Connect with us

Top News

California KPS Loan Recipients: Which companies benefit?



California KPS Loan Recipients: Which companies benefit?

Jelly Belly, Kanye West’s Yeezy clothing company, and SETI Institute, which is looking for extraterrestrial life, is ranked among California businesses that receive millions of loans from federal coronavirus assistance programs for small businesses, according to data released by the Trump administration on Monday. .

The data revealed that the federal government distributed more than $ 68 billion to more than 580,000 California businesses in the past three months as part of the Paycheck Protection Program, which offers businesses with 500 or fewer employee loans that can be forgiven if employers meet criteria, including using money to keep pre-pandemic employees on payroll for at least eight weeks after receiving a loan.

Most – more than $ 50 billion – was given to 87,000 businesses in California that received loans of $ 150,000 or more. The largest loans, in the range of $ 5-million to $ 10-million, go to 647 businesses in the state. Manufacturing and construction companies received the highest percentage of the loan in California, but some parts of the economy were left untouched, with large loans flowing to law firms, technology companies, film studios, health care companies, farms, hotels, restaurants and even three. three-league basketball founded by rapper and actor Ice Cube.

The Trump administration’s release of more detailed data on PPP borrowers – including the identities of those who get $ 150,000 or more – comes after pressure from Democrats and various private groups demanding greater transparency from a loan program of around $ 660 billion.

But within a few hours of the release of the data, California companies denied its accuracy. Scooter company Santa Monica Bird Rides Inc. listed in the government dump data after receiving a $ 5 million to $ 10 million loan at the end of April. But in a statement, the company noted that they had never applied for or received a PPP loan, and the company’s Chief Executive Travis VanderZanden tweeted that the company was talking to his bank and investigating how it ended up on the list.

The Big 3 Ice Cube professional basketball league initially received a PPP loan of $ 1.6 million, according to a Big 3 spokesman. Three-on-three basketball leagues consist of teams of former professional basketball players and compete during the summer.

See also  Mississippi ABC responds to grievances just after suspending liquor orders

The Los Angeles-based league returned $ 700,000 from a PPP loan after deciding in May to cancel the 2020 season because of concerns about coronavirus. The remaining $ 900,000 is used to pay more than 100 coaches, players and staff and to cover operational costs so the league can continue next year, said a Big 3 spokesman.

Peanut maker Jelly Belly Candy Co. also received PPP loans ranging from $ 5 million to $ 10 million, according to data from the Small Business Administration. The Fairfield, California company said in its statement that it applied for a loan “in good faith” and fulfilled all US Treasury requirements.

Jelly Belly said the money was used to retain employees and that without loans, companies must “reduce the number of employees” at the start of the pandemic. The money helped maintain 500 jobs, according to SBA data.

Food and hospitality companies, which make businesses stop suddenly when home stay orders take effect in late March and global tourism is slowing, are also a large part of California loan recipients.

The Belvedere Hotel Partnership, which operates the luxurious Peninsula Beverly Hills Hotel, confirmed that the company requested and received funding from the PPP program in the range of $ 5 million to $ 10 million. “We use a large portion of the PPP funds to benefit our employees directly, with the remainder for business purposes permitted under PPP guidelines,” the company said in a statement.

Other leading companies that receive millions of loans, according to the data, include the online custom gift market Zazzle, Aladdin Bail Bonds, Jukin Media, who benefit from rights to online viral videos, and Cacique, a cheese and meat company based in Monrovia. Some non-profit organizations also receive loans in the range of $ 5 million to $ 10 million: several Planned Parenthood health centers, the Huntington Library and Museum in San Marino, and a number of religious organizations, such as the Catholic Diocese of San Bernardino.

See also  learn how to prevent disease - Portuguese (Brazil)

An initial $ 350 billion PPP fund was drained in about two weeks, and it was revealed that several large and public companies took advantage of the program, effectively closing more small entrepreneurs in need until the program was replenished by Congress. President Trump signed a law extending the application deadline from 30 June to 8 August on Saturday.

The Financial and Small Business Administration does not provide a list of all borrowers who have returned or canceled PPP loans, but a senior administration official said more than $ 30 billion in funds had been returned or canceled, including the Los Angeles Lakers and the national food service chain Potbelly and Shake Shack.

