this difficult time,” said Ryan Bailey, executive vice president of Bank of the West, an asset of 100. billions of dollars. .

The San Francisco-based bank, a unit of French banking giant BNP Paribas, says on its website that it is considering several options when the forbearance period is over, and that they may include a lump sum payment, a repayment plan. over a whole period of time or a loan modification.

A Bank of America spokesperson said the Charlotte, North Carolina-based company was working with more than 200,000 homeowners to help them with deferrals, and said there were no requirements. lump sum payment.

BofA’s website provides a more nuanced picture. He says options for borrowers who have more than one payment due on their loans may include repayment of deferred payments at the end of the forbearance period. The same goes for mortgages held by other entities but managed by Bank of America, assets of $ 2.2 trillion.

HSBC says on its website that it can reinstate overdue payments in one go at the end of the forbearance period. The bank’s website also states, “Since most customers cannot afford an immediate refund, we also have options to make up for missed payments over time. “

Julia Gordon, chair of the National Community Stabilization Trust, which works to facilitate the transfer of foreclosed properties from financial institutions to nonprofits, said the situation is particularly murky for homeowners whose mortgages are not. guaranteed by the US government.

“All servers are currently facing a public awareness and messaging challenge,” she said. “It’s a complicated thing. There are a lot of rumors and misinformation out there. “

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Why Ice Cream Trucks May Play A New Jingle Soon Tue, 09 Mar 2021 10:57:17 +0000 Ice Cream Trucks may soon be playing a new jingle meant to replace a long-standing tune that has a racist history.

WASHINGTON, DC, USA – Ice Cream Giant good mood enlisted the help of the Wu-Tang Clan’s RZA to create a new Ice Cream Truck song to replace “Turkey in the Straw”.

“Turkey in the Straw,” one of the most recognizable ice cream truck jingles, dates back to the 19th century and has racist roots – including first becoming popular in blackface minstrel shows.

While Good Humor hasn’t created the jingle, or any other, and hasn’t operated an ice cream truck since the 1970s, the company said it wanted to use its influence to find a solution and help make it happen. advance the industry.

“As we celebrate the 100th anniversary of Good Humor this year, we must recognize the history of the ice cream truck jingle and take action to ensure that ice cream trucks across the country continue to bring joy to everyone. the world over the next 100 years. ” Good Humor said in an article on its website.

In a behind-the-scenes video, RZA explained, “We wanted to make a melody that includes the whole community, that is good for every driver, every child. And I’m proud to say, for the first time in a long time, a new ice cream truck jingle will be made available to trucks across the country, in perpetuity. This medium is forever – as with Wu-Tang forever. And I can assure you this one is made with love. ”

The new jingle will be available for Good Humor ice cream trucks and from this month until Nichols Electronics, a Minneapolis-based ice cream truck music box maker. The company recently announced that it will be removing “Turkey in the Straw” from its music boxes.

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La Plata County Business Microcredit Program – The Durango Herald Tue, 09 Mar 2021 10:57:17 +0000

Entrepreneurs can get funds at an interest rate of 2.5%

Low interest loans between $ 5,000 and $ 10,000 for small businesses and nonprofits are available from the First Southwest Community Fund and the Durango Creative District through their Creative Loan Fund.

The First Southwest Community Fund and the Durango Creative District are teaming up to provide microloans to small businesses and nonprofits in La Plata County.

Loans can be used for workers’ wages, equipment, supplies, web development, training and certifications, etc.

The Creative Loan Fund was launched in January 2020.

The First Southwest Community Fund and the Durango Creative District in 2020 provided a total of $ 30,000 in financing to local entrepreneurs at a fixed interest rate of 2.5%.

Creative Loan Fund recipient Bailey Barnes said: “As a professional musician, voice teacher and business coach for musicians, there aren’t many fundraising opportunities that are created specifically for business. creative like mine. ”

Barnes used her loan to pay for the platform she hosts her online classes on, hire a website designer to build her website, hire a business coach, and take courses in social media and marketing by email.

The Creative Loan Fund benefits anyone who produces, creates or administers its services locally. This includes, but is not limited to, companies in the visual arts, design, film and media, literature and publishing, culture and heritage, culinary arts and craft drinks, l education, performing arts and handicrafts.

