Money – Sea Tow CT http://seatowct.com/ Fri, 28 May 2021 19:26:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://seatowct.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Money – Sea Tow CT http://seatowct.com/ 32 32 Review the loan file to avoid problems later https://seatowct.com/review-the-loan-file-to-avoid-problems-later/ https://seatowct.com/review-the-loan-file-to-avoid-problems-later/#respond Wed, 07 Apr 2021 23:16:32 +0000 https://seatowct.com/review-the-loan-file-to-avoid-problems-later/ When a loan becomes distressed, it is essential that the secured lender conduct a review of the file to determine if there are any deficiencies that need to be corrected. If the deficiencies are not corrected, the lender’s collateral position could be jeopardized and the lender may well encounter obstacles in enforcing the loan. One […]]]>


When a loan becomes distressed, it is essential that the secured lender conduct a review of the file to determine if there are any deficiencies that need to be corrected. If the deficiencies are not corrected, the lender’s collateral position could be jeopardized and the lender may well encounter obstacles in enforcing the loan.

One of the first steps in reviewing a loan file is to order a UCC search of all borrowers, guarantors, and principal of borrowers, as well as a title search of all mortgaged real estate. This research will help find out if the lender has a priority lien on the collateral securing the loan. They will also provide an overview of a debtor’s other creditors and any issues a debtor might have.

For loans secured by real estate, the lender must determine if a mortgage has been signed by the beneficial owner, contains an accurate legal description, and has been registered in the correct county. Examine the mortgage to determine the secured debt and determine if a notice of default is required and what remedies are available. An updated title search will reveal if there are any lien priority issues, including unpaid property taxes that initiate the mortgage lien. Depending on the length of the property tax default, the mortgage could be canceled by a tax foreclosure sale. Finally, the lender must confirm that there is insurance with appropriate coverage amounts describing the lender as the mortgagee and the beneficiary of the loss.

For loans secured by personal property, the beneficial owner of the property must sign the collateral agreement. The description of the asset in the guarantee contract must match the description in the financing statement. UCC lien search, using the exact legal name of the borrower, will reveal if the lender’s funding statement is properly indexed and is still in effect. UCC-1 filings are only valid for five years, unless continued. A UCC privilege search will also reveal if there are any privilege priority issues. For example, a federal tax lien will take precedence over the lender’s security on advances made after 45 days immediately after the filing of the federal tax lien and only with respect to claims arising during that same period. In addition, UCC searches of major guarantors or principals may reveal information such as the borrower using assets outside the scope of the collateral block, as well as additional debt from parties related to the borrower. Finally, the lender should obtain proof of personal property insurance in appropriate coverage amounts, describing the lender as the lender receiving the loss.

In addition, loan resolutions should be reviewed to confirm that the appropriate people have signed the loan documents.

Undertaking privilege searches is imperative. Time and time again, research has shown us that a mortgage has not been filed in the correct jurisdiction or has been released involuntarily. On several occasions, we were able to renew the UCC-1 funding statements in due time. We also found UCC-1 deposits that had expired or were never deposited.

A final consideration is who should undertake the file review. Although the loan officer can do this, the work product of this review may be discovered in legal proceedings. (see Drive pointer n ° 5). One way to protect this work product from discovery is to have a lawyer, either in-house or outside counsel, undertake the review of the case. When this happens, the written review note will be protected by solicitor-client privilege.

© 2021 Miller, Canfield, Paddock and Stone PLC Review of national legislation, volume X, number 304



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Colorado Governor urges Biden not to move Space Command to Alabama https://seatowct.com/colorado-governor-urges-biden-not-to-move-space-command-to-alabama/ https://seatowct.com/colorado-governor-urges-biden-not-to-move-space-command-to-alabama/#respond Wed, 07 Apr 2021 23:16:11 +0000 https://seatowct.com/colorado-governor-urges-biden-not-to-move-space-command-to-alabama/ Gov. Jared Polis urges the Biden administration to keep the headquarters of two key US government agencies in Colorado, saying US Space Command and the Bureau of Land Management better serve the nation’s interests if they stay where they are . Polis’s office on Thursday issued a letter urging Secretary of Defense Lloyd Austin to […]]]>


Gov. Jared Polis urges the Biden administration to keep the headquarters of two key US government agencies in Colorado, saying US Space Command and the Bureau of Land Management better serve the nation’s interests if they stay where they are .

