Capital – Intersindical RTVV http://www.intersindicalrtvv.com/ Thu, 07 Oct 2021 15:52:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.intersindicalrtvv.com/wp-content/uploads/2021/03/intersindicalrtvv-icon-70x70.png Capital – Intersindical RTVV http://www.intersindicalrtvv.com/ 32 32 Home loan roller coaster plunges to all-time low of 2.98% https://www.intersindicalrtvv.com/home-loan-roller-coaster-plunges-to-all-time-low-of-2-98/ https://www.intersindicalrtvv.com/home-loan-roller-coaster-plunges-to-all-time-low-of-2-98/#respond Tue, 09 Mar 2021 10:57:31 +0000 https://www.intersindicalrtvv.com/home-loan-roller-coaster-plunges-to-all-time-low-of-2-98/ (Above) Homes in the Edgewater Square II development. Prices for single-family homes in Edgewater rose 22.9% in the second quarter of 2020 to a median of $ 775,000.

20-Jul-20 ?? Home loan interest rates have fallen to an all-time low of 2.98% nationwide, the lowest ever recorded by Freddie Mac? Primary Mortgage Market Survey, which dates back to 1971.

Mortgage rates fell below 3% for the first time in 50 years, according to Sam khater, Chief Economist of Freddie Mac. The drop has led to a surge in demand from home buyers.

?? However, the offsetting force for the economy has been the increase in new cases of the virus, which has caused the economic recovery to stagnate, ?? says Khater (left). This economic break puts many temporary layoffs at risk of ossifying into permanent job losses.

The 30-year benchmark fixed rate mortgage (FRM) average fell to 2.98% for the week ending July 16, from 3.03% the week before. A year ago, the 30-year FRM averaged 3.81%.

15-year fixed rate loans averaged 2.48%, down from 2.51% a week earlier. A year ago, 15-year fixed rate loans averaged 3.23%.

Freddie mac

This means Chicago homebuyers and families looking to refinance now have a unique opportunity to lock in the lowest mortgage interest rate in five decades.

On July 17, Mutual of Omaha cited a bottom of 3%, RateSeeker reported. As part of an aggressive lending program involving pledged money market funds, the Huntington Bank was quoting 2.325% on a seven-year variable rate jumbo mortgage (ARM) with a 25% down payment, according to the broker. mortgages. Brian Bockholdt.

Before the recent sharp drop in interest charges, mortgage rates last hit an all-time low on November 21, 2012, when the 30-year fixed mortgage average hit 3.31%, according to Freddie files. Mac.

North Side Home Sales Contracts Rise

While overall sales of closed homes in June were down, there has been an increase in sales contracts written but not yet concluded, noted Marie Jo Nathan, which establishes the quarterly Chicago North Side Market Report for the Charese team at Compass Roscoe Village.

?? North Side contracts were up 14.4% in June from the same month last year and earnings were extremely strong in three communities: Edgewater, North Center and Lake View, all of which saw increases of 30% or more ?? Nathan says (right).

Marie Jo Nathan

The report tracks home sales in nine neighborhoods ?? Edgewater, Lake View, Lincoln Park, Lincoln Square, Near North Side, North Center, Rogers Park, Uptown and West Ridge.

Sales closed in the second quarter were almost equally reduced in the detached and adjoining segments of the North Side market. Single sales fell 32.2% to 215 homes, while tied sales, primarily condominiums and townhouses, fell 33.2% to 1,908 units.

However, the median price of the two categories has moved in opposite directions. Selling prices for condos and townhouses rose 7.9% to $ 369,450, while median prices for detached single-family homes fell 9.7% to $ 935,000.

The average time it took for a listing to close a deal increased only modestly during the second quarter on the North Side. Townhouses lasted an average of 75 days, up eight days from the previous year, while single-family homes lasted an average of 112 days, an increase of six days.

