Top News
PPP loans help save millions of jobs, but the money is almost gone
The surprising jobs rebound in May, which sparked hopes for a quick recovery from a pandemic recession, is almost certainly in large part due to tens of billions of dollars in government loans that can be forgiven for small businesses.
Known as the Paycheck Protection Program, the initiative – part of a much larger COVID-19 aid package implemented by Congress when the pandemic first stormed the economy – has so far lent more than $ 512 billion to small businesses that are struggling, including around $ 67 billion within California. The money does not need to be paid off if funds are used to keep workers on the payroll and other conditions are met.
New ideas to prevent layoffs have no precedent in past economic crises.
And without it, businesses like Dune Coffee Roaster in Santa Barbara would not be able to return most of the 48 employees on leave when the plague struck.
That is important now because the program will expire soon and neither President Trump nor the Republican congress will show interest in new aid.
The owner of Dune Coffee, Julia Mayer, was one of the earliest PPP loan recipients in mid-April. She said it was a gift, keeping the business alive which she and her husband financed in 2009 with a credit card and $ 5,000 from her grandmother. It has grown to three stores and sold $ 4 million last year.
But the mayors and many other borrowers will run out of PPP funds at the end of the month. The big worry is that many people will not be able to continue to pay their workers when they reopen in the face of a serious pandemic.
“We are headed for a financial gap,” said Sarah Crozier, a spokesman for Main Street Alliance, a small business advocacy group.
A solid recovery in the labor market is essential for a healthy and sustainable recovery in the economy as a whole. Small businesses, or those with fewer than 500 employees, accounts for nearly half of national employment.
The PPP loan is designed to cover employer payroll costs in only about eight weeks, functioning as a temporary replacement until everything returns to normal. Now, it seems that legislators are seriously overestimating how quickly the country will return to “normal.”
Even as countries begin to reopen their economies, significant business restrictions remain in many places. And current data shows that parts of the United States that initially saw relatively few cases of coronavirus now lead the country in new infections.
In such circumstances, it is not surprising that many consumers remain afraid of being infected and are reluctant to get out like they used to.
Despite a strong return in consumer spending last month, profits still left overall retail sales far below last year’s level. And even with one month’s repairs, most businesses are not near where they were before the health crisis.
Sales are only half of last year at Dune Coffee. “The only way we do what we do is because we have it [$350,000] loans that help us, “said Mayer, 40, adding that two of his landlords also reduced rent. But” we are quite a lot “from PPP money, he said.” We will have one more payroll process and that’s it. And that’s a little scary. “
On June 12th, nearly 4.6 million businesses received PPP loans totaling more than $ 512 billion, according to the Small Business Administration, which runs the program. About two thirds of borrowers can use all their loans results at the end of June, according to a survey by the National Federation of Independent Businesses, a lobby group for small entrepreneurs.
PPP is a big “wild card” for the labor market, said Bernard Yaros, an economist at Moody’s Analytics.
According to his calculations, it was PPP that largely explained unexpectedly good work reports earlier this month.
While analysts expect around 7 million fewer payroll jobs in May, preliminary data from the Bureau of Labor Statistics show an actual net increase of 2.5 million jobs. The unemployment rate fell to 13.3% in May from 14.7% in April, although officials said the second figure of the month downplayed the number of people laid off and considered unemployed.
In addition to rising employment, stronger-than-expected retail sales in May and increasing consumer confidence and manufacturing measures have boosted hopes for a quick recovery from what is likely to be the biggest quarterly collapse of economic activity in the U.S. history.
But even with the job rebound in May, payroll employment remained nearly 20 million below the level in February before the pandemic.
And while most of the huge job shortages are estimated to be on leave – nearly 80% of workers expect to be withdrawn – Federal Reserve Chair Jerome H. Powell noted last week that there might be “deep into the millions of people who cannot return to work their old. “
Yaros estimates that PPP has protected around 16 million jobs so far. There are still around $ 130 billion in PPP money that needs to be lent. And government managers have made some improvements in reaching smaller and more vulnerable businesses in the last few weeks.
