Borrowing – Tech Com Forces Thu, 27 May 2021 12:30:57 +0000 en-US hourly 1 Borrowing – Tech Com Forces 32 32 Decisions taken by the Ordinary General Meeting of Shareholders of AB “Žemaitijos pienas” Wed, 07 Apr 2021 23:15:57 +0000


Former high school classmates are among the world’s largest crypto holders

(Bloomberg) – Kyle Davies and Su Zhu launched Three Arrows Capital at their apartment kitchen table in 2012. They are now among the largest cryptocurrency holders in the world with a portfolio worth billions dollars, at least for now. has been rocked in recent days as environmental concerns over mining, regulatory oversight, warnings from Chinese authorities over digital currency payments and a wave of erratic tweets from Tesla Inc’s Elon Musk have whipped up prices. For Davies, an early investor in the space and an evangelist of the underlying technology, the recent volatility is just a shock, perhaps enough to scare off first-time investors, but not for someone who has experienced much more volatile periods. outside the highs it’s really not that low, ”the 34-year-old said in an interview in Singapore. “I don’t see anyone really scared.” Former Credit Suisse Group AG traders Davies and Zhu, the two are among the pioneers on Wall Street who embraced crypto, along with Dan Morehead of Pantera Capital and Mike Novogratz of Galaxy Digital. Now everyone from retail day traders to bankers is getting started: CNBC reported this month that Aziz McMahon, head of emerging markets sales for Goldman Sachs Group Inc. in London, left the bank after have made a fortune trading cryptocurrencies for himself. the fortunes of the faithful have increased and decreased with fluctuations in the price of currency, crypto wealth quickly turns into real dollars for some, whether through initial public offerings or businesses that generate traditional income. Brian Armstrong, co-founder of crypto-wallet Coinbase Global Inc., has a net worth of $ 9.3 billion after his company’s IPO, according to the Bloomberg Billionaires Index, while Binance’s Changpeng Zhao has created the world’s largest crypto exchange. 34, also resisted talking about their fortunes and recommended on social media that crypto billionaires do the same. However, a filing in January revealed the extent of the company’s influence, when Three Arrows announced that it has a 5.6% stake in the Grayscale Bitcoin Trust, a $ 22 billion fund invested solely in the cryptocurrency set up by Barry Silbert. Davies declined to comment on whether their position had changed or to specify how much of the company’s capital belonged to them. Most of their other direct investments in cryptocurrencies and related companies do not need to be publicly disclosed. The grayscale stake made Three Arrows the largest shareholder and would have been worth up to $ 2. $ 1 billion in April. Shares in the trust have since fallen 43% after Musk’s announcement this month that Tesla would suspend acceptance of digital currency for purchases of its electric cars due to “increasing use of fossil fuels. for Bitcoin Mining ”and China’s regulatory crackdown. Musk’s tweet placed on Bitcoin, Davies said he doesn’t think these concerns apply to all cryptocurrency trading. “There are a lot of cryptocurrencies that are proof of stake, that use very little or no electricity,” Davies said. “This is the direction that many cryptocurrencies are heading.” A proof of stake setup for a digital currency allows users with large stock positions to verify transactions. This compares to proof of work transactions, such as those used in Bitcoin mining, where users must solve complex mathematical problems to access a coin, consuming much larger volumes of electricity. Columbia University in New York before joining Credit Suisse as a derivatives traders in Tokyo. After three years at the Swiss bank, they quit and started Three Arrows Capital to start trading traditional currencies in emerging markets. “It was a very inefficient market, and that’s where we started,” Davies said. from working in their San Francisco apartment to hiring around 35 people and trading 5% to 10% of all local emerging market currency volumes, he said. us ”in currency trading in emerging markets, Davies said. In 2018, the company focused exclusively on crypto, and their Singapore-based company now manages a fund, DeFiance Capital, which invests in decentralized finance, betting that these companies will “ eat up traditional finance over the next decade. according to the group’s website. Investments include InsurAce, which provides insurance services, and CDEX, a cryptocurrency exchange. “Outized Voices” “We’ve been crypto for a long time,” Davies said. “We haven’t always been Ethereum for long, in fact we’ve been running out of time as well. What’s the best way to beat Bitcoin right now? Well, it’s just to own Ethereum. The ultimate goal of my book is to surpass Bitcoin. Davies said Ethereum is currently the company’s largest cryptocurrency wallet. It has gained 245% this year against the US dollar, while Bitcoin is up 29%. Despite the turmoil created by Musk’s tweets, Davies said he was increasingly worried about the influence. billionaire in the crypto market every day. oversized voices are that they usually don’t last very long if overused, ”Davies said. “If he had to tweet every day, by the end of the year, he wouldn’t have any impact on prices.” (Ethereum updates, Bitcoin returns to 20th paragraph.) More stories like this are available at the most trusted source of trading information. © 2021 Bloomberg LP