Polis’s office on Thursday issued a letter urging Secretary of Defense Lloyd Austin to reconsider the Donald Trump administration’s Jan. 13 announcement that the new US Space Command headquarters will be in Huntsville, Alabama, which is home to the army’s Redstone arsenal. The command is tentatively located at Peterson Air Force Base in Colorado Springs.

The Air Force announcement stunned Colorado officials, who insisted U.S. military officials urged then-President Trump to keep command in Peterson.

Polis also urged President Biden in a letter to maintain the BLM headquarters in Grand Junction. The Trump administration insisted that moving the BLM headquarters from Washington to Colorado would better serve the agency’s surveillance of nearly 388,000 square miles (1 million square kilometers) of federal public land – 99% of they in the West.

“I implore you to view this as an opportunity for better communication, better politics and better government, rather than simply associating it with the many other misguided legacies of your predecessor,” the Democratic governor wrote.



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BNP Paribas resists banks’ 2020 trend in fossil fuel financing https://seatowct.com/bnp-paribas-resists-banks-2020-trend-in-fossil-fuel-financing/ https://seatowct.com/bnp-paribas-resists-banks-2020-trend-in-fossil-fuel-financing/#respond Wed, 07 Apr 2021 23:15:54 +0000 https://seatowct.com/bnp-paribas-resists-banks-2020-trend-in-fossil-fuel-financing/ While banks cut their overall funding to oil, gas and coal companies by nearly 9% last year, French lender BNP Paribas SA has increased its funding. BNP Paribas, which has one of the most restrictive financing policies in the industry, provided $ 41.1 billion to fossil fuel companies through loans and debt and equity underwriting […]]]>


While banks cut their overall funding to oil, gas and coal companies by nearly 9% last year, French lender BNP Paribas SA has increased its funding.

BNP Paribas, which has one of the most restrictive financing policies in the industry, provided $ 41.1 billion to fossil fuel companies through loans and debt and equity underwriting services in 2020, up 41% from the previous year, according to a report released on Wednesday. through Rainforest Action Network. The bank was the only one of the 10 largest fossil fuel financiers to increase its funding last year. Funding for Wells Fargo & Co. fell 42%.

“During the Covid-19 crisis, all sectors of the economy needed support and BNP Paribas, like other banks, played an important stabilizing role for the economy,” the Parisian company said in a statement sent by email. Its customers include BP Plc, Total SE and Royal Dutch Shell Plc, all of which are committed to reducing their dependence on fossil fuels and investing more in renewable energy activities.

BNP Paribas said its funding of the oil and gas sectors was lower than that of other industries. Its outstanding loans to oil and gas companies rose 4.1%, compared to 6.5% for all other industries. The bank’s financing of the oil and gas industry represented 1.9% of its total loans as of December 31.

Banks have offered more than $ 3.8 trillion in fossil fuel financing since the signing of the 2015 Paris Agreement. The market leader JPMorgan Chase & Co. cut its loans and underwriting services to the biggest corporate polluters by 20% last year, according to RAN, which used data from Bloomberg LP, the parent company of Bloomberg News, in preparation for its report.

The slowdown in fossil fuel financing caused by the coronavirus pandemic offers banks a choice, said Ginger Cassady, executive director of RAN. They can either give up an industry that “is causing the climate crisis or recklessly resume business as usual as the economy recovers,” she said.

“Stepping into the Glasgow climate summit at the end of the year, the stakes couldn’t be higher,” Cassady said. “Wall Street must act now to stop funding the expansion of fossil fuels.”

Banks have taken action to combat climate change by limiting their exposure to energy projects that are most harmful to the environment, such as thermal coal mining. From Italy Unicredit SpA has the most restrictive policy of all banks, followed by BNP Paribas and Credit Mutuel SA, according to RAN, which wrote its report with other environmental groups, including the Sierra Club and BankTrack. From russia Sberbank PJSC ranks low, followed by Truist Financial Corp. in the United States and National Bank of India.

(Add details on the transition plans of European oil companies in the third paragraph.)