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New York-based Nathan’s Famous returns $ 1.2 million PPP loan https://www.intersindicalrtvv.com/new-york-based-nathans-famous-returns-1-2-million-ppp-loan/ https://www.intersindicalrtvv.com/new-york-based-nathans-famous-returns-1-2-million-ppp-loan/#respond Tue, 09 Mar 2021 10:57:30 +0000 https://www.intersindicalrtvv.com/new-york-based-nathans-famous-returns-1-2-million-ppp-loan/

Hot dog icon Nathan is famous joined the growing list of companies that have repaid their Small Business Paycheck Protection Program (P3) loans.

In a filing on Monday with the Securities and Exchange Commission, the Long Island-based hot dog supplier said it received – and will come back – a loan of $ 1.2 million. Nathan’s secured the loan on April 21, the filing says, just two days before the US Treasury Department urged publicly traded companies with “substantial market value and access to capital markets” to repay all loans. received. The company, which is valued at $ 252 million, said it would repay its loan following the directives.

Nathan’s had 259 restaurants and franchises in March 2019, according to the company’s latest report Annual Report. While many of these places have temporarily closed due to coronavirus guidelines, the business has been supported by those that remain open – like its restaurant along the Coney Island promenade – and an increase in sales of products from Nathan in grocery stores, according to the SEC Filing.

While these locations may reopen in time for the summer, Nathan may not necessarily have the hot dogs needed to provide them. Monday, the company share that Smithfield Foods, the leading manufacturer of its hot dogs, has shut down.

Nathan’s Famous Hot Dogs now joins a growing list of large restaurant chains that have chosen to pay back their P3 funding after it was revealed that they were accepting small business loans. On April 20, restaurateur Danny Meyer co-wrote a letter announce that Shake Shack would pay off its $ 10 million loan, while the founders of Sweetgreen said they would do the same with the $ 10 million they received. Ruth’s Chris Steak House and Potbelly Sandwich Shop also have received and returned funding.

On Friday, Congress signed a $ 310 billion top-up of the Paycheck Protection Program into law, which could help more small businesses, including restaurants and bars.

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PPP loan application deadline extended until August 8 | Smith Debnam Narron Drake Saintsing & Myers, LLP https://www.intersindicalrtvv.com/ppp-loan-application-deadline-extended-until-august-8-smith-debnam-narron-drake-saintsing-myers-llp/ https://www.intersindicalrtvv.com/ppp-loan-application-deadline-extended-until-august-8-smith-debnam-narron-drake-saintsing-myers-llp/#respond Tue, 09 Mar 2021 10:57:30 +0000 https://www.intersindicalrtvv.com/ppp-loan-application-deadline-extended-until-august-8-smith-debnam-narron-drake-saintsing-myers-llp/

On July 4, 2020, President Trump signed a bill that reopens the Paycheck Protection Program (“PPP”) loan application period until August 8, 2020. The five-week extension has been approved by both houses of Congress last week unanimously. consent. The extension was somewhat surprising, as the Senate passed it just hours before the PPP’s initial expiration on June 30.

The PPP loan facility is an essential element of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). Our full analysis of PPP loans appears here [“Client Alert: What Businesses Need to Know…”], and our analysis of the PPP Flexibility Act promulgated in June appears here [“Flexibility Act Makes Significant Changes to PPP Loan Terms”]. We also discussed a key feature of PPP loans – the forgiveness – here [May 15 update] and here [May 19 update].

Congress has indicated in recent weeks that it plans to adopt a second stimulus package for small businesses struggling with the economic effects of the COVID-19 pandemic. The expansion of PPP loans preserves a source of funding for these companies while Congress begins its work.

The Small Business Administration (“SBA”), which administers PPP loans, stopped accepting new applications at midnight on June 30, 2020. The PPP was launched in early April and provides forgivable loans that small businesses can use. to cover payroll and other critical expenses like rent and charges.