After criticism, administrative officials tightened regulations that channel more funds to small businesses. The average size of a PPP loan has dropped to around $ 107,000 from almost double in mid-April. About $ 132 billion in PPP funding is still available.

Statistics released Monday, however, do not provide direct light on how well PPP funds are being distributed to minority businesses, which have been devastated by the pandemic, according to research by economist Robert Fairlie of UC Santa Cruz. Borrower information about race and gender is voluntary, and most applicants leave the section blank.

However, in its most recent PPP summary report on approval until June 30, SBA said that 27% of KPS funds went to low and medium income census channels, in line with the overall population share in the region.

Nationally, the two business categories that receive the most and the amount of PPP funding are health services and social assistance, as well as professional and technical services. Each of them gets almost 13% of the total PPP dollars. Subsequent construction and manufacturing received 12.4% and 10.4% of the PPP funds, respectively. Businesses in food service and accommodation get around 8% of PPP dollars, and retail trade gets almost the same. Food services, however, accounted for around 7 million or almost one third of all jobs lost in March and April, and retail employment fell by 2.3 million in the two months – far more than all other major sectors except for health and social services.

See also  Mary Trump: Trump rips his niece in to start with comments about her reserve

“It is good to see the data finally released in the PPP program, but frustrated because it takes so long to get out,” said Sarah Crozier, a spokesman for the Main Street Alliance, a small business advocacy group that has encouraged more transparency.

Crozier expressed disappointment that there was little demographic information about borrowers, saying it made it difficult to determine whether a minority owned business received a proportionate share of funds.

Times staff writer Hugo Martín contributed to this report.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top News

Prize for the Portuguese. Andre Silva is Champions League Player of the Week



Prize for the Portuguese.  Andre Silva is Champions League Player of the Week

BUTndre Silva won the competition and became the best player of the week in the Champions League, informed UEFAthis Thursday.

The former Porto striker scored in Jota’s 3-1 victory over Celtic Leipzig, scoring a brace in a match that was signed after his Portuguese compatriot equalized.

In addition, Andre Silva also provided the assist for Nkunku, scoring the first goal of this Wednesday’s game in which huge show of foreign fans.

In addition to the Leipzig striker, Di Maria (Juventus), Bellingham (Borussia Dortmund) and Di Lorenzo (Napoli) also fought in the fight for the prize, but it was the Portuguese who managed to smile after voting for the third round of the competition, the famous This Thursday is the fair.

Read also: Diogo Costa and Andre Silva named to Champions League Team of the Week

See also: Andre Silva among the nominees for the title of the best player of the week in the Champions League

See also: double dose. Andre Silva returned to celebrate and sentenced doubts

See also: Andre Silva took advantage of Hart’s colossal mistake and responded to Jota’s goal

Always be the first to know.
6th year in a row Consumers Choice and Five Star Award for Online Press.
Download our free app.

Apple Store Download

See also  Mary Trump: Trump rips his niece in to start with comments about her reserve
Continue Reading

Top News

Eternal Portuguese deja vu – Renaissance



Eternal Portuguese deja vu - Renaissance

At the end of the summer of 1972, exactly half a century ago, SEDES – Associação para o Desenvolvimento Económico e Social (the most famous reformist think tank during Marseilles) issued a document for the country entitled “Portugal: The country we are, the country we want to be “. The Marseille spring had already turned into autumn: Américo Thomas had just been re-elected, the colonial war had dragged on, repression had intensified, and an economic crisis was already brewing. Seeing the general frustration, and at the same time willing to go against it, the signatories of CEDES began by asking “Where will we be and how will we be in 1980?” to criticize the obstacles that overshadowed Portugal in the early 1970s.

Among the “problems that are getting worse without a solution”, emigration stood out, indicating the country’s inability to offer better living and working conditions to those who left; the growing inflationary process, reflected in the cost of living; the inevitability of economic integration in Europe when the country is not ready for international commercial competition; “disaggregation of regional economies” with “continuous depopulation of municipalities and regions” within the country; or “deterioration of public administration” when the government fails to promote a “prestigious, moralized, revitalized and efficient public sector”. “No one will have any difficulty,” continued the text, “to add to a new list of urgent questions that seriously endanger national life, about which much has been said and which, year after year, continue to wait for a sufficient solution.” Therefore, “the prevailing feeling in the country” in contemplation of the recent past and present could not but be “annoyance at urgent battles, the need for which was endlessly discussed, at decisions that were changed or postponed, and at rejected goals” or which were not clearly formulated ” .

