Money Management – Civilav Med http://civilavmed.com/ Fri, 24 Sep 2021 09:43:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://civilavmed.com/wp-content/uploads/2021/04/default-150x150.png Money Management – Civilav Med http://civilavmed.com/ 32 32 PPP: Does loan size affect eligibility for Form 3508EZ? | Bryan Cave Leighton Paisner https://civilavmed.com/ppp-does-loan-size-affect-eligibility-for-form-3508ez-bryan-cave-leighton-paisner/ https://civilavmed.com/ppp-does-loan-size-affect-eligibility-for-form-3508ez-bryan-cave-leighton-paisner/#respond Tue, 09 Mar 2021 10:57:19 +0000 https://civilavmed.com/ppp-does-loan-size-affect-eligibility-for-form-3508ez-bryan-cave-leighton-paisner/

No. PPP borrowers of any size can use form 3508EZ, assuming they meet the eligibility requirements of this form.

(Note: this is a first in what we expect to be a series of messages regarding Paycheck Protection and Loan forgiveness questions. A list of questions addressed so far is also available on our PPP Resource Page. These questions and our answers are based on discussions with colleagues and clients, both lenders and borrowers. Our intention is to cover questions which, although potentially frequently asked, are not explicitly addressed in the official FAQs or directly in the provisional final rules. Our responses may ultimately be subject to change as additional guidance is provided, but reflect our regulatory perspective at the time of publication.)

The US Treasury Department and the Small Business Administration have provided two forms for requesting a paycheck protection loan exemption, and lenders have the option of developing their own comparable forms. The standard form, Form 3508, and the “simplified” form, Form 3508EZ, are available on the Treasury website, accompanied by instructions.

To note: At present, there appears to be bipartisan support in Congress for additional forgiveness relief for borrowers of $ 150,000 or less, potentially indicating a route to seek forgiveness without completing Form 3508 or Form 3508EZ. While the action on such relief seems linked to the debate on other issues, there is currently no urgency to request a forgiveness, as all PPP loan payments are deferred until the SBA repays the lender the amount of the loan forgiveness or 10 months. after the end of the relevant covered period if no request for postponement is filed. As a result, smaller PPP borrowers may wish to delay filing any rebate requests at this time.

The 3508 and From 3508EZ forms are very similar, but differ in two ways: eligibility and required support information. Notably, one area where they are different is that both forms require a borrower to indicate whether he, along with his affiliates, has received PPP loans over $ 2 million. This question would appear to signal the loan for further SBA review, per FAQ 39, which stated that the SBA would review all such loans independently. Accordingly, filing using Form 3508EZ will not avoid such a review and is likely permitted for borrowers with loans greater than $ 2 million. However, as part of such a review, the borrower may be required to provide additional information.

Eligibility

Form 3508EZ is available for three categories of PPP borrowers:

  1. Borrowers who are self-employed, independent contractors or sole proprietors who had no employees at the time of the loan application and did not include any employee wages in the calculation of the average monthly payroll in their PPP loan application.
  2. Borrowers who have not reduced the annual salary or hourly wage by more than 25% for any employee earning less than $ 100,000 and have not reduced the number of employees or the average paid hours between January 1, 2020 and the end of the applicable covered period (ignoring some qualified reductions).
  3. Borrowers who have not reduced annual or hourly wages by more than 25% for any employee earning less than $ 100,000 and have not been able to operate at the same level of activity due to COVID-19 guidelines.

We have already written on the uncertainty regarding the use of the Safe Harbor for an inability to operate at the same commercial level due to COVID-19 guidelines. However, for borrowers in eligibility categories # 1 or # 2 above, we are not aware of any negative elements in choosing to file an application on the 3508EZ form.

Documentation

Basically, the main difference between forms 3058 and 3508EZ is the supporting documents and the documents for calculating reimbursable expenses. Specifically, the 3508EZ form does not require you to complete the PPP Schedule A or the PPP Schedule A worksheet. In addition, PPP Borrowers submitting Form 3808EZ do not need to submit supporting documents showing equivalent FTE calculations for the applicable reference period.

