Finance – Siesta RV Park http://siestarvpark.com/ Thu, 03 Jun 2021 12:53:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://siestarvpark.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Finance – Siesta RV Park http://siestarvpark.com/ 32 32 Santa Clarita man pleads guilty to fraudulently obtaining more than $ 1 million in reparations for COVID-19 https://siestarvpark.com/santa-clarita-man-pleads-guilty-to-fraudulently-obtaining-more-than-1-million-in-reparations-for-covid-19/ https://siestarvpark.com/santa-clarita-man-pleads-guilty-to-fraudulently-obtaining-more-than-1-million-in-reparations-for-covid-19/#respond Wed, 07 Apr 2021 23:16:32 +0000 https://siestarvpark.com/santa-clarita-man-pleads-guilty-to-fraudulently-obtaining-more-than-1-million-in-reparations-for-covid-19/

A man in the Santa Clarita Valley pleaded guilty on Monday to carrying out a scheme to fraudulently obtain around $ 1.8 million in COVID-19 relief after transferring the money to a bank account in Uganda.

The money was secured through the Small Business Administration (SBA), Economic Disaster Loan Program (EIDL), and Paycheck Protection Program (PPP).

Hassan Kanyike, 29, of Santa Clarita, admitted to submitting six fraudulent PPP loan applications and two fraudulent EIDL applications, according to court documents.

“The claims were seeking funds to allegedly pay the salaries of employees he claimed worked for two of his companies,” the court document read.

Kanyike successfully raised about $ 1 million from four PPP loans and an additional $ 300,000 from two EIDL loans, officials said.

In support of the fraudulent PPP loan applications, Kanyike submitted false federal tax returns and payroll reports.

“For example, in a loan application, Kanyike falsely claimed that the company had 26 employees and an average monthly payroll of $ 168,000, and he submitted a fabricated IRS tax form claiming that Falcon Motors had paid 2,022,300 $ in payroll in 2019, ”court officials said.

However, Kanyike admitted during his plea that the company has significantly fewer employees and a significantly lower payroll, officials said.

Kanyike further admitted to obtaining additional employer identification numbers from the IRS in April and May 2020, so he could apply for multiple loans for the same used car company.

Kanyike then used a “substantial” portion of the proceeds from the PPP loan for his own personal benefit.

Kanyike was arrested in December 2020 at Los Angeles International Airport just before boarding a flight to Dubai.

At the time of his arrest, Kanyike had transferred approximately $ 762,000 to Uganda, his country of citizenship, from one of the commercial accounts that had received the loan proceeds, in violation of the terms of the PPP and EIDL program.

Kanyike pleaded guilty to one count of wire fraud before U.S. District Judge Virginia A. Phillips.

He is expected to be sentenced on August 23 and faces a maximum sentence of 20 years in prison.

As part of his guilty plea, Kanyike must pay around $ 1.3 million in restitution.

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Truist Receives “Outstanding” Community Reinvestment Act Rating | https://siestarvpark.com/truist-receives-outstanding-community-reinvestment-act-rating/ https://siestarvpark.com/truist-receives-outstanding-community-reinvestment-act-rating/#respond Wed, 07 Apr 2021 23:16:12 +0000 https://siestarvpark.com/truist-receives-outstanding-community-reinvestment-act-rating/

CHARLOTTE, North Carolina, April 6, 2021 / PRNewswire / – Truist received the highest possible overall rating of “Outstanding” from the Federal Deposit Insurance Corporation for its most recent Community Reinvestment Act (CRA) review period.

“Truist’s Community Development Loans provide capital that has an impact on community and socio-economic needs,” said President and CEO Kelly S. King. “Since our previous assessment, we have identified and responded to community needs by funding critical infrastructure, community health care, affordable housing, disaster recovery, and revitalization and stabilization efforts.” We are committed to doing our part to create equitable and prosperous communities. “

During the review period of January 1, 2017, at December 31, 2019, Truist:

  • Granted nearly 40,000 mortgages totaling $ 9.6 billion to support flexible or innovative product offerings to first-time home buyers or low and moderate income (LMI) buyers.
  • Provided the funding to create or rehabilitate over 26,600 affordable housing units, recognizing that affordable housing is a critical community need across its markets.
  • Establishes itself as a leader in community development loans, with 1,773 loans totaling $ 6.3 billion.
  • Provided $ 1.8 billion in qualified investments by the CRA and in philanthropic giving to inspire and build better lives and communities.