First Southwest Community Fund executive director Cass Walker Harvey said a small loan may be the right fit for small business owners in need of immediate access to capital.

“The First Southwest Community Fund offers repayment plans of up to 10 years,” she said. “If you were to take out a $ 10,000 loan this year, you would be able to cover your business expenses while paying less than about $ 80 per month to access that financing. “

Loan repayment plans and annual percentage rate are determined on an individual basis.

Walker Harvey said taking out a loan at a fixed interest rate of 2.5% is more affordable than putting business expenses on a credit card, which can have interest rates of 20% or more.

Durango Creative District Executive Director Hayley Kirkman said, “We seek to provide our local creative entrepreneurs with the capital they need as simply and quickly as possible. Our Advisory Board can also direct applicants to local business organizations that can help them provide valuable resources and technical assistance.

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Leadership Corner: CDA President Dr. Judee Tippett-Whyte Highlights Financial Relief Options for Dental Practice Owners Tue, 09 Mar 2021 10:57:16 +0000

Here is a transcript of what he said:

Hello, I am Dr. Judee Tippett-Whyte, president of the California Dental Association. Welcome to this week’s Leadership Corner. Today, we’ll highlight the opportunities that offer financial relief to you and your dental team as we all work to overcome the economic setbacks caused by the pandemic.

Paycheque Protection Program, Round 2

Many dental office owners may be eligible for second round of the paycheck protection program, also known as the second-draw PPP loan.

This series of new loans is aimed specifically at small businesses that have been affected by the pandemic and allows new and old borrowers to apply if they meet specific criteria. The deadline to apply for the second PPP draw is Wednesday March 31.

Practice owners may also be able to seek additional relief from the Economic Damage and Disaster Loan which has also reopened with new funds for businesses hardest hit by the pandemic. Practice owners are advised to use CDA’s COVID-19 SBA 2021 Loans and Grants Flowchart for the modalities and eligibility details of the PPP and EIDL programs.


Eligible dentists and dental students now have more time to apply Medi-Cal Physicians and Dentists Loan Repayment Program. CalHealthCares recently extended the application deadline by giving potential applicants until Friday, February 26 to apply for a student loan repayment or a practice support grant – both up to $ 300,000.

The goal of the program is to improve access to care for underserved Californians by encouraging recent graduates to begin treating Medi-Cal patients in their dental offices. Those interested in applying can find the eligibility requirements and application resources in the CDA press room.

Assembly Bill 454

The CDA is also keeping the spotlight on the dental plan industry and sponsoring a bill to seek financial relief from dental plans for dental offices in the event of a future emergency. Assembly Bill 454 would require health plans to support providers through a variety of means, including grants, higher rates, interest-free repayable loans, or payments for the increased costs of mandatory infection control measures. .

The COVID-19 pandemic has shown how medical and dental plans can make record profits during a public health emergency by continuing to collect premiums while having far fewer claims to pay as patients receive less care. Meanwhile, provider practices are suffering due to reduced patient volumes and significant increases in the costs of PPE and new infection control procedures.

This bill can help ensure that health plans support their provider networks and share those costs when we face emergencies like the current pandemic.

The issue of financial relief for dental plans remains a high priority in our advocacy agenda and CDA will seek every opportunity to break down and address these financial barriers during this legislative session. year, helping our members build bridges of financial security.

As always, we will keep members informed of any new developments through our press room. I look forward to bringing you additional updates throughout the year.

In the meantime, stay healthy, stay safe, be well, and seek your opportunity to build a bridge.

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Raleigh Apartment Project Receives $ 29 Million Loan Tue, 09 Mar 2021 10:57:16 +0000
Image by Milo Bunnik via

A partnership between Novare Group, Batson-Cook Development Co. and Marble Capital has unveiled plans to build a 248-unit community in Raleigh, North Carolina. The joint venture received total funding of $ 28.8 million for construction, according to Wake County records.

The financial package, which is due to mature in 2024, is structured as follows: Cadence Bank provided a loan of $ 18.8 million, while Atlantic Bank provided a mortgage loan of $ 10 million. The developer will begin work on the site next month and plans to complete the community by the third quarter of 2022. Construction Enterprises Inc. will serve as the general contractor for the project designed by Humphreys & Partners Architects.