As the 3508EZ form requires less documentation, it also reduces the burden and potential liability on lenders when considering these PPP forgiveness requests. As a result, we would expect most PPP lenders to prefer receiving Form 3508EZ.

Borrowers who choose to rely on Form 3508EZ should always keep supporting documentation ready in case the lenders or the SBA ask for additional information. Given the planned review of all PPP loans over $ 2 million, these borrowers should be especially careful about keeping these documents.

[View source.]


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The future of Sead Kolasinac depends on a crucial factor https://civilavmed.com/the-future-of-sead-kolasinac-depends-on-a-crucial-factor/ https://civilavmed.com/the-future-of-sead-kolasinac-depends-on-a-crucial-factor/#respond Tue, 09 Mar 2021 10:57:18 +0000 https://civilavmed.com/the-future-of-sead-kolasinac-depends-on-a-crucial-factor/

Arsenal reduced their squad from unwanted excesses during the January transfer window. Among the myriad expenses, few were as well received as the move from Sead Kolasinac to Schalke 04 on a six month loan.

Since his debut as a goalscorer in the Community Shield, Kolasinac Sea has been a regular disappointment whether it’s left-back, left-back or as a makeshift center-back. His departure was greeted warmly, the tears shed in North London being only those of those who have channeled their inner crocodile.

Apparently for over a year, the Bosnian had been looking to return to Germany after becoming unhappy at Arsenal, when no permanent move could be sealed, get awesome loan fees for him, joining Schalke was considered a relative success.

Finally joined by Shkodran Mustafi at the Veltins-Arena, the Bundesliga team quickly established themselves as the favorite foreign team of all Arsenal fans. Not one, but two fringe players joining the same team when no one else was interested? Why, thank you kindly.

Sead Kolasinac’s future at Schalke depends on them to avoid relegation or else Arsenal’s return beckons

While most have completely turned the page on Kolasinac’s future at Arsenal, it’s easy to forget that this is only temporary. Any lasting hope of a permanent move to Schalke rests on Die Königsblauen avoiding relegation this season and, well, that seems almost impossible.

According to Ruhr24, slipping into the second tier would end all the club’s hopes of keeping Kolasinac, as the financial blow they would suffer would make his salary beyond their means. Even with a pay cut, it’s a pipe dream for them. At present, Arsenal are still paying part of his salary.

Next summer, he will only have one year left to sign his contract with Arsenal, and with Schalke nine points from the relegation play-off positions with just one league win since January 2020 (!), Their task seems perilous. Magic Musti to the rescue?

The club’s sporting director, Jochen Schneider, has publicly expressed his desire to keep Kolasinac in Gelsenkirchen for the rest of his career, with Kolasinac also expressing his love for his former team since his return, so the feeling is there.

27 years old Kolasinac to leave Arsenal this summer, however, although any transaction would be made easier if its current employers could maintain their prominent status. It would be one less thing to worry about.


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Crime collapses in coronavirus hitting Italy, but usurious loan jumps https://civilavmed.com/crime-collapses-in-coronavirus-hitting-italy-but-usurious-loan-jumps/ https://civilavmed.com/crime-collapses-in-coronavirus-hitting-italy-but-usurious-loan-jumps/#respond Tue, 09 Mar 2021 10:57:17 +0000 https://civilavmed.com/crime-collapses-in-coronavirus-hitting-italy-but-usurious-loan-jumps/

ROME (Reuters) – Italy’s crime rate fell 66.6% in March, thanks to a government lockdown introduced to stop the coronavirus, the Interior Ministry said on Wednesday.

However, the ministry has warned that easing restrictions, which are to be lifted from May 4, could create space for organized crime gangs, as Mafiosi try to take advantage of companies fighting to stay afloat. .

