Commerce – Cost 278 Fri, 28 May 2021 05:27:55 +0000 en-US hourly 1 Commerce – Cost 278 32 32 Groundwork being laid for Biden to cancel $50,000 in student loan debt Mon, 17 May 2021 15:39:09 +0000


The World Economy Is Suddenly Running Low on Everything

(Bloomberg) — A year ago, as the pandemic ravaged country after country and economies shuddered, consumers were the ones panic-buying. Today, on the rebound, it’s companies furiously trying to stock up visit`s official website. Mattress producers to car manufacturers to aluminum foil makers are buying more material than they need to survive the breakneck speed at which demand for goods is recovering and assuage that primal fear of running out. The frenzy is pushing supply chains to the brink of seizing up.

Shortages, transportation bottlenecks and price spikes are nearing the highest levels in recent memory, raising concern that a supercharged global economy will stoke inflation. Copper, iron ore and steel. Corn, coffee, wheat and soybeans. Lumber, semiconductors, plastic and cardboard for packaging. The world is seemingly low on all of it. “You name it, and we have a shortage on it,” Tom Linebarger, chairman and chief executive of engine and generator manufacturer Cummins Inc., said on a call this month.

Clients are “trying to get everything they can because they see high demand,” Jennifer Rumsey, the Columbus, Indiana-based company’s president, said. “They think it’s going to extend into next year.”The difference between the big crunch of 2021 and past supply disruptions is the sheer magnitude of it, and the fact that there is — as far as anyone can tell — no clear end in sight. Big or small, few businesses are spared. Europe’s largest fleet of trucks, Girteka Logistics, says there’s been a struggle to find enough capacity.

Monster Beverage Corp. of Corona, California, is dealing with an aluminum can scarcity. Hong Kong’s MOMAX Technology Ltd. is delaying production of a new product because of a dearth of semiconductors. Read More: How the World’s Companies Wound Up in a Deepening Supply Chain Nightmare Further exacerbating the situation is an unusually long and growing list of calamities that have rocked commodities in recent months. A freak accident in the Suez Canal backed up global shipping in March.

Drought has wreaked havoc upon agricultural crops. A deep freeze and mass blackout wiped out energy and petrochemicals operations across the central U.S. in February. Less than two weeks ago, hackers brought down the largest fuel pipeline in the U.S., driving gasoline prices above $3 a gallon for the first time since 2014. Now India’s massive Covid-19 outbreak is threatening its biggest ports.

For anyone who thinks it’s all going to end in a few months, consider the somewhat obscure U.S. economic indicator known as the Logistics Managers’ Index. The gauge is built on a monthly survey of corporate supply chiefs that asks where they see inventory, transportation and warehouse expenses — the three key components of managing supply chains — now and in 12 months. The current index is at its second-highest level in records dating back to 2016, and the future gauge shows little respite a year from now. The index has proven unnervingly accurate in the past, matching up with actual costs about 90% of the time.

To Zac Rogers, who helps compile the index as an assistant professor at Colorado State University’s College of Business, it’s a paradigm shift. In the past, those three areas were optimized for low costs and reliability. Today, with e-commerce demand soaring, warehouses have moved from the cheap outskirts of urban areas to prime parking garages downtown or vacant department-store space where deliveries can be made quickly, albeit with pricier real estate, labor and utilities. Once viewed as liabilities before the pandemic, fatter inventories are in vogue.

Transport costs, more volatile than the other two, won’t lighten up until demand does.“Essentially what people are telling us to expect is that it’s going to be hard to get supply up to a place where it matches demand,” Rogers said, “and because of that, we’re going to continue to see some price increases over the next 12 months.”More well-known barometers are starting to reflect the higher costs for households and companies. An index of U.S. consumer prices that excludes food and fuel jumped in April from a month earlier by the most since 1982. At the factory gate, the increase in prices charged by American producers was twice as large as economists expected. Unless companies pass that cost along to consumers and boost productivity, it’ll eat into their profit margins.A growing chorus of observers are warning that inflation is bound to quicken.

The threat has been enough to send tremors through world capitals, central banks, factories and supermarkets. The U.S. Federal Reserve is facing new questions about when it will hike rates to stave off inflation — and the perceived political risk already threatens to upset President Joe Biden’s spending plans. “You bring all of these factors in, and it’s an environment that’s ripe for significant inflation, with limited levers” for monetary authorities to pull, said David Landau, chief product officer at BluJay Solutions, a U.K.-based logistics software and services provider.