Going forward, the company’s community benefits plan continues to meet its 2019 commitment to lend or invest 60 billion dollars to IMT borrowers and in IMT and minority communities from 2020 to 2022. Truist has achieved 110% of mortgages and 328% of philanthropic targets for the 2020 Community Benefits Plan end-of-year goal.

The plan is a concrete example of Truist’s commitment to support investments in the BB&T and SunTrust heritage communities following the completion of the merger. the 60 billion dollars The three-year commitment includes:

  • $ 31 billion for mortgage loans to purchase a home to IMT borrowers, IMT’s geographic areas, minority borrowers and / or majority minority geographic areas.
  • $ 7.8 billion for loans to small businesses and to support the growth of businesses with incomes below $ 1 million.
  • $ 17.2 billion in community development loans to support the development of affordable housing; and small business growth loans to nonprofits that support the LMI community.
  • $ 3.6 billion in investments and philanthropy qualified by the CRA, including $ 120 million will be designated for qualified philanthropic gifts from the CRA.

Additionally, Truist plans to strengthen the commitment of existing institutions to underserved neighborhoods by seeking to open at least 15 new branches in IMT and / or majority minority communities in its markets.

The ARC encourages banks to help meet the credit needs of the communities in which they operate, including low and middle income neighborhoods, in accordance with safe and sound banking operations.

About Truist

Truist Financial Corporation (NYSE: TFC) is a goal-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic peer-to-peer merger of BB&T and SunTrust, Truist has a leading market share in many high growth markets in the country. The company offers a wide range of services, including retail banking, small business and commercial banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loan; and wealth management. Based at Charlotte, North Carolina, Truist is the sixth largest commercial bank in the United States with total assets of $ 509 billion as of December 31, 2020. Truist Bank, FDIC member. Learn more about Truist.com.

Contact:

Audria Belton

media@truist.com

Show original content:http://www.prnewswire.com/news-releases/truist-receives-outstanding-community-reinvestment-act-rating-301262296.html

SOURCE Truist Financial Corporation


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Massachusetts commissioner sticks to 3-foot social distancing requirements as he plans to bring all students back to classrooms https://siestarvpark.com/massachusetts-commissioner-sticks-to-3-foot-social-distancing-requirements-as-he-plans-to-bring-all-students-back-to-classrooms/ https://siestarvpark.com/massachusetts-commissioner-sticks-to-3-foot-social-distancing-requirements-as-he-plans-to-bring-all-students-back-to-classrooms/#respond Wed, 07 Apr 2021 23:15:54 +0000 https://siestarvpark.com/massachusetts-commissioner-sticks-to-3-foot-social-distancing-requirements-as-he-plans-to-bring-all-students-back-to-classrooms/

Massachusetts education officials say they want to see all elementary students back to class in April and older students returning before the end of the school year. If students return to class in the spring, they will need to space at least 3 feet apart, not 6 feet apart, according to state guidelines.

Pushing for schools to return all their students to class, Commissioner Jeff Riley said Massachusetts public schools will face a “3-6 foot” social distancing requirement.

“I just want to remind people that in Europe and Asia and indeed in many states in this country, people are 3 feet or less,” Riley said. “We are sticking to our advice, which is 3 feet.”

If schools cannot accommodate their students in their classrooms without violating social distancing requirements, Riley said, “We will be working with individual districts that are facing a 3-foot challenge.”

The social distancing requirement is lower than Centers for Disaster Control and Preventionthe definition of social distancing, which calls for a minimum of 6 feet “where feasible”. The state’s own social distancing requirements for the public call for a spacing of at least 6 feet.

The social distancing requirement is just one part of Riley’s plan to get all K-12 students back into the classroom as the coronavirus continues to infect residents of Massachusetts. Citing concerns about student performance and mental health, Riley said he hopes to get all elementary students back to class by April and older students back before the end of the school year.

Parents would have the option of removing their children from in-person learning for the remainder of the school year, Riley said.

Massachusetts Teachers Association President Merrie Najimy said the plan to reopen the school “shows a ruthless disregard for the health and safety of school employees, students and families and disregards the rights and interests of local communities”.

“Governor Charlie Baker and Education Commissioner Jeffrey Riley should get back to the drawing board,” Najimy said. “This time they actually have to talk to educators, educators unions, parents, school committee members and other community leaders most affected by their surprise and unwanted announcement.