The company acquired an 11-acre parcel at 5715 Glenwood Ave. for $ 6.5 million, according to public records. The land currently houses an AT&T operations center in a four-story building. Completed in 1977, the 96,151 square foot property will remain operational for the immediate future.

The community that does not yet have a name will be part of a larger mixed-use development. The residential component will consist of two four-storey buildings that will offer studios and one- to three-bedroom floor plans. The amenity package will include a clubhouse with a business center, a fitness studio, a swimming pool and a game room.

In October, Novare Group and Batson-Cook Development Co. — in partnership with PointOne Holdings—closed the sale of $ 65.8 million from Newnan Crossing to Newnan, Georgia. Capital Square 1031 acquired ownership of 298 units.

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HMRC criticized for persistent ‘shortcomings’ in response to loan fee policy Tue, 09 Mar 2021 10:57:15 +0000

HM Revenue and Customs (HMRC) must do more to reduce the exposure of contractors to disguised compensation schemes geared towards tax evasion, the subcommittee of the Economic Finance Bill of the United Nations concluded. House of Lords.

In a letter to the government, the committee welcomed the intensification of the HMRC crackdown on hawkers of disguised compensation schemes, as requested in the December 2019 Independent Review of HMRC’s Loan Fee Policy, overseen by Sir Amyas Morse.

The Morse Review aimed to determine whether borrowing charges are the most appropriate way for the government to crack down on people who participate in disguised loan-based compensation plans in an attempt to minimize the amount of tax on the work they have to pay for.

Such programs see entrepreneurs paid for some of the work they do in the form of tax-free loans, instead of a conventional salary, with the loans typically managed by a third-party offshore benefits trust (EBT).

In Budget 2017, the Treasury introduced the loan fee policy to recover the tax it claimed plan participants had avoided paying on the grounds that these loans were never meant to be repaid and therefore should. be reclassified as taxable income.

The tax owed is known as loan fees, and for many people affected by the policy (including thousands of IT entrepreneurs), the sums of money they are sought after by HMRC can be life changing. .

A recurring criticism of the policy is that it is too onerous to penalize the individuals who participated in these programs, rather than the organizations that were responsible for managing them and promoting them to entrepreneurs as a tax-compliant means of increasing their income. socket. home pay.

In response, HMRC has come under pressure since the publication of the Morse journal to do more to direct its loan fee enforcement efforts to the promoters of these programs, and has since responded by pledging to do legislative changes this will make it easier to crack down on developers and more difficult for them to market their facilities.

The Lords Committee said in its letter that it is still waiting to see “tangible and positive results” from HMRC’s efforts on this front, which to date have included action against program promoters using “deceptive online advertisements”. “to attract entrepreneurs.

The letter referred to how HMRC has “recently taken steps” to tackle the way developers market their programs to contractors through its work with the Advertising Standards Authority (ASA) and Google. to remove offending advertisements from the web.

The letter went on to detail additional steps HMRC should take to tackle the continued proliferation of tax evasion and disguised pay-at-source schemes, which were suggested by contributors to a series of testimony sessions held by the committee. in December 2020.

This type of work is not without its challenges, as acknowledged in the letter by Glyn Fullelove, Past President of the Chartered Institute of Taxation, who provided his comments to the committee.

For example, the promoters of these programs are typically based overseas (and therefore beyond the jurisdiction of HMRC) and often go out of business as soon as an investigation into their organization is opened, Fullelove said.

“The HMRC now recognizes that it has a bigger role to play in what you might call consumer protection,” he wrote. “He is now looking to stop more schemes at source than to follow up with taxpayers after the schemes are implemented.”

The letter also contained comments on the work the HMRC has done with the ASA and Google of the Loan Charge Action Group (LCAG), which said the promoters of the program were circumventing these advertising bans by modifying their marketing messages so that they can stay online.

At the same time, the promoters are also marketing their programs directly to contractors via email “almost every week”, so there is a limit to the effectiveness of HMRC’s work with ASA and Google.

“The HMRC simply referred some ploys back to the ASA on the wording of the advertisements. The promoters just change the wording and continue to advertise, ”LCAG said in its comments.