Some 68,069 crimes were recorded across the country last month compared to 203,723 in March 2019.

The ministry did not provide details, noting only that domestic violence fell 37.4%, a smaller drop than the overall crime rate, while thefts from pharmacies, one of the few businesses allowed to remain open, fell 28.2%.

In contrast, reports of criminal loan sharking rose 9.1%, underscoring concern that struggling businesses and families would have to turn to illegal financing networks to make ends meet.

Italy introduced some of the toughest restrictions on daily living in the world last month as it struggled to contain a burgeoning coronavirus outbreak, closing schools and businesses across the country and telling people to stay at home.

The country has recorded nearly 27,700 deaths to date – the second-highest tally in the world after the United States.

Prosecutors told Reuters earlier this month that Italian mafia clans were taking advantage of the coronavirus pandemic to buy thanks to poor families facing financial ruin.

The Home Office warned in its statement that the Mafia would seek to tap into the stimulus funds that will be offered by the government and the European Union to revive the economy, which is set to suffer its worst recession since World War II. .

“It can foster corruption and illicit relationships between entrepreneurs, public officials and criminal organizations,” he said. The ministry added that it had ordered increased police surveillance in an attempt to prevent Mafia infiltrations.

He indicated that special attention would be given to “the agro-food chain, health infrastructure, the supply of medical equipment, the tourist hotel sector, catering and the small and medium-sized retail distribution sectors. companies “.

Reporting by Crispian Balmer; Editing by Alex Richardson


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Police crack down on online loan sharks https://civilavmed.com/police-crack-down-on-online-loan-sharks/ https://civilavmed.com/police-crack-down-on-online-loan-sharks/#respond Tue, 09 Mar 2021 10:57:17 +0000 https://civilavmed.com/police-crack-down-on-online-loan-sharks/

Slamming the whip against bogus online loan applications for alleged harassment of debtors, Cyberabad police swung into action and raided the offices of some companies, which incidentally turned out to be centers of calls.

So far, eight cases against such companies have been registered in Hyderabad, while six and one each have been registered at Cyberabad and Rachakonda police stations respectively.

Harassment by these companies has so far resulted in at least three deaths in Telangana, the latest being the death of a 29-year-old technician from Rajendranagar. As P. Sunil’s death raged across the state, Cyberabad police quickly acted against companies harassing lenders.

Confirming the latest development of The HinduCyberabad Deputy Police Commissioner (Crimes) Rohini Priyadarshini said their detectives raided company offices. “One of them is an application development company, while the others are call centers. So far we have not made any arrests, ”she said.

However, Ms Priyadarshini said they served notices on the micro-financiers and asked them to appear for questioning. So far, Cyberabad Police Station Cybercrime Police have registered six cases. Police said they identified at least 60 of these instant loan mobile apps that were not registered or recognized by the RBI as a non-bank finance company and that their operations were illegal.

When asked how the companies in question had managed to secure funds to disburse loans instantly, the DCP said some NBFCs are “pumping” money for high returns, as promised by the companies. mobile loan applications.

“Companies investing in such applications are also being vetted and will soon be summoned for questioning,” she said, adding that one such NBFC operating out of Delhi has been identified.

“With the exception of online harassment and humiliation, so far we have not received any complaints of physical harassment from lenders,” Ms. Priyadarshini said.

According to the police, students, unemployed young people and housewives were victims of this harassment because many of them took out loans from these companies without the knowledge of their parents or their spouse.


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Lenders capitalize on the digital push https://civilavmed.com/lenders-capitalize-on-the-digital-push/ https://civilavmed.com/lenders-capitalize-on-the-digital-push/#respond Tue, 09 Mar 2021 10:57:16 +0000 https://civilavmed.com/lenders-capitalize-on-the-digital-push/

At the end of each year, it’s human nature to look back and see what went well, what didn’t, and what could be improved. But 2020 has not been an ordinary year, and the number of lessons lenders can potentially learn from the past nine
months alone would fill several books.

