Southern Bank – Left Bank http://left-bank.org/ Tue, 12 Apr 2022 10:44:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png Southern Bank – Left Bank http://left-bank.org/ 32 32 Six Ways to Enhance Your Loan Application https://left-bank.org/things-that-you-need-to-know-before-you-borrow-a-loan/ https://left-bank.org/things-that-you-need-to-know-before-you-borrow-a-loan/#respond Wed, 28 Jul 2021 10:55:25 +0000 https://left-bank.org/?p=341 No essays or letters of recommendations are required. There is no need to do a case study, or a test assignment. While applying to refinance your student loans is less rigorous than applying for school or even for a job, it’s still an application to take seriously and set aside the time to do it right. Here are some […]]]>

No essays or letters of recommendations are required. There is no need to do a case study, or a test assignment. While applying to refinance your student loans is less rigorous than applying for school or even for a job, it’s still an application to take seriously and set aside the time to do it right.

Here are some tips to help you make the best loan application. We are excited to welcome you into the Left Bank community. If you want to read more here’s a https://www.paydaychampion.com/online-application/ for you.

Check your Credit Report

Although you may have a good idea of your credit score, a credit report contains more information than just one number. Credit reports include information about all loans, credit cards, and lines of credit you have, as well as repayment history. When we pull your credit report, we have to consider everything on it — so you want to make sure it’s accurate before applying for a loan.

You can get free access to your report through AnnualCreditReport.com, where you can view versions of your report from each of the three biggest credit reporting agencies. You can dispute or correct any incorrect information by contacting the agency if you notice a discrepancy.

Left Bank pulls credit information from Experian. If you are applying for an Left bank loan you will want to double-check.

As much financial information as possible be linked

Left bank takes into account all aspects of your financial situation in order to offer you the best rates. We are less focused on things like a credit score, and more focused on the things that show us you’ll do great with your new loan.

The more information you have, the better. You can benefit from linking savings accounts, retirement funds, investments, credit cards, and any other proof of income. These pieces allow us to get a complete picture of you, and help us understand how you can be rewarded for financial responsibility.

Remember, linking your accounts to Left bank is secure and private. We will never sell your information, including your email address, to any third party.

Make sure you have a safety net in place

It is a good habit to be aggressive in paying down debt. However, it is also a good idea to have a cash cushion to show your lender that you are able to handle another loan.

You can have three months of your normal expenses (living expenses like rent, food, and all your regular bills or debt payments) so that you are not in danger of being late on payments or struggling to make ends meets.

Keep documentation handy

We need to verify your application in order to award you for financial responsibility. This can often be done electronically, but we may ask for documents such as pay slips or loan statements. You will be able to speed through this step if you keep all of your records, online or printed, in one place.

Apply After Your Next Raise

Are you expecting a raise or a bonus soon? You might wait to apply for a loan if you expect to increase your cash flow over the next few months. This will allow you to include your higher income in your application.

You will want to be able to show your confirmation letter (from your company) if you don’t want the raise to come out until then. This is just one more piece that allows us to learn more about you.

Are you self-employed? Apply after you’ve paid your taxes

Before extending an offer to you, most lenders will need to verify your financial information. This includes your income. A pay stub is often sufficient to verify most income. If you do not receive pay stubs while working for yourself, it may be a good idea to wait until you have done your annual taxes before you apply for a loan. You can use your IRS tax return to keep track of your earnings.