Riley’s 3-foot minimum aligns more closely with the threshold used by the World Health Organization. When he explained the 3-foot minimum, he said that schools in parts of Asia and Europe have followed this guideline well.

Some Indiana schools have also adopted a 3-foot minimum. Earlier this month, Indiana health officials said students and teachers exposed to COVID-19 in a classroom will no longer have to quarantine if everyone was masked and spaced at least 3 feet apart.

the American Academy of Pediatrics states that a physical distance of 6 feet is ideal, but not always achievable in schools without smaller classrooms. “Schools should weigh the benefits of strictly adhering to a 6-foot spacing rule between students with the potential downside if distance learning is the only alternative,” says the academy.

Massachusetts has seen fewer new cases of COVID-19 since the holidays, but the state is still reporting at least 1,000 new cases per day. State health officials reported another 1,150 new COVID-19 cases and 26 deaths from complications from the coronavirus. As of Monday, the state’s death toll is 15,534.

Teachers have called for getting vaccinated earlier because those who teach in person could be exposed to COVID-19. When asked why teachers haven’t made progress, Riley said teachers are in the next category to be vaccinated.

Gov. Charlie Baker said teachers were not allowed to get vaccinated earlier because the state’s priority was “saving life”, from residents of long-term care facilities to doctors treating patients COVID-19 to residents aged 75 and over.

As of February 19, the state saw 157 districts and schools signed up to participate in COVID-19 testing pooled through the state, which represents more than half of the state’s public schools. Riley called the program an extra layer of mitigation strategy, like wearing a mask.

Riley told members of the Massachusetts Board of Elementary and Secondary Education on Tuesday that DESE is working with schools and districts to address student isolation caused by the pandemic.

MassLive reporter Melissa Hanson contributed to this article.

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FHA Says DACA Recipients Eligible for FHA Loans https://siestarvpark.com/fha-says-daca-recipients-eligible-for-fha-loans/ https://siestarvpark.com/fha-says-daca-recipients-eligible-for-fha-loans/#respond Wed, 07 Apr 2021 23:15:51 +0000 https://siestarvpark.com/fha-says-daca-recipients-eligible-for-fha-loans/

The Federal Housing Administration shortly before Wednesday’s inauguration released a newsletter which gives beneficiaries of Deferred Action for the Arrivals of Children with US work permits access to the loans it provides.

The new bulletin from the Department of Housing and Urban Development addresses part of the FHA handbook, which states that “Non-US citizens without legal residency in the United States are not eligible for FHA insured mortgages.”

Previously, Len Wolfson, deputy secretary of the Department of Housing and Urban Development under the Trump administration, in 2019 declared the language of “non-citizens” in the FHA handbook. made DACA recipients ineligible for FHA loans.

This language was first added in 2003 under the Bush administration, according to the Department of Housing and Urban Development. DACA became a policy under the Obama administration in 2012.

HUD said this week’s change was made because “the term ‘legal residence’ predates DACA and therefore did not anticipate a situation where a borrower might not have legally entered the country, but nonetheless be considered legally present. “

The DACA allows some people who were brought to the United States without legal authorization as children to defer deportation in renewable two-year increments and become eligible for a work permit until they have serious crimes or misdemeanors in their records.

The Trump administration tried to end DACA, but the Supreme Court ruled against the move 5-4 in June of last year, finding a violation, among other things, of the law on administrative procedure.

President Biden had said that restoring the DACA as an active program would be one of his first points of action, and some have it. hypothesized that this could lead to a change in FHA policy. HUD may have made the change, dated Jan.19, as a courtesy to Biden’s transition team.


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President Biden’s US Jobs Plan: A Bold Mandate for Infrastructure Investment | Akin Gump Strauss Hauer & Feld LLP https://siestarvpark.com/president-bidens-us-jobs-plan-a-bold-mandate-for-infrastructure-investment-akin-gump-strauss-hauer-feld-llp/ https://siestarvpark.com/president-bidens-us-jobs-plan-a-bold-mandate-for-infrastructure-investment-akin-gump-strauss-hauer-feld-llp/#respond Wed, 07 Apr 2021 23:14:12 +0000 https://siestarvpark.com/president-bidens-us-jobs-plan-a-bold-mandate-for-infrastructure-investment-akin-gump-strauss-hauer-feld-llp/

[co-authors: Lauren Dailey and Christina Barone]

On March 31, 2021, President Joe Biden unveiled the US Jobs Plan (the “Plan”), an eight-year, $ 2 trillion investment to modernize and improve US infrastructure, generate jobs and growth economic and promoting the national security interests of the United States. The proposed framework is a key step towards President Biden’s goal of implementing his Build Back Better plan, including investments to modernize highways and railways, modernize ports, expand electric vehicle (EV) infrastructure, modernize water and energy infrastructure and expand broadband access. Along with the U.S. Jobs Plan, President Biden also proposed the Made in America tax plan, including provisions to increase revenues to support the $ 2 trillion plan over the next 15 years. The plan is high level and did not include proposed legislation.