But if we learned anything last year, maybe it was that most lenders thought they were much further along on the path to creation.
a digital mortgage experience than they actually were. In fact, a lender’s holistic approach to technology has turned out to be a real one.
differentiator in how they were successful last year. This will likely be the case in 2021 as well. The key is to understand how.

Lessons learned
True, every lender has struggled to adjust to interest rates below 3% and the global pandemic. But their destinies have varied a lot.

Those who had the foresight to invest in more digital cloud-based technologies before the pandemic were in a much better position to handle the huge spike in borrowers looking to refinance, as well as to move their own businesses to a bankruptcy. remote working environment. Many others, however, were caught off guard. Those who found themselves in the latter group generally found it necessary to strengthen their sales and underwriting teams rather than upgrade their legacy technologies, which inevitably
impacted their profitability. Even with larger teams, however, many still struggle because they lack the ability to streamline workflows, increase efficiency, and reduce closing times, capabilities that come with it. more modern mortgage production platforms.

The shift to remote work when social distancing protocols took effect only made matters worse. When branches have closed and
borrowers could no longer meet with loan officers in person, many lenders had to scramble to adjust their operations and find
new ways to attract and maintain communication with borrowers.

While no one could have predicted what happened, the lenders tied to a central location were completely caught off guard.

Some lenders didn’t even have work-from-home procedures and tools to switch to distributed labor and had to implement them on the fly, while trying to keep up with the volume.

Hopefully by now every lender has a much better idea of ​​the value of cloud-based technologies that enable their teams to
work from home and allow borrowers to manage much of the mortgage process themselves, through online applications,
Hybrid or full eSignatures and eClosings. Because the need for these technologies will not go away when life returns to a certain sense of normalcy.

A permanent digital shift
It remains to be seen whether some lenders will revert to the same brick-and-mortar strategies of the pre-pandemic era. But what
It is clear that consumer behaviors have likely been permanently altered as a result of COVID-19.

To one degree or another, every American consumer relies more on technology and self-sufficiency in their daily life than they are.
never had before. It has affected many industries, not just the mortgage industry. For example, few consumers have used delivery
services such as DoorDash and Instacart before the pandemic.

Now it feels like everyone is using them. While the end of the pandemic may cause many consumers to return in person
eat and shop, these new digital businesses were already growing before the pandemic, and it’s hard to see that growth slowing down.

Most lenders have now realized that they will be much more dependent on digital technology in 2021 and beyond. Even without a pandemic, providing borrowers with automated self-service options has become increasingly important to mortgage lenders.

These options will become even more vital in 2021 as more millennials and even Gen Z consumers enter the housing market.
Lenders who have had the foresight to prioritize digital technology and borrower self-service as a long-term strategy two or three
years ago were better positioned to handle the extreme lending volumes that stumbled so many competitors. Their fortune has
has resonated with the rest of the industry – in fact, we are seeing more and more lenders looking to replace
their legacy mortgage software with digital technology like never before, having lived the flip side of not adopting them sooner.

The challenge, however, is figuring out which technology strategy is best. To answer this question, it’s helpful to look at emerging industry trends and the specific tools lenders will need to address them in the coming year.

For example, our own industry is likely to see more businesses entering the space that are only online and fully utilize
digital processes. We can also see more traditional banks and lenders taking a closer look at the rents they paid during the pandemic, when no one was using their facilities, and starting to consider a more distant model that will help their profitability.

For most lenders, it will be crucial to take advantage of mobile technology that provides loan officers with automated tasks, due date notifications, proactive needs lists and alerts on when to follow up. from borrowers.

This way, a lender’s sales team will be able to build relationships with their clients, wherever they are, and streamline the application process.

