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Desperate small business. Can the $ 1 billion program help?

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Desperate small business. Can the $ 1 billion program help?

After robbers hit the Hollywood restaurant Los Balcones del Peru in a wave of protests against police brutality on Saturday night, owner Jorge Rodriguez considers himself lucky enough to laugh at him.

“He took the most expensive wine we had and left,” Rodriguez said, adding that the man had left the restaurant untouched. “Looks like he has an appetite for red wine. He did not touch the white skin. “

Rodriguez maintains a dismal sense of humor even as he struggles to maintain his business with the help of life.

This restaurant is located on Vine Street, a few steps from ArcLight Cinemas. Like other businesses that cater to tourists, Los Balcones is beaten severely by COVID-19, a disease caused by coronavirus. “January is when we start getting all travelers from Asia and Europe,” Rodriguez said. “We never get that traffic.”

Reliable customers trickled in and out, but the number of employees dropped from 43 workers to seven. He was unable to open limited seating until early July. Restaurants receive the Paycheck Protection Program money from the federal government, but it will soon disappear, with the return of normal business a distant prospect.

Millions of small businesses in California and throughout the country are in the same trouble. Their livelihoods have been threatened by COVID-19 locking and scarcity of business traffic. Then, for many people, there comes a loss of income from curfews or damage due to looting .. Loans are hard to come by and the prices are very expensive.

Looking to provide a lifeline, the Bay Area group created in March launched an ambitious California program to raise $ 1 billion in capital to help healthy small-scale companies survive the next few months.

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Community lenders, law firms, universities, philanthropists, small business groups and volunteers have joined as California Small Business Task Force to raise funds to provide cash to maintain working capital and other important expenses until – everyone hopes – a better economy increases customer spending next year.

“We are trying to prevent or reduce the number of people in the line of bread,” said Susan Mac Cormac. A corporate lawyer and partner at the international law firm Morrison & Foerster, Mac Cormac helped come up with a task force plan, which he considered important to prevent a wave of poverty. “We cannot overcome the economic problems of COVID-19 and the murder of George Floyd without being able to provide jobs in [low-income] community, “he said. “And the only people who employ people in this community are micro businesses.”

In a March survey by the advocacy and education group Majority of Small Businesses, 44% of small business owners said they had to be closed forever without immediate financial assistance. Many receive loans that can be forgiven under the CARES Act passed by Congress. But big blob Federal emergency loans, money diverted to fast food chains, hotels and other companies that have large bank relations and resources to hire expensive lawyers, accountants and lobbyists.

“Federal and state funding does not reach the companies that need it most,” Mac Cormac said. “But the need is huge.”

The expected high default rate for small business recovery loans translates into interest rates “well above normal time,” said Adair Morse, a finance professor at UC Berkeley’s Haas School of Business. For the worst hit areas, he estimates tariffs “in the order of 25% to 30%, if not more.” So the loan program “must at least be subsidized in part by the government or philanthropy,” he said.

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The California task force began primarily to offer advice to small businesses. Another early catalyst was Adam Werbach, environmentalist and entrepreneur in the Bay Area. “Everyone feels devastated by a pandemic, so we gather resources and skills to make ends meet.” Students at UC Berkeley law school set up a hotline. The task force creates, is well organized, comprehensive resource guide and post it online.

After deficiency in the federal aid program it became clear, Mac Cormac and his volunteer colleagues decided that advice was not enough. More access to low-interest loans is needed. Even more.

The federal salary protection program defines a company with up to 500 employees as “small.” The California program is for businesses with no more than 75 employees. Most recipients will have far less than that, organizers said. The $ 1 billion program, called the Small Business Rebuilding Fund, is basically a loan program, not a grant program.

Morse from Berkeley’s Haas School helped arrange the program. The main objective is to reduce the interest rates for small business owners to realistic levels while “eliminating the risk” of investment for those who are dealing with money.

That requires guarantees of government loans and leather lenders in the game. Applicable businesses must demonstrate that they will be “feasible” after a period of disparity. “By using limited taxpayers’ money, we need to do it in a way that maximizes the return to the economy, so that the current government debt supports economic growth,” Morse said.

California Governor Gavin Newsom has set aside $ 50 million for the seed program, with another $ 50 million in his budget for legislative approval. The loan program will help small businesses access these funds. This group lobbied Congress to add money to a small business loan program that funds could use. The California group also collects money from philanthropic organizations.

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Kiva, a San Francisco-based crowdfunded loan distributor for “no bank account” small businesses around the world, will manage the program. Loans will be collected, in Wall Street style, with collections assessed for risk rather than individual loans. Commercial lenders will be repaid first, final philanthropy. Some grants will be given to businesses that can demonstrate a strong business plan. Law firms including Morrison & Foerster and the Cooley Silicon Valley power station offer pro bono advice.

Mac Cormac said people from seven states have so far approached the California group to learn about the program and maybe create their own program.

It takes effort and cooperation, said Mark Herbert, California representative for Small Business Majority. If small businesses cannot get access to capital, and soon, “the effects of the ripple and economic devastation that will follow will be incalculable,” he said. “But I’m an optimist. I hope that policy makers and other leaders will do everything in their power to ensure we have the tools to prevent that from happening.”

A billion dollars is a lot of money, said restaurant owner Rodriguez. “But it’s a lot cheaper than letting all these businesses collapse.”

