Financial Affairs – Fall Of 55 Sat, 25 Sep 2021 07:59:10 +0000 en-US hourly 1 Financial Affairs – Fall Of 55 32 32 Coronavirus and Christmas: the birthplace of Jesus ‘dead’ as Bethlehem pilgrims stay at home Wed, 07 Apr 2021 23:17:35 +0000

BETHLEHEM, West Bank (AP) – The coronavirus has cast a veil over Christmas celebrations in Bethlehem, virtually shutting down the biblical city revered as the birthplace of Jesus at the height of the normally cheerful holiday season.

Missing are the thousands of international pilgrims who normally descend on the city. Restaurants, hotels and souvenir shops are closed. The famous Christmas tree lighting service will be limited to a small group of authorized people, as will church services on Christmas Eve.

“Bethlehem is dead,” said Maryana al-Arja, owner of the 120-room Angel Hotel on the outskirts of Bethlehem.

The hotel was the site of the first coronavirus outbreak in the West Bank – when a group of Greek tourists contracted the virus last March.

It kept its 25 workers on staff for several months but was ultimately unable to continue paying them. Al-Arja, who herself was infected with the virus, said she was forced to close the hotel and fire all staff as there is no sign of the end of the pandemic or of the tourists visiting so soon.

“We had 351 tour groups booked into our hotel this year, each 150 people,” she said. “But they all canceled.”

Elyas al-Arja, the head of the city’s hotel association, said Bethlehem received some 3 million tourists in 2019. With Israel the main entry point for international visitors to the region, banning tourists in Due to the coronavirus crisis, and the West Bank border crossing with Jordan closed to foreigners, that number is close to zero this year, he said.

“Sixty percent of the city depends on tourism and their income disappeared when the tourists disappeared,” said al-Arja, a cousin of the owner of the Angel Hotel.

The Ambassador Hotel, located near the Church of the Nativity, built on the site where Christians believe Jesus was born, has reopened a floor in hopes that some local visitors will want to come and celebrate in the coming weeks.

Mahmoud Tarman, the hotel receptionist, said the ambassador brought back eight of his 60 employees to serve local customers. But with the West Bank economy devastated by repeated lockdowns, it’s still unclear how many people will come.

“At this time of year this empty hotel would be bustling with life. But as you can see, there is no life yet, not even a Christmas tree, ”he said, pointing to the empty hall.

The Palestinian Authority, which administers parts of the Israeli-occupied West Bank, this week imposed a new overnight lockdown to help contain a spike in coronavirus cases. People must stay indoors from 7 p.m. to 6 a.m., and Bethlehem is included in the lockdown.

Officials say the lockdown could be extended until Christmas and the New Year if infection levels do not drop. The health ministry has reported a total of around 65,000 West Bank coronavirus cases and more than 620 deaths.

Bethlehem Mayor Anton Salman said the city planned to receive 3,000 guests, including local boy scout troops and musical groups from around the world who normally entertain visitors during the Christmas Eve festivities.

He said the famous Christmas tree lighting, scheduled for Thursday, will be limited to just 15 guests, including local mayors, district governor and Latin Patriarch and other clergymen. 85-year-old Palestinian President Mahmoud Abbas, who usually joins the celebration, was invited but did not say if he would attend.

The midnight mass, a solemn event led by the Latin Patriarch usually attended by religious leaders, local figures and hundreds of pilgrims from around the world, has also been reduced, Salman said. He said officials were still working on the guest list, but it should include religious leaders and foreign diplomats. The event will be closed to the general public but broadcast live for people to watch.

“No one can take responsibility for inviting a large number of people to Christmas events,” he said. “Nothing will be the same during the pandemic. “

By Jelal Hassan

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Kevin Love turned down Team USA’s Olympic invitation Wed, 07 Apr 2021 23:17:32 +0000

Kevin Love was offered a spot on the U.S. team roster for the Rio 2016 Olympics, but he declined. What does this mean for his future with American basketball?