Self-service technology for borrowers that allows consumers to shop and apply for mortgages, electronic signature disclosures, submit loan documents online, and participate in hybrid or full electronic fences will also be more and more important. Over the past nine months, more and more people have learned about online closing procedures as well as remote online notarizations, which will eventually become the way of the future. However, when we get back to a normal working environment, most lenders will still need this field sales channel. We tell our own clients, because even though we are a technology company, it behooves us to view mortgages as a 360-degree experience. Some borrowers want their hand to be kept throughout the process, while others want to do the work themselves, and always will be. There’s no turning back to delivering a digital experience, but it’s also important to keep the personal touch in mind. Before the pandemic, artificial intelligence (AI) and machine learning were gaining a lot of attention, and it is inevitable that both technologies will continue to develop.

But lenders need to realize that using these tools effectively starts with having the right data. You won’t get effective AI and machine learning results unless you have a large enough data set to enable valid and predicted results. In many cases, lenders are sitting on 20 or 30 years of data. They are only now starting to see the value of data and the ability to use data analysis and modeling to predict things like borrower fallout and the risk of prepayment default.

Coming in 2021

While the ultimate impact of the pandemic remains to be seen, the big story for next year will surely be how it affected mortgage lending volumes and the economy in general. Hopefully this will improve our industry’s ability to prepare for future disasters or disruptions and lead to more time spent on risk analysis and assessment as part of internal strategy sessions.

The other big story is going to be what happens with interest rates and how lenders deal with a possible rate change.
environment. This discussion will focus on how to tap leads and build better and longer lasting relationships with borrowers, realtors, builders and other partners. I think we will also talk about what
regulatory changes have been made with the new presidential administration and how the role of the Consumer Financial Protection Bureau will change and what it will look like.

A year from now, lenders will also be reviewing the impact of the new Uniform Residential Loan Application Form (URLA) on their overall profitability.

Did the new form really help borrowers or lead to greater customer satisfaction? Greater employee satisfaction? I think we’ll learn that in the end the new form itself won’t have much of an impact, but how well the lenders have implemented the form to create more digital processes certainly will.

Ultimately, 2020 will be a pivotal year for mortgage lenders. It remains to be seen whether the events of the past 12 months will prove to be effective in inspiring long-term – and long-needed change. I hope it will, and I hope we never face another crisis like COVID19. But if lenders have ever wondered if digital technologies are really making a difference in their businesses, I doubt they still wonder.


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Most people in prison can vote. Here’s why many don’t. https://civilavmed.com/most-people-in-prison-can-vote-heres-why-many-dont/ https://civilavmed.com/most-people-in-prison-can-vote-heres-why-many-dont/#respond Tue, 09 Mar 2021 10:57:16 +0000 https://civilavmed.com/most-people-in-prison-can-vote-heres-why-many-dont/

In this Saturday, March 14, 2020 photo, Cook County Jail inmates Vincent Smith, left, and Loan L’ela participate in the early voting for the March 17 Illinois primary at Chicago Jail. (AP Photo / Charles Rex Arbogast)

Injustice Watch is in partnership with The TRiiBE to provide stories, perspectives and critical information on the 2020 elections. Click here for Injustice Watch’s Guide to Judicial Elections.

Most people locked up in American prisons retain the right to vote. But many detainees still face obstacles at the ballot box that exclude them from the electoral process, according to a published report last week by the Prison Policy Initiative, a nonprofit that researches and advocates against mass incarceration.

The report outlines four major challenges for the vote of those locked in the country’s prisons and calls for several reforms which, the group hopes, “will allow thousands of eligible voters to have their voices heard and affirm that the voice of every voter. account “.

Surveys that expose, influence and inform. Sent directly to you.

1. Confusion over the eligibility of voters

The most common barrier to voting in prison is confusion over the eligibility of voters. The report says local election officials and sheriffs in the United States often provide conflicting or incorrect information about inmate voting rights, and suggests that advocates do more outreach with those authorities to ensure they know the voting rights of incarcerated persons.

Most people in jail are held pending trial because they cannot post bail, not because they have been convicted of a crime, so their right to vote remains intact, report says .

