Tag: aid

Strategic Initiatives Aid Hartford Financial, High Costs Ail

The Hartford Financial Services Group, Inc. HIG has been in investors’ good books owing to strategic initiatives and financial strength.

Its return-on-equity (ROE) reflects growth potential. The company’s trailing 12-month ROE of 12.6% compares favorably with the industry average of 7.5%, reflecting its efficiency in utilizing its shareholders’ funds.

Now let’s see what has been working in the stock’s favor.

The company has been taking up strategic initiatives over time to improve its risk profile. A series of well-executed strategic dispositions of its legacy run-off businesses also helped the company. Hartford Financial has been vending non-core businesses for a while now to concentrate on its U.S. operations and enhance its operating leverage. Apart from lowering expenses, boosting profitability and improving returns to its shareholders, these divestitures are increasing the company’s financial flexibility by freeing up more capital.

The company has been putting in efforts to solidify its portfolio through acquisitions.

Read More

Business owners and community groups refine state aid requests for properties damaged in riots

After rioters burned down the former Odd Fellows Club office building on Minneapolis’ Lake Street in May, owner Ade Alabi paid $75,000 to demolish the remains of the structure. But now contractors are asking for $300,000 to $400,000 to remove debris from the site.



a construction site: A Green Line light rail train pulls out the Snelling Avenue station July, 21, 2020, near the former Sports Dome store in St. Paul, where rubble still remains almost 2 months after it was damaged during rioting following the death of George Floyd on May 25 while being detained by Minneapolis police. (John Autey / Pioneer Press)


© Provided by Twin Cities Pioneer Press
A Green Line light rail train pulls out the Snelling Avenue station July, 21, 2020, near the former Sports Dome store in St. Paul, where rubble still remains almost 2 months after it was damaged during rioting following the death of George Floyd on May 25 while being detained by Minneapolis police. (John Autey / Pioneer Press)

During a virtual “rebuilding roundtable” discussion with Minneapolis and St. Paul community group leaders and small business owners on Wednesday, Alabi said he has insurance, but it won’t cover the costs of building a new office building at the location.

Like

Read More

Justice Dept. Announces Dozens of Fraud Charges in Small-Business Aid Program

WASHINGTON — The Justice Department said on Thursday that it had charged 57 people with trying to steal more than $175 million from the Paycheck Protection Program to help small businesses during the coronavirus pandemic as questions swirled about how its funds were disbursed.

Some cases involved “individuals or small groups, acting on their own, who lied about having legitimate businesses or who claimed that they needed P.P.P. money for things like paying workers or paying bills, but instead used it to buy splashy luxury items for themselves,” Brian C. Rabbitt, the acting head of the department’s criminal division, said at a news conference.

In other cases, coordinated criminal rings stole large sums of money from the loan program, Mr. Rabbitt said. “We will be focusing on these types of cases going forward,” he said.

The federal government offered emergency loans to small businesses through the Paycheck Protection Program as

Read More

Republican Stimulus Bill Offers Unemployment, Small Business Aid

(Bloomberg) — Senate Republicans introduced a slimmed-down stimulus bill that would restore some of the extra unemployment benefits that expired in July and provide another round of relief for small businesses hit by the Covid-19 crisis.



a close up of a tall building: The U.S. Capitol building is reflected in a window in Washington, D.C., U.S., on Tuesday, Sept. 8, 2020. The Senate returns today with the Trump administration and Democrats no closer to agreement on a new virus relief package than they were when talks broke off in early August, despite the pressure of the U.S. election in 56 days.


© Bloomberg
The U.S. Capitol building is reflected in a window in Washington, D.C., U.S., on Tuesday, Sept. 8, 2020. The Senate returns today with the Trump administration and Democrats no closer to agreement on a new virus relief package than they were when talks broke off in early August, despite the pressure of the U.S. election in 56 days.

The legislation, which Democratic House Speaker Nancy Pelosi blasted earlier Tuesday as a political stunt that didn’t amount to a real effort to help the economy, also includes politically charged components such as greater use of tax-privilege funds for private school expenses.

Loading...

Load Error

Weekly supplemental unemployment benefits would resume at $300, down from

Read More

Democrats reject latest GOP coronavirus aid proposal

Democratic leaders said they will reject a narrow coronavirus aid package Senate Republicans plan to introduce Tuesday, indicating a weekslong stalemate will continue.



a group of people standing in front of a crowd


© Provided by Washington Examiner


“Senate Republicans appear dead set on another bill, which doesn’t come close to addressing the problems and is headed nowhere,” Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi said in a joint statement. “If anyone doubts McConnell’s true intent is anything but political, just look at the bill. This proposal is laden with poison pills Republicans know Democrats would never support.”