Policy makers, however, have laid out a number of reasons why they don’t expect inflationary pressures to get out of hand. Fed Governor Lael Brainard said recently that officials should be “patient through the transitory surge.” Among the reasons for calm: The big surges lately are partly blamed on skewed comparisons to the steep drops of a year ago, and many companies that have held the line on price hikes for years remain reticent about them now. What’s more, U.S. retail sales stalled in April after a sharp rise in the month earlier, and commodities prices have recently retreated from multi-year highs. Read More: Fed Officials Have Six Reasons to Bet Inflation Spike Will Pass Caught in the crosscurrents is Dennis Wolkin, whose family has run a business making crib mattresses for three generations. Economic expansions are usually good for baby bed sales.

But the extra demand means little without the key ingredient: foam padding. There has been a run on the kind of polyurethane foam Wolkin uses — in part because of the deep freeze across the U.S. South in February, and because of “companies over-ordering and trying to hoard what they can. “It’s gotten out of control, especially in the past month,” said Wolkin, vice president of operations at Atlanta-based Colgate Mattress, a 35-employee company that sells products at Target stores and independent retailers.

“We’ve never seen anything like this.” Though polyurethane foam is 50% more expensive than it was before the Covid-19 pandemic, Wolkin would buy twice the amount he needs and look for warehouse space rather than reject orders from new customers. “Every company like us is going to overbuy,” he said.

Even multinational companies with digital supply-management systems and teams of people monitoring them are just trying to cope. Whirlpool Corp. CEO Marc Bitzer told Bloomberg Television this month its supply chain is “pretty much upside down” and the appliance maker is phasing in price increases. Usually Whirlpool and other large manufacturers produce goods based on incoming orders and forecasts for those sales. Now it’s producing based on what parts are available. “It is anything but efficient or normal, but that is how you have to run it right now,” Bitzer said. “I know there’s talk of a temporary blip, but we do see this elevated for a sustained period.

”The strains stretch all the way back to global output of raw materials and may persist because the capacity to produce more of what’s scarce — with either additional capital or labor — is slow and expensive to ramp up. The price of lumber, copper, iron ore and steel have all surged in recent months as supplies constrict in the face of stronger demand from the U.S. and China, the world’s two largest economies. Crude oil is also on the rise, as are the prices of industrial materials from plastics to rubber and chemicals.

Some of the increases are already making their ways to the store shelf. Reynolds Consumer Products Inc., the maker of the namesake aluminum foil and Hefty trash bags, is planning another round of price increases — its third in 2021 alone. Food costs are climbing, too. The world’s most consumed edible oil, processed from the fruit of oil palm trees, has jumped by more than 135% in the past year to a record.

Soybeans topped $16 a bushel for the first time since 2012. Corn futures hit an eight-year high while wheat futures rose to the highest since 2013.A United Nations gauge of world food costs climbed for an 11th month in April, extending its gain to the highest in seven years. Prices are in their longest advance in more than a decade amid weather worries and a crop-buying spree in China that’s tightening supplies, threatening faster inflation.Earlier this month, the Bloomberg Commodity Spot Index touched the highest level since 2011. A big reason for the rally is a U.S. economy that’s recovering faster than most.

The evidence of that is floating off the coast of California, where dozens of container ships are waiting to offload at ports from Oakland to Los Angeles. Most goods are flooding in from China, where government figures last week showed producer prices climbed by the most since 2017 in April, adding to evidence that cost pressures for that nation’s factories pose another risk if those are passed on to retailers and other customers abroad. Across the world’s manufacturing hub of East Asia, the blockages are especially acute.

The dearth of semiconductors has already spread from the automotive sector to Asia’s highly complex supply chains for smartphones.Read More: World Is Short of Computer Chips. Here’s Why: QuickTakeJohn Cheng runs a consumer electronics manufacturer that makes everything from wireless magnetic smartphone chargers to smart home air purifiers. The supply choke has complicated his efforts to develop new products and enter new markets, according to Cheng, the CEO of Hong Kong-based MOMAX, which has about two-thirds of its 300 employees working in a Shenzhen factory.

One example: Production of a new power bank for Apple products such as the iPhone, Airpods, iPad and Apple watch has been delayed because of the chip shortage.Instead of proving to be a short-lived disruption, the semiconductor crunch is threatening the broader electronics sector and may start to squeeze Asia’s high-performing export economies, according to Vincent Tsui of Gavekal Research. It’s “not simply the result of a few temporary glitches,” Tsui wrote in a note. “They are more structural in nature, and they affect a whole range of industries, not just automobile production.”In an indication of just how serious the chips crunch is, South Korea plans to spend roughly $450 billion to build the world’s biggest chipmaking base over the next decade.

Meanwhile, running full tilt between factories and consumers are the ships, trucks and trains that move parts along a global production process and finished goods to market. Container vessels are running at capacity, pushing ocean cargo rates to record highs and clogging up ports. So much so that Columbia Sportswear Co.’s merchandise shipments were delayed for three weeks and the retailer expects its fall product lineup will arrive late as well. Executives at A.P. Moller-Maersk A/S, the world’s No. 1 container carrier, say they see only a gradual decline in seaborne freight rates for the rest of the year.