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UPDATE 1 – Ukrainian President discusses steps to release loans with IMF Georgieva https://seatowct.com/update-1-ukrainian-president-discusses-steps-to-release-loans-with-imf-georgieva/ https://seatowct.com/update-1-ukrainian-president-discusses-steps-to-release-loans-with-imf-georgieva/#respond Wed, 07 Apr 2021 23:15:23 +0000 https://seatowct.com/update-1-ukrainian-president-discusses-steps-to-release-loans-with-imf-georgieva/ (Adds a quote from the Managing Director of the IMF) KYIV, Nov. 17 (Reuters) – Ukrainian President Volodymyr Zelenskiy and International Monetary Fund Managing Director Kristalina Georgieva discussed steps Ukraine is taking to unlock IMF loans, Zelenskiy’s office said on Tuesday. The Ukrainian government signed a new $ 5 billion loan agreement with the IMF […]]]>


(Adds a quote from the Managing Director of the IMF)

KYIV, Nov. 17 (Reuters) – Ukrainian President Volodymyr Zelenskiy and International Monetary Fund Managing Director Kristalina Georgieva discussed steps Ukraine is taking to unlock IMF loans, Zelenskiy’s office said on Tuesday.

The Ukrainian government signed a new $ 5 billion loan agreement with the IMF in June and received the first tranche of $ 2.1 billion to combat an economic slowdown marked by the coronavirus pandemic.

Ukraine expected two more installments of $ 700 million, each in the second half of the year, but the IMF has blocked the disbursement of the money due to concerns about Ukraine’s performance in fighting corruption and adoption of reforms.

The statement said that the president informed Georgieva during their telephone conversation of “Ukraine’s development towards the adoption of the budget (2021), the preservation of the anti-corruption program and macroeconomic stability”.

“Our teams enjoy strong confidence and are working closely together to finalize the negotiations and welcome the IMF mission as soon as possible,” Zelenskiy said.

Georgieva tweeted following the call asking that Ukraine’s central bank independence and anti-corruption efforts have been discussed.

“Full agreement on the actions needed before the program review,” she said. (Reporting by Natalia Zinets; Editing by Sandra Maler and Tom Brown)



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Systemic laboratory assessment of immunity to mild infection versus severe infection with COVID-19 in humans https://seatowct.com/systemic-laboratory-assessment-of-immunity-to-mild-infection-versus-severe-infection-with-covid-19-in-humans/ https://seatowct.com/systemic-laboratory-assessment-of-immunity-to-mild-infection-versus-severe-infection-with-covid-19-in-humans/#respond Wed, 07 Apr 2021 23:15:22 +0000 https://seatowct.com/systemic-laboratory-assessment-of-immunity-to-mild-infection-versus-severe-infection-with-covid-19-in-humans/ Immune profiling of COVID-19 patients Coronavirus disease 2019 (COVID-19) has affected millions of people around the world, but how the human immune system responds to and influences the severity of COVID-19 remains unclear. Mathew et al. present a complete atlas of immune modulation associated with COVID-19. They performed high-dimensional flow cytometry of hospitalized COVID-19 patients […]]]>


Immune profiling of COVID-19 patients

Coronavirus disease 2019 (COVID-19) has affected millions of people around the world, but how the human immune system responds to and influences the severity of COVID-19 remains unclear. Mathew et al. present a complete atlas of immune modulation associated with COVID-19. They performed high-dimensional flow cytometry of hospitalized COVID-19 patients and found three prominent and distinct immunotypes related to disease severity and clinical parameters. Arunachalam et al. report a systems biology approach to assess the immune system of COVID-19 patients with mild to severe disease. These studies provide a collection of information on immune cells and roadmaps for possible therapeutic interventions.

Science, this issue p. eabc8511, p. 1210

Abstract

Coronavirus disease 2019 (COVID-19) represents a global crisis, but significant knowledge gaps remain on human immunity to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). We analyzed the immune responses in 76 COVID-19 patients and 69 healthy individuals from Hong Kong and Atlanta, Georgia, United States. In peripheral blood mononuclear cells (PBMC) from patients with COVID-19, we observed reduced expression of human leukocyte antigen class DR (HLA-DR) and pro-inflammatory cytokines by myeloid cells as well as an alteration of the mammalian target of rapamycin (mTOR) and interferon signaling. -a (IFN-α) production by plasmacytoid dendritic cells. In contrast, we detected increased plasma levels of inflammatory mediators – including EN-RAGE, TNFSF14, and oncostatin M – which were correlated with disease severity and increased bacterial products in plasma. Single-cell transcriptomics revealed a lack of type I IFN, a reduction in HLA-DR in myeloid cells from patients with severe COVID-19, and transient expression of IFN-stimulated genes. This was consistent with the transcriptomics of bulk PBMCs and the low transient IFN-α levels in plasma during infection. These results reveal mechanisms and potential therapeutic targets for COVID-19.