]]>
https://left-bank.org/things-that-you-need-to-know-before-you-borrow-a-loan/feed/ 0
Chinese Army Tibetan troops trained for special operations conduct exercises in rear areas https://left-bank.org/chinese-army-tibetan-troops-trained-for-special-operations-conduct-exercises-in-rear-areas/ https://left-bank.org/chinese-army-tibetan-troops-trained-for-special-operations-conduct-exercises-in-rear-areas/#respond Fri, 09 Jul 2021 08:17:00 +0000 https://left-bank.org/chinese-army-tibetan-troops-trained-for-special-operations-conduct-exercises-in-rear-areas/ NEW DELHI: In an apparent attempt to copy India, the Chinese military is training its Tibetan troops for special operations in high altitude areas. The Chinese military held an exercise for its Tibetan troops who were inducted into their service after undergoing a number of “loyalty tests,” including learning the mainland Chinese language and following […]]]>
NEW DELHI: In an apparent attempt to copy India, the Chinese military is training its Tibetan troops for special operations in high altitude areas.
The Chinese military held an exercise for its Tibetan troops who were inducted into their service after undergoing a number of “loyalty tests,” including learning the mainland Chinese language and following their practices, said sources at ANI.
The Chinese, according to sources, are apparently trying to create a force like the Indian Border Special Force, which has many Tibetans specializing in mountain warfare.
Along with other Indian army units, they carried out rapid operations to give the country an advantage over the Chinese by capturing the heights along the southern shore of Pangong Tso in August of last year.
“Tibetan troops in the Chinese army are being trained for special operations and have recently held exercises in their rear areas,” the sources said.
The Chinese have tried to assimilate the Tibetans into their forces, but the majority of the people of the Tibet Autonomous Region have anti-Chinese sentiment due to its oppressive policies and are supporters of the Dalai Lama.
India and China have been at a military stalemate since the April-May period of last year and have yet to find solutions to defuse tensions at friction points, including the Hot Heights Springs-Gogra.
The Indian and Chinese sides have been speaking to each other for the past year and have held several rounds of talks at the military and diplomatic levels, but to no great result, except for the limited mutual withdrawal of men from both sides on the northern and southern shores of China. the Pangong Tso.
Indian agencies and forces have received reports that the Chinese are trying to recruit young Tibetans from across the vast Tibetan Autonomous Region.
]]>
https://left-bank.org/chinese-army-tibetan-troops-trained-for-special-operations-conduct-exercises-in-rear-areas/feed/ 0
A wave of big African solar is about to break – pv magazine international https://left-bank.org/a-wave-of-big-african-solar-is-about-to-break-pv-magazine-international/ https://left-bank.org/a-wave-of-big-african-solar-is-about-to-break-pv-magazine-international/#respond Fri, 09 Jul 2021 08:13:09 +0000 https://left-bank.org/a-wave-of-big-african-solar-is-about-to-break-pv-magazine-international/ The Africa Solar Industry Association has registered nearly 2 GW of large-scale project announcements since the start of last month with 18 countries planning new clean energy infrastructure and including energy storage at power plants. July 9, 2021 Max Room The 540 MW of solar power generation capacity and 1.14 GWh of energy storage awarded […]]]>

The Africa Solar Industry Association has registered nearly 2 GW of large-scale project announcements since the start of last month with 18 countries planning new clean energy infrastructure and including energy storage at power plants.

The 540 MW of solar power generation capacity and 1.14 GWh of energy storage awarded to Norwegian developer Scatec to help keep the lights on in South Africa recently is the biggest project the trade body has ever done. Africa Solar Industry Association (AFSIA) has described as “an unprecedented series of large-scale photovoltaic installations on the continent.

The membership organization saw 1,879 MW of announcements of large-scale solar and storage projects in the five weeks since early June, it said in an article on its website.

Scatec’s Kenhardt project – awarded under a coal-free but otherwise technologically neutral ‘risk mitigation’ tender organized by the South African government to address frequent grid failures – was the largest of recent awards, which also included seven project announcements for total generating capacity of 70 MW in Zimbabwe from a list of facilities in 18 countries.

print edition of pv magazine

The latest edition of pv magazine is outside. The print edition offers an in-depth look at the vital role of solar energy in securing energy supplies where conventional grids have struggled to reach. And don’t miss our In conversation special: In the past month, pv magazine has been in contact with leading researchers working on energy systems, solar cell technologies, battery storage, hydrogen and more; discuss the future of energy and technologies that we can expect to see much more of in the years to come.

Three Togolese projects on the list amount to 225 MW of new solar in development or announced and two installations in the Democratic Republic of Congo (DRC) will add 200 MW, the same volume as the Serenje photovoltaic plant planned by the Zambian operation. of US Clean. developer of electricity Ultra Green Corporation in the southern neighbor of the DRC. Two power plants will add a forecast of 180 MW in Tanzania and two Namibian projects announced in the past five weeks are expected to add 111 MW of solar power.

The smallest project included on a list of solar and storage plans announced in Côte d’Ivoire (a total of 75 MW); Niger (60 MW); Botswana (50 MW); Madagascar (20 MW and 5 MWh of storage); Mozambique (19 MW plus 7 MWh); Burkina Faso (17 MW); the breakaway Republic of Somaliland in Somalia (8 MW / 2 MWh); Mauritius (8 MW); and Burundi (7.5 MW), was a 550 kW generator planned for Sao Tome and Principe. The latter project was one of two that will add a total of 2.15 MW of generation capacity in the offshore state. The list also included plans for Italian energy company ENI’s Rebiana solar power plant in Libya, although no details of scale were given.

AFSIA noted the re-emergence of the World Bank’s Scaling Solar campaign as a major driver of generation capacity, following the initiative’s failure to deliver hundreds of megawatts of photovoltaic power to Ethiopia. This year, the professional body said on Wednesday, the program has delivered plans for 50 MW of solar in Niger, 60 MW in Côte d’Ivoire and 190 MW in Togo.