And even then, they don’t expect a return to the ultra-cheap ocean cargo service of the past decade. More capacity is coming in the form of new ships on order, but they take two or three years to build.HSBC trade economist Shanella Rajanayagam estimates that the surge in container rates over the past year could raise producer prices in the euro zone by as much as 2 percent.Rail and trucking rates are elevated, too.

The Cass Freight Index measure of expenditures reached a record in April — its fourth in five months. Spot prices for truckload service are on track to rise 70% in the second quarter from a year earlier, and are set to be up about 30% this year compared with 2020, Todd Fowler, a KeyBanc Capital Markets analyst, said in a May 10 note.“We expect pricing to remain elevated given lean inventories, seasonal demand and improving economic activity, all of which is underpinned by capacity constraints from truck production limitations and driver availability challenges,” Fowler said.What Bloomberg Intelligence Says:“Most modes of freight transportation have pricing power.

Supply-demand imbalances should help keep rates high, albeit they should moderate for current unsustainable levels as supply chains improve. This is stressing networks, creating bottlenecks in the supply chains and capacity constraints.”–Lee Klaskow, senior analystFor London-based packaging company DS Smith Plc, challenges are coming from multiple sides. During the pandemic, customers rushed to online purchases, raising demand for its ePack boxes and other shipping materials by 700%. Then came the doubling of its supply costs to 200 euros ($243) a ton for the recycled fiber it uses to make its products.“That’s a significant cost” for a company that buys 4 to 5 million tons of used fiber annually, said Miles Roberts, DS Smith’s group chief executive, who doesn’t see the lockdown-inspired web purchasing as a temporary trend.

The e-commerce that has increased is here to stay.”At Colgate Mattress, Wolkin used to be able to order foam on Mondays and have it delivered on Thursdays. Now, his suppliers can’t promise anything. What’s clear is he can’t sustain the higher input costs forever and still maintain quality. “This is kind of a long-term issue,” Wolkin said. “Inflation is coming — at some point, you’ve got to pass this along.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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Complaints procedure – Student Loans Company Wed, 07 Apr 2021 23:16:14 +0000

Our complaints procedure was updated on March 31, 2021. Any new complaints received on or after April 1 will follow our updated process.

File a formal complaint

At the Student Loans Corporation (SLC), we always try to get it right the first time. However, sometimes things can go wrong and you may not be happy with our service. If this is the case, let us know and we’ll do our best to fix it. Queries can often be resolved quickly and easily by call us and speak to one of our customer advisers.

SLC may accept third party claims if the customer (student or reimburser) has given them permission to do so on their behalf. If you are acting on behalf of a student or a refundor, please be aware that we will not provide you with the information we hold about a student unless we know that the student has given their consent. This can be done via the own SLC ‘consent to share‘treat.

For more information and for assistance with our complaints process, please visit SLC Complaints Flyer for information.

Information you must include in your complaint

To help us deal with your complaint quickly, please give us as much information as possible, as this will help us understand the issue and gather all the relevant information quickly.

You must include:

  • your customer reference number (CRN)
  • your date of birth
  • your full name and address (this must be the same as the one we hold in our systems for you)
  • details of what happened and when – include anything you want us to consider or investigate
  • what you think we should do to fix it
  • a contact number and a convenient time to call you

By providing these details, it will allow us to deal with your complaint as quickly as possible.

Our commitment to you

We aim to fully investigate and resolve all complaints in our first response.

We will contact you to acknowledge receipt of your complaint within 5 working days of receipt. It will then be assigned to one of our dedicated customer relations officers to investigate and you can expect a full response within 15 business days of receiving your complaint.

We aim to deal with all complaints within these timeframes. Sometimes a complaint can be very complex and we may need to extend the time frame beyond 15 days to allow us to fully process and respond to the complaint. If this is the case, we will contact you and promise to keep you informed of the progress of the investigation, the reasons for the delay and any further delays.

What to do if you are still not satisfied

Independent Assessors (IAs) are appointed by Ministers and are not employed by SLC. AIs lead a impartial review of your appeal / complaint, but have no legal power to overrule decisions that were properly made. Implementing agencies can make recommendations that the SLC will implement unless ministers have instructed them not to do so. The independent review concludes the complaints process.

Contact us

You can file a formal complaint by phone, email or mail.

By telephone

We welcome Relay calls to UK.

Student finance England

United Kingdom: 0300 100 0601

Overseas: +44 141 243 3660

Monday to Friday 8 a.m. to 8 p.m.

Saturday and Sunday from 9 a.m. to 4 p.m.

Student finance in Wales

0300 200 4050

Monday to Friday, from 8am to 18pm

We accept calls in Welsh.