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Winstead promotes nine associates at Of Counsel https://seatowct.com/winstead-promotes-nine-associates-at-of-counsel/ https://seatowct.com/winstead-promotes-nine-associates-at-of-counsel/#respond Wed, 07 Apr 2021 23:15:22 +0000 https://seatowct.com/winstead-promotes-nine-associates-at-of-counsel/ Receive instant alerts when news about your stocks is available. Claim your 1-week free trial for StreetInsider Premium here. Dallas, TX, April 6, 2021 (GLOBE NEWSWIRE) – Winstead PC is pleased to announce the promotion of nine Associates to Of Counsel. Newly promoted of Of Counsel are: Frank Amini, Clark Carruth, Preston (“Trip”) Dyer, Erika […]]]>



Receive instant alerts when news about your stocks is available. Claim your 1-week free trial for StreetInsider Premium here.


Dallas, TX, April 6, 2021 (GLOBE NEWSWIRE) – Winstead PC is pleased to announce the promotion of nine Associates to Of Counsel. Newly promoted of Of Counsel are: Frank Amini, Clark Carruth, Preston (“Trip”) Dyer, Erika Larson, Brad Monk, Norene Napper, Roy Richter, Sam Udovich and Mimi Yu.

The nine newly promoted Of Counsel are a diverse mix of accomplished lawyers with experience serving key areas of the firm including aviation, financial services, healthcare, higher education, investment management and capital. -investment, life sciences, real estate and sport. In addition, many of these lawyers are active in their local communities and have been recognized for their excellence in practice by third-party publications including “Best Lawyers” (Best Lawyers, LLC) and “Texas Rising Stars” (Thomson Reuters). .

“We congratulate these nine talented lawyers on being named Of Counsel,” said David Dawson, CEO of Winstead, of these latest promotions. “They are lawyers with exceptional experience who have been extremely valuable members of our team.”

Here is the new promotion of Winstead:

Frank Amini, Ph.D. is a member of the firm’s intellectual property practice group in Houston, with a secondary office in Austin. His practice focuses on patent litigation, as well as a range of issues relating to intellectual property licensing, litigation and transactions. Amini works with clients from a wide range of technology industries, including materials sciences, biotechnology, nanotechnology, chemical arts and life sciences. He holds a doctorate. in biological chemistry and previously worked as a pre-doctoral fellow at the National Institutes of Health.

Clark carruth is a member of the firm’s Finance & Banking practice group in Dallas. He advises clients on environmental issues related to real estate. Carruth also handles corporate transaction issues that involve buying, selling, lending, and leasing. He has extensive experience working on a number of federal environmental issues, including matters relating to the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act, and the National Environmental Policy Act.

Preston (“Trip”) Dyer is a member of the firm’s Tax, Benefits and Private Affairs practice group in Dallas. In his practice, he provides advice on federal and state tax planning for business transactions. This includes assisting clients in the creation of entities, real estate development and investments, mergers and acquisitions and tax credit financing. In addition to his legal work, Dyer previously served as Vice Chairman of the Partnerships and Real Estate Taxation Committee and Tax Leadership Committee of the State Bar of Texas.

Erika Larson is a member of the firm’s Finance & Banking practice group in Dallas. In her practice, she works with domestic and international clients in a range of industries, including technology, manufacturing, food and beverage, healthcare, and real estate. Larson manages a variety of corporate and mid-market syndicated transactions, including cash flow and asset-based facilities, acquisition finance and multi-currency facility matters.

Brad monk is a member of the firm’s Business Litigation Practice Group in Dallas. A seasoned litigator who handles cases in state and federal courts, he works with a diverse group of clients from a number of industries including healthcare, real estate, finance and banking, and petroleum and the gas. Monk has handled cases involving a wide range of claims, such as trade secret, medical devices, professional liability, non-compete and product liability. During his career he has been involved in a number of high-profile cases, most notably as trial counsel in a jury trial for an oil and gas exploration company which resulted in a judgment of $ 44.5 million for the client.