The continental industry consortium noted that the floodgates could finally open for clean energy in Botswana after the state-owned utility, Botswana Power Corporation, cleared local developer Shumba Energy to develop 100 MW of solar energy as the country’s leading independent power producer. AFSIA said the move followed years of disappointment for solar developers who had expressed interest in annual 100MW clean power tenders that were never followed up. The southern African nation also introduced a net metering and feed-in tariff program late last year, which will enable 8 MW of commercial and industrial (C&I) solar power and 2 MW of home solar power. during its first year.

The Zimbabwe Energy Regulatory Authority is behind the country’s presence in the list, having granted seven licenses for more than 66 MW of generation capacity and AFSIA believes there are also plans for more than 1 GW of private C&I solar projects in the country, including the 200 MW will be installed by UK-based platinum miner Zimplats at its Mimosa operation.

This content is protected by copyright and cannot be reused. If you would like to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

]]>
https://left-bank.org/a-wave-of-big-african-solar-is-about-to-break-pv-magazine-international/feed/ 0
Asian stocks follow losses on Wall Street with suspicious investors https://left-bank.org/asian-stocks-follow-losses-on-wall-street-with-suspicious-investors/ https://left-bank.org/asian-stocks-follow-losses-on-wall-street-with-suspicious-investors/#respond Fri, 09 Jul 2021 05:52:00 +0000 https://left-bank.org/asian-stocks-follow-losses-on-wall-street-with-suspicious-investors/ BANGKOK (AP) – Stocks were mostly down in Asia on Friday after stocks pulled back from their recent record highs on Wall Street as bond yields fell and investors became cautious. Tokyo’s Nikkei 225 lost almost 2%. Shares fell in Seoul, Sydney and Shanghai but rose in Hong Kong. US futures fell ES00, + 0.26% […]]]>

BANGKOK (AP) – Stocks were mostly down in Asia on Friday after stocks pulled back from their recent record highs on Wall Street as bond yields fell and investors became cautious.

Tokyo’s Nikkei 225 lost almost 2%. Shares fell in Seoul, Sydney and Shanghai but rose in Hong Kong.

US futures fell ES00,
+ 0.26%

YM00,
+ 0.34%

NQ00,
+ 0.10%
and the yield of the 10-year Treasury bill TMUBMUSD10Y,
1.334%
rose to 1.34%. On Thursday, it fell to 1.30%, its lowest level since February. It was recently trading at 1.74%.

Traders have shifted money to bonds in recent weeks, driving down the benchmark yield, which is used to set the rates on mortgages and many other types of loans.

Tokyo Nikkei 225 NIK,
-0.63%
was down 1.7% to 27,633.10 while the Kospi 180721,
-1.07%
in South Korea fell 1.2% to 3,211.05.

In both countries, authorities have stepped up pandemic precautions to counter new coronavirus epidemics. Reinforcing the relatively loose restrictions, Japanese Prime Minister Yoshihide Suga ordered a state of emergency for Tokyo, until 23 July-August. 8 Olympic Games.

Investors are assessing the potential impact of COVID-19 variants hampering a resurgence in trade and travel. Fans have been banned from the Tokyo Olympics following a state of emergency aimed at containing rising coronavirus infections in the capital.

the S & P / ASX 200 XJO from Sydney,
-0.93%
lost 1.3% to 7,245.10 while the Shanghai SHCOMP composite index,
-0.04%
lost 0.4% to 3,512.84. Stocks also fell in India and Taiwan, but rose in Hong Kong, where the Hang Seng index gained 0.7% to 27,330.71.

Thursday, the S&P 500 SPX,
-0.86%
fell 0.9% to 4,320.82, dragged down by a large drop driven mainly in technology, financial, industrial and communications companies. The Dow Jones Industrial Average DJIA,
-0.75%
lost 0.7% to 34,421.93. The Nasdaq Composite COMP,
-0.72%
broke a three-day streak of closing highs, falling 0.7% to 14,559.78.

Small business shares also fell. The Russell 2000 RUT Index,
-0.94%
slipped 0.9% to 2,231.68.
Long-term bond yields tend to move with investors’ expectations for inflation and economic growth. Both are still very strong and much higher than they have been in recent years. But Wall Street increasingly suspects they have already peaked as the economy passes the initial catapult phase of its recovery from the pandemic.

Part of the sharp decline in long-term bond yields could also be attributed to investors quickly reversing bets that they would continue to raise as the economy continued its strong recovery.

Two recent reports have shown that the manufacturing and service sectors are still growing, but more slowly than in previous months and falling short of economists’ expectations.

On Thursday, the Labor Department said the number of Americans claiming unemployment benefits rose slightly last week, even as the economy and labor market appear to rebound from the coronavirus recession.

Investors are increasingly nervous about potential measures by central banks, especially the US Federal Reserve, to end lavish support for markets that collapsed at the start of the pandemic.