United Kingdom: 0300 100 0601

Overseas: +44 141 243 3660

Monday to Friday 8 a.m. to 8 p.m.

Discover call charges.

By email

You must include your customer reference number in the subject line header of the email.

By mail

Customer relationship

Student loan company

100 Bothwell Street


G2 7JD

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Michigan coffee company mocks new ‘There is no X in espresso’ roast Wed, 07 Apr 2021 23:16:05 +0000

FLINT, MI – Flint Rock is known for its graffiti.

It’s no surprise, then, that when a piece of art inspired by local graffiti is brought up in discussions, it becomes the centerpiece of Mackenzie Lehnst’s new work of art.

His web, however, turned into something a little different – the front label of Rootless Coffee Company’s latest roast.

Flint-area illustrator and digital graphic designer named Mackenzie Marie was about to design the cover for the company’s sixth blend “There No X in Espresso”.

Working on the idea with Jono Diener, the company’s co-owner and creative director, the duo wanted to make sure the label was transformed into a Flint-centric masterpiece.

Lehnst, 27, got to work and put together various items from across town, including the arches of Vehicle City, a silhouette of the downtown cityscape, the lights of Buckham and Brush Alley, the weather balloon and the aforementioned Flint Rock.

“I thought about putting a Flint building on the cover, but nothing is as distinct and used community-wide as Flint Rock, so I knew this had to be a staple of this room,” Lehnst said. “The rest fell into place as we went both ways to make this system very Flint-centric.”

The name itself came as the crew joked about the espresso, Diener said.

This new blend was first available on January 4th and is a single origin, Brazilian medium roast.

The goal was a unique blend that can be used both as an espresso and as a coffee in all formats, he added.

“It will have a bit more of a roasted flavor than our other blends. You’ll get that full body, nutty, chocolate (and) dried cherries in the tasting profile, ”said Sean Murray, CEO and Founder of Rootless Coffee. “As an espresso shot, it won’t have that tangy acidity, but rather a round, well-balanced shot with depth of flavor without hitting you in the face with fruity notes.

“This roast not only tastes good as a pulled espresso, but works great in a drip coffee maker, French press, or pourer,” he said.

The team tried a number of different variations before landing on this flavor profile. It will become a staple food available all year round, Murray said.

Lehnst also stars alongside Diener’s wife Ashley in a humorous commercial, filmed and edited by creator Flint Bryce Mata.

Commercial jokes about the name of the mixture in the tongue of the cheeks, highlighting the common mispronunciation of the word “espresso”.

Between artwork and advertisements, Jono Diener said the company has an ongoing goal of working with a variety of local and state artists to showcase their skills.

Other artists who have helped cover the mixes include Craig Horky, Kelly Williams, Emily Pearson, Matt Emmons, and Justin Tordella.

“They’re almost mini-movies, and that’s what sets us apart,” Jono Diener said. “As long as we’re having fun, we’ll do whatever we want.”

A bag of the new roast costs $ 14.99 and is available at, Penny’s Café in the Flint Farmers’ Market and various grocery stores in Southeast Michigan. Coffee is also available for wholesale in coffee shops and cafes.

Other rootless blends currently available include A Damn Fine Cup of Coffee, Dark, Berry Kiss, and Decaf.

Read more:

Coffee lovers hope you ‘free yourself from boredom’ with new business at Flint

New seafood restaurant opens in Flint Township to offer crab boils, chicken wings and more

Local Eats: Bangkok Peppers in Grand Blanc prepares meat and vegetables daily for fresh Thai dishes

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Florida man, woman accused of applying for coronavirus loans for non-existent businesses Wed, 07 Apr 2021 23:15:52 +0000

MIAMI – A man and woman in South Florida are accused of attempting to secure $ 1.1 million in federal coronavirus relief loans for businesses that did not exist.

Miami neighbors Latoya Stanley, 38, and Johnny Philus, 33, were indicted on Wednesday in an unsealed complaint of wire fraud and misrepresentation, the South Florida District Attorney’s Office said in a statement from hurry.

The complaint alleges that Stanley claimed to employ 18 people for a cosmetics company and five for a farm at his Miami home. According to prosecutors, Philus claimed to employ 29 people for his car business and 10 more on a farm in his backyard. Stanley and Philus both live in residential homes with small yards, officials said.

The online court records did not mention lawyers for Stanley or Philus who could comment on the case.

The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling due to the COVID-19 pandemic. It’s part of the Coronavirus Aid, Relief and Economic Security Act, which became federal law in March.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Personal credit activity continues to improve in January-March: HDFC Wed, 07 Apr 2021 23:15:20 +0000

Mortgage lender HDFC Ltd said on Saturday that the company’s individual lending business continued to improve in the January-March 2021 quarter and that loans worth 7.503 crore were made to its banking subsidiary.