After the end of the first round of financing of PPP loans, a second round was approved. To date, there is approximately $ 129 billion left. According to the SBA, as of the close of business on June 30, nearly 4.9 million loans totaling more than $ 520 billion had been approved.

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Definition of master key https://www.intersindicalrtvv.com/definition-of-master-key/ https://www.intersindicalrtvv.com/definition-of-master-key/#respond Tue, 09 Mar 2021 10:57:29 +0000 https://www.intersindicalrtvv.com/definition-of-master-key/

What is the master key?

The term boilerplate refers to a standard text, copy, documents, methods or procedures that can be reused without making major changes to the original. A master key is commonly used for efficiency and to increase standardization in the structure and language of written or digital documents. This includes contracts, investment prospectuses and bond contracts. In the field of contract law, documents contain boilerplate language, which is a language considered generic or standard in contracts.

Key points to remember

  • Standard language is uniform text that you can find in a variety of standard documents, such as contracts.
  • Standard text passages are often part of templates that are easily completed and personalized later.
  • The term is also used in the computer world to describe snippets of code used in various programs.
  • The use of the master key dates back to the 19th century, when steel plates were used as models to make steam boilers.
  • Masterpieces save time and money, but can also favor a single party in the case of contracts.

How the master keys work

The master key is any text, documentation or procedure that can be reused more than once in a new context without any substantial modification from the original. Masterpieces are commonly used online and in documents written by a variety of entities, including corporations, law firms, and medical institutions.

Users can make slight changes to the language or to parts of the text to adapt a document to different uses. For example, a press release contains boilerplate language at the bottom, which is usually company or product information, and can be updated for different situations before being released to the public.

The term is also commonly used in the IT industry, referring to coding that can be created and reused over and over again. In this case, the IT specialist only has to rework part of the code to adapt it to the current need, without making major changes to the original structure.

Think of a mat the same way you would think of templates. which provide the user with a basic structure of the text or document which can be modified to meet different needs.

Matter story

In the 19th century, a master key refers to a steel plate used as a template in the construction of steam boilers. These standardized metal plaques reminded publishers of the often mundane and unoriginal work that copywriters and others sometimes submitted for publication.

The legal profession began to use the term boilerplate as early as the mid-1950s, when a Bedford Gazette article criticized boilerplates for often including small print designed to circumvent the law.

Companies now use standard clauses in contracts, purchase contracts, and other official documents. Master clauses are designed to protect businesses from errors or legal errors in language.

The wording of these passages is generally not negotiable with clients, who will often sign master documents without reading or understanding them. This type of master key, drafted by a party with greater bargaining power and presented to a weaker party, is often referred to as a Membership Agreement in the legal profession. The courts can overrule the provisions of these contracts if they find them coercive or unfair.

The master key can also be used as a derogatory term to refer to a lack of originality or sincere effort in any activity.

The catch-all language in the modern world

In contemporary times, the term boilerplate is widely applied to a variety of settings. It normally refers to a standard method, form or procedure. Computer programmers talk about using master code to write a new program, because modern programs can understand billions of lines of code, and it is practically impossible to write them from scratch.

In marketing and public relations, boilerplate refers to blocks of language in marketing materials or press releases that rarely change. They are often written to express a company’s mission or to present it in a positive light and are typically added to a variety of its publications, press releases, or web pages, including the About Us page on many sites. Web.

Advantages and disadvantages of the master key

Masterpieces are considered to save time and money. Businesses don’t have to waste resources drafting new documents or contracts. They can simply update existing documents or models according to their purpose. Likewise, IT professionals can make some modifications to existing code to create new texts and documents online.

Masterpieces can help avoid mistakes. The original documents and language are usually already checked to make sure they are free of errors, which means less headaches in the future. This offers businesses and individuals protection against any legal issues that may arise from shoddy work. Standard forms also provide consistency for users. This prevents the possibility of inadvertent deviation from one contract or document to another.