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South Africa – Workforce Holdings annual revenue down 13.9% due to pandemic Wed, 07 Apr 2021 23:15:57 +0000

March 31, 2021

South African recruitment and outsourcing firm Workforce Holdings (WKF: JSE) today reported sales for the year ending December 31, 2020 of ZAR 2.77 billion (USD 187.7 million ), down 13.9% from the previous year.

(ZAR million) FY 2020 FY 2019 Switch Fiscal year 2020 (in millions USD)
Returned 2,778.0 3,227.0 -13.9% 187.7
Gross profit 645.4 702.4 -8.1% 43.6
Gross margin 23.2% 21.7%
EBITDA 76.8 140.9 -45.5% 5.2
Profit before tax 7.6 99.0 -92.3% 0.5
Profit after taxes 35.3 98.1 -63.9% 2.3

The group said its business had been impacted by the Covid-19 pandemic, but after cutting costs, implementing technology and consolidating its operational hubs (business segments), the group experienced an improvement in the second half of the year.

According to Workforce, the group’s Staffing and Outsourcing cluster had a “ reasonable start ” for the first quarter of the fiscal year, but was affected by the impact of Covid-19 for the months of April, May and June . When the economy reopened after the brutal lockdown, business picked up dramatically. Despite a 16% reduction in overall revenue to ZAR 2.2 billion (USD 148.6 million), segment EBITDA improved by 1%. The cluster continued to help individuals with the Temporary Employer Relief Program, which was due to end in October 2020, but which the government extended until March 15, 2021.

Within the Training division, all industries, in particular the mining sector, were negatively impacted by the various levels of foreclosure during the first half of the year. Training was halted and classroom training was particularly affected, in turn affecting the cost per learner. The mining sector also stopped hiring additional workers for several months, which impacted the integration division. This resulted in an overall drop in revenues of 8%, with a decrease in EBITDA of 51%.

The Financial Services cluster had a difficult year and results were partially affected by the effects of Covid-19 as well as by the shutdown of the Babereki Products division (financial solutions for employees). The latter was due to the fact that many clients were laid off or put on short notice and therefore could not pay their installments and we also stopped making loans during this period. This led to the decision to write off a portion of the loan portfolio net of ZAR 46.5 million (USD 3.1 million), resulting in a 42% reduction in turnover to ZAR 54.6 million. (USD 3.7 million) and an EBITDA loss of ZAR 55.0. million ($ 3.7 million).

The Healthcare cluster was seen as providing an essential service and, as such, was active at all levels of lockdown. The company saw an increased demand for services to help customers ensure their business operations continued smoothly during the pandemic, which helped it achieve a strong performance. Sales growth of 14% was recorded, fully organic. EBITDA growth was 71%.

On December 10, 2020, the company announced that he would acquire OpenSource Intelligent Solutions Proprietary Limited and OpenSource International Limited, effective January 1, 2021. OpenSource places qualified SAP resources (applications and system products) on a contractual and ongoing basis with customers using SAP’s enterprise resource planning system .

Looking ahead, the company’s board of directors said: “We remain extremely encouraged by how the investment hubs were able to recover their position in the second half of the year, with a focus on debt collection, costs and cash generation. This position will continue and we look forward to a greater contribution from each of the investment clusters and a total improvement in the group’s result over the coming year.