Norene Napper is a member of the Real Estate Finance Practice Group of the firm in Dallas. Her practice focuses on commercial real estate transactions and she has considerable experience in managing financial and telecommunications transactions. In his practice, Napper represents national CMBS and portfolio lenders, as well as telecommunications and wireless companies. In addition to CMBS and portfolio lending, she provides advice on a range of other transactional matters, including pooled rental structures, leasing, licensing and permitting.

Roy Richter is a member of The Woodlands Corporate, Securities / Mergers & Acquisitions practice group. His practice encompasses the general representation of companies and securities, as well as business advice to public and private companies. Richter advises clients on mergers and acquisitions, private and public debt and equity offerings, asset purchases and sales and other financing transactions. A former landowner, Richter has a unique blend of experience in the legal and oil and gas industries.

Sam udovich is a member of the firm’s intellectual property practice group in Dallas. He works with a diverse set of innovators and technology developers, primarily engaged in the pursuit of national and international patents in a range of mechanical and electrical technologies. Udovich has drafted and prosecuted patent applications relating to robotics, medical devices, telecommunications, computer systems, and manufacturing systems, among other industries. A former manufacturing engineer, Udovich also conducts due diligence studies on intellectual property assets.

Mimi Yu is a member of the firm’s Corporate, Commercial Transactions & Outsourcing practice group in Dallas. In her practice, she negotiates business transactions for clients based in a variety of industries. Yu’s customers include companies in the airline, energy, technology, supply chain and hospitality industries, as well as a number of other areas. She is a versatile business transactions lawyer who advises on a number of matters including, but not limited to, procurement, distribution, licensing and transfer of technology and intellectual property.

_____________________________________________________________________

About Winstead

Winstead is a national business law firm of nearly 300 lawyers who act as trusted advisors to emerging, medium and large businesses, both public and private. The Winstead team provides a range of core legal services that are essential for our clients to achieve their business goals. Winstead’s business transactions and litigation practices serve key industries such as Airlines, Financial Services, Healthcare, Higher Education, Investment Management / Private Equity, Life Sciences, Real Estate and Financial Services. sport.

Rachel Guy
Winstead PC
2147455177
rguy@winstead.com

Source: PC Winstead



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Italian Police Obtain MV Agusta Turismo Veloce Lusso Bikes https://seatowct.com/italian-police-obtain-mv-agusta-turismo-veloce-lusso-bikes/ https://seatowct.com/italian-police-obtain-mv-agusta-turismo-veloce-lusso-bikes/#respond Wed, 07 Apr 2021 23:15:21 +0000 https://seatowct.com/italian-police-obtain-mv-agusta-turismo-veloce-lusso-bikes/ Four units of the MV Agusta Turismo Veloce 800 Lusso SCS were handed over to the Italian police in Milan. Through Preetam Bora | Published: 18-Feb-21 12:22 PM IST 0 Views See the pictures Four bikes were handed over to Italian police in Milan Four new MV Agusta Turismo Veloce Lusso SCS in the official […]]]>


Four units of the MV Agusta Turismo Veloce 800 Lusso SCS were handed over to the Italian police in Milan.

Four bikes were handed over to Italian police in Milan

develop See the pictures

Four bikes were handed over to Italian police in Milan

Four new MV Agusta Turismo Veloce Lusso SCS in the official blue livery of the Italian National Police were handed over to the Italian Police in Milan. The four new bikes joined the two existing Turismo Veloce and the two Rivale bikes currently in service with the “Nibbio” motorcycle unit of the Milan Police Headquarters. The bikes, adorned with a beautiful blue and white livery, were handed over at a ceremony attended by Milanese police commissioner “Questor” Giuseppe Petronzi and MV Agusta CEO Timur Sardarov.

Read also: 2021 MV Agusta Brutale 800, Dragster 800 RR unveiled

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The Turismo Veloce Lusso SCS is powered by the 798cc inline three-cylinder 12-valve engine with counter-rotating crankshaft that produces 110hp at 10,150rpm and 80Nm of peak torque at 7,100rpm.