The June Fed meeting minutes showed officials are moving closer to cutting bond purchases, although most analysts don’t expect a cut until later this year. At that meeting, policymakers said they plan to hike interest rates as early as 2023, earlier than expected.

Rail stocks were the biggest losers in the S&P 500 on Thursday following a released report indicating that the Biden administration plans to sign an executive order next week ordering regulators to take action against consolidation and anti-competitive pricing in the rail and maritime transport sectors. The report, published by the Wall Street Journal, cites an anonymous source familiar with the situation. Kansas City South KSU,
-7.87%
sank 7.9% for the S&P 500’s biggest loss. Norfolk Southern NSC,
-7.16%
slipped 7.2%, CSX CSX,
-6.16%
fell by 6.2% and Union Pacific UNP,
-4.38%
closed down 4.4%.

Investors will turn their attention to corporate earnings from next week, when big banks like JPMorgan Chase JPM,
-1.73%,
SG Goldman Sachs,
-2.37%
and Bank of America BAC,
-2.44%
report their results. Banks tend to be a proxy for the overall economy, so investors will carefully analyze reports and listen to what banks say about the state of lending and spending as the recovery continues.

]]>
https://left-bank.org/asian-stocks-follow-losses-on-wall-street-with-suspicious-investors/feed/ 0
South Sudan: war and hunger mark the new country of the world https://left-bank.org/south-sudan-war-and-hunger-mark-the-new-country-of-the-world/ https://left-bank.org/south-sudan-war-and-hunger-mark-the-new-country-of-the-world/#respond Fri, 09 Jul 2021 04:02:19 +0000 https://left-bank.org/south-sudan-war-and-hunger-mark-the-new-country-of-the-world/ Published on: 07/09/2021 – 06:02Amended: 07/09/2021 – 06:01 Paris (AFP) South Sudan, which marks a decade of independence on Friday, is the youngest country in the world and also one of the poorest, crippled by a devastating civil war that has left tens of thousands dead. – The youngest state in the world – South […]]]>

Published on: Amended:

Paris (AFP)

South Sudan, which marks a decade of independence on Friday, is the youngest country in the world and also one of the poorest, crippled by a devastating civil war that has left tens of thousands dead.

– The youngest state in the world –

South Sudan proclaimed independence from Sudan in July 2011 following a referendum that saw nearly 99% of the vote in favor of secession.

The vote follows two civil wars between rebels in the predominantly Christian and animist southern Sudan and the Arab-dominated government of Khartoum. Millions of people have died.

A peace accord was signed in 2005 by the government and rebels in the south. It exempted the south from Islamic Sharia law and granted it six years of autonomy before the independence referendum.

Salva Kiir was sworn in as the country’s first president with Riek Machar as his deputy.

– Another civil war –

Kiir and Machar were on the same side in the struggle for Khartoum independence, but ethnic and political rivalries separated them.

Tensions increased when Machar – from the country’s second ethnic group, the Nuer – was sacked as vice president in 2013.

Kiir, of the Dinka majority people, later accused him of staging a failed coup.

In December 2013, the country sank into a civil war marked by ethnic massacres, widespread rape, the recruitment of child soldiers and other forms of brutality.

# photo1

As part of a 2015 peace deal, Machar was reinstalled as vice president. But the fighting resumed and he and his forces fled.

The two enemies met in June 2018 and a new peace agreement was reached in September with the aim of establishing a government of national unity. It has been postponed twice.

Over 380,000 people died in the last war, half of them from illness and lack of access to health care.

About four million people have been driven from their homes.

The United Nations has accused government forces and other armed groups of “deliberately starving” civilians by denying access to aid and displacing communities.

The continued violence has made South Sudan one of the most dangerous countries in the world for aid workers, with four deaths last month.

– Poverty and locusts –

Four in five of South Sudan’s 11 million people live in “absolute poverty,” according to the World Bank in 2018.

More than 60 percent of the population face severe famine due to the combined effects of war, drought and floods.

In addition to their woes, swarms of locusts have ravaged the country on several occasions.

These dire circumstances place South Sudan 185th out of 189 countries in the UN Human Development Index.

– Economy in ruins –

Oil production – from which South Sudan drew 98 percent of its income at independence – accounts for almost all of its exports and more than 40 percent of GNP, according to the World Bank.

Since the 2018 peace agreement, crude oil production has fallen to almost half of what it was before the war.

While GDP growth was expected to reach 7.9% last year, the coronavirus and current instability have slowed it down, although inflation has fallen sharply from its 2019 peak of 170%.

South Sudan is also hampered by corruption, according to Transparency International, ranking 178th out of 180 in its index.