Kevin Love declined an invitation to play for the U.S. team at the Rio 2016 Summer Olympics, according to ESPNis Marc Stein. Love comes out of an NBA championship with the The Cleveland Cavaliers who has had ups and downs.

Love, 27, averaged just 14.7 points and 8.8 rebounds per game in 30.7 minutes per game during the 2016 NBA Playoffs. part of the big three of the Cavs. His bounce really suffered, having fallen to a bounce rate of 16.9.

Love wants to rest after the 20-game playoffs. While not suffering a serious injury in this year’s playoffs, he missed Game 3 of the NBA Finals with a concussion and only played 12 minutes in Game 4.

Team USA has had problems securing commitments from players to join the Olympic roster. LeBron James, Stephen Curry, James Harden, Russell Westbrook and Kawhi Leonard will all be out, according to United States today. It’s an easier decision not to gamble when you’re battling an injury or worried about a virus that could impact your life.

At the end of the day, Team USA players don’t get paid for their services. If they were, it can be an added incentive to risk injury. Even then, the list members would make more money in the NBA than playing in the Olympics.

Forbes investigated the 2012 Olympic roster and their $ 230 million NBA payroll. Some might argue that NBA players are already paid enough and there is no need for an allowance, especially with the amount of money the team is already paid.

Love’s decision could have been made easier given that LeBron is not playing at this year’s Olympics.

Kyrie Irving plays for the United States team and will have the opportunity to thrive and learn from other NBA stars without his teammates. It also gives Irving the opportunity to take the reins of the USA team with so many players not playing.

Cavs fans can expect to see Irving play for the U.S. team at this summer’s Olympics. With James, Love and a large company of players sitting down this summer, now is the perfect time for Irving to show off his talent in front of the world.

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Noise from natural gas compressors reduces nesting success of nearby birds, study finds Wed, 07 Apr 2021 23:17:31 +0000

While some songbirds are not put off by the constant loud noise of compressors on gas pipelines, their nesting success is diminished by the din.

According to Penn State research, eastern bluebirds and tree swallows were willing to establish their nests and lay their eggs near compressors. But their nesting efforts did not produce the same number of offspring as nests sheltered from the noise of the machinery.

“Birds did not prefer quiet boxes over noisy boxes, which suggests that they do not recognize the reduction in habitat quality resulting from noise,” said the co-author of the study Margaret Brittingham, professor of wildlife at the College of Agricultural Sciences.

“But bluebirds and tree swallows nesting in noisy nesting boxes spent less time hatching their eggs, hatched fewer eggs, and produced fewer young than their neighbors nesting in quiet nesting boxes.”

To reach this conclusion, the researchers conducted an innovative study that included continuous playback of recorded compressor noise, 80 never-before-used nesting boxes occupied by bluebirds and swallows, and behavioral observations with video cameras placed in boxes. .

Natural gas is one of the world’s fastest growing energy sources, with continued expansion expected in the development of shale gas in particular. Compressor stations pressurize the gas and push it through pipelines to consumers.

According to the Pennsylvania Department of Environmental Protection, approximately 555 gas pipeline compressors were in operation in Pennsylvania as of December 2019. They are often located inside remote forests.

“Loud, low-frequency noise emitted by natural gas compressor stations travels hundreds of meters in undisturbed areas,” said co-author Julian Avery, associate research professor of ecology and wildlife conservation. “Because shale gas development often occurs in relatively undisturbed natural areas that provide important habitat for nesting birds, it is imperative that we develop plans to manage and mitigate noise. “

The experiment, considered the first of its kind, was conducted at the Russell E. Larson Agricultural Research Center at Penn State in Rock Springs.

The researchers took many precautions to ensure that they only assessed the birds’ reaction to compressor noise and not other factors, controlling for the confounding effects of physical changes in the environment associated with compressor stations. as well as the strong tendency of birds to return. in specific places where they had reproduced before.