“We will remain dedicated to our core competencies as market conditions will likely remain difficult

for the foreseeable future, ”continued the council. “However, four decades of experience, a very strong network of teams across the company, organized into investment clusters with a common goal of ensuring success and growth, constitute a force that cannot be under- taken. estimated.

Workforce shares last traded at ZAR 111.00 ($ 7.50) yesterday ahead of the company’s earnings release. Shares were down 0.89% on the day. The company has a market capitalization of ZAR 270.54 million (USD 18.2 million).

]]> 0 Michigan comedian becomes three-time ‘Jeopardy’ champion from behind in Final Jeopardy Wed, 07 Apr 2021 23:15:57 +0000

This Ann Arbor comedian ran into trouble on his third night of the Q&A show. He followed before the final “Peril“round. Here’s how the two-time Michigan champion did tonight. UPDATE: See if Wood could become a four-time champion

Andy wood was born in Minneapolis. He grew up in Ann Arbor when his family moved there when he was in his fourth grade. Wood graduated from Huron High School in 1995. He then attended Cornell University where he majored in electrical engineering and was on the swim team. He currently lives in California.


Wood quickly took the lead with Deanna Bolio of California not far behind. Kevin Harp of Arizona was far behind in third.

Bolio hit the Daily Double in this round and bet $ 2,000. She answered correctly by bringing it down to $ 6,000, placing it in the lead. She held that lead at the end of the round with $ 9,000, followed by Wood with $ 7,000 and Harp with $ 400.


Harp had a bit of a response frenzy at the start of this round, and also won $ 1,500 with the first Daily Double. He got back into the game right away. Bolio then responded to a series of clues while maintaining his lead. She also landed on the second Daily Double bet prudently winning $ 2,000.

Wood made a late comeback by correctly responding to a series of clues, but followed Bolio. The scores for Final Jeopardy were Bolio with $ 17,800, Wood with $ 12,600 and Harp with $ 7,900. Wood’s correct Final Jeopardy round and Bolio’s incorrect round were Wood’s only hope.


The clue: the origins of country names. The answer: this island country was named after a 16th century Spanish king whose name comes from the Greek for “horse lover”. What is the Philippines.

Harp had the right idea, which took him to $ 14,900. Wood was also right and bet a modest amount to $ 4,600, bringing it to $ 17,200, still behind Harp. She failed and bet $ 7,401 making Wood the three-time champion with a total of $ 64,798 over three days.


Small-town Michigan opera singer kills Celine Dion ballad in battle for ‘the Voice’

Woman renovating entire Detroit block wins huge sums of money in ‘Card Sharks’ game show

Detroit auto worker brings Motown duo “The Voice” out of the park: Has he moved on?

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Michigan man confuses ‘Story of my life’ with ‘Frozen’, still wins $ 72,000 on ‘Name That Tune’ Wed, 07 Apr 2021 23:15:57 +0000

Michigan man is $ 72,000 richer, despite a weird wrong answer in the last round. Danny, whose last name has not been given, of Detroit, participated in the musical guessing game show, “Name this tuneOn the episode aired on FOX on Wednesday, January 27.


In this round, Danny and his opponent, Asabi, tried to name popular songs that they should easily know. However, the provisions have been changed.

  • Song 1 – Funk remix: Asabi wins $ 1,000 with “Footloose”.
  • Song 2 – Punk remix: Danny wins $ 2,000 with “Torn”.
  • Song 3 – Reggae remix: none of the contestants guessed “Treat You Better”.
  • Song 4 – R&B Remix: Asabi won $ 4000 with “Complicated”.
  • Song 5 – Tango remix: Asabi won $ 6,000 with “Superfreak”.

At the end of the first round, Asabi had a big lead with $ 11,000 against Danny’s $ 2,000.

ROUND 2 – Bid-a-note »

Applicants are given a hint about a song, and then, one at a time, must bid for how many seconds they think they can name that song. If one of them bids for a second, he must automatically guess.