See also  Attempts to reach out to homeless MTA failed, the inspector general found

Between “untapped resources” and/or “lack of organizational and decision-making capacity” there was “widespread anxiety” stemming from the inevitable observation that “we are very far from the results that we could achieve thanks to the progress of the Portuguese and Portugal”. This was the macro goal of the reformist, humanist and liberalizing technocrats that SEDES brought together. “Ultimately,” they reminded Marcelo Cayetano, “the real obstacle can only be associated with the low political priority of economic and social development in our country.” So, in short, there was an urgent need to “radically change our economic, social and political way of life”, since “a national balance based on general anemia, repression and weakening of various participants” is unsustainable and pernicious.

SEDES did not know that the Estado Novo would fall in April 1974, that democracy would come in 1976, and Europe from the EEC (after EFTA) in 1986 of repression, finally gained the freedom that was discussed between the lines of the 1972 manifesto ., there would be conditions for solving (almost) all economic and social problems of development and cohesion.

Fifty years have passed since this manifesto, and almost the same number has already been in democracy. However, if we compare the above quotes with the Portuguese present, the feeling of deja vu is indescribable. SEDES wondered what the country would be like in 1980 and is wondering today (in its recent study “Ambition: Doubling GDP in 20 Years”) where we will be in 2040. It may be a replay of a sad fate: knowing (some) where to go, but never getting there!

See also  Thousands of people around the world protested the death of George Floyd in a display of global solidarity

Continue Reading

Top News

Algeria interested in Portuguese companies investing in renewable energy – Observer



Algeria interested in Portuguese companies investing in renewable energy - Observer

Foreign Minister João Gomes Cravinho met this Wednesday with his Algerian counterpart Ramtan Lamamra, who expressed interest in Portuguese companies investing in Algeria’s solar and wind energy.

Speaking with Lusa, João Cravinho also said that for 2023 it was decided to hold a “high-level meeting chaired by the prime ministers” of the two countries, a meeting to be held in Algiers, in addition to the state visit of the President of Algeria. Algeria to Portugal.

The Portuguese foreign minister said today’s visit to Algeria, where he was with Ramtan Lamamra, whom he has known since 2005 when he was ambassador to Lisbon, is “based on old knowledge”, but also a visit to a country that “does not to be a neighbor”, shares “a lot of fears”. “Not being a neighboring country, it almost shares many concerns about the region, the Mediterranean, the European Union’s relationship with Africa and the Arab world. It was important for us to talk about what we can do together as part of the geopolitical and geo-economic transformation,” he explained.

João Cravinho stressed that the issue of Russia’s invasion of Ukraine was a factor “which could not but be the subject of dialogue”, and also added that “geo-economic issues related to energy, renewable energy sources and the opportunities that come with the digital transition” also were on the table.


“While Algeria is a major exporter of fossil fuels, it is also a country with huge potential in terms of solar and wind energy. We have very qualified companies in these areas, and the Algerian side has expressed interest in [ter] Portuguese investors in these areas,” the minister said.

See also  WWDC 2020: Apple launches the new iOS 14 homescreen and app experience

The official said that it would be a matter of working with the Portuguese Agency for Investment and Foreign Trade (AICEP), with the Secretary of State for Internationalization, as well as with a sectoral ministry, namely the Ministry of Environment and Climate Change. A “high-level meeting chaired by the prime ministers” of the two countries is scheduled for 2023, a meeting to be held in Algiers, in addition to the Algerian President’s state visit to Portugal.

“We have a very busy calendar between the two countries. Now we will try to organize a mixed commission, where technical specialists from both countries will gather,” he said, stressing that there are “14 legal documents that are practically finalized and will be signed” in 2023.

João Gomes Cravinho was on a visit to Algiers today to assess bilateral relations in the economic sphere, as well as in terms of cooperation, language and culture, and to discuss international issues.

Continue Reading