“Personal credit activity continued to experience strong improvements during the quarter ended March 31, 2021.

“During the quarter, in accordance with the buyout option incorporated in the mortgage agreement between the company and the HDFC bank, the company provided loans to the bank in the amount of Rs 7,503 crore,” HDFC said in a regulatory filing.

In the previous year, same quarter ended in March 2020, this loan allocated to HDFC Bank amounted to Rs 5,479 crore.

Individual loans sold in the previous 12 months (April-March) amounted to Rs 18,980 crore (previous year Rs 24,127 crore), he said.

In addition, the gross dividend income of the company for the March quarter was Rs 110 crore compared to Rs 2 crore in the previous year quarter. There were no sales of investments in subsidiaries / associated companies in January-March, as also in the previous year, he added.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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Thirteen tax and benefit changes that could impact clients Wed, 07 Apr 2021 23:15:20 +0000

We are entering a new tax year, which means a host of changes to the tax and benefit system are now underway.

Here are some of the most important ones and how they could impact your clients’ personal finances.

Increase in personal allowance

Personal allowance covers what you can earn each year before paying income tax.

And it went from £ 12,500 to £ 12,570. The government announced in the budget that it will be frozen at this level for the next five years.

Higher tax threshold

The time when people start paying the highest rate of income tax has also jumped.

Now people will only start paying 40% tax on their income when they start earning more than £ 50,271.

Statutory sickness benefit

Minimum payments that employees are on sick leave are also increasing.

Skilled workers will now receive £ 96.35 per week statutory sickness benefit.

Employment and support allowance

For those who benefit from ESA, the payments are about to increase. There are all kinds of different rates depending on age and marital status, but as an example, a single person over 25 will now receive £ 74.70, compared to £ 74.35.

Pension credit

The pension credit is a supplement for low-income retirees. For single beneficiaries it drops from £ 173.75 to £ 177.10, while for couples it drops from £ 265.20 to £ 270.30.

Parental pay

For those on maternity or paternity leave, the minimum income payments they can expect are at a weekly rate of £ 151.97.

Student loans

Former students must earn a certain amount before they start repaying student loans on their behalf. And this earning threshold increases from April 6.

For Plan 1 loans the threshold drops from £ 19,390 to £ 19,895, while for Plan 2 loans it drops from £ 26,575 to £ 27,295.

Attendance allowance

Care allowance is a benefit paid to people with disabilities, which means that they need a caregiver to come and help them.

Today it drops from £ 89.15 to £ 89.60 at the highest rate and from £ 59.70 to £ 60 at the lowest rate.

Caregiver allowance

The new tax year means a slight increase in the Caregiver Allowance, to £ 67.60 from £ 67.25.

Bereavement benefit

Widowed Parents Allowance applies to deaths between 11 April 1998 and 5 April 2017. Beneficiaries will see their payments increase from £ 121.95 to £ 122.55.

Disabled allowance

The living allowance for disabled people is paid in two parts: the care part and the mobility part.

The care component itself is split into three tiers, and all are in the process of being scaled up, with the highest rate currently paying £ 89.60.

The mobility component is split into two tiers, and those two tiers increase as well, with the top tier increasing to £ 62.55.

Personal independence payment

PIP rates increase for tax year 2021/22. The improved life component goes from £ 89.15 to £ 89.60, while the mobility component goes from £ 62.25 to £ 62.55.

Labor tax credits

Work tax credits were increased by £ 20 last year in the wake of the pandemic, but this has now been removed.

Instead, it’s replaced with a one-time payment of £ 500.

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MBA borrowers could benefit from Covid relief provision Wed, 07 Apr 2021 23:15:20 +0000

President Joe Biden signed the covid relief bill, the American Rescue Plan Act, on March 11, which contains a provision that eliminates taxes on loan forgiveness until 2025.

The American Rescue Plan Act, enacted by President Joe Biden on March 11, is 5,600 pages long. It contains a key provision that could have an impact on MBAs and MBAs student borrowers, drafted by a trio of Democrats seeking to pressure the president to use his executive power to forgive dozens of thousands of individual student debt.

The legislation included in the ARP introduced by Congressmen Jimmy Gomez (CA-34), Bill Pascrell (NJ-09) and Senator Bob Menendez (NJ) makes any student loan forgiveness tax-exempt. Under current law, most student loan cancellations – including forgiveness through federal income-based repayment plans – are treated as additional taxable income, often pushing borrowers into lower brackets. tax higher and leaves them with a hefty tax payment on their canceled loans.