The American employment plan

Transport infrastructure and resilience

The plan calls on Congress to invest $ 621 billion in transportation infrastructure and resilience, including:

  • $ 115 billion to improve 20,000 miles of highways, roads and bridges.
  • $ 174 billion to build electric vehicle charging infrastructure and encourage purchases of electric vehicles, support the transition from diesel transit vehicles, and electrify the United States Postal Service (USPS) school bus fleets.
  • $ 85 billion to modernize and expand bus, rapid transit and train services to reduce congestion and improve equitable access.
  • $ 80 billion to close Amtrak’s repair backlog, modernize the busy northeast corridor, improve and expand existing corridors, and strengthen passenger and freight rail safety.
  • $ 25 billion to modernize airports, including funding for the Airport Improvement Program (AIP), Federal Aviation Administration (FAA) assets and a new terminal renovation support program.
  • $ 17 billion for inland waterways, coastal ports, land entry points and ferries.
  • $ 20 billion to increase road safety for all users, including a new “Safe Streets for All” program to fund national and local “vision zero” plans to reduce accidents and fatalities.
  • $ 20 billion to ensure new projects increase opportunity and access, advance racial equity, and improve environmental justice.
  • $ 50 billion to increase the resilience of infrastructure to extreme weather events, including through subsidies and tax incentives.

Clean drinking water

The plan provides $ 111 billion to update and improve water infrastructure, including $ 45 billion to replace lead pipes and service lines, $ 56 billion in drinking water subsidies and low-cost loans. cost to disadvantaged states, tribes, territories and communities, and $ 10 billion to monitor and remediate PFAS (per- and poly-fluoroalkyl substances) in drinking water.

Digital infrastructure

The plan recommends $ 100 billion to achieve affordable, high-speed universal broadband coverage, with a priority for public broadband networks, and ensures that funds are earmarked for broadband infrastructure on land. tribal. In addition, the plan calls for increased transparency and competition by requiring clear information on prices and removing barriers that favor private providers.

Electrical infrastructure

The plan supports a $ 100 billion investment to improve the electric transmission system with the goal of achieving carbon neutrality in the power generation sector by 2035. The plan proposes that Congress develop a new authority Network deployment at the Department of Energy to leverage existing -way rights along roads and railways and support creative finance tools to boost high-priority high-voltage transmission lines. The plan also supports an Energy Efficiency and Clean Electricity Standard (EECES) to promote more efficient use of existing infrastructure and leverage carbon-free energy, such as nuclear and hydropower. The plan also calls for:

  • $ 5 billion for the remediation and redevelopment of the Brownfield and Superfund sites.
  • An expansion of the Economic Development Authority’s public works program, including the lifting of the $ 3 million cap on projects.

Health care infrastructure

The plan urges Congress to expand access to home and community-based services (HCBS) and expand the Money Follows the Person program that supports innovations in long-term care delivery under Medicaid. Specifically, it calls on Congress to allocate $ 400 billion to expand access to HCBS for the elderly and people with disabilities.

Manufacturing sector

The plan includes $ 300 billion to support manufacturing in the United States, strengthen supply chains and increase access to capital for domestic manufacturers, including:

  • $ 50 billion to create a new office at the Department of Commerce dedicated to monitoring national industrial capacity and financing investments to support the production of essential goods.
  • $ 46 billion in federal purchases to promote the manufacture of electric vehicles, electric charging ports and heat pumps for residential heating and commercial buildings, and to develop advanced nuclear reactors and fuel.
  • $ 52 billion in access to capital for domestic manufacturers, including an extension of the 48C tax credit program and the creation of a new financing program to support debt and equity investments in the manufacturing sector.
  • $ 50 billion for semiconductor manufacturing and research, as called for in the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act (HR7178 and S.3933).
  • $ 30 billion over four years for major new investments in medical countermeasures manufacturing, research and development (R&D) and related bio-preparation and biosafety, including investments to consolidate the strategic national stockpile.
  • $ 14 billion for the National Institute of Standards and Technology to combine industry, academia and government to advance technologies essential to future competitiveness.
  • $ 31 billion to create a national network of small business incubators and innovation hubs, which provide small businesses in underserved communities with access to credit, venture capital and R&D funding.
  • $ 5 billion for a new rural partnership program to support the economic development of tribal nations and rural areas.

