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The Small Business Administration is set to triple loan amounts for businesses hurt by Covid

Finance
A small business owner in Chinatown, San FranciscoSource: CNBCBeginning April 6, small businesses and non-profits can apply for up to 24 months of relief, with a maximum loan amount of $ 500,000, the Small Business Administration announced Wednesday.The previous limit for such businesses was six months, with a maximum loan amount of $ 150,000."More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA's Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses," SBA Administrator Isabella Casillas Guzman said in a statement. "However, the pandemic has lasted longer than expected, and they need larger loans."More from Invest in You:Suze Orman: Don't invest your stimulus checks. Her...
Banking sector was hurt in the name of aggressive lending a decade back: PM Modi

Banking sector was hurt in the name of aggressive lending a decade back: PM Modi

Finance
PM Narendra Modi on Friday said the government has a clear vision for the financial services sector and is taking steps to make it vibrant, proactive and strong and the top priority is to ensure trust and transparency for both the depositor and investor. PM Modi said the sector was hurt 10-12 years back due to aggressive lending and steps been taken under the current regime to take the country out of non-transparent credit culture. "Today instead of brushing NPAs under the carpet, we have made it mandatory to report even NPA of one day," he added. The Prime Minister was addressing a webinar on Budget 2021 announcements regarding the financial services sector. Watch now. (Text: PTI)Let's block ads! (Why?) Banking/Finance-Industry-Economic Times

Why the GameStop frenzy may hurt retirees along with hedge funds

Finance
Jakub Porzycki/NurPhoto via Getty ImagesReddit users and other retail investors who piled into GameStop stock aimed to take down Wall Street.Pension funds, which support ordinary Americans in retirement, may be an unintended casualty.Some hedge funds have sustained big losses as a result of bets against GameStop stock. Melvin Capital, for example, lost more than 50% in January.But pension plans — which invest assets on behalf of workers like teachers and police officers — may hold big positions in hedge funds. That means a financial hit for hedge funds could spill over to workers' retirement assets."Your 'eat the rich' mentality just took a bite out of the pension funds of working Americans," Barbara Roper, director of investor protection at the Consumer Federation of America, said of Game...

Congressional lawmakers worry Trump’s payroll tax deferral will hurt Social Security

Finance
zimmytws | iStock | Getty ImagesThe stimulus stalemate has pitted Democrats and Republicans against each other on Capitol Hill.But another issue — Social Security and its ability to pay retirement, disability, survivor and other benefits into the future — has also created a rift between leaders of the two parties.Congressional lawmakers gathered on Thursday in a House Ways and Means Committee meeting titled "Save Our Social Security Now."There, Democrats and Republicans clashed over whether Trump's move indicates a broader plan to permanently eliminate the payroll taxes that fund the program.More from Personal Finance:What Trump's payroll tax plan may mean for Social Security's futureWhat a Biden win could mean for your Social Security benefits Claiming Social Security retirement benefits?...

US soldier hurt, 2 Somali soldiers dead in al-Shabab attack

World
A U.S. soldier was wounded and two Somali soldiers were killed when an al-Shabab suicide bomber tried to pass a checkpoint and attack a military compound in southern Somalia but was stopped by U.S. and Somali forcesBy ABDI GULED Associated PressSeptember 7, 2020, 9:00 PM• 2 min readMOGADISHU, Somalia -- A U.S. soldier was wounded and two Somali soldiers were killed when an al-Shabab suicide bomber tried to pass a checkpoint and attack a military compound in southern Somalia but was stopped by the partner forces, the countries said Monday.A Somali information ministry statement said the attack occurred Monday morning about 60 kilometers (10 miles) north of the port city of Kismayo. Three other Somali soldiers were wounded and an al-Shabab extremist was killed, it said.“The U.S. service memb...