But there are also some drawbacks that come with them. For example, masterpieces are often used flat, as in the case of some small print. They are not always suitable for every situation. In most cases, people don’t read the fine print and are unaware of the terms they need to meet, such as being tied to a contract.

Contract masterpieces often contain language that favors only one party, usually the writer. In these cases, businesses rely on individuals skipping or browsing these sections.

Examples of boilerplate language

A bank can use a standard contract for anyone requesting accommodation to lend. Bank workers and loan applicants can fill in the blanks or select from lists of checkboxes, depending on the circumstances, rather than creating an entirely new document for each new applicant. These documents generally remain unchanged so that parties using them are not misled into accepting unfavorable terms that even small changes in the master text might result.

Another example of a masterpiece is the fine print that appears on many contracts. This section is generally static, as is the case with many mobile phone contracts. This indicates what costs, fees and other rules that may apply to someone’s service. But companies can make minor edits to the text if necessary.

Master key faq

What is a boilerplate declaration?

A boilerplate declaration is a standard declaration commonly issued by businesses. This statement is quite generic and can be edited slightly to meet a specific purpose, such as an email response to a media request or a consumer complaint. As such, boilerplate statements are typically found in press releases, the About Us section on a company website, or in written communications.

What is a boilerplate project?

A boilerplate project is a project setup that can be easily changed to create new projects. The user can use the original project, its foundation and structure to create a new one without modifying the original. It is commonly found in the IT industry, where coders update existing code to make changes to web pages.

Why is it called the boilerplate language?

The term boilerplate dates back to the 19th century, when steel plates were used as models to create steam boilers. This application of the term was used in the legal profession in the mid-1950s to describe how businesses used the fine print to circumvent the law.

What is a master key in a sample press release?

The masterpiece in a press release is often found at the bottom. This text is used to identify and briefly describe the company issuing the press release.

What is a master clause in a contract?

A master clause is a standard section of a contract that can be found at the end or bottom of the document. This clause normally describes certain applied conditions which the parties must adhere to, including when a contract is broken and how problems and disputes are resolved.

The bottom line

Masterpieces are a big part of the business and information technology sectors. These tools save time and money, making it possible to create text and documents for indefinite use. For example, the fine print or boilerplate clause is found on legal contracts while boilerplates are standard messages found in press releases. While they serve a purpose, it’s important to remember that you shouldn’t go through these sections if you ever come across them. This is because they often contain important information about your rights.

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Heavily Indebted – Journal https://www.intersindicalrtvv.com/heavily-indebted-journal/ https://www.intersindicalrtvv.com/heavily-indebted-journal/#respond Tue, 09 Mar 2021 10:57:29 +0000 https://www.intersindicalrtvv.com/heavily-indebted-journal/

PAKISTAN’s debt and external liabilities have grown rapidly in recent years. The government is forced to borrow heavily from outside sources – including multilateral and bilateral creditors and commercial lenders – in order to meet its external debt repayment obligations, as well as to finance its budget, development and imports.

Its growing need for dollars has forced the country to periodically knock on the doors of the IMF over the past three decades, to the detriment of economic growth, to avoid potential defaults on foreign bonds and to strengthen foreign exchange reserves. With the scarcity of cheaper and smoother bilateral and multilateral flows, the government is increasingly dependent on costly foreign commercial debt. In November alone, it was forced to borrow $ 1.1 billion from commercial lenders, bringing total debt flows in the first five months of the current fiscal year to $ 4.5 billion . According to the Ministry of Economic Affairs, new debt inflows so far represent 37pc of the annual budget estimate of foreign borrowing of $ 12.4 billion for the full year.