They established 40 pairs of nesting boxes to attract bluebirds and tree swallows to a site with no previous breeding population and immediately introduced the sound of the shale gas compressor to half of the nesting boxes before the birds returned to the area, while the 40 other nesting boxes served as witnesses.

“We took a risk in starting the study – we weren’t sure these birds would find and occupy our boxes,” Avery explained. “We were hoping that ‘if we build it, they will come.’ Bluebirds likely had other places nearby to nest, and tree swallows were just returning from Central America. There was no guarantee that they would meet our boxes.

Danielle Williams, a Masters student in Wildlife and Fisheries Science at Penn State and currently field coordinator for the Hardwood Ecosystem Experiment at Purdue University, led the work, monitoring video feeds from cameras placed in boxes for document changes in breeding behavior.

She noted that there was no difference in clutch size – the eggs laid – between noisy and silent boxes, and the feeding behavior of adults, known as provisioning, was also the same in both.

But she observed that both species exhibited reduced incubation time, hatching success, and flight success in noisy boxes compared to silent boxes.

The results, recently published in Ornithological Applications, demonstrate that compressor noise caused behavioral changes that resulted in reduced breeding success for Eastern Bluebirds and Tree Swallows.

Nest success – the probability of at least one fledgling – calculated from all nests that were initiated, was not affected by noise in any of the species studied, Brittingham pointed out.

“This suggests that noise did not increase depredation or dropout rates, but rather negatively impacted fitness by reducing hatching and flight success,” he said. she declared.

Contact Marcus Schneck at

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Michigan sought additional motivation on social media before beating Ohio State Wed, 07 Apr 2021 23:17:29 +0000

COLUMBUS, Ohio – Michigan was swept away by Ohio State last season and lost four straight games to Columbus, last winning in the 2013-14 season. It’s a rivalry and Michigan is aiming for a Big Ten championship.

The Wolverines probably didn’t need the extra motivation for Sunday’s game with Ohio State. They found some anyway before beat the Buckeyes 92-87.

Juwan Howard has shown his players video clips that “rubbed us the wrong way,” according to senior Eli Brooks. One of them included the Buckeyes dancing in their locker room after beating Michigan last season. (May be this.)

“He just kept showing it,” said senior Chaundee Brown. “Just basically disrespect and stuff.” Brown also referred to the souvenirs in gold jersey The Ohio State players were awarded last season for sweeping Michigan, apparently having seen mentions about it on Twitter by the Buckeyes ahead of Sunday’s game.

“It motivated us even more,” said Brown. “It really motivated me.”

Once the game started, Brown was on fire and fired. He drained three 3 points on the bench in five minutes in the first half. He had a few words for the Ohio State bench after the last two, forcing the umpires to stop play momentarily.

“When I was shooting they would say a few words and things like that,” Brown said. “But I just like these types of games.”

Brown finished with 15 points and affected the game with his aggressive defense and rebounds.

Related: Even the ref thought Michigan-Ohio State was exciting

With 7:51 to go and Michigan leading by two points, Brooks (17 points) appeared to graze Duane Washington Jr.’s eye as he searched for the ball. Washington’s call for an arbitrator to stop the action was granted. It’s unclear if that’s what upset Howard, but he went to halfway to protest. Ohio State coach Chris Holtmann did the same.

Howard said he and Holtmann weren’t arguing, but with referees. If there was a replay review, nothing came of it, and Washington stayed in the game.

Michigan freshman Hunter Dickinson (22 points, nine rebounds) summed up his first experience with the rivalry this way: “I could tell they didn’t like us and we sure didn’t like them either.”

The Wolverines have remained in balance throughout. Howard said his team had faced pressure and adversity on and off the pitch this year, noting the recent COVID-related hiatus from the program. Ohio state hit many big shots on Sunday, but Michigan has always had a response.

“During these games, when there are some tough stretches, when we go through a scoring drought or we can return the ball or a team gets an offensive rebound, our guys always understand and stay the course,” said Howard. “I was so impressed with their mental toughness.”