Initially, the program sparked a fire because it spent money on several large publicly traded companies and rich organizations, including the Lakers. (The team then repays a $ 4.6 million loan.)
The SBA said the average number of all PPP loans had dropped to around $ 111,360 – from almost double that amount in the initial busy schedule when the program was launched in early April.
However, most of the 30 million small businesses in the US have yet to obtain PPP loans, some of which may be impeded by bureaucratic hassles and other obstacles.
After analyzing PPP data, Beth Ann Bovino, chief US economist at S&P Global Ratings, said The program can save more work if more loans are given to industries that are most disadvantaged by a pandemic, such as food services.
“The basic message behind PPP is that workers are tethered somehow to jobs, to businesses, so that when the door is wide open there will be jobs to return,” he said. “If that is the hope of this program, yes, it might fail because industries that are more directly affected by social distance don’t get [proportionate amount of] Loan.”
Other studies show that businesses belong to Black and Latino has been devastated by the pandemic. The Small Business Administration has not provided data on the race, gender, or size of the PPP recipient companies, and officials have not responded to questions about these statistics.
Ana Remos, a Latina in Miami who co-founded azureazure.com, an online bilingual lifestyle magazine, gets a PPP loan of $ 75,000. It initially included payroll for four employees, but the loan money was almost gone.
And with advertising revenue for his website falling almost to zero, Remos said he had to let go of his most expensive employees – the webmaster and the company’s technical builder. He was afraid that he might soon terminate his English and Spanish editors.
“This PPP loan must be expanded. “Two months is nothing, not just for me but for anyone to get back up,” said Remos, whose business has invested $ 35,000 to build a new platform and was just getting ready to launch a big redesign when the pandemic struck. “We need at least two more months.”
Congress has relaxed the PPP rules and conditions to make it easier for businesses to qualify for loan forgiveness. And lawmakers are considering another round of pandemic relief measures, but it is far from clear whether it will include additional PPP funding or changes to regulations that will allow previous borrowers to submit more money.
At present, the deadline for PPP applications is still 30 June. “Instead of other short-term solutions, Congress really needs to focus on a comprehensive program for the next few years,” said Crozier of the Main Street Alliance.
For now, the question for many entrepreneurs is whether they can survive until there is more financing or enough business to increase so they can avoid more layoffs.
“Three quarters of [business] respondents stated that they only had enough cash to cover the costs of two months or less, “according to a survey in a paper published by the National Bureau of Economic Research.
“If the crisis lasts 4 months, not 1 month, only 47% of businesses expect to open in December compared to 72% in a shorter duration,” the survey found.
Tina Lyons, 53, owner of Double River Forwarding in Portland, Ore., Earns a living by helping businesses send containers of products to other countries. The biggest customers are agricultural businesses that export straw, wheat, soybeans, hazelnuts, and other goods.
Even before COVID-19, the US-China trade war and a series of tit-for-tat tariffs made last year’s the worst in its 12 years of operation. And this year looks worse.
Thanks to a $ 33,000 KPS loan, he retains three of his four workers. But with the closure of ports in some countries and people not saving much, Lyons said his business was only a third from last year. He had already told his employees that they might reduce working hours in early July, when his PPP funds had run out.
“Oh, that really helps,” he said of the PPP loan, which he hoped would be forgiven 100%. “At the time, I really thought that was all we would need. I really did it. “
“But you know how it is progressing. Every week we are in a different position, or we find out more about how it will take longer than we think or it will never disappear,” he said about COVID-19’s fear. “Actually, at first I thought this would be the bridge we needed. But apparently not. “
General internet buff. Hardcore music maven. Typical foodaholic. Friendly student.
Top News
All Your Acrylic Nail Questions Answered: From Application to Care
Acrylic nails are a popular choice for those looking to add length, strength, and style to their natural nails. Whether you’re new to the world of acrylics or a seasoned nail enthusiast, there are always questions that arise about the application, maintenance, and overall care of these enhancements. This guide will answer all your acrylic nail questions to ensure your next manicure is a complete success.
