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House bill gives small businesses more time to use PPP loans and lets them spend less on payroll

House bill gives small businesses more time to use PPP loans and lets them spend less on payroll

Finance
Wine store employees catalog a new shipment of alcohol on May 28, 2020 in New York City. Government guidelines encourage wearing a mask in public with strong social distancing in effect as all 50 states in the USA have begun a gradual process to slowly reopen after weeks of stay-at-home measures to slow the spread of COVID-19. (Photo by Alexi Rosenfeld/Getty Images)Alexi RosenfeldA bill that passed yesterday in the House of Representatives has some sought-after changes to a forgivable loan program for small-business owners.The new legislation, the Paycheck Protection Program Flexibility Act, addresses entrepreneurs' concerns around loan forgiveness, one of the main attractions of the Paycheck Protection Program. It passed the House on Thursday in a 417-1 vote.Some loan recipients, lik...
Got a PPP loan but workers rejected your rehire offer? You might have to report them to unemployment

Got a PPP loan but workers rejected your rehire offer? You might have to report them to unemployment

Finance
Justin Horrocks | Vetta | Getty ImagesLaid-off employees who reject an offer of rehire may wind up being reported to the state unemployment office if their company took a forgivable federal loan.The Paycheck Protection Program is a federal loan program that was established by the CARES Act. It covers up to eight weeks of wages, mortgage interest and other expenses for business disruptions during the coronavirus pandemic.In order to obtain forgiveness, at least 75% of the proceeds must be used to cover payroll, according to the Small Business Administration. No more than 25% can be used for other costs.Borrowers get two years to pay off amounts that aren't forgiven, at an interest rate of 1%.The SBA and Treasury Department rolled out further forgiveness guidance last week in an interim fina...
Some Uber, Lyft drivers fear companies will use unemployment benefits against them

Some Uber, Lyft drivers fear companies will use unemployment benefits against them

Finance
A driver and passenger wearing protective masks exit the ride sharing pickup area in a car displaying Uber Technologies signage at San Francisco International Airport in San Francisco, California, U.S., on Monday, May 4, 2020. Photographer: David Paul Morris/Bloomberg via Getty ImagesBloombergLeonardo Diaz is in a tough spot.Diaz, a driver for Uber and Lyft, has been unemployed for more than two months.The 51-year-old hasn't picked up riders for fear of contracting Covid-19 and, in turn, infecting his family.But Diaz, a Los Angeles resident, is also afraid to apply for unemployment benefits, as nearly 39 million Americans have done since mid-March amid to the coronavirus pandemic.Diaz is torn.On one hand, he needs the financial assistance. But on the other, he thinks applying for unemploym...
Bumblebees nibble the leaves of flowers to trick them into flowering early

Bumblebees nibble the leaves of flowers to trick them into flowering early

Science
May 21 (UPI) -- When impatient bumblebees emerge in early spring only to find a handful of daffodils, they sometimes resort to hi-jinks. Research published Thursday in the journal Science suggests bumblebees trick flowers into flowering early by nibbling on their leaves. Previous studies have shown plants bloom early in response to environmental stressors like intense heat or light, signs of heatwaves and drought, but the latest research suggests physical damage, like the scars left by a hungry bumblebee vandal, can have similar effects. In lab tests, researchers found bumblebees were more likely to pierce tiny holes in the leaves of black mustard plants after being deprived of pollen for three days, suggesting the vandals are motivated by hunger. The plants with damaged leaves put out f...
Coronavirus: Man Utd say pandemic has cost them £28m so far

Coronavirus: Man Utd say pandemic has cost them £28m so far

Sports
Manchester United say the coronavirus pandemic has cost them an initial £28m - and expect the final figure to be far higher.United revealed their third-quarter results to 31 March on Thursday.Chief financial officer Cliff Baty said they are set to hand back £20m in TV revenue to broadcasters even if the Premier League season is completed. United lost an additional £8m over the final three weeks of March, when they had three matches postponed.A total of 11 United matches have been postponed because of the pandemic.Speaking in a conference call after the latest financial results were released, Baty explained that Premier League television broadcasters would get £20m back from the club because o