– Marsh and savannah –

South Sudan is home to a rich variety of wildlife, including antelopes, elephants, giraffes and lions, and the largest savannah ecosystem in the East Africa region.

# photo2

A large area known as Sudd is the largest swampy region in the world and is home to hundreds of species of birds and expanses of fields of papyrus and aquatic plants.

]]>
https://left-bank.org/south-sudan-war-and-hunger-mark-the-new-country-of-the-world/feed/ 0
Tri-County Citizen Deposits Earn – Southern Standard https://left-bank.org/tri-county-citizen-deposits-earn-southern-standard/ https://left-bank.org/tri-county-citizen-deposits-earn-southern-standard/#respond Fri, 09 Jul 2021 01:41:52 +0000 https://left-bank.org/tri-county-citizen-deposits-earn-southern-standard/ Citizens Tri-County Bank were in the money Tuesday night against Melton & Cowan Law Office in a Junior League game in Centertown. The citizens wereted no time scoring 6 points. At the top of the first, Samara Harris and Emma Peacock started off with hits. After a walk from Alyssa Boyd, Conner Cantrell and Lorelei […]]]>

Citizens Tri-County Bank were in the money Tuesday night against Melton & Cowan Law Office in a Junior League game in Centertown.

The citizens wereted no time scoring 6 points. At the top of the first, Samara Harris and Emma Peacock started off with hits. After a walk from Alyssa Boyd, Conner Cantrell and Lorelei Griffith hit the infield to score Harris and Peacock.

Hayden Foster got a hit to right center fielder to score two runs, then Allie Eaton had one sacrificial ground to score another. Dalton Stalcup landed a hit down the middle to score one more.

Harris, at bat for the second time in the inning, hit a liner that was caught by Melton & Cowan shortstop Alton Womack to avoid more damage, 6-0.

Melton & Cowan got it right for 2 runs down the first. Lakelynn Garza led the way with a hit in the field. After Emma Dillon put the ball into play, Garza pushed her way around the goal and tried to get home, only to be hit by Cantrell in a spectacular play.

Melton & Cowan, however, was unfazed. Ashlyn Faulk got a hit in left field, and Dillon and Faulk scored when Jackson Kirby roped a right. The score was 6-2 after the first.

The citizens cashed a check for 10 more races at the start of the second. Harris, Boyd and Foster all had a hit in the inning, while Cantrell and Griffith each had two hits.

Melton and Cowan argued for two points late in the second, thanks to a hard-hit liner in center-right field from Tayden Stafford, a walk from Acelyn Stafford, and then hits from Garza and Dillon. The score was 16-4 after two.

The top of the third was marked by a major league catch in left center field by Maddie Barks of Melton & Cowan on a Harris ball. Then the Womack shortstop grabbed a Cantrell liner and then scored the second goal to pass Peacock there and get out of the inning.

Melton and Cowan added one more point before the final verdict was delivered. The game ended after four innings and the Citizens won 16-5. Kaylyn Bragg played a solid backstop defense for the Citizens.

]]>
https://left-bank.org/tri-county-citizen-deposits-earn-southern-standard/feed/ 0
Rise of the Moors group in Pawtucket claims Rhode Island as their own territory https://left-bank.org/rise-of-the-moors-group-in-pawtucket-claims-rhode-island-as-their-own-territory/ https://left-bank.org/rise-of-the-moors-group-in-pawtucket-claims-rhode-island-as-their-own-territory/#respond Thu, 08 Jul 2021 22:38:13 +0000 https://left-bank.org/rise-of-the-moors-group-in-pawtucket-claims-rhode-island-as-their-own-territory/ PAWTUCKET – A year ago, members of a little-known Rhode Island-led group hit the radar of experts studying anti-government and hate groups. This weekend, The Rise of the Moors was plastered all over the cable news. The United States has many Moorish Americans, but those charged with arms in Massachusetts are among a smaller number […]]]>

PAWTUCKET – A year ago, members of a little-known Rhode Island-led group hit the radar of experts studying anti-government and hate groups. This weekend, The Rise of the Moors was plastered all over the cable news.

The United States has many Moorish Americans, but those charged with arms in Massachusetts are among a smaller number who claim to be both Moors and sovereign citizens.

Their group, Rise of the Moors, headquartered in Pawtucket, has claimed Rhode Island as their home territory. The Southern Poverty Law Center classified the group as an anti-government group in 2020.

“We are looking at all of their actions and rhetoric,” says Rachel Goldwasser, research analyst at the Law Center’s Intelligence Project. “In this case, they adapt the sovereign citizens to a T.”