What Are Acrylic Nails?
Acrylic nails are artificial nail enhancements made from a mixture of liquid monomer and powder polymer. When combined, they form a hard protective layer that can be molded into various shapes and lengths. Once hardened, they provide a durable and long-lasting canvas for nail polish, art, or simply a natural look. For more in-depth information, check out Acrylic Nail FAQs to get all the details you need before your next salon visit.
How Are Acrylic Nails Applied?
The application process of acrylic nails begins with the preparation of your natural nails. The nail technician will clean your nails, file them down, and apply a bonding agent to help the acrylic adhere. The acrylic mixture is then applied in thin layers, sculpted to the desired shape, and allowed to dry. Once set, the nails are filed, shaped, and buffed to a smooth finish.
Acrylic nails can be customized in terms of length and shape, making them a versatile choice for anyone looking to enhance their look.
How Long Do Acrylic Nails Last?
Typically, acrylic nails can last anywhere from two to three weeks before requiring a fill. During a fill, the nail technician will replace any grown-out acrylic and maintain the structure of the nails. With proper care, acrylic nails can be worn for extended periods, but it’s essential to give your natural nails a break occasionally to maintain nail health.
How Do You Care for Acrylic Nails?
Caring for acrylic nails is crucial to ensuring they last as long as possible and that your natural nails remain healthy underneath. Here are some essential tips:
- Avoid excessive water exposure: Prolonged exposure to water can weaken acrylic nails, making them prone to lifting or damage. When washing dishes or cleaning, consider wearing gloves to protect your nails.
- Moisturize cuticles regularly: The acrylic application process can sometimes dry out your cuticles. Regularly apply cuticle oil to keep your cuticles hydrated and prevent hangnails.
- Be gentle with your nails: Acrylics can be strong, but they’re not indestructible. Avoid using your nails as tools to open packages or scrape things, as this can lead to breakage.
- Schedule regular fills: As your natural nails grow, gaps will appear between the acrylic and your cuticles. Regular fills ensure your nails maintain a smooth, polished look and help prevent lifting.
How Do You Remove Acrylic Nails Safely?
Proper removal is crucial to avoid damaging your natural nails. It’s highly recommended to have acrylics removed by a professional at the salon. However, if you prefer to remove them at home, follow these steps:
- Soak in acetone: Start by soaking a cotton ball in acetone, then place it on each nail. Wrap your fingers in aluminum foil and allow the acetone to work for about 20 minutes.
- Gently scrape off the acrylic: After soaking, use a cuticle pusher or an orange stick to gently scrape off the softened acrylic. Be patient and avoid forcing the acrylic off, as this can damage your natural nails.
- Buff and moisturize: Once the acrylic is completely removed, buff your natural nails to smooth out any rough spots and apply cuticle oil to restore moisture.
Are Acrylic Nails Safe for Your Natural Nails?
When applied and removed properly, acrylic nails should not cause significant damage to your natural nails. However, improper removal or overuse without giving your nails time to breathe can lead to thinning, weakening, or breakage of your natural nails.
If you plan on wearing acrylic nails long-term, it’s a good idea to take breaks between applications and ensure you’re nourishing your nails with oils and treatments.
What Are the Best Acrylic Nail Shapes?
Choosing the right nail shape is essential for creating a look that complements your hands. Some of the most popular acrylic nail shapes include:
– Square: A straight-edged, classic look perfect for shorter nails.
– Oval: A soft, rounded shape that elongates the fingers.
– Coffin: Also known as ballerina shape, this trendy look features a tapered edge with a flat tip.
– Stiletto: A dramatic, pointy shape ideal for those who want a bold statement.
Each shape offers a unique aesthetic and can be tailored to suit your personal style.
Are There Any Alternatives to Acrylic Nails?
If you’re looking for a different type of nail enhancement, consider these alternatives:
– Gel nails: Gel nails offer a glossy finish and are cured under UV or LED light. They’re less rigid than acrylics and can feel more natural.