There are several reasons why Pakistan has become a heavily indebted nation. The exponential growth in the level of external debt shows that the country has not been able to attract sufficient long-term non-debt-generating flows such as FDI or to increase its exports, which remain blocked between 23 and $ 24 billion per year, to meet its external needs. account requirements. The extremely low level of formal domestic savings as reflected by bank deposits means that the government would have to depend on foreign savings to finance its fiscal operations as well as for balance of payments support. For example, almost 87%, or $ 3.9 billion, of the total loans taken in the past five months were for balance of payments or budget support. Likewise, the failure to reform the tax system and increase revenue collection is a major factor behind the government’s heavy domestic and external borrowing.

The fact that Pakistan’s external debt continues to accumulate and that it has to borrow more dollars to pay off its old loans suggests that the country is in fact trapped in debt. Since July 1, 2018, the government has accumulated $ 23.6 billion in external debt. External debt increased by $ 10.7 billion in the last fiscal year and by $ 8.4 billion in 2018-19, with debt servicing becoming the biggest budget expenditure.

According to official data, the government repaid $ 2.45 billion in the first four months of the current fiscal year against repayment estimates of $ 10.4 billion for the whole year – this, despite the debt relief granted by bilateral lenders to countries like Pakistan due to Covid19. This shows that the government will continue to borrow more money to pay off its old loans while accumulating more debt. It is not sustainable for any economy, let alone a fragile economy. The government should put its house to attract FDI, stimulate exports, increase tax revenues and encourage domestic savings to escape this trap.

Posted in Dawn, le 19 December 2020

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CRE defaults soar under Trepp’s stress test, but won’t be as bad as a great recession https://www.intersindicalrtvv.com/cre-defaults-soar-under-trepps-stress-test-but-wont-be-as-bad-as-a-great-recession/ https://www.intersindicalrtvv.com/cre-defaults-soar-under-trepps-stress-test-but-wont-be-as-bad-as-a-great-recession/#respond Tue, 09 Mar 2021 10:57:28 +0000 https://www.intersindicalrtvv.com/cre-defaults-soar-under-trepps-stress-test-but-wont-be-as-bad-as-a-great-recession/
Photo by Shutterstock

NEW YORK — To assess the impact of the COVID-19 disruption, Trepp applied an economic and real estate forecasting scenario to a portfolio of 12,500 commercial real estate loans.

The results were perhaps predictable: defaults are expected to increase, in some cases significantly.

In the scenario used by Trepp, the cumulative default rate on all commercial mortgages will rise to 8%, up significantly from the current default rate of 0.4%. The impact will be most immediate and severe in the accommodation industry, with a cumulative default rate approaching 35%. The retail sector will also experience high defaults, with a cumulative default rate estimated at 16% in the scenario. Other large real estate sectors analyzed, such as offices, multi-family and industrial buildings, will experience more measured increases in distress.

The scenario used by Trepp is a modified version of the Severely Adverse scenario of the banking regulators, with changes to capture the largest expected price drops and NOI expected in the accommodation and retail segments. This scenario assumes a sharp drop in GDP, a rise in the unemployment rate (peak at 10%), a fall in interest rates and a fall in asset prices. Commercial real estate prices fall 35% over the first two years of the scenario.

Trepp applied this scenario to a portfolio of 12,500 commercial real estate loans held by commercial banks with a total outstanding amount of $ 77.5 billion. This is a good quality loan portfolio, with a median LTV of 40.9 and a median DSCR of 1.82.

Here’s what Trepp found:

  • The mortgage default rate will soar to reach a peak of nearly 10% by the end of 2021.
  • Defaults will also increase sharply, peaking at 3.6% at the end of 2021 / beginning of 2022.
  • Office default rates will increase, but not so severely. The maximum default rate for office loans in this scenario would be 0.8%
  • Industrial and multi-family mortgages will see smaller increases in default rates, peaking at around 0.5%. For both types of properties, the expected declines in prices and NOI mean that LTV and DSCR ratios will hold up better, relative to accommodation and retail.

The impacts of these higher periodic default rates over the 5-year forecast horizon will translate into much higher cumulative default and loss rates for all types of loans, especially housing and mortgage loans. individuals.