Many Democrats want President Biden to forgive $ 50,000 in college debt by executive order, which he has expressed reluctance to do. By making the rebate tax-free until 2025 – relief that would apply to public, private and institutional loans – Democratic Congressmen say they are removing one of the biggest barriers to action by the government. ‘executive. According to them, a family of four who earns $ 100,000 a year and whose $ 50,000 in college loans are canceled could receive more than $ 10,000 in federal tax savings under this provision.


Richard prisinzano

The Gomez-Pascrell-Menendez bill would exclude the full or partial cancellation of any university loan between December 31, 2020 and January 1, 2026 from a borrower’s income. Would this help MBAs? To find an answer, Poets and quants turned to the experts.

In early February, Penn Wharton’s budget model examined the potential impact of the $ 1.9 trillion Covid relief bill then debated in Congress. Richard Prisinzano, director of policy analysis, tells P&Q that the final version of the law signed last week differs only slightly from what Wharton assessed six weeks ago, and therefore from the model’s verdict – that ARP is likely to lead to an increase in output in 2021, as plan spending stimulates the economy, but GDP will decline in subsequent years “as additional public debt crowds out investment in productive capital.”

With regard to the provision on debt relief, Prisinzano says, there is a scenario where MBAs get relief – even though they make a lot of money after graduation.

“Currently, if I cancel a loan, it’s taxable income,” Prisinzano says. “It’s true for student loans, it’s true for all kinds of things – it’s taxable income. So I think the way I read this amendment is, it’s something that Biden couldn’t do away with – even if you believed, and I think there are legal scholars who believe that, that Biden could forgive a certain amount of student debt through the executive. action, he could not forgive the taxable part.

“Let’s say I went to a very expensive business school, Stanford or Penn, or whatever,” he continues. “I have a loan and it’s a student loan, so I would probably have a really good rate on this student loan. So my incentive to pay off this loan is probably pretty low – I’d rather pay more, say, on my mortgage, or take some of that extra money that I’m not using to pay off debt to invest in the stock market or whatever. i’m in business. So it could be a huge debt for someone with a very high income.

“And so, that kind of distributive analysis of writing off that debt, you could actually benefit people who have fairly high incomes, which in our model would actually be a bit of a drag. Because, again, it shows the growing debt without really increasing the investment because they are already making that investment, the money they are saving on loans with very low interest rates.

Prisinzano says this highlights another likely sticking point between executive action versus legislation: widespread action that eliminates individual debt for all means that MBA and others earn a lot of money benefit in a way that many might consider unfair or disproportionate.

“If it was a law rather than executive action,” he said, “I could imagine there is a discussion about, ‘Do we really want to forgive the $ 50,000 of student loans to someone who earns $ 250,000 a year and strategically pays off their student loan? down slowly because it’s such a good interest rate? “


There’s another way borrowers with recent MBA or MBA degrees could benefit – in fact, maybe already have – from ARP: through direct stimulus checks of $ 1,400 per person.

The key is income status. Most MBAs in the top three industries of consulting, finance or technology earning too much money to receive direct stimulus payments – ie above the ARP threshold of $ 75,000. However, if MBA or MBA students were out of work in 2019 or 2020 or paid lower wages and filed taxes for those periods in mid-February, they would be entitled to payments.

Direct payments are expected to be made to around 159 million households, according to government estimates.

“I guess MBAs could potentially receive checks, depending on the income amounts collected before business school,” Prisinzano says. “I’m sure some business school students would be eligible for the checks. I have the impression that they work for a few years, and then they go to school, so their income could exceed the threshold, so above $ 75,000. So it’s hard to say, but there’s certainly nothing in there that says if you go to business school you can’t get it.

“If, say, you made money in 2019 and therefore you are not eligible, but in 2020 you are eligible and you filed your taxes on February 12, then you will be eligible for checks that. this time saying, “Hey, I was fine in 2019, but look at my taxes for 2020.” “

He adds that there may also be rare cases where an MBA works full time to pay for a business school, has lost his job due to the pandemic, and then receives unemployment benefits. They could receive additional unemployment benefits, Prisinzano says, some of which is not taxable.

“I’m sure this also applies to some business school students,” he says. “Usually when you’re unemployed it’s taxable income. The first $ 10,000, $ 10,200 is not taxable for that year. Again, I’m sure there are cases where business school students would benefit. “


The post office MBA borrowers could benefit from Covid relief provision appeared first on Poets and quants.

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Michigan landfill plans to inject waste under shrinking aquifer Wed, 07 Apr 2021 23:15:20 +0000

COOPERSVILLE, MI – A national waste disposal company wants to inject liquid waste deep under a narrowing aquifer which is exploited for drinking water in western Michigan.

Republic Services is seeking approval from the US Environmental Protection Agency (EPA) to construct two injection wells at its Ottawa Farms landfill site along I-96 near Coopersville.

The injection wells would force the leachate 4,490 feet into the underground rock formations below the groundwater used for the local drinking water supply. The EPA has drafted permits and is public comment until January 27.