]]>
https://left-bank.org/rise-of-the-moors-group-in-pawtucket-claims-rhode-island-as-their-own-territory/feed/ 0
Billions of dollars from the Paycheck Protection Program went to big companies and missed coronavirus hotspots https://left-bank.org/billions-of-dollars-from-the-paycheck-protection-program-went-to-big-companies-and-missed-coronavirus-hotspots/ Tue, 23 Mar 2021 05:31:07 +0000 https://left-bank.org/billions-of-dollars-from-the-paycheck-protection-program-went-to-big-companies-and-missed-coronavirus-hotspots/ The rush to distribute nearly $350 billion in federal aid from a popular — and now empty — relief fund for small businesses has led the government to send billions to areas of the country with relatively few new coronavirus cases, to businesses in industries that haven’t been the hardest hit by the shutdown, and […]]]>

The rush to distribute nearly $350 billion in federal aid from a popular — and now empty — relief fund for small businesses has led the government to send billions to areas of the country with relatively few new coronavirus cases, to businesses in industries that haven’t been the hardest hit by the shutdown, and to businesses that aren’t even small businesses.

So where have the Paycheck Protection Program’s ultra-low interest small business loans gone so quickly? Here are the first details of the latest data available from the US Small Business Administration:

  • Texas businesses have taken out more PPP loans than any other state, despite Texas having nearly 16,500 COVID-19 cases, the tenth-highest number of coronavirus cases in the United States, data showed Friday. from the Centers for Disease Control and Prevention. New York, with about 216,000 cases, by far the most of any state, ranks fourth in the number of PPP loans.
  • Owner of Ruth’s Chris Steak Houses chain got $20 million from the small business loan scheme, despite having more than 5,000 employees and $468 million in revenue last year. It is one of more than 50 publicly traded companies that have already disclosed nearly $250 million in PPP funds.
  • Construction companies have received the most help of any PPP industry, more than high street retail stores which have essentially closed and become the public face of the coronavirus recession. Construction businesses, meanwhile, have been deemed an essential activity in all but six states, allowing most to continue operating.

Michael Minnis, an accounting professor at the University of Chicago Booth School of Business, co-authored a preliminary study on the Paycheck Protection Program and created a website to track the program and its loans. He sees little connection between where the greatest economic needs are during the COVID-19 crisis and where public funds are going.

Instead, Minnis said, PPP loans appear to go to eligible businesses most able to retain their workforce, even before receiving aid. “The irony of the program is that if your businesses were still operating and had a large payroll, you got more money,” Minnis said. “The companies most affected had already laid off some or all of their staff by the time the program started, so they may not have decided to do so.”

Some $350 billion disappeared in less than two weeks

The U.S. Small Business Administration announced Thursday that the Paycheck Protection Program would no longer be accepting applications. The agency said it had approved nearly 1.7 million PPP loan applications and that the $349 billion earmarked for loans had been “spent”. The fund opened for applications less than two weeks before it ran out.

PPP loans only charge an interest rate of 1% and interest on the loans does not have to be paid for the first six months. The program aims to help businesses with 500 employees or less.


Tough times ahead for small business owners

04:39

But the program allocated payroll-based loans on a first-come, first-served basis. Candidates had to tick a box indicating that they believed their businesses would be affected by the coronavirus, but did not have to say by how much or prove that this was the case. Minnis says that’s what set the program up for what he calls a disaster.

Based on these criteria, Minnis estimates that the PPP should be more than doubled, to $720 billion, to satisfy all of the small American businesses that might qualify. Had the fund been means-tested, Minnis believes, it could have met all of his demands without being reimbursed.

“With no resource test, it’s certainly not the case that the companies that got the money needed it the most,” Minnis said. “There are going to be many businesses that are in dire need of help and are still online.”

Stimulus payments are big in Texas

Texas was an early winner of the Paycheck Protection contest. Texas businesses have been collectively approved for 134,737 PPP loans totaling just over $28 billion, according to data released Thursday night by the SBA. That’s nearly 22,000 more loans than those issued to small businesses in California, which had the second-most loans but the highest total statewide, $33 billion. Nearly 82,000 New York small businesses have secured PPP loans, totaling just over $20 billion.

From his headquarters in San Antonio, Texas, Frost Bank CEO Phil Green said his bank has been busy accepting applications for PPP loans since day one of the program. It said it had transferred all employees not working on core banking activities to processing PPP loans. “If you weren’t working on core banking, you were working on PPPs,” Green said. “We struggled the floor program.”

Ultimately, Green says 10,600 of his midsize bank’s customers ended up being approved for PPP loans totaling $3 billion, nearly the amount of loans handled by some of the biggest banks in the world. country. According to SBA figures, Green’s loan approvals would rank his bank 14th among all banks in the United States in terms of loan approvals.


Business owners face delays with SBA loans

04:51

Green said he doesn’t think the program’s first-come, first-served policy leads to companies getting money they don’t deserve. “There are very few companies that haven’t been affected by this,” Green said. “So it’s very difficult to say that the money is going to companies that don’t need it.”