– Dip powder: This method involves dipping the nails into a colored powder and sealing them with a clear coat. It provides a similar look to acrylics but is generally less damaging to the natural nails.
Conclusion
Acrylic nails are a versatile and durable option for achieving customized, beautiful nails. By understanding the application process, knowing how to care for them, and safely removing them, you can enjoy long-lasting manicures that enhance your style. With the ability to choose from a variety of shapes and designs, acrylic nails offer endless possibilities for self-expression. Remember to take care of your natural nails in between applications to keep them healthy and strong. Whether you’re a first-time user or a seasoned pro, acrylic nails can be a fantastic way to express your personality and keep your nails looking flawless for weeks.
Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.
Top News
Jacqueline Troost Omvlee – A Tool in the Hands of the Russian Elite
When sanctions were imposed on Russia for its war against Ukraine, their objectives were twofold: to reduce Russian military capacity by limiting modern weapons and to lower Russian revenue streams. While in the beginning, the sanctions indeed weakened the Russian economy, they have fallen short of their initial objectives – mostly because Russia has found ways to circumvent many of them. The Kremlin has exploited international corruption, relied on foreign third parties, and utilized loopholes in trade restrictions. One such individual who allegedly provides services to Russian-linked companies is Jacqueline Troost Omvlee, a Geneva-based Dutch citizen.
Jacqueline Troost Omvlee is married to Niels Troost, an oil trader sanctioned by the United Kingdom. He and his company, Paramount Energy & Commodities SA, are among the 50 individuals and organizations blacklisted in response to the business connections with Russia. His wife, Jacqueline, helps to facilitate financial transactions for Niles Troost and Russian oligarchs including Gennady Timchenko, a Russian billionaire oil trader and Putin`s close associate.
Gennady Timchenko and his family have been sanctioned in many countries for backing the Kremlin’s war machine. However, with the help of Jacqueline Troost Omvlee, he seems to find ways to evade sanctions and continue his financial operations. In these illegal schemes, individuals like Jacqueline often serve as a front person for sanctioned oligarchs and their business assets. Russian-linked companies set up subsidiaries around the world, often registering new entities in offshore havens or countries where regulations are relatively lax or non-existent. To obfuscate the arrangements, the daughter companies spawn offspring in the form of subsidiaries, as the chain of concealment stretches on and on. The result is like a giant Matryoshka doll.
Jacqueline’s involvement in financial transactions that potentially support Timchenko’s interests raises significant concerns about the efficacy of Western sanctions. The fact that Jacqueline Troost Omvlee continues to operate without facing sanctions herself highlights a significant loophole in the enforcement mechanism. Various shady schemes and tactics designed to circumvent sanctions often hide the activity of individuals such as Jacqueline, making it difficult for authorities to detect and punish them for their involvement.
Jacqueline Troost Omvlee’s role in her husband’s financial dealings as well as her alleged ties to Russian business schemes, emphasizes the need for stronger international sanctions. Her actions not only aid in sanctions evasion but also diminish the overall effectiveness of the measures designed to isolate and pressure those supporting the Russian regime. Therefore, sanctioning Jacqueline Troost Omvlee is not only a matter of addressing her individual actions but also a necessary step to reinforce the credibility and effectiveness of the sanctions regime. By targeting individuals who play a key role in evading sanctions, authorities can send a strong message that efforts to undermine international sanctions will not go unpunished. This measure is crucial for maintaining the integrity of the sanctions system and ensuring that it achieves its intended goal of isolating and restraining those who support destabilizing activities.
European countries and the US need to expand their sanctions-tracking and investigative actions to improve the monitoring of sanctions compliance and to introduce new measures against systematic violators of law. The sanctioning states have the resources and capacity for this, and need to take action now.
Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.
Top News
Hermann’s Tortoise Lifespan: How to Ensure a Long, Healthy Life
Ensuring a long and healthy life for your Hermann’s Tortoise requires a combination of proper care, nutrition, and habitat management. Hermann’s Tortoises, known for their charming personalities and distinctive shells, can live for several decades with the right conditions. Understanding their needs and providing a suitable environment is key to helping them thrive. Here’s how you can support your Hermann’s Tortoise in living a long, happy life.