The letter also called for end clients and employment agencies to do more to protect the contractors they engage with from falling into disguised compensation schemes by performing due diligence checks on the companies that make up the chain. supply of labor from the end customer to the contractor.

“We have heard concerns that large employers are not being diligent enough to ensure tax compliance within employment supply chains,” the letter said. “We have been told that many employers who recruit workers [contractors] through agencies had no scheme or standard for working with agencies certified to comply with tax legislation. “

At the same time, many employment agencies also outsource their pay-as-you-go (PAYE) management to umbrella companies, who then take responsibility for ensuring that the correct tax deductions are taken from the salary. contractor’s gross.

As previously reported by Computer Weekly, there are well-documented examples of portage companies serving as a front for disguised remuneration systems, which is another area of ​​concern raised in the letter.

While there are many legitimate and tax-compliant PAYE umbrella companies operating in the labor supply chain from the end customer to the entrepreneur, it can be difficult for entrepreneurs to differentiate between them. that work under tax rules and those that do not.

Therefore, end clients and employment agencies should do more to control the umbrella companies they work with in order to protect the entrepreneurial community, especially as the forthcoming IR35 reforms of the private sector are likely to lead to an increase in the number of entrepreneurs called upon to work through portage companies.

That’s according to Andy Chamberlain, director of policy at the Association of Independent Professionals and Self-Employed Workers (IPSE), who also testified during the Lords Committee’s inquiry into the loan fee policy.

“In 2017, the rules for IR35 in the public sector changed,” Chamberlain said. “This meant that there was an increase in the use of umbrella companies. What worries us is that April [2021], when the private sector rules come into effect, we will have the same problem… Thousands of people will be pushed into umbrella companies. They are not regulated, and some of those people will, unfortunately, fall into the hands of these program promoters. “

The letter also referred to evidence uncovered by campaign group LCAG, via an access to information (FOI) request, that HMRC has already hired contractors who participate in disguised compensation programs.

Mary Aiston, director of counter-avoidance at HMRC, confirmed the contents of FOI’s request in the letter, and said that HMRC had identified “15 occasions” where a contractor working for HMRC had concurrently been enrolled in a compensation plan. pay in disguise.

“Of those 15 people, five had already quit and we took immediate action to terminate the contracts of the other 10, so they were no longer working with us,” she said.

“We are clear with the agencies we work with that they have to meet a certain standard. If we found out that the agency was not, then this is something we would take very seriously. “

The letter went on to acknowledge that HMRC had made progress in addressing other areas of concern in the 2019 Morse Review, as detailed in HMRC’s own report, released in December 2020, which outlines the work it is doing. to improve the implementation of the policy. .

This work consisted of taking steps to improve “communications with taxpayers” and “pending settlement agreements”, as well as following up on the Morse review recommendation to reduce the length of the policy by 10 years. , HMRC said.

Even so, the letter indicated that “far too” gaps remain in HMRC’s implementation of the policy and that it has not made sufficient progress to date to address them.

Lord Bridges of Headley, chairman of the Finance Bill subcommittee, said in a statement accompanying the letter that what HMRC “commits to do” is often not reflected in the experience that entrepreneurs claim to have when they engage with him on loan related issues.

“This [HMRC] has improved, but it needs to properly implement the Morse Review recommendations, ”he said.

“We are pleased that HMRC is doing more to tackle disguised payroll compensation plans at source, including the commercialization of these types of plans through its work with the Advertising Standards Authority. However, it needs to do more to reduce taxpayer exposure to such schemes in the first place. Emphasis should also be placed on consumer protection and the prevention of abusive sales of programs. “

In direct response to the evidence revealed by LCAG on HMRC’s past use of contractors enrolled in disguised compensation programs, Bridges added: plans. “

Computer Weekly contacted HMRC for comment on this story, and received the following statement from a spokesperson for the department:

“The HMRC has reported on the steps they have taken to successfully implement all 19 recommendations accepted from the Independent Lending Fee Review, ”the spokesperson said.

“HMRC remains committed to ensuring that everyone pays the tax they owe, including by tackling the commercialization and use of disguised pay tax evasion schemes. We thank the committee for their letter and we will respond to it in due course. “

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