Every state, except Maine and Vermont, bans voting for people serving felony sentences, while six states, including Illinois, ban people serving felony sentences from voting, according to the report.

Yet the Chicago Votes advocacy group estimates that 90% of those held at Cook County Jail retain their right to vote. The group drafted the bill which enabled Cook County Jail to become the country’s first prison with an official polling station.

If someone you know is in Cook County Jail and wants to vote, the jail will conduct an early in-person vote on the weekends of October 17-18 and October 24-25 and will have four polling stations. vote on polling day.

2. Registration problems

Even if someone in prison knows they have the right to vote, they will likely run into the next hurdle: difficulty registering to vote. In 30 states, including Alabama and New York, voters must register before election day, and that can be a problem for anyone missing a deadline because they’re in jail, according to the report.

Illinois is one of twenty states that allow same-day voter registration, as long as the person votes at the time of registration. This makes it easier for people in prison – and everyone else – to register to vote. Those in the Cook County Jail can participate in same-day voter registration at their polling station inside the facility on election day.

Voter ID laws add an additional barrier to people voting in prison, where people are less likely to have valid identification. Many pieces of identification acceptable for voting are confiscated from people upon arrest. The report suggests that state lawmakers either repeal voter identification laws or expand the list of valid identification to include those provided by correctional facilities.

The report also cites mail delays and restricted access to forms and information to verify registration status as additional barriers to voting in prison.

However, this is not as much of an issue for the Cook County Jail, where administrators submit a list of eligible voters to the Chicago Board of Elections, which then prepares the ballots for distribution to inmates.

3. Obstacles to the ballot

The next obstacle identified by the researchers concerns voting in prison. Sixteen states require a reason for requesting a postal vote, and in most of them, being in jail is not a valid reason. This effectively prohibits imprisoned people from voting, even if they are legally entitled to do so.

Again, this is an issue that does not apply in Cook County, where you don’t need a reason to vote away. State law requires prison officers from other counties to coordinate with the local electoral authority to support postal voting, according to The condemnation project.

The report also listed limited access to voter guides as a barrier to effective voting. Voter’s guides such as Injustice Watch Judicial Election Guide – which we’re sending out to eligible voters at Cook County Jail – has a full list of all the judges who will be on the ballot this year.

4. “Torment of the population”

The final barrier to voting that the report identifies is the population churn that occurs in prisons. With so many people entering and leaving prison, there are bound to be barriers that arise from the disconnect between voter registration and polling stations.

The average length of a prison stay is between three and four weeks, so anyone who registers to vote while free, but is in prison on election day, or vice versa, will have information registration that does not match and will not be able to vote.

The report suggests that a solution to this could be to allow anyone who requested a postal ballot to be sent to the prison, and who is now released, to obtain and submit a registration affidavit. from his local polling station and vote there.

Looking forward

The report recommends a variety of other solutions to empower voters in prison, such as working to create voting places in prisons, much like the Cook County Jail. He also suggests that election officials assume that anyone in prison can vote, while remaining alert and transparent to penalties for people who vote when they are not eligible.

The report ends with a list of strategies for lawyers, lawmakers, election officials and sheriffs that can help empower voters in prison and ensure their voices are heard in the electoral process.

If you would like to learn more about the barriers to voting in prison, or what you can do as an individual, you can read the report from the Prison Policy Initiative. here.

If you still have questions about inmate voting rights, you can go here to visit the Illinois Legal Aid website.


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Business News | Stock market and stock market news https://civilavmed.com/business-news-stock-market-and-stock-market-news/ https://civilavmed.com/business-news-stock-market-and-stock-market-news/#respond Tue, 09 Mar 2021 10:57:15 +0000 https://civilavmed.com/business-news-stock-market-and-stock-market-news/






















The company said the cash injection will accelerate its growth in modernizing the financial infrastructure of small and large businesses by providing automated payment solutions and banking solutions to businesses.


Salesforce Ventures invests in digital payments company Razorpay




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