  • Song clue 1: “Mom, is that the real clue?” Asabi named “Bohemian Rhapsody” in one note, taking home $ 10,000. It is now up from $ 21,000 to $ 2,000.
  • Song clue 2: “This redhead would do anything for a pair of legs.” Adabi couldn’t name the song in five notes, allowing Danny to guess in 10 notes. He answered correctly with “Under The Sea,” winning $ 15,000 earning him $ 4,000.
  • Song clue 3: “In 1975, this delicious group achieved a miracle.” Danny named “You Sexy Thing” in seven notes, winning $ 20,000. That put him in the lead of $ 16,000.
  • Song clue 4: “The smallest platinum hit of this British singer’s career.” Danny answered “Tiny Dancer” correctly by winning $ 25,000 for a total of $ 62,000, sending him into the final round for a chance to add $ 100,000.


There are seven pieces worth $ 10,000 each. If Danny got them all right in 30 seconds, he would add $ 100,000 to his winnings. A wrong answer ends the game.

  • Song 1: Popped after four seconds and passed on “My life would suck without you.”
  • Song 2: Ringed after five seconds and answered “Ain’t No Sunshine” correctly.
  • Song 3: Ringed after four seconds and sent “Happier” message.
  • Song 4: Ringed after five seconds and answered incorrectly, ending their game. Danny guessed “Frozen” instead of “Story of My Life”.

Congratulations to Danny who won $ 72,000.


Chick-fil-A makes big announcement in Michigan; Portillo said to hold my beer

Inside Matthew Stafford’s chic mansion, relisted for $ 6.5 million, with the state’s largest infinity pool

USA Today lists Michigan Riverwalk as one of the best in the country

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Federal Student Loan Payments and Interest Pause to Continue Through 2021 | WJHL Wed, 07 Apr 2021 23:15:56 +0000
National coronavirus coverage

Getty Images

WASHINGTON (Nation Now) – The federal government extends its federal forbearance to student loans, suspends accrued interest and collection activities to the next administration and the next Congress.

Actions related to COVID-19 were due to expire at the end of the year, but Education Secretary Betsy DeVos on Friday announced an extension to January 31, 2021.

Federal borrowers can still make payments on the loan principal because the interest rate is 0%, but no payment will be required until at least February.

“The coronavirus pandemic has presented challenges for many students and borrowers, and this temporary pause in payments will help those who have been affected,” Secretary DeVos said in a statement. “Overtime also allows Congress to do its job and determine what action it considers necessary and appropriate. Congress, not the executive branch, is responsible for student loan policy. “

Loan payments have been suspended since March 13.

President-elect Joe Biden will take office on January 20. The 117th Congress will begin to meet on January 3.

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Students in class 10 and class 12 should be promoted without exam Wed, 07 Apr 2021 23:15:56 +0000 Despite the availability, COVID-19 patients do not receive a bed: Raj thackeray

Bombay: Maharashtra Navnirman Sena (MNS) Chairman Raj Thackeray addressed a press conference on Tuesday from his Krishna Kunj residence and commented on various issues affecting the state.

the MNS Chief revealed what he discussed with Chief Minister Uddhav Thackeray on Monday. “Yesterday I called Chief Minister Uddhav Thackeray and asked him to meet with me about imposing lockdown restrictions, but many people around him are coronavirus positive so he too was quarantined. So we discussed various topics and issues in a virtual meeting, ”said Raj Thackeray.

One of the most important issues discussed at the meeting concerned the jury examinations. Raj Thackeray noted that students in grades 10 and 12 should be promoted without exam. “We have no idea of ​​the mental trauma these children are facing during this pandemic. Just like other students, students in grades 10 and 12 should also be promoted,” he added.

Thackeray also suggested improving health infrastructure. “Despite the availability of space in many hospitals, patients with COVID-19 are not receiving beds. At that point, the government should adopt a strict policy. Patients need to get beds, ”said Raj Thackeray.