By Sunday, Michigan’s seniors had won in every Big Ten city except Columbus. They were aware of their recent fights at Value City Arena. “This is something we wanted to change,” Brooks said. “And it started today. This is what motivated us the most.

All the other things, like the videos the Wolverines watched before the game, maybe Howard knew what buttons to press with his team.

“It was like the Michael Jordan approach,” Dickinson said. “Any little thing that can motivate you a little more helps. “

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Bamlanivimab treatment. What is a monoclonal antibody? Wed, 07 Apr 2021 23:17:26 +0000

The city will provide the new COVID-19 Bamlanivimab treatment, starting this week, to avoid hospitalizations.

El Paso was selected to provide this treatment developed by Eli Lilly due to the high number of positive COVID-19 cases and hospitalizations. El Paso received a limited number of doses of this new infusion therapy.

“We are grateful to have been selected to pilot a noble treatment program aimed at preventing a higher number of hospitalizations among our most vulnerable loved ones, thereby improving their outcomes when infected with COVID-19,” said Dr Hector Ocaranza, City County Local Health Authority. in a press release.

The FDA has cleared the emergency use of Bamlanivimab, a drug used for the treatment of COVID-19 in patients who meet the following criteria:

  • COVID-19 positive
  • Adults and non-hospitalized adolescents 12 years of age and over
  • Mild to moderate symptoms
  • Weigh 88 pounds or more
  • Underlying health conditions
  • High risk of developing severe symptoms of COVID-19

Bamlanivimab is not authorized for patients already in hospital or requiring oxygen therapy due to COVID-19.

Patients eligible for treatment will receive a single intravenous (IV) dose lasting approximately 1 hour. Patients will need to wait an additional hour to monitor the reaction to treatment.

What is bamlanivimab? What is a monoclonal antibody?

According to the FDA, Bamlanivimab is a monoclonal antibody, molecules produced in the laboratory designed to serve as surrogate antibodies that can restore, enhance, or mimic the immune system’s attack on cells.

Bamlanivimab is designed to block viral uptake and entry into human cells, thereby neutralizing the virus. It is designed to limit viral replication and may be effective for the treatment of COVID-19 in patients who are at high risk of developing to severe COVID-19 and / or of being hospitalized.

When should Bamlanivimab be given to a patient?

According to the FDA, it is recommended that Bamlanivimab be administered as soon as possible after a positive viral test for SARS-CoV-2 and within 10 days of onset of symptoms. Bamlanivimab is given as a single 700 mg dose by IV infusion over 60 minutes.

Is Bamlanivimab FDA Approved to Treat COVID-19?

According to the FDA, Bamlanivimab is an investigational drug. It is not currently approved by the FDA to treat any diseases or conditions, including COVID-19.

However, upon issuance of the Emergency Use Authorization (EUA), Bamlanivimab is authorized for emergency use for the treatment of mild to moderate COVID-19 in adults and pediatric patients with positive results. 12-year-old SARS-CoV-2 direct viral tests. aged at least 40 kg and who are at high risk of progressing to severe COVID-19 and / or hospitalization.

What is an Emergency Use Authorization (EUA)?

The FDA may authorize an unapproved product or unapproved uses of an approved product for emergency use. In issuing an EUA, the FDA must determine, among other things, that the product may be effective in diagnosing, treating or preventing a serious or fatal disease or condition caused by a chemical, biological, radiological or nuclear agent. Emergency use authorization is not the same as FDA approval or clearance.

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Breakaways and Interceptions can be turned into free Bud Light Seltzer Lemonade during the Super Bowl Wed, 07 Apr 2021 23:17:23 +0000

There may not be any commercials for Budweiser beer, Coke, or Pepsi during Super Bowl LV, but there will be an advertisement for the new Bud Light Seltzer Lemonade.