Republic Services is seeking Class 1 well permits, which would allow the injection of “non-hazardous” leachate – the liquid by-product of decaying waste – from the landfill located at 15550 68th Street, in the Township of Polkton, in the County of Ottawa.

The request must also be approved by the Michigan Department of the Environment, Great Lakes and Energy (EGLE), which says it received the request in September and expects to hold a separate public review and possibly a meeting. in line jointly with the EPA “if it receives a public interest” in the proposal of the services of the Republic.

Injection wells can be controversial and sometimes face opposition from environmental groups who fear lax operators could contaminate groundwater.

The EPA requires that injection wells be operated at a certain pressure to prevent fluid from backing up the well casing, potentially contaminating groundwater at higher levels.

EPA recently fined Gaylord company Paxton Resources $ 73,000 for poor record keeping and poor pressure monitoring over a two-year period on several wells in northern Michigan.

According to the EPA, the lowest source of drinking water under Ottawa’s farms lies 470 underground in the Marshall Formation, a shrinking glacial aquifer that was the object of study due to increased salinity levels due to increased use and lack of surface water recharge.

Nick Assendelft, spokesperson for EGLE, said there are dozens of similar wells that are already pumping industrial and municipal waste underground into Michigan.

“Some of these wells have a commercial disposal designation and have handled landfill leachate for many years,” Assendelft said. “There has been more recent interest in siting these wells on landfills for direct leachate disposal.”

Assendelft said EGLE has issued two permits since 2018 for injecting leachate into landfills and is also currently considering a similar request from Republic Services to construct two leachate injection wells at its Carleton Farms landfill in County of Wayne, near New Boston.

EGLE is currently seeking EPA approval to assume the primary authority to regulate a similar type of injection well known as Class 2, which is primarily used for the disposal of brine wastewater from oil and gas extraction. There are approximately 1,250 such wells in Michigan.

The EPA says Ottawa County Landfill Inc., a subsidiary of Republic Services, created a bond fund of $ 129,500 to cover the costs of plugging and abandoning its wells one day.

Regulators allowed Republic Services to expand landfill space to 51 acres and mound height to 70 feet in 2017, by adding a 60 additional years of service life during installation. The landfill primarily takes waste from Kent, Ottawa and Muskegon counties.

Republic Services did not respond to a request for comment on its Ottawa Farms request.

Related stories:

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EPA says proposed Barry County brine well is safe

EGLE rejects appeal for Nestlé water extraction permit

Grand Rapids company fined $ 925,000 for chemical spills

$ 35m settlement with Valero to clean gas stations

DEQ approves expansion of Ottawa farm landfill site

Allendale stops new homes from exploiting shrinking aquifer

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Ivy Tech Says CDL First In Nation Program Authorizes University Loans Wed, 07 Apr 2021 23:15:19 +0000

A South Bend trucking company announces training available to help new hires obtain CDL licenses.  - Justin Hicks / IPB News

A South Bend trucking company announces training available to help new hires obtain CDL licenses.

Justin Hicks / IPB News

Ivy Tech is launching what could be the country’s first commercial driver’s license program, consisting of classroom and hands-on lessons, where students can use federal student loans to pay it off.

The training program is called CDL + and will be offered at five Ivy Tech campuses starting in January. Other locations will offer it later in the year. It was created with Conexus Indiana and Indiana Motor Truck Association to address a driver shortage in Indiana and across the country.

Bryce Carpenter, vice president of industry engagement for Conexus, said they intentionally added a curriculum so that students could use federal university loans to pay it off. It will take longer than a traditional driving school, but students could graduate with credits that count towards other degrees.

“So not only will I end up with a CDL license, but I have 17 credit hours towards another degree at Ivy Tech if I choose to change professions later down the road,” Carpenter said.

He said it also solves a problem that trucking companies have to run “finishing programs” for new drivers who have just graduated to gain a little more experience. He hopes this more comprehensive program can eliminate some of this expensive in-house training.

“Considering the turnover that you see in the industry, they had a lot of money for training to fork out to another trucking company or a different profession,” he said.

According to an annual report by the American Transportation Research Institute, the shortage of drivers has been, by far, the number one concern of shipping companies for the past four years.

Contact reporter Justin at or follow him on Twitter at @Hicks_JustinM.

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South Bend, St. Joseph County Offers Grants To Help Restaurants Stay Afloat During Pandemic | Local Wed, 07 Apr 2021 23:15:19 +0000

Local grants to help restaurants

Identifying restaurants among the businesses hardest hit by the pandemic, the administration of South Bend Mayor James Mueller is offering them grants to pay for investments and costs to stay alive.