  • The cumulative default rate for all CRE loans is 8.0%, and with an expected loss severity of 31.7%, the cumulative loss rate will be 2.5%.
  • For home loans, the cumulative default rate is expected to be 34.8%, resulting in cumulative losses of 13.1%.
  • The cumulative default rate for retail is expected to be 16.0% and the cumulative losses will total 5.3%.
  • The other sectors analyzed, in particular offices, collective housing and industrial, will fare comparatively better, with cumulative default rates of around 3% to 4.3% and cumulative losses of the order of 0.8% to 1.2%.

Not as bad as the Great Recession

Trepp notes that while these defaults will be serious, they are not as bad as the defaults and losses suffered during the Great Recession. For example, the highest default rates in the Trepp COVID-19 scenario are 2.7% for commercial mortgages and 0.4% for multi-family mortgages. These rates compare to 4.4% and 4.7% respectively for the Great Recession.

There are several reasons for this, says Trepp.

The scenario takes place over a shorter period of time, which may result in a slightly less severe impact when applied in a model. Perhaps more importantly, the Trepp loan portfolio used for this analysis has good current credit quality, so the loan portfolio starts forecasting with generally healthy LTVs and DSCRs. “In the run-up to the Great Recession, the volume of loans and transactions was very high and underwriting standards had dropped significantly,” he noted.

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P3 loan program has saved more than half of Texas oilfield jobs https://www.intersindicalrtvv.com/p3-loan-program-has-saved-more-than-half-of-texas-oilfield-jobs/ https://www.intersindicalrtvv.com/p3-loan-program-has-saved-more-than-half-of-texas-oilfield-jobs/#respond Tue, 09 Mar 2021 10:57:28 +0000 https://www.intersindicalrtvv.com/p3-loan-program-has-saved-more-than-half-of-texas-oilfield-jobs/ More than $ 1 billion in forgivable loans issued by the federal government’s paycheck protection program for businesses struggling with the coronavirus pandemic have saved more than half of jobs in the oilfields in Texas, according to an analysis of figures from the Small Business Administration.

The federal government has granted 6,610 PPP loans to oil and gas companies, their service providers and related equipment manufacturers headquartered in Texas, according to an analysis in the Houston Chronicle.

Companies used their P3s loans to keep 93,117 jobs, or more than half of the 182,500 people employed by the industry in Texas, according to the analysis.

Closures linked to the coronavirus pandemic have created record oil and natural gas prices that have resulted in the loss of jobs of 36,200 Texans since the start of the year.

Decrease : Oil service employment nears lowest level in four years

Federal officials used the loan amount of $ 150,000 as the dividing line for the type of data released on the program.

The names of the companies were not disclosed for loans under $ 150,000, but federal officials provided the exact amount of each loan.

Federal officials released the names of companies for loans between $ 150,000 and $ 10 million, but listed the amounts borrowed in five different ranges, not the exact amounts.

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The 4,877 companies in the oil and gas industry that received loans of less than $ 150,000 in Texas borrowed a total of $ 188 million.

Based on the ranges given, the 1,733 companies that received loans greater than $ 150,000 borrowed between $ 1 billion and $ 2.3 billion.

Pandemic: Texas oil and gas industry cut record 26,300 jobs in April

San Antonio-based Lewis Energy and Houston-based Grizzly Natural Gas were among the exploration and production companies that received loans between $ 5 million and $ 10 million.

Enterprise Offshore Drilling, Evolution Well Services, and Gyrodata were among the Houston oil service companies that received loans of this amount.

The smallest loan in Texas, which stood at $ 285, went to an oil services company in College Station that has not been identified.