Research and development

The Plan urges Congress to increase its investment in research and development to lay the groundwork for future breakthroughs that create new businesses and jobs and increase exports, including:

  • $ 50 billion for the National Science Foundation to create a technology directorate to expand existing programs and focus on areas such as semiconductors, biotechnology, and advanced computer, communications technology and in energy.
  • $ 40 billion to modernize research infrastructure in laboratories and institutions and universities serving minorities.
  • $ 35 billion for research aimed at addressing the climate crisis, including new methods of reducing emissions, building climate resilience and climate science in general.
  • $ 15 billion to support demonstration projects for climate R&D priorities such as carbon capture and storage, offshore wind turbines, biofuels, bioproducts, quantum computing and electric vehicles, among others.

Workforce Development

The U.S. Jobs Plan aims to increase workforce development programs and improve racial and gender equity through an investment of $ 100 billion in various programs. In addition, the plan calls for the adoption of the Law on the Protection of the Right to Organize (PRO) (HR842) to strengthen and protect the right of workers to join a trade union. In addition, the plan stresses the need to strengthen enforcement mechanisms to ensure the rules of safety, health and non-discrimination at work.

Houses, schools and commercial buildings

The plan recommends an investment of $ 213 billion to produce, preserve and renovate affordable housing through tax credits, a funding formula, grants and project-based rent assistance. President Biden is advocating for $ 27 billion to support a new clean energy and sustainability accelerator to mobilize private investment in commercial and municipal buildings and clean transportation. In addition, the plan recommends $ 18 billion for the modernization of Veterans Affairs (VA) hospitals and clinics and $ 10 billion for the modernization and resilience of federal buildings, including through a revolving fund. for federal capital assets to support investments in the purchase, construction or renovation of federal buildings. facilities.

In addition, President Biden urges Congress to modernize K-12 and community college facilities, prioritizing safety, equity and energy efficiency.

The Made in America tax plan

To help support the U.S. Jobs Plan, President Biden has proposed corporate tax changes, including:

  • Increase the top federal corporate income tax rate to 28%, from the 21% currently provided for in the Jobs and Tax Cuts Act. The rate before the 2017 change was 35%.
  • Double the low-tax global intangible income (GILTI) rate from 10.5% to 21% and move on to calculating tax country by country.
  • Eliminate the exemption for investments in qualifying business assets (QBAI).
  • End the deduction for foreign intangible income (IEDI).
  • Tighten anti-inversion rules and limit deductions for relocations.
  • Apply a minimum tax rate of 15% on income reported in financial statements for corporations with net income of $ 100 million or more and that pay little or no federal income tax.
  • Limit preferences for fossil fuels and restore taxes dedicated to the petroleum and chemical industries to finance the Superfund Trust Fund.
  • Provide resources to the Internal Revenue Service (IRS) to better enforce tax laws and perform more effective audits on large businesses.

Congress must ultimately introduce legislation to achieve President Biden’s goals. The scope of such legislation is unclear, although Democratic leaders have united to push forward an infrastructure bill. It is also unclear whether there will be a separate transport bill and whether it will be transferred before or after a larger infrastructure bill.


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Australia unveils $ 928 million COVID-19 stimulus package for tourism industry https://siestarvpark.com/australia-unveils-928-million-covid-19-stimulus-package-for-tourism-industry/ https://siestarvpark.com/australia-unveils-928-million-covid-19-stimulus-package-for-tourism-industry/#respond Wed, 07 Apr 2021 23:14:11 +0000 https://siestarvpark.com/australia-unveils-928-million-covid-19-stimulus-package-for-tourism-industry/

CANBERRA (Reuters) – The Australian government on Thursday unveiled an A $ 1.2 billion ($ 928 million) tourism support package, aimed at boosting local travel while international routes remain closed due to the pandemic coronavirus.