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Thomas Gouveia remains the best Portuguese in the Swiss Challenge

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Thomas Gouveia remains the best Portuguese in the Swiss Challenge

Writing with Lusa

Tournament of the second European circuit.

Thomas Gouveia solidified his status as the best Portuguese in the Swiss Challenge this Saturday by finishing the penultimate day of the second European round robin in a group of 31st placed golfers.

Thomas Gouveia hit the card with 73 shots, one over par on the course, after two birdies (one under par hole) and three bogeys (one over), after making 71 shots in the previous two days for a total of 215.

Thomas Bessa needed 75 hits, three over par and tied for scarecrows, he finished 48th with 218 total, five short of Vitor Lopez, 60th with 223, after today needs 78, with just one bird . to fit five scarecrows and a double scarecrow.

The Swiss Challenge, which concludes on Sunday in Folgensburg, France, is still led by France’s Chung Veon Ko with a total of 206 shots, one short of Denmark’s Martin Simonsen in second place.

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Miguel Oliveira qualified eighth for the Japanese Grand Prix.

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Miguel Oliveira qualified eighth for the Japanese Grand Prix.

Portuguese rider Miguel Oliveira (KTM) qualified this Saturday in eighth position at the Japanese MotoGP Grand Prix, 16th of 20 races of the season, despite a last-minute crash.

The Portuguese from the Austrian brand set his best lap of 1.55.895 minutes, finishing 0.681 seconds behind fastest Spaniard Marc Marquez (Honda). France’s Johann Zarco (Ducati) was second with 0.208 seconds and South African Brad Binder (KTM) was third with 0.323 seconds.

“I had good speed and potential in the second quarter and on this particular lap. [a última], but I was on the floor in the ninth turn. It was a shame, but I have confidence in tomorrow (Sunday),” commented the Portuguese rider in statements released by the KTM team. “It was difficult to prepare for the race, but we’ll see.” [o que vai acontecer]”- concluded Miguel Oliveira.

The Portuguese left the third row of the grid after falling just three minutes before the end of the session, marred by rain that caused a delay of more than an hour and had already forced the cancellation of the third free game. training session, at night. The fall of the Portuguese rider occurred in the third sector of the track, at a time when his results were improving. When 15 minutes of this second qualifying stage (Q2) ended, Oliveira finished in fourth place.

However, several riders were still halfway to the last lap and the Almada rider ended up being overtaken by Spaniards Jorge Martin (Ducati), Brad Binder and Aprilia Spaniards Aleix Espargaro and Maverick Viñales.

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Pole position was won by Marc Marquez 1,071 days after he was the fastest in qualifying for the MotoGP World Championship, namely the 2019 Japanese Grand Prix.

“I am very pleased with the pole position. This morning I felt very strong on the wet track and decided to give it a try. This is very important for us and for the future. Tomorrow, on a dry surface, everything will be different. history,” said the Spanish rider, who has already become world champion eight times.

The rain that hit the Motegi track became a headache for the riders and the organization, which was forced to interrupt the Moto2 qualifying nine minutes before the end and cancel the third free practice in MotoGP.

Traffic on the track only resumed after more than an hour, and the wet track was the cause of several accidents, including that of a Portuguese KTM rider who slid off the pavement without physical consequences.

Johann Zarco’s Ducati was the fastest today, reaching 302 kilometers per hour, while Oliveira’s KTM lost 30 kilometers per hour in a straight line (the maximum speed achieved by the Portuguese was 270 kilometers per hour). Luca Marini’s Ducati was the slowest, reaching 255.9 kilometers per hour, leaving the Italian in 10th place.

Champion and championship leader Fabio Quartararo (Yamaha) of France finished ninth behind Miguel Oliveira, while World Cup runner-up Francesco Bagnaia (Ducati) of Italy finished 12th and last in the second quarter, bringing together the top 10 fastest in free practice and the top two in the first quarter.

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Already the Italian Enea Bastianini (Ducati), the winner of the previous stage in Aragon, remained in Q1, where he fell without physical consequences.

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Arapiraquense makes humorous videos to give Portuguese advice: “You learn and laugh” | alagoas

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Arapiraquense makes humorous videos to give Portuguese advice: "You learn and laugh" |  alagoas

“You learn and you laugh” is how Erivaldo Amancio defines the Portuguese language content he offers online. Born in Arapiraque, Alagoas, he humorously gives advice and answers questions about the Portuguese language.

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Erivaldo has 767k followers on Instagram and over 17.5k followers on YouTube. It all started a year and a half ago when he got scolded in a comment on social media.

Because the swearing contained several grammatical errors, Erivaldo responded by posting a video teaching a “lesson” to the hater.

“It happened more than once. Some of these videos were posted on humorous Instagram profiles. It made me stand out,” he said.

A literature student at the Federal University of Alagoas (Ufal), Erivaldo wants to prepare even more for face-to-face classes when he is near the end of the course. He says the purpose of the profile is to encourage followers to seek out more knowledge.

“Tips on the web are just a seed, the fruit of which can be curiosity about objects,” he explained.

Through social media, Erivaldo responds to his followers’ doubts about the Portuguese language.

Erivaldo’s profile is also in demand by contestants and students preparing for Enem.

“[Os seguidores] it is said to be a very interesting way of learning. Many regret not learning from teachers who use humor in the classroom,” he said.

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