He said people in the state are suffering because of covid-19 patients from other states. “The number of covid-19 cases in the state is increasing. I asked the Chief Minister why this covid-19 surge is only seen in Maharashtra. The truth must be told to the people. As Maharashtra is an industrial state, the number of people coming from outside is huge. We are not aware of any reported cases from other states such as West Bengal. People come from outside states and there is no count of covid-19 patients from outside states in Maharashtra. Once the numbers were counted, we would know how many numbers are coming from other states, ”Raj Thackeray said.

READ: Updates live from Mumbai here

He also asked the CM to allow traders to open their stores at least twice a week. “I told the CM that the government says small businesses should keep production, but if there are no sales, what about their products? Therefore, stores should be allowed for sale at least 2-3 days a week, ”Raj Thackeray asked.

Speaking of bank loans, he said: “Borrowers suffer because of the continued pressure from banks to pay off loans. As industries are closed, jobs are gone, how people are going to pay loans. The government should discuss this forced takeover with the banks. ”

Raj Thackeray demanded that electricity bills be canceled during the lockdown because production has not started, offices are closed and many people have lost their jobs. “How can people pay huge electricity bills?” He asked.

He also said the government should include contract workers on permanent jobs in municipal corporations.

He also said athletes should be allowed by the government to train and places like the gymnasium where there are no crowds should be open. Raj Thackeray said the CM assured him that he would take all these suggestions into consideration and work on them.

]]> 0 Club assesses loans at the end of the season | News Arseblog Wed, 07 Apr 2021 23:15:56 +0000

Perhaps more than any other club, Arsenal have a number of top players on loan this season.

This is in part due to the market impacted by Covid-19 last year, and some transactions that would likely have been permanent could only be concluded on a temporary basis.

The reasons for the loans have also been varied, but Mikel Arteta says that at the end of the current campaign, he and his team will review the performance of these players and make decisions on what happens next. You can check ( for more information about loans.

“This will be the thing we have to tackle at the end of the season,” the manager said.

“We loaned them out because we wanted to give them playing time and see the level at which they can play away from here, try to develop them and bring them back here to try and use them.

The best way to determine the best lender for your borrower’s situation is to make an educated choice based on your knowledge of the industry. This way you can guarantee that the lender you chose is going to help you get the loan you need.

In addition to this, when you search for lenders online, there are two areas you want to look at; bad credit and FHA loans. Make sure that when you are searching for a mortgage broker that he or she has worked in both areas. This way you will know that he or she will know what the mortgage companies do when you apply for a loan.

Some people mistakenly think that this only recommends mortgage companies. In reality, the site has very limited information and recommendations about loans.

Because the internet is so vast, the borrower’s financial situation should not be overlooked. If the broker who referred you to the lender is bad at dealing with bad credit, then you are not going to be satisfied with the results of your loan either.

“This is the first idea. Then we will assess what they have done, the level they have shown and how much they can accomplish with the way we want to play and the team we have in our hands.

This website has nothing but good things to say about lenders that offer bad credit loans. A borrower will be able to view very detailed information about the loan at no cost to the borrower.

Once the borrower has decided on a company to refer them to, they will be able to apply for their loan without charge. This is a great way to see if a lender is going to do well for your needs.

The best thing about this is that there is not any extra work involved. All of the information is on the web, so you will not have to do anything else except fill out the application online.

If you are a borrower looking for a mortgage lender, be sure to research the top lender. This way you will be able to be sure that the lender you choose will be a good fit for your financial situation.

When asked if he’s happy with what he’s seen so far, Arteta continued, “I’m happier with some than others. You want to see your players playing regularly and with some that haven’t. ”


Matteo guendouzi

club: Hertha Berlin
Period: Season 2020-21
Appearances in all competitions: 20
Minutes: 1519
Goals: 2
Help: 2

Lucas torreira

club: Atletico Madrid
Period: Season 2020-21
Appearances in all competitions: 22
Minutes: 629
Goals: 1
Help: 1

William saliba

club: Pleasant
Period: January-May 2021
Appearances in all competitions: 14
Minutes: 1232
Goals: 0
Help: 0