The city planned to make so-called “innovation grants” of up to $ 2,000 available starting Friday, in reimbursement for money already spent or new expenses. The amount was obtained by dividing the $ 500,000 that the common council allocated in December to the initiative by the 250 restaurants authorized by the city.

The money is not coming directly from the federal CARES Act for Pandemic Stimulation and Relief, but the city has spent this amount of CARES Act money on the police and firefighters, freeing up money from the CARES Act. the city for restaurant aid that would otherwise have been spent on public safety costs, Mueller said.

Like all restaurants, the Ristorante Italiano de Parisi underwent a ‘seismic change’ when it was forced to completely shut down in-person meals at the start of the pandemic in early March, driving new costs to expedite transportation. and delivery, as it was allowed to partially reopen restaurants. space over the months since then, said co-owner Derek Parisi.

Parisi likely spent as much as $ 10,000 on things that might be repayable under the grants program, five times the size of the grants, but Parisi said the business adjacent to the Notre Dame campus was grateful for the help.

“It’s very humiliating that the city is doing something for us… whatever the amount,” Parisi said. “There have been so many opportunities for small businesses that have been taken over, but we think the restaurant industry has been left out somewhat.”

Grants are only available to local business restaurants, franchised and headquartered in South Bend within city limits. But St. Joseph County officials tend to make them available in unincorporated areas of the county as well, perhaps on a trail that is a few weeks behind the city’s schedule, President Andy said. Kostielney, County Commissioners.

The South Bend Regional Chamber administers grants for the city, and Kostielney said he had asked its president and CEO, Jeff Rea, to compile a list of restaurants in unincorporated areas.

“Anything we can do to help keep our businesses open and protect them, we want to be as forward thinking as possible,” Kostielney said.

Like the city, Kostielney said he expects the county to also have about $ 500,000 that he was able to avoid spending last year thanks to CARES law funding. But Kostielney noted that the county is also looking to cap subsidies at $ 2,000 and has fewer restaurants, so it doesn’t expect to spend the full $ 500,000.

Rea said consumers tended to cut spending in January and February in general, not to mention a pandemic.

“It doesn’t guarantee they’re going to be successful, but I think it’s just a bit of a lifeline to help them get through,” Rea said. “No industry has been hit harder than the food and beverage industry and the leisure / hospitality industry, so I think there will be some excitement. In some of these little neighborhoods, $ 2,000 will cover some costs there. “

Rea said the town of Mishawaka is still considering joining the effort. He said restaurants would particularly welcome grants, as opposed to loans, as they don’t need to be repaid and they are nervous about taking on new debt at the moment.

But Parisi has received federal loans from the Paycheck Protection Program and expects them to be canceled, both in an upcoming first and second round, as they have met the requirement that about 60% of the loan proceeds are spent on payroll, Parisi said. . Money spent on other things, like igloos for outdoor dining, is not a forgivable debt, he said.

The criteria for the grant are open, as the app allows for a brief narrative where a restaurant can describe the investments or innovations made to increase the safety of customers and employees. Examples could include outdoor heaters, internal dividers between tables or counters, additional cleaning and sanitizing supplies, thermometers for customers or staff, contact tracing systems, and investments in software. and point-of-sale hardware to facilitate delivery or delivery, said Caleb Bauer, spokesperson for Mueller.

Parisi’s has invested in two heated plastic igloos that allow eating out, and they’ve been so well received, booked three weeks in advance, that the restaurant plans to make them a permanent fixture. One is themed around an Italian restaurant, while the other has a pavilion feel.

“We are wondering next year if we are going to do it more, even without COVID,” Parisi said. “It definitely gives the community something different.”

Le Lauber has also invested in an igloo and plans to use it year round even after the pandemic has ended, owner Frank Perri said.

“I went a bit off budget on this one and got one that’s really solid,” Perri said, adding that he spent around $ 4,500 on an igloo that took around 10 hours in two. men to assemble. “We’re going to keep it there all year round and make it sort of a terrarium and do some cool things with it in the spring, summer, and fall.”

Perri estimated that The Lauber spent around $ 15,000 on things that would be eligible for a grant, but he won’t apply for a grant because he said the restaurant has performed better than others.

Carol Meehan, who owns Fiddler’s Hearth with her husband, Terry, said $ 2,000 would be a “drop in the bucket” in what they spent to stay open, but they will apply.

They spent $ 3,200 on igloos which were popular in the fall but were less popular as the temperature dropped because the fire department does not allow open flame propane or extension cords.

The Irish pub also bought outdoor heaters, ultraviolet lights which it says kill germs in the air when the restaurant is closed, as well as dividers between tables and additional costs for sanitizer and protective gear. individual.

Meehan said revenue was down about 40%.

“It wasn’t a year to spend all that extra money,” she said. “Fortunately, the carryover is still very good. But it’s $ 2,000. If we are eligible, we will take advantage of it. “

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