To complete the first Super Bowl Bud Light Seltzer Lemonade commercial, Anheuser-Busch wants to give fans a little lightness after a one year lemon. So he plans to turn a “lemon from a game” into Bud Light Seltzer Lemonade.

If there is any turnover from either team – the Kansas City Chiefs or the Tampa Bay Buccaneers – fans watching the big game can enter for a chance to win a pack. of 12 of Bud Light Seltzer Lemonade.

To respond to Bud Light Tweet with a lemon emoji using #LemonsintoLemonade and #Sweepstakes.

From 6:30 p.m. to 11:59 p.m. on February 7, “follow @BudLight and tweet #LemonsintoLemonade and #Sweepstakes whenever any of the following ‘Events’ occur that results in a rollover during play: (a) escaped, ( b) interception, (c) rollover on downs, or (d) safety. The Tweet does not have to occur shortly before a particular event. You will receive one (1) Entry for each valid Tweet.

Two hundred prizes for each “revenue event” that occurs will be awarded, up to a maximum of 1,600 prizes. Check out all the rules and instructions on the raffle site.

Since you’ll be watching and hoping for a fumble or interception, check out the new Bud Light Seltzer Lemonade commercial called “Last Year’s Lemons”. It’s a play on all the awkward situations the year 2020 is now known for, including sloppy do-it-yourself hairstyles, postponed or weird weddings, and just about anything that hasn’t happened. not go as planned.

Although no one has to remember what to do “When life gives you lemons …”

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Michigan State Police soldier’s shooting at knife-wielding man was “justified, appropriate,” Monroe County District Attorney Says Wed, 07 Apr 2021 23:17:21 +0000

MONROE TWP., MI – Monroe County District Attorney Michael G. Roehrig on Friday ruled that a Michigan State Police soldier’s actions of shooting a knife-wielding man were justified and appropriate .

At 4:21 p.m. on June 15, Michigan State Police Soldier Kyle Michael of the Monroe Post was dispatched to a 911 call in the S. Dixie Highway and Dunbar Road area in Township. de Monroe for an incident involving a suspicious man with a large knife, according to Michigan State Police.

Michael was told by motorists that there was a white man running down the street yelling at cars to “hit him and kill him,” a statement from the Monroe County District Attorney’s Office said. Witnesses reported that the suspect, an 18-year-old man from Monroe, carried a “machete-sized knife”, walked through traffic and was chasing a young woman who was rescued by a passing motorist.

Man with knife shot dead by state soldier in Monroe County, police say

Michael found the suspect on the pavement with a 17-inch fixed blade knife. As Michael exited his vehicle, the suspect slammed his drink into the ground, quickly drew his knife in his right hand and walked around the vehicle toward the driver’s side door, the statement said.

According to the statement, Michael drew his gun and ordered the suspect to drop the gun. The suspect refused and Michael ran backwards into the southbound lanes of oncoming traffic.

When the suspect was about 15 to 20 feet away, Michael shot the suspect twice in the right arm and abdomen, the statement said. Michael pulled the knife away and administered first aid to the suspect, although the suspect continued to try to push Michael away, the statement said.

“The soldier went ‘beyond’ to try to rescue before the ambulance and other law enforcement officers arrived at the scene,” the statement said.

Video released showing man wielding knife shot and killed by state soldier in Monroe County

The 18-year-old was taken to St. Vincent Hospital in Toledo, Ohio, where he is listed in critical condition, police said.

The total time between Michael’s arrival and the shot is about 20 seconds, the statement said. The suspect had no ID, but further investigation revealed his identity; however, he is being held pending consideration of the potential criminal charges against him.

Roehrig ruled that Michael’s use of potentially lethal force was “fully justified and appropriate in order to protect himself and the many civilians nearby,” the statement said. A witness said Michael did everything he could to defuse the situation before firing his gun, the statement said.