Dinos Mavropanos

club: Stuttgart
Period: Season 2020-21
Appearances in all competitions: 16
Minutes: 1139
Goals: 0
Help: 0

Sead Kolasinac

club: Schalke 04
Period: January-May 2021
Appearances in all competitions: 12
Minutes: 1021
Goals: 1
Help: 0

Joe willock

club: Newcastle United
Period: January-May 2021
Appearances in all competitions: 7
Minutes: 591
Goals: 1
Help: 0

Ainsley Maitland-Niles

club: West Bromwich Albion
Period: January-May 2021
Appearances in all competitions: 7
Minutes: 630
Goals: 0
Help: 0

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Burlington Opens in Texarkana – Grand Opening Friday, April 9 Wed, 07 Apr 2021 23:15:55 +0000

It’s been a long time, but Texarkana has a new retail store, Burlington is now open for business in the old Toys R Us location adjacent to the Central Mall at 3323 Mall Drive.

According to them website, Their grand opening is scheduled for Friday, April 9, with an opening ceremony at 6:45 am The first 100 customers, aged 18 and over, will receive a $ 5 Burlington gift card, no purchase necessary. On Saturday, the celebration continues and guests receive a free Burlington Umbrella while sold out. Most stores will also be open from 7:00 a.m. to midnight.

Burlington has thrived and continues to open new stores across the country, including the Texarkana store. Initially named the Burlington Coat Factory, the family business began operations in 1972, offering customers a wide range of well-known brand coats. Clothing, footwear, sportswear, pet supplies, home decor, beauty products, baby and children’s clothing and much more. Rest assured that you will benefit from the latest trends in clothing and fashion decoration. Buyers will always find some of the best products, seasonal, and branded items at incredible savings throughout the year. In fact, customers can enjoy savings of up to 60% off prices at other retailers every day, and in Burlington, no coupon is ever needed to get a good deal.

According to them website, Burlington stores are actively involved in the local community with charitable events, they care about their associates, their customers, and have a commitment to inclusion and diversity. When you shop in Burlington, you will notice posters that show support for social justice and racial equality.

Texarkana welcomes Burlington to our community. Visit their Facebook page here.

KEEP READING: Here Are 50 Of Your Favorite Retail Chains That No Longer Exist

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Why Peloton Bikes Won’t Become $ 2,000 Hangers Wed, 07 Apr 2021 23:15:55 +0000

This is the question on every Platoon (NASDAQ: PTON) the mind of the investor. Is cycling just a fad? Will it become an expensive piece of furniture that no one uses after a few months? Motley Fool analyst Tim Beyers and Fool collaborator Brian Withers address this question in an episode of Fool live registered on February 8. You might be surprised at why they think this home exercise equipment specialist has the ability to stay.

Tim Beyers: [Reading a viewer’s question] “I just can’t understand. It’s Lee Adams. [I can’t] get it out of my head that six to eight months, the bike treadmill is a $ 2000 hanger. “Here’s the thing I want you to think about Lee, if it was true you wouldn’t see the backlog you see, so I think it does. I don’t think you’re wrong, but instead for it to become a hanger, what happens is it goes on craigslist and then it goes to someone like the fool i know who picked up a used peloton and started buying that Connected Fitness subscription.

It’s not the same as the spinning bike you bought that has nothing connected. It’s just not the same. It becomes a hanger because it is not connected to anything else. In the case of Peloton, it is resalable because it is connected to Peloton and someone may want a Peloton subscription.

This is where Marie comes in here, your comment is you own the bike, but some people who can’t afford the buyers bought a cheaper bike and paid the app for the experience. Right. What this tells me is that it is an ambitious brand. As Apple, it’s an ambitious brand. I want to own it. I can’t afford it. I’ll get a cheap bike and pay $ 12 a month and get the content because I want to be part of the community and my friends are on bikes and I want to take classes with them.

Brian Withers: So maybe in a few years I’ll be able to afford the bike.

Tim Beyers: Maybe in a few years I will be able to afford it.

Brian Withers: I want to upgrade.