FILE PHOTO: A near empty domestic terminal at Sydney Airport is seen after neighboring states closed their borders to New South Wales in response to an outbreak of coronavirus disease (COVID-19) in Sydney, Australia, December 21, 2020. REUTERS / Loren Elliott

The basket of airline ticket subsidies for travelers, cheap loans to small tour operators and financial assistance to the country’s two largest airlines is designed to keep the critical sector running until foreign tourists return. .

“This package will take more tourists to our hotels and cafes, taking tours and exploring our backyard,” Morrison told reporters in Sydney.

“This means more jobs and investment for the tourism and aviation sectors as Australia prepares to win its fight against COVID-19 and the restrictions that have hurt so many businesses. “

Tourism is a major growth engine for the Australian economy, generating A $ 60.8 billion in gross domestic product (GDP) in 2018/19 and employing around 5% of the country’s workforce.

The sector was hit hard when Australia closed its international borders – with a few exceptions for returning nationals and a few others – a year ago to prevent the spread of COVID-19. A series of internal state and territory border closures triggered by COVID-19 outbreaks have exacerbated the slowdown.

The country’s two major airlines, Qantas Airways Ltd and Virgin Australia, have cut flights and put planes into hibernation while thousands of people in the industry depended on a federal government wage subsidy program, which expires this this month.

The support package includes A $ 200 million for Qantas Airways Ltd and Virgin Australia from April to October to help keep planes on hold, get planes out of storage and salaries for international flight personnel.

“This program allows these people to stay in touch with Qantas so that they don’t get lost … because when the borders open up, we need the ability to start as many flights as possible,” Joyce said. , Managing Director of Qantas.

Qantas hopes to resume some international flights by the end of October, when Australia plans to complete its national COVID-19 vaccination campaign. Morrison said it was “too early” to confirm the scheduled date for the international border to reopen.

The 50% subsidy on some 800,000 plane tickets will be focused on destinations that generally rely heavily on foreign tourists, including Alice Springs and Kangaroo Island, and will be available from April 1 to the end of July.

Shares in travel-related stocks led to gains in the Australian market, with travel agents Flight Center Ltd up more than 10% and Webjet Ltd up more than 3% to trade near intraday highs of ‘a year. Qantas was up 2% by early afternoon.

However, not all industry groups were happy with the support package, which also includes cheap 10-year loans for small tourism businesses, many of which are struggling with growing debt.

“This narrowly targeted package is robbing many hard-working operators of the tourism industry whose fates are being ignored,” said John Hart, executive chairman of the tourism division of the Australian Chamber of Commerce and Industry.

“The package also fails to recognize that until the COVID-19 pandemic, the tourism industry was poised to experience tremendous growth.”

(1 USD = 1.2933 Australian dollar)

Reporting by Colin Packham in Canberra and Jamie Freed and Renju Jose in Sydney; edited by Jane Wardell


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Why did the 3 major US airlines get funding through their frequent flyer programs? https://siestarvpark.com/why-did-the-3-major-us-airlines-get-funding-through-their-frequent-flyer-programs/ https://siestarvpark.com/why-did-the-3-major-us-airlines-get-funding-through-their-frequent-flyer-programs/#respond Wed, 07 Apr 2021 23:14:11 +0000 https://siestarvpark.com/why-did-the-3-major-us-airlines-get-funding-through-their-frequent-flyer-programs/

Everyone knows that airlines around the world, including the United States, faced a significant revenue shortfall in 2020. For any airline, money from the sale of airline tickets is essential. . In 2020, most people stopped flying, and cash from airline ticket sales dried up. But the airlines continued to spend money. With the income from ticket sales disappearing, airlines had to seek other sources of cash.

The Big Three US airlines borrowed about $ 25 billion last year against their frequent flyer programs. Photo: Don Wilson Airport / Sea-Tac

Loyalty programs resist travel slowdown

In the United States, funding through the CARES Act has helped keep airline workers employed. Airlines have also obtained liquidity by borrowing on assets such as unencumbered aircraft and airport slots. But airlines have also ventured into new financial territory – raising funds against their frequent flyer programs.

It was not a symbolic sum either. United Airlines, Delta Air Lines, and American Airlines raised around US $ 25 billion against their frequent flyer programs in 2020.

Together, these three programs have approximately 290 million members. While not all members are active, a good number are. These active members earn points in the air and on the ground. Airlines sell these points to partner companies (the best known examples are credit cards). Frequent Flyer members accumulate their points and spend them on free flights and cabin upgrades.

The model works because the revenue generated from selling points to credit card companies, etc., exceeds the cost of redemptions and flight upgrades.