“Seeing our bicycles being used by the state police to protect and help the citizens of Milan fills us with pride,” said Timur Sardarov, CEO of MV Agusta Motor SpA. “At MV Agusta we love to say that we make the most beautiful and technologically advanced bikes in the whole world, but today we are even more excited to announce that our technology is used to ensure the safety of our communities. The women and men of the Nibbio unit are exceptional cyclists and our bikes could not be in safer hands. I wish Thanks to Quaestor Petronzi for his trust and for giving us the opportunity to support the extraordinary work of the Italian police. “

Read also: MV Agusta Superveloce Alpine sold out in a few hours

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Police bikes have turn signals, strobe lights, radio, and siren

“Today, we are consolidating a collaboration established between the State Police and MV Agusta, which generously increases our fleet of motorcycles. The Nibbio unit can now count on 4 new bikes for a better and more capillary patrol of our streets. The Turismo Veloce Lusso SCS is particularly suitable “, continued Quaestor Giuseppe Petronzi,” for the work of the police in the service of our citizens. One of our main objectives is to improve our surveillance capacity through ever more capillary control over a vast territory. I therefore thank MV Agusta for his generous attention to the police. “

Read also: MV Agusta 75th anniversary bikes sold out in seconds

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The MV Agusta Turismo Veloce Lusso SCS comes with the intelligent clutch system

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The Turismo Veloce Lusso SCS is powered by the 798cc inline three-cylinder 12-valve engine with counter-rotating crankshaft that produces 110hp at 10,150rpm and 80Nm of peak torque at 7,100rpm. The six-speed gearbox is fitted with MV Agusta’s Smart Clutch System (SCS). The bike has 60 liters of luggage space in the saddlebags, and also has features for police work like turn signals and strobe lights, as well as a police radio and siren.

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Small businesses in El Paso have more time to get PPP loans https://seatowct.com/small-loans-bad-credit-online/ https://seatowct.com/small-loans-bad-credit-online/#respond Wed, 07 Apr 2021 23:15:21 +0000 https://seatowct.com/small-businesses-in-el-paso-have-more-time-to-get-ppp-loans/ Small business owners who still want a paycheck protection program or P3 loan have had more time to apply via https://oakparkfinancial.com/ President Joe Biden on Tuesday signed the PPP Extension Law of 2021, extending the forgivable loan program for another two months until May 31. It also allows the Small Business Administration until June 30 […]]]>

Small business owners who still want a paycheck protection program or P3 loan have had more time to apply via https://oakparkfinancial.com/

President Joe Biden on Tuesday signed the PPP Extension Law of 2021, extending the forgivable loan program for another two months until May 31. It also allows the Small Business Administration until June 30 to process all requests, the SBA reported.

The program, intended to help small businesses affected by the restrictions of the COVID-19 pandemic, granted 8.73 million loans totaling $ 734.1 billion, including 3.6 million loans for $ 211.8 billion in a new cycle this year, according to data from the SBA.

He had $ 66 billion left as of March 30, an SBA spokesperson reported.

After:What small businesses have received COVID-19 relief grants? Here is what you need to know

Employers with 500 or fewer employees are eligible for initial loans of up to $ 10 million. Eligible businesses with 300 or fewer employees can get a second PPP loan for up to $ 2 million.

Independent contractors, sole proprietors and other self-employed people can apply for the loans.

Cook Delia Acuna prepares food at Carlos & Mickey's Mexican restaurant on Monday, January 11, in downtown El Paso.  The restaurant received a PPP loan in 2020 after being affected by the COVID-19 restrictions.

The PPP was created under the CARES Act approved by Congress in March 2020. It has been updated in recent months to target very small businesses and nonprofits.

Most loans do not have to be repaid if a business complies with the terms of the loan, including a requirement that 60% of the money be spent on personnel costs.

For subscribers: Businesses in the El Paso area have received $ 19.9 million in local COVID relief grants and loans. This is how it was dispersed

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BRICS development bank approves $ 1 billion loan for frontline health workers in Russia https://seatowct.com/brics-development-bank-approves-1-billion-loan-for-frontline-health-workers-in-russia/ https://seatowct.com/brics-development-bank-approves-1-billion-loan-for-frontline-health-workers-in-russia/#respond Wed, 07 Apr 2021 23:15:21 +0000 https://seatowct.com/brics-development-bank-approves-1-billion-loan-for-frontline-health-workers-in-russia/ FILE PHOTO: A man receives a dose of the Sputnik V coronavirus vaccine in a wagon of Academician Fyodor Uglov’s medical train at a train station in the city of Tulun in the Irkutsk region of Russia on March 16 2021. REUTERS / Evgeny Kozyrev / File photo MOSCOW (Reuters) – The New Development Bank […]]]>


FILE PHOTO: A man receives a dose of the Sputnik V coronavirus vaccine in a wagon of Academician Fyodor Uglov’s medical train at a train station in the city of Tulun in the Irkutsk region of Russia on March 16 2021. REUTERS / Evgeny Kozyrev / File photo

MOSCOW (Reuters) – The New Development Bank (NDB) approved a loan of up to $ 1 billion to support healthcare workers treating COVID-19 patients in Russia, he said on Monday.