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Wisconsin small business owners may have to pay state taxes on P3 loans https://www.intersindicalrtvv.com/wisconsin-small-business-owners-may-have-to-pay-state-taxes-on-p3-loans/ https://www.intersindicalrtvv.com/wisconsin-small-business-owners-may-have-to-pay-state-taxes-on-p3-loans/#respond Tue, 09 Mar 2021 10:57:28 +0000 https://www.intersindicalrtvv.com/wisconsin-small-business-owners-may-have-to-pay-state-taxes-on-p3-loans/

Without action from state lawmakers and Democratic Governor Tony Evers, many small businesses in Wisconsin could have to pay unexpected state taxes on loans taken out under the Federal Paycheck Protection (PPP) program.

The news comes less than a month after Congress created a legislative solution to the same problem at the federal level, ensuring that businesses would not have to pay additional federal taxes on their P3 loans. These changes came in the latest round of coronavirus relief that was enacted in late December.

The PPP, originally established in March as part of the first round of federal coronavirus aid, provided loans to small businesses to help cover the cost of payroll, in addition to expenses such as rent, l mortgage insurance and utilities. In general, if a business was able to maintain its workforce, the loans were repayable.

According to interviews with several PPP recipients, many felt that if they followed the rules of the program, the loans would essentially turn into government grants to their businesses at no cost to them.

But first in May and again in November, the IRS said expenses paid with P3 loans that were or would be waived could not be deducted for federal tax purposes. This decision would have increase the taxable income of a business, resulting in thousands, tens of thousands, and in some cases even hundreds of thousands of dollars in taxes for small business owners that they would not have had to pay had they not covered these expenses with PPP funds.

In the second round of federal coronavirus relief passed in late December, Congress included legislation to address the problem and allow businesses to make these deductions for their federal taxes.

But in a notice posted on its website on Friday, the State Revenue Department clarified that Wisconsin law adheres to previous PPP restrictions, which means small businesses will not be able to deduct these expenses from their state taxes.

This means that small businesses, many of which are under immense financial pressure amid the economic downturn from COVID-19, could have to pay state taxes on their PPP loans unless the state legislature and Evers do not. ‘intervene.

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Terry Hoover, partner of the Appleton offices of the accounting and consulting firm Wipfli, said the cost to businesses will vary depending on the size of their PPP loan and how the business is organized. For a sole proprietor, for example, Hoover estimates that businesses could face an additional $ 6,000 to $ 8,000 for every $ 100,000 of expenses that a business is unable to deduct.

If no legislative action is taken by April 15, many companies will have to start paying state taxes on their PPP loans, according to Hoover. But he added that some companies have already been affected by the confusion, including at least seven companies at Wipfli alone.

“So now they are waking up to find out Friday morning that they actually underpaid their taxes in Wisconsin, and therefore have to change those returns and pay more, plus 12% interest,” Hoover said. “Or they can wait and hope that the legislature acts retroactively (to bring Wisconsin into line with federal law) to avoid having to do it.”

The Wisconsin Department of Revenue also said Friday that under current state law, businesses with a second PPP loan must treat that loan as taxable income if it is canceled. This would have a similar effect on small business taxes in 2021, forcing small businesses to pay taxes on the government loan.

Dan Glomski, director and head of business valuation at accounting firm SVA in Milwaukee, said throughout Congress, PPP loans were to be a tax-free lifeline for small businesses affected by the pandemic. Glomski said state lawmakers and Evers should respect Congress’ intent, instead of treating P3 loans as a “revenue-generating opportunity.”

Lawmakers have yet to introduce legislation that would reconcile the differences between state and federal laws on P3 tax matters.

A representative of Representative John Macco, chairman of the Assembly’s Ways and Means Committee, said Tuesday that Macco and his colleagues on the committee were “aware of the inconsistencies” between federal and state laws on P3-related tax matters. and “examine them”. . ”

A representative from Evers did not respond to questions about whether Evers would support legislation that would prevent small businesses from having to pay taxes on their canceled PPP loans.