And most loyalty programs have proven to be relatively resilient to the travel slowdown. Last year, although most Frequent Flyer Members didn’t fly a lot (and therefore spend no points), many were still earning points in the field. This makes loyalty programs an attractive asset. But until last year, they had not been used to secure large-scale financing.

Big-us-3-loyalty-collateral
Loyalty programs have proven resilient to the travel slowdown. Photo: Don Wilson Airport / Sea-Tac

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Why have US airlines borrowed against their frequent flyer programs?

United Airlines was one of the first airlines to borrow as part of its frequent flyer program. In June, United raised US $ 5 billion guaranteed through its MileagePlus loyalty program. The airline wanted to consolidate its cash flow as it lowered itself to weather the travel slowdown. At the time, a statement issued by United Airlines mentionned;

“The extra liquidity will provide even more flexibility as the airline goes through the most disruptive financial crisis in aviation history.”

In September, Delta Air Lines raised US $ 9 billion against its SkyMiles Loyalty Program. Delta said it is also raising funds to boost its liquidity levels. Last fall, the airline was burning cash at the rate of US $ 27 million per day.

Big-us-3-loyalty-collateral
United Airlines has raised US $ 5 billion against its MileagePlus program. Photo: Vincenzo Pace / Simple Theft

Just a few weeks ago, American Airlines decided to raise several billion dollars by borrowing against its frequent flyer program AAdvantage. Among other uses, American Airlines plans to deploy the money to repay government loans. Americans’ debt levels rose 23% last year to reach US $ 41 billion by the end of 2020.

Contemporary loyalty programs started in the early 1980s. Basically, they are a marketing tool to link passengers to a particular airline. Along the way, they have become popular income generating assets for airlines that ultimately are downturn proof. This makes them very valuable assets. As one financial commentator said The Financial Times;

“These frequent flyer programs are truly the airline’s golden goose.”


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Rocket Mortgage Goes Green With Powerful New Partnership With Bryson DeChambeau https://siestarvpark.com/rocket-mortgage-goes-green-with-powerful-new-partnership-with-bryson-dechambeau/ https://siestarvpark.com/rocket-mortgage-goes-green-with-powerful-new-partnership-with-bryson-dechambeau/#respond Wed, 07 Apr 2021 23:14:11 +0000 https://siestarvpark.com/rocket-mortgage-goes-green-with-powerful-new-partnership-with-bryson-dechambeau/

STRAIT, April 5, 2021 / PRNewswire / – Rocket Mortgage, the Nation’s Largest Mortgage Lender, Today Announced a New Partnership with the 2020 US Open Champion Bryson DeChambeau, the current FedEx Cup leader on the PGA Tour and number 5 in the world. Known for his crushing workouts and fastest swing records, his pilot will now don a new custom Rocket Mortgage branded headgear and the company logo will appear to the left of the star golfer. handle.

DeChambeau is no stranger to Rocket Mortgage as he is the reigning champion of the Detroit-based Classic Rocket Mortgage.

“Golf fans are glued to their screens every time Bryson takes the tee. He’s an innovator, changing the way people think about the great game of golf, just as we’ve changed our perceptions about how easy it is to get a mortgage through our digital solutions. “Said Rocket Mortgage Marketing Director Casey Hurbis. “At Rocket Mortgage, whether it’s hosting the very first basketball game on a live aircraft carrier or creating the biggest Super Bowl Squares game in history, we love to be on a big stage and find opportunities and partners to establish truly epic activations that demonstrate how Rocket companies and athletes impact the bottom line. “

DeChambeau enjoyed immense success during his early years on the PGA TOUR. In addition to winning the Rocket Mortgage Classic, he has seven more victories, including his first major victory at the 2020 US Open, in his five years of professional golf.

“I look forward to working with and learning from Rocket Mortgage and Rocket companies as one of my goals is to expand my impact on communities by creating lasting and positive change among the younger generation. ”Said DeChambeau. “As the champion of the Rocket Mortgage Classic, I had the chance to deepen and discover who they are as a company and what they stood for. I realized that there was a lot of alignment between my work to help children achieve their educational goals and what they stood for. what they do to educate Detroit owners. ”

Rocket Mortgage is the presenting sponsor of the Rocket Mortgage Classic, which will be played for the third consecutive year at the historic Detroit Golf Club on Independence Day weekend. The company is also the official mortgage provider for the PGA TOUR.