Beyond the simple use of justified and proportionate force, Michael’s actions were courageous – alone, in the middle of a busy street, he was all that stood between many civilians and a man with a seemingly knife determined to do harm, ”the statement said. . “It is evident that his actions were professional, representative of the highest caliber of honest and dedicated law enforcement officers who selflessly serve and protect our communities, and reflect the highest expectations of the community for ‘law application.”

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SBA Reveals Full List of PPP Loan Recipients; See the list of all businesses in the Valley benefiting from loans | Coronavirus Wed, 07 Apr 2021 23:17:19 +0000

HARRISBURG – Data released Tuesday by the Small Business Administration shows that businesses and groups in Pennsylvania have shared $ 5 billion in loans under $ 150,000, provided through the federal paycheck protection program.

The program provided these loans to 146,000 businesses in Pennsylvania, an average of just under $ 35,000 per business. Previously, the SBA announced that $ 15 billion in loans worth more than $ 150,000 had been granted to 26,000 companies, an average of $ 577,000.

The SBA initially refused to disclose the names of companies with loans under $ 150,000. The Associated Press and other news outlets have filed a lawsuit requiring him to disclose the names of the companies that received the smallest loan amounts. In November, US District Court Judge James Boasberg agreed, saying there was “significant public interest in shedding light” on who got the paycheck protection program loans.

The publication comes as Congress considers whether to pass another round of federal stimulus and whether that would mean another round of the paycheck protection program.

Executives of statewide business groups have said they believe the first round of PPP loans is vitally important in helping businesses survive the pandemic economic downturn and said a another round of loans is needed now.

“It was literally the lifeline that kept thousands of businesses afloat,” said Gordon Denlinger, state director of the Pennsylvania National Federation of Independent Businesses.

Another round of PPP funds is needed because “with the resurgence of COVID-19, businesses are seeing their revenues plummet again. It’s a make or break time for a lot of them, ”he said.

Just over 25% of businesses that took loans under $ 150,000 in Pennsylvania did not list any amount or provide a response as to how many jobs the loans were supposed to help save. About 72% of loans under $ 150,000 went to companies who said the loans saved 25 jobs or less. A total of 30,100 businesses indicated that the loan saves a job.

Over 3,500 state-owned enterprises have obtained loans worth over $ 1 million, while 103 enterprises and other entities have taken out PPP loans worth exactly $ 150,000.

The PPP loans have helped struggling independent restaurants, as well as regional chains affiliated with national brands, said John Longstreet, president and CEO of the Pennsylvania Restaurant and Lodging Association.

“We have had many restaurants that have taken advantage of it,” Longstreet said. The hospitality industry would prefer the federal government to give them targeted subsidies, similar to those given to the airline industry, Longstreet said.

He added, however, that he was not optimistic that grants to help restaurants would be included in the next round of federal stimulus. Therefore, getting more PPP loans would be the best alternative.

Denlinger said the federal government should also reverse a new IRS ruling that will likely mean businesses that have taken out PPP loans could have a nasty surprise when they do their taxes.

Two weeks ago, the IRS issued guidelines stating that business expenses paid using P3 loans cannot be used as tax deductions.

The move “will have a fiscal impact” for many companies that have taken out PPP loans, he said. Business groups have been pushing for Congress to quickly pass legislation to reverse the IRS guidelines, he said. At this point, there is no clear indication that Congress is going to act, Denlinger said.

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Tata Cleantech signs 10 billion yen loan agreement with JICA, Energy News, ET EnergyWorld Wed, 07 Apr 2021 23:17:17 +0000 New Delhi: Tata Cleantech Capital, a non-bank finance company, on Thursday secured a 10 billion yen loan deal from Japan International Cooperation Agency (JICA) for providing loans to Indian companies focused on clean energy projects.

According to the press release, the loan would be granted through a private sector investment finance program of JICA and co-financed with the Sumitomo Mitsui Banking Corporation.

JICA loan would help Tata Cleantech mitigate the impact of climate change by providing green finance, which would help reduce emissions of greenhouse gas emissions in India. It will also contribute to Sustainable Development Goals 7 and 13.