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Hapag-Lloyd secures “green finance” for LNG https://www.intersindicalrtvv.com/hapag-lloyd-secures-green-finance-for-lng/ https://www.intersindicalrtvv.com/hapag-lloyd-secures-green-finance-for-lng/#respond Tue, 09 Mar 2021 10:57:27 +0000 https://www.intersindicalrtvv.com/hapag-lloyd-secures-green-finance-for-lng/

German shipping company Hapag-Lloyd has joined the shift to green financing, securing funding for six liquefied natural gas (LNG)-powered container ships, 23,500 TEUs he ordered in December 2020.

The company said it has completed two transactions in accordance with the Loan Market Association (LMA) green lending principles, verified by independent secondary party DNV GL, as the shipping industry increasingly turns to financing linked to measurable sustainability goals.

“Our first green financing is an important step for us, as we innovate in the container shipping segment by financing new construction projects focused on sustainability,” said Marc Frese, c from Hapag-Lloydchief financial officer.

A syndicated green loan of $ 417 million has a 12-year maturity and will be used to finance three of the six container ships on order. The credit facility is backed by the Korea Trade Insurance Corporation (K-SURE) and the syndicate consists of 11 banks. KfW IPEX-Bank and BNP Paribas were in charge of structuring and coordinating the transaction.

The $ 472 million lease financing for the remaining three new buildings has a term of 17 years plus construction phase funding, and has been structured by the Industrial and Commercial Bank of China (ICBC Leasing).

“The transactions will help us modernize our fleet while further reducing our carbon footprint. ” Free noted.

The new buildings, which are under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea for delivery scheduled for 2023, will be fitted with effective MAN B&W 11G95ME-GI Mk10.5 high pressure dual fuel engines, allowing CO2 emissions reductions of 15 to 25%. This means that in addition to the requirements of the LMA Green Lending Principles, vessels will also meet the technical selection criteria of the EU taxonomy for maritime and coastal sea freight transport.

Once operational, the ships will be deployed on the Europe – Far East routes as part of THE Alliance.

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Elite prep schools, set back by virus, face dilemma over federal aid https://www.intersindicalrtvv.com/elite-prep-schools-set-back-by-virus-face-dilemma-over-federal-aid/ https://www.intersindicalrtvv.com/elite-prep-schools-set-back-by-virus-face-dilemma-over-federal-aid/#respond Tue, 09 Mar 2021 10:57:26 +0000 https://www.intersindicalrtvv.com/elite-prep-schools-set-back-by-virus-face-dilemma-over-federal-aid/

“We recognize that our decision to accept this loan may draw criticism from some parts of the community,” said the school, which has an endowment of $ 53.4 million, “but we are fully united in our decision “.

The Pingry School, with campuses in Short Hills and Basking Ridge, NJ, and an endowment of around $ 80 million, said it would keep the money it received to pay teachers and staff , as provided for in the federal program.

St. Andrew’s, in Potomac, which reported an endowment of about $ 9 million in a 2017 tax return, said it would invest the money in wages “to ensure the retention of all of our faculty and our staff, including hourly employees and coaches, during this very difficult and uncertain time.

Neither school disclosed how much it received on loan.

Managed by the SBA, the $ 660 billion aid effort – officially known as the Paycheck Protection Program – has been disrupted by technical glitches, partisan bickering and widespread confusion over who is worthy of it.

Large state-owned enterprises have relied on their relationships with the banks, which provide the loans, while many main street businesses like ice cream shops, lounges and neighborhood restaurants have often found themselves left out.

This tension is played out in miniature in the world of private schools. While there is no suggestion that a school has used political ties to strengthen its candidacy, some larger institutions are able to appeal to board members and donors with ties to banks. .

“It’s a bit of a crazy thing going on – you can see the pitfalls of the program,” said Jennifer S. Danish, principal of Grace Episcopal Day School in Kensington, Md., Who she said, mainly served middle class students. “If you have a board member or a connection to a big bank, you are more likely to get it.”

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