Loading...

Load Error

Majority Leader Mitch McConnell announced he will introduce a new coronavirus aid package that will provide funding for healthcare and education and to boost the economy.

McConnell, a Kentucky Republican, described the plan as “a new targeted proposal.”

Republicans introduced a $1 trillion package in July that included funding for a small-business loan program, money for schools

Read More

U.S. Senate Republicans to propose $300 billion coronavirus aid bill

WASHINGTON (Reuters) – U.S. Senate Republican leaders on Tuesday will introduce an approximately $300 billion coronavirus aid bill, according to senior aides, which Democrats promptly dismissed as insufficient for meeting the needs created by the pandemic.

The bill would be augmented by some unspent funding from the CARES Act, which was enacted at the end of March, according to the aides who asked not to be identified.

Included in the bill is $10 billion for the U.S. Postal Service, which is girding for a large number of mail-in ballots for the Nov. 3 presidential and congressional elections as a result of people fearful of voting in person because of the coronavirus pandemic.

The $10 billion would turn a Postal Service loan in CARES to a grant if its cash reserve drops to $8 billion, according to a summary.

“Senate Republicans appear dead-set on another bill which doesn’t come close to

Read More

Senate to Vote on COVID-19 Aid as Soon as This Week: McConnell | Top News

WASHINGTON (Reuters) – The Republican leaders of the U.S. Senate will introduce a proposal for additional coronavirus relief on Tuesday and could schedule a vote as soon as this week, Senate Majority Leader Mitch McConnell said.

He said the proposal – expected to have a far smaller scope than a bill passed in the Democratic-led House of Representatives – would focus on “some of the very most urgent healthcare, education and economic issues.”

“It does not contain every idea our party likes. I am confident Democrats will feel the same. Yet Republicans believe the many serious differences between our two parties should not stand in the way of agreeing where we can agree and making law that helps our nation,” McConnell said in a statement.

Republicans and Democrats have been jockeying for months over the next phase of coronavirus aid, after passing more than $3 trillion this year. Nearly 190,000

Read More

McConnell says Senate to vote on trimmed-down virus aid proposal

WASHINGTON — Senate Majority Leader Mitch McConnell, under pressure from GOP senators in tough reelection races, said Tuesday the Senate would vote on a trimmed-down Republican coronavirus relief package, though it has a slim chance of passage in the face of Democrats’ insistence for more sweeping aid.

“The Senate Republican majority is introducing a new targeted proposal, focused on some of the very most urgent healthcare, education, and economic issues,” McConnell said in a statement.

The GOP leader acknowledged the package he will be putting forward “does not contain every idea our party likes.” And he said it was far less than what Democrats are seeking.

“Yet Republicans believe the many serious differences between our two parties should not stand in the way of agreeing where we can agree,” he said.

The move comes as lawmakers straggle back to Washington for an abbreviated preelection session, as hopes are dimming for

Read More

Business owners request more aid to pay commercial rent

HONOLULU (KHON2) — The Honolulu City Council will hear a proposal this week that would help business owners pay some of their rent using CARES Act money, and business owners have been writing in support of the resolution.

[Hawaii news on the go–LISTEN to KHON 2GO weekday mornings at 7:30 a.m.]

Honolulu Mayor Kirk Caldwell is expected to announce an additional $25 million to be added to the small business recovery fund, although Resolution 20-208 proposes more aid for landowners by using commercial annual real estate property tax to evaluate costs.

Island Business Management President Ryan Tanaka said this type of aid would determine how much it is costing landlords and business owners to operate and determine the amount of aid granted to them.

“So if one store occupies 70% of the building, that store would receive 70% of the property’s annual real property tax as their grant amount,” Tanaka

Read More

States plan for cuts as Congress deadlocks on more virus aid

title=t

FILE – In this May 14, 2020, file photo, California Gov. Gavin Newsom discusses his revised 2020-2021 state budget during a news conference in Sacramento, Calif. Spending cuts are compounding for schools and state programs, reserve funds are dwindling, and some governors have begun proposing new taxes and fees to shore up state finances shaken by the coronavirus pandemic. With Congress deadlocked over a new coronavirus relief package, many states haven’t had the luxury of waiting to see whether more federal money will come their way.

AP

Spending cuts to schools, childhood vaccinations and job-training programs. New taxes on millionaires, cigarettes and legalized marijuana. Borrowing, drawing from rainy day funds and reducing government workers’ pay.

These are some actions states are considering to shore up their finances amid a sharp drop in tax revenue caused by the economic fallout from the COVID-19 pandemic.

With Congress deadlocked for months

Read More