Creating an Optimal Habitat
One of the most critical factors in promoting the longevity of your Hermann’s Tortoise is the creation of a suitable habitat. Providing an environment that mimics their natural surroundings is essential for their overall health. An appropriate habitat helps prevent stress and supports their well-being. For detailed guidance on setting up an ideal habitat, including specific requirements for outdoor enclosures, visit this comprehensive guide on Habitat for Hermann’s Tortoise.
- Outdoor Enclosure: Hermann’s Tortoises thrive in outdoor enclosures that provide ample space to roam, bask, and forage. An outdoor setup should include a secure, predator-proof area with access to natural sunlight. Incorporate areas for basking and shade to allow the tortoise to regulate its body temperature. Additionally, include plants, rocks, and hiding spots to simulate their natural habitat and encourage natural behaviors.
- Indoor Habitat: If an outdoor enclosure is not feasible, an indoor habitat can also support a long lifespan if set up correctly. Use a large, well-ventilated enclosure with appropriate heating and UVB lighting. Provide a substrate that allows for burrowing and offer various hiding spots and enrichment items.
Diet and Nutrition
A balanced diet is vital for maintaining the health and longevity of your Hermann’s Tortoise. They are primarily herbivores, and their diet should reflect their natural feeding habits.
- Leafy Greens: Offer a variety of leafy greens such as kale, collard greens, and dandelion greens. These vegetables provide essential vitamins and minerals that support overall health.
- Vegetables and Fruits: Supplement their diet with other vegetables like carrots, squash, and bell peppers. Fruits should be given in moderation due to their high sugar content.
- Calcium and Supplements: Provide a calcium supplement to support shell and bone health. A cuttlebone or powdered calcium can be added to their food. Ensure that they also have access to fresh, clean water at all times.
Regular Health Checks
Routine health checks are essential for early detection of potential health issues. Regular veterinary visits help ensure your tortoise remains in optimal condition and addresses any health concerns promptly.
- Observation: Monitor your tortoise’s behavior and physical condition regularly. Changes in appetite, weight, or activity level can indicate health problems.
- Preventative Care: Schedule annual check-ups with a veterinarian experienced in reptile care. Regular exams help catch any issues early and keep vaccinations and other preventative treatments up to date.
Environmental Enrichment
Providing environmental enrichment helps keep your Hermann’s Tortoise mentally stimulated and active. Enrichment can reduce stress and prevent boredom, contributing to a better quality of life.
- Foraging Opportunities: Hide food items around the enclosure to encourage natural foraging behavior. This not only provides mental stimulation but also mimics their natural hunting practices.
- Variety: Change the layout of their enclosure periodically and introduce new objects or plants to keep their environment interesting and engaging.
Conclusion
By focusing on creating the right habitat, providing a balanced diet, ensuring regular health checks, and offering environmental enrichment, you can significantly enhance the lifespan and well-being of your Hermann’s Tortoise. For further details on creating an ideal habitat, including tips for designing an outdoor enclosure, refer to this helpful guide on Habitat for Hermann’s Tortoise. Implementing these practices will help ensure that your tortoise enjoys a long, healthy life.
Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.
-
World3 years ago
The Gabby Petito case. Brian Landry set up camp with his family after his girlfriend disappeared
-
Top News5 years ago
Tristan Thompson reacts to Khloé Kardashian’s new appearance
-
Economy2 years ago
Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners
-
Top News5 years ago
TLC ‘sMothered’ recap: ‘Party curled up,’ boyfriend problem
-
Top News5 years ago
Alex Cooper hosts a solo podcast
-
Top News5 years ago
2021 Ford Bronco price: Here’s how much the 2-door and 4-door cost
-
Tech4 years ago
Fall Guys is supplying out a legendary costume and Kudos as an apology present
-
Top News5 years ago
Chiara de Blasio was ‘very cold’ during the arrest of the protest: witness