Tim Beyers: Or I’ll buy one from craigslist or something. These tailwinds, I don’t see them as headwinds. I see them as tailwinds. Go ahead Brian.

Brian Withers: The other thing, and I did a little research before the Friday show, I went on Craigslist and couldn’t find any. I live in Raleigh, Durham, Chapel Hill. There are over a million people living in our area and I couldn’t find one on Craigslist.

This should tell you something. The other thing I’m going to say is that I have owned a lot of exercise equipment over the years and bought a spin bike, this may have been ten years ago, and this is the only thing that still exists. You can see it right here, there is my spin bike.

Tim Beyers: Pleasant.

Brian Withers: It’s not connected to anything, but I can put my laptop on it and I can watch Fool Live or I can pay the $ 13 if I wanted the subscription, but that’s the only thing for me that gets stuck, and there is something about a spin bike that gives you a great workout in a short time and that is easy and accessible.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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Restaurants move one step closer to $ 25 billion in relief Wed, 07 Apr 2021 23:15:55 +0000

The House of Representatives passed President Joe Biden’s $ 1.9 trillion COVID relief bill early Saturday, meaning restaurants are one step closer to $ 25 billion relief.

Under the Restaurant Revitalization Fund, food and beverage businesses with 20 locations or less will be eligible for grants equal to the difference between 2020 and 2019 revenues, up to $ 10 million per business and $ 5 million per physical location. Grants can cover things like payroll, rent and utilities, operational expenses, paid sick leave, food and drink costs, maintenance costs, etc.

In addition, the fund allocates $ 5 billion to applicants with incomes of $ 500,000 or less and $ 20 billion to “eligible entities of different sizes based on annual gross revenues.” In the first 21 days, the application process will prioritize restaurants owned by women, veterans, and those who are socially and economically disadvantaged.

“Congress is helping millions of people who depend on restaurants and bars for their livelihoods feel a little more optimistic tonight,” Erika Polmar, executive director of the Independent Restaurant Coalition, said in a statement. “Every week more and more restaurants are closing and registering a record number of unemployment claims. Our communities desperately need these grants to stop the bleeding, and our coalition will continue to fight to make it a reality.

The bill also includes 1,400 checks for most Americans, $ 350 billion for state and local governments, $ 130 billion to help reopen K-12 schools and more than $ 75 billion for COVID testing. and vaccine deployment. The bill also adds $ 7.25 billion in funding for the paycheck protection program. Since its launch last year, the program has disbursed about $ 663 billion, of which about $ 143 billion was in the last funding round. The program is expected to expire at the end of March.

The House bill includes an increase in the minimum wage to $ 15, but that is unlikely to survive in the Senate. Indeed, Congress is pushing the COVID relief bill through a process known as budget reconciliation, which would allow Democrats to pass it by a simple majority, instead of needing Republican backing. The reconciliation process is accompanied by stricter rules, such as provisions to be directly linked to the budget. Parliamentarian Elizabeth MacDonough decided that the increase in the minimum wage was not eligible.

“The inclusion of the wage hike law will needlessly harm the servers and restaurants most at risk of closing their doors for good,” said Sean Kennedy, executive vice president of public affairs for the National Restaurant Association, in a statement. communicated. “We need an agreement that supports the return of the catering jobs needed for local economies to recover from the pandemic, but that does not penalize our workers or slow down our reconstruction. We will continue to work with Congress to find this solution. “

The bill will go to the Senate, where the minimum wage provision will be removed. This means that the bill will have to return to the House for final approval.

An increase in the minimum wage could still be introduced in a stand-alone bill or other legislation.

“With its historic vote of $ 15, the House has shown that it knows workers cannot survive on $ 7.25,” Ieshia Townsend, union leader of Fight for $ 15, said in a statement. “Members of the House have stood up for American cooks, cashiers, janitors and home workers. Now is the time for the Senate to finish the job, pass a minimum wage bill of $ 15 and send it to the President. By any means necessary. We have gone too far to let an archaic Senate process that held back black and brown workers stop us. We will not let the parliamentarian of the Senate prevent 32 million workers from winning a much needed raise.

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