Oxford Economics recently carried out a study of the states it believes will be most affected by the coronavirus economic downturn. Texas ranked 32. One reason was that Texas had relatively few workers on the small business payroll as a percentage of the state’s overall employment.

Gregory Daco, Oxford’s chief U.S. economist, said lower oil prices weren’t factored into his company’s study, but he said even if it was included, Texas wouldn’t would not rank among the most affected states.

“Larger companies were better equipped to get Paycheck Protection loans,” Daco said. “A family restaurant with less than 10 employees probably didn’t have the ability to move fast enough to get a loan.”

Not Quite Small Business

The Paycheck Protection Program was generally limited to businesses with 500 or fewer employees. An exception has been granted to companies in the hotel and catering sector. A number of large restaurant chains appear to have taken advantage of the exception.

The owner of Ruth’s Chris Steak Houses, for example, got $20 million from the small business loan program, despite having more than 5,000 employees and $468 million in revenue last year. This was double the $10 million limit a borrower was supposed to be allowed to receive from the fund. Ruth’s Hospitality Group has applied for loans for two of its divisions separately.

Other restaurant chains registering the PPP fund include sandwich chain Potbelly and the U.S. division of Kura Sushi, which has more than 450 locations in Japan, where its parent company has a stock market value of $800 million. The Shake Shack chain also said it secured a $10 million PPP loan, despite laying off 1,000 employees. The Paycheck Protection Program is supposed to encourage businesses to retain and continue paying their employees even if the businesses were closed.


The crushing impact of the coronavirus on small businesses…

05:43

But even outside the hospitality industry, a number of small businesses have been able to secure PPP loans.

Quantum, a publicly traded company that makes computer storage devices, revealed on Friday that it secured a $10 million loan from the Paycheck Protection Program. Quantum is 16% owned by a $500 million buyout investment firm. It made more than $400 million in revenue last year, and its CEO, Jamie Lerner, received nearly $2.3 million in 2019. The company’s latest annual report filed said that it had 800 employees.

The company is also not closed. A note on the company’s website says Quantum is “providing continued service” to its customers and “all employees are expected to work remotely.”

A Quantum spokesperson said the company is a small business as defined by the loan program, and its revenue fell 13% in the first three months of the year due to the coronavirus. “The PPP loan saves jobs at Quantum,” the spokesperson said. “Without that, we would most certainly be forced to downsize.”

Construction companies open PPP fund

Even though retailers, hotels and entertainment companies have been hardest hit by the coronavirus, they aren’t the businesses receiving the most help from the Paycheck Protection Program, or even the second-most recipient. frequent.

According to SBA data released Friday afternoon, construction companies secured nearly $45 billion in PPP funds nationwide, more than any other industry. That was nearly 50% more than hotels and restaurants, which collectively received $30 billion in aid from the program nationwide.


More than 22 million unemployment insurance claims filed in the past…

03:33

Construction companies have certainly lost business, but they are considered better equipped to continue operating than other industries. Indeed, construction companies have been deemed essential businesses that can operate in 44 states.

Professional services also got a significant share of PPP funds, despite being a sector where remote working is more common and easier than many others. Small businesses known to offer professional, scientific or technical services have obtained just over 200,000 loans from the Paycheck program, or just over $43 billion.

]]>
Google accidentally reveals sweeping Google Photos update https://left-bank.org/google-accidentally-reveals-sweeping-google-photos-update/ Tue, 23 Mar 2021 05:31:07 +0000 https://left-bank.org/google-accidentally-reveals-sweeping-google-photos-update/ Google Photos is testing sweeping changes designed to make editing your photos easier. Google Photos logo GOOGLE MORE FORBESAndroid 11 removes the key camera functionThrough Paul McKton Google Photos appears to be introducing a new interface for the photo editor section of the app, as several Twitter screenshots posted by a reverse engineering expert recently […]]]>

Google Photos is testing sweeping changes designed to make editing your photos easier.

MORE FORBESAndroid 11 removes the key camera function

Google Photos appears to be introducing a new interface for the photo editor section of the app, as several Twitter screenshots posted by a reverse engineering expert recently revealed. Jane Manchun Wong.

The revamped app layout replaces the current carousel of small, cryptic icons, with descriptive text buttons. Tap any of these to reveal a selection of new, much larger icon-based buttons relating to individual editing functions such as blur, exposure or contrast. These also feature clear text descriptions underneath.

For example, tap the new “Suggestions” button on the left of the screen to see Google’s recommendations for suggested image enhancements, such as auto adjustment, black and white mode, and “color pop.”