The NDB was created by Brazil, Russia, India, China, and South Africa, a group of emerging economies known as the BRICS. It set up an Emergency Assistance Mechanism in April 2020 to provide up to $ 10 billion in crisis assistance to its member countries.

“The loan will provide financial resources to meet one of the most critical needs of Russia’s health response to the COVID-19 outbreak and improve the capacity and resilience of the country’s public health sector,” the NDB said in a statement.

The NDB said its board of directors approved the loan on March 25 to support incentive payments for frontline health workers, including doctors, nurses and medical staff.

Russia stepped up borrowing in 2020 to fill budget holes amid the COVID-19 pandemic and low prices for oil, its main export. The finance ministry said the loan and other resources would help offset budget costs.

“With the loans for financing the fight against COVID-19 being provided by the NDB on favorable terms, the finance ministry considers it appropriate to attract credit from the NDB,” the ministry said in a statement, adding that ‘he would submit a proposal to the government for consideration.

Reporting by Darya Korsunskaya and Alexander Marrow; Edited by Gareth Jones



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Kuwaiti state-owned oil company plans multibillion-dollar loans to cover funding gap https://seatowct.com/kuwaiti-state-owned-oil-company-plans-multibillion-dollar-loans-to-cover-funding-gap/ https://seatowct.com/kuwaiti-state-owned-oil-company-plans-multibillion-dollar-loans-to-cover-funding-gap/#respond Wed, 07 Apr 2021 23:15:21 +0000 https://seatowct.com/kuwaiti-state-owned-oil-company-plans-multibillion-dollar-loans-to-cover-funding-gap/ Through Fiona macdonald at 03/25/2021 (Bloomberg) – The Kuwaiti state oil company plans to borrow up to $ 20 billion over the next five years to make up for an expected funding shortfall, a person familiar with the matter said. Kuwait Petroleum Corp. will need the money to maintain petrostate crude oil production levels, said […]]]>


Through Fiona macdonald at 03/25/2021

(Bloomberg) – The Kuwaiti state oil company plans to borrow up to $ 20 billion over the next five years to make up for an expected funding shortfall, a person familiar with the matter said.

Kuwait Petroleum Corp. will need the money to maintain petrostate crude oil production levels, said the person, who asked not to be named because the information is private.

The borrowing plan highlights how affected countries in the Persian Gulf were by falling crude prices last year as the coronavirus pandemic spread and demand for energy plunged.

The company hands over almost everything it produces from crude sales to the OPEC member government. It is then repaid in installments to finance investments, primarily for upstream operations and oilfield investments. The company could face a deficit of 6 billion dinars ($ 19.9 billion) over five years, although it hopes to minimize the gap by becoming more efficient, the person said.

KPC plans to cover the deficit by issuing debt, including in international markets. The situation will be reviewed every six months to assess business needs and borrowing costs, the person said.

Kuwait’s financial situation – like that of almost every major oil producer – was hit last year when the virus took down planes and shut down businesses across the world. The government faced a cash flow crisis and ordered the KPC to transfer more than 7.5 billion dinars in dividends to the treasury, but which the Supreme Petroleum Council had previously said could be kept.

The KPC has since reached a preliminary agreement to repay the sum over 15 years. It helps but won’t solve the business problem, the person said.

The company’s media office could not be reached for comment.

Oil represents about 90% of Kuwait’s income. The country pumps around 2.4 million barrels of crude per day, making it the fourth member of the Organization of the Petroleum Exporting Countries.

Kuwait is trying to cut spending to contain its economic crisis. KPC has reduced the capital expenditure forecast for the next five years by more than 30%. The company hired a consultant to help it merge eight subsidiaries into four in order to streamline operations. It should be finished by the end of 2022, the person said.

Last month, the government asked parliament for permission to withdraw money from the sovereign wealth fund for the first time since the aftermath of the Gulf War in 1990.

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