About Quicken / Rocket Mortgage

DetroitQuicken Loans, the nation’s largest mortgage lender, is making America’s dream of homeownership and financial freedom come true through its obsession with a cutting-edge digital customer experience. The company has closed 320 billion dollars mortgage volume in all 50 states in 2020. In late 2015, Quicken Loans launched Rocket Mortgage, the first fully digital mortgage experience. Currently, 98% of all home loans issued by Quicken Loans use Rocket Mortgage technology.

Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and Rocket Companies employ 24,000 full-time team members across the country. The company generates loans from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Quicken Loans has been ranked # 1 in the country for customer satisfaction for primary mortgage origination by JD Power for the past 10 consecutive years, 2010-2019, and also # 1 in the country for customer satisfaction. customer base among all mortgage loan managers for the past seven consecutive years, 2014 – 2020.

Quicken Loans was once again named to FORTUNE Magazine’s “100 Best Companies to Work For” list for 2020 and has been included in the magazine’s 1/3 Best Companies for the past 18 consecutive years. Additionally, Essence Magazine named Quicken Loans “the # 1 workplace in the country for African Americans.”

For more information and company news, visit QuickenLoans.com/press-room.

SOURCE Rocket Mortgage


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Global Jet Capital completes securitization and raises $ 663 million https://siestarvpark.com/global-jet-capital-completes-securitization-and-raises-663-million/ https://siestarvpark.com/global-jet-capital-completes-securitization-and-raises-663-million/#respond Wed, 07 Apr 2021 23:14:11 +0000 https://siestarvpark.com/global-jet-capital-completes-securitization-and-raises-663-million/

Global Jet Capital, a global leader in financial solutions for business aircraft, announced the closing of its BJETS 2021-1 securitization, raising approximately $ 663 million. BJETS 2021-1 is Global Jet Capital’s fifth ABS offering, bringing total securitized assets to over $ 3.6 billion and bonds issued to over $ 2.9 billion.

The BJETS 2021-1 offering consisted of three tranches of Notes: a $ 538.3 million Class A tranche, a $ 78.0 million Class B tranche and a 46.8 million Class C tranche. dollars. Each tranche was oversubscribed and attracted orders from over 40 investors.

Global Jet Capital’s latest offering, BJETS 2021-1, builds on the strong performance of the company’s previous ABS deals, which have demonstrated remarkable resilience throughout the COVID-19 pandemic – in stark contrast to a large variety of other ABS asset classes, including commercial aviation. This resilience is attributable to the strong performance of Global Jet Capital’s highly diversified portfolio and the relative strength of the business aviation sector despite the challenges associated with the COVID-19 pandemic.

As with previous BJETS transactions, this transaction consists of a pool of business aircraft loans and leases representing a diverse group of debtors and assets. BJETS 2021-1 includes more than 45 global companies and business leaders representing more than 10 different industry segments, from pharmaceuticals to consumer durables. More than 20 different aircraft models – mostly mid to large cabin business jets – are represented in the deal.

Morgan Stanley was the principal structuring agent and lead bookrunner and Citigroup, Deutsche Bank Securities, BofA Securities, The Carlyle Group and KKR Capital Markets were co-structuring agents and associate bookrunners for the BJETS 2020-1 transaction. In addition, Citizens Capital Markets was a co-manager. Global Jet Capital, Inc. will continue to service the securitized assets.

Shawn Vick, CEO of Global Jet Capital, said: “We are very happy with the outcome related to BJETS 2021-1, which comes after the success we have had with BJETS 2020-1. With each new issue, we attract new investors to the platform, in this case 15 new accounts. The transaction was underwritten seven times, and our coupon rates improved again as the ABS market continues to show growing understanding and confidence in the business aviation industry and Global Jet Capital.


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CareCredit Joins Epic App Orchard to Offer Patient Financing Solution | New https://siestarvpark.com/carecredit-joins-epic-app-orchard-to-offer-patient-financing-solution-new/ https://siestarvpark.com/carecredit-joins-epic-app-orchard-to-offer-patient-financing-solution-new/#respond Wed, 07 Apr 2021 23:14:10 +0000 https://siestarvpark.com/carecredit-joins-epic-app-orchard-to-offer-patient-financing-solution-new/

COSTA MESA, California, March 30, 2021 / PRNewswire / – Care Credit, a Synchrony solution (NYSE: SYF) and a leading provider of promotional financing for healthcare consumers, today announced that the Patient Financing app from CareCredit is now available