The new layout is generally not available at the time of writing. Wong typically discovers new features early on by looking for them in an app’s underlying code and finding ways to enable them. However, another Twitter user, @BangSAT_RIA97, has since responded with a screenshot from their own smartphone which also seems to have access to the new Google Photos interface. This could mean that some lucky users will receive the new interface earlier as part of an official test.

This more descriptive design will allow users to search for functions by name rather than having to decipher and memorize unfamiliar symbols, and I believe this will make the app more accessible to new users. Tapping on an unfamiliar icon can be scary for technophobes, so even a one-word description will help alleviate this problem.

Follow @paul_monckton on Instagram

MORE FORBESZTE will ship the world’s first smartphone with under-display camera

]]>
Seaside to offer ‘micro-loans’ to businesses impacted by COVID-19 – Monterey Herald https://left-bank.org/seaside-to-offer-micro-loans-to-businesses-impacted-by-covid-19-monterey-herald/ Tue, 23 Mar 2021 05:31:07 +0000 https://left-bank.org/seaside-to-offer-micro-loans-to-businesses-impacted-by-covid-19-monterey-herald/ SEASIDE — Small businesses in Seaside impacted by the COVID-19 pandemic will soon be able to apply for loans of $2,500 to $5,000 through the city’s micro business loan program. “Staff are preparing the application form and will publish it by the end of next week,” said Seaside City Manager Craig Malin. Seaside’s revolving business […]]]>

SEASIDE — Small businesses in Seaside impacted by the COVID-19 pandemic will soon be able to apply for loans of $2,500 to $5,000 through the city’s micro business loan program.

“Staff are preparing the application form and will publish it by the end of next week,” said Seaside City Manager Craig Malin.

Seaside’s revolving business micro-loan program would leverage assistance from the Monterey Peninsula Chamber of Commerce, the Monterey County Community Foundation, and the CSU Monterey Bay Institute for Innovation and Development. economic development.

The loans program would use $200,000 designated in the budget for the 2020-2021 fiscal year for this purpose. City staff recommended that these loans be easy to obtain, that the administration of the program use as few staff as possible, that the program assist as many businesses as possible, and that it leverage the resources of its community partners.

The program would provide loans of $2,500 to $5,000 with no interest or payment required for up to 90 days after the statewide COVID-19 emergency order ends. All loans would have a repayment period of 36 months or three years with no prepayment or prepayment penalties. The interest would be a fixed rate of 3% and the program would be “revolving”, which means that any payment received would be loaned to businesses in need of further assistance. The program would continue to provide loans until at least a year after the emergency order was lifted.

Companies primarily located and doing business in the City of Seaside prior to January 31, 2020 would be eligible to apply. Requirements would include being cash flow positive in 2019 or for any period prior to January 31 that the business was open and in operation, the business would be required to have an active and in good standing Seaside business license, as well as be in good standing with the California State Board of Equalization.

The City of Seaside is moving forward with the development of its COVID-19 Emergency Micro Loan Program which provides loans of $2,500 to $5,000 to eligible businesses in the city. (James Herrera – Monterey Herald)

Businesses would be required to obtain technical assistance from the CSU Monterey Bay program and apply for grants through the Community Foundation/Monterey Peninsula Chamber of Commerce program with assistance in applying for technical assistance and the grant program provided by staff from the city. If eligible, businesses will also be encouraged to apply for funding from the Small Business Administration through the city’s Grow America Fund program.

“We would like candidates to avail themselves of other resources, so that they can be successful,” Malin said.

Monterey County recently received funding from the Coronavirus Aid, Relief and the Economic Security Act to help businesses.

On Monday, Rep. Jimmy Panetta’s D-Carmel Valley office announced that Monterey County had received a grant totaling $1,760,000 in COVID-19 Recovery and Resilience Project funding to help the county and its small businesses. to respond to the coronavirus.

Grant funding is allocated to municipalities through the Department of Commerce’s Economic Development Administration under the CARES Act.

The $1.76 million investment will recapitalize the Monterey County Revolving Loan Fund with $1.6 million to support the economic development needs of small businesses and entrepreneurs impacted by the coronavirus pandemic and will also provide 160 $000 to cover the cost of administering the revolving loan fund.

Panetta said that to ensure these funds are flexible so that they can be used for broader activities when reimbursed, the Senate must pass HR 2, the Moving Forward Act, which includes the Flexibility Act. Panetta’s revolving loan fund that would allow counties to reprogram these funds for other economic stimulus efforts as small businesses recover and repay the loans.

The Revolving Loan Fund Flexibility Act was introduced by Rep. Panetta to provide localities with greater flexibility in the use of federal economic development funds disbursed during the COVID-19 pandemic. It was incorporated into the Moving Forward Act which was passed by the US House of Representatives in July.

]]>