“This partnership will allow us to accelerate the pace of the transition to clean energy in India. We will focus on funding and supporting projects through renewable energy, electric mobility and energy efficiency sectors by channeling climate finance in India to mitigate the impact of climate change, ”said Manish Chourasia, Managing Director of Tata Cleantech.

Under the Paris Agreement, India has pledged to reduce the greenhouse gas emissions intensity of its GDP from 33% to 35% by 2030 and is promoting mitigation measures such as that the installation of renewable energies, energy-efficient equipment and electric vehicles to achieve the goal.

Tata Cleantech is a joint venture between Tata Capital and International Finance Corp that focuses on climate finance and advisory services. In 2019, he had secured a $ 100 million line of Green Climate Fund develop a rooftop solar energy market in India.

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Lawmakers outline plan to extend PPP deadline to May 31 Wed, 07 Apr 2021 23:17:14 +0000

UPDATE: March 17, 2021: The Chamber, by 415 votes to 3, passed a bill on Tuesday extension of time to May 31 for borrowers to apply for a Paycheck Protection Program (PPP) loan. The bill, which also gives the Small Business Administration (SBA) until June 30 to process requests, now go to the Senate.

This room Tuesday confirmed Isabel Guzman as administrator of the SBA, by 81 votes to 17. Guzman, under the Obama administration, was previously deputy chief of staff of the agency.

Dive brief:

  • House and Senate lawmakers have come together in a bipartisan effort to extend the deadline for the paycheck protection program by two months until May 31.

  • The proposal to expand the Small Business Assistance Program, which ends March 31, was presented on Thursday by Chamber of Small Business President Nydia Velázquez, D-NY, and Representative Blaine Luetkemeyer, R- MO. The President of the Senate for Small Business, Ben Cardin, D-MD, and the other members of the Sens committee. Susan Collins, R-ME, and Jeanne Shaheen, D-NH, accompanying law unveiled Thursday reflecting the House bill.

  • The House is expected to vote on the bill next week before members leave Washington, DC, through mid-April, according to Politico.

Dive overview:

“The demand for PPP loans right now is a testament to the effectiveness of the program and the lingering impacts of this pandemic. That is why we cannot suspend aid now and this short term extension is so important,” said Velázquez in a statement. “The bill will go a long way in helping small businesses support their employees and keep our economic recovery going. “

Under the PPP Extension Act, small businesses will have an additional two months to submit a PPP loan application, and the Small Business Administration (SBA) will have until June 30 to close pending applications.

Banking business groups lobbied for an extension of the program, which the Biden administration revised February 22 allow individual owners, independent contractors and the self-employed to use gross income rather than net profit to calculate how much P3 funding they should receive.

The SBA updated its systems to implement this change on March 5 The New York Times reported, which means the changes the White House outlined last month and codified March 3 were only taken into account for requests processed during the past week.

Calls to expand the PPP come as several of the country’s largest lenders have announced they are close their application acceptance window earlier meet the deadline of March 31.

Bank of America said in a declaration on its website that it stopped taking new applications Tuesday for first and second draw PPP loans from customers.

JPMorgan Chase set a deadline of March 19 for borrowers to apply for PPP loans, and Citi has stated that it will not accept PPP loan applications after March 20.

Efforts to extend the program deadline were expected, given the Biden administration’s implementation of a two-week break from February 24 to March 9, where only companies with fewer than 20 employees were allowed to submit. nominations.

This pause could reduce the number of loans issued under the program – and funding levels – by shortening the time period during which the rest of the eligible market must apply by the March 31 deadline, Michael Brauneis, Managing Director and U.S. leader in the financial services industry at global consulting firm Protiviti, says Banking Dive last month.

Since the start of the program, the ASB approved 7.6 million PPP loans totaling $ 687.3 billion on Sunday.

The $ 1.9 trillion stimulus package President Biden on Thursday signed includes $ 7.25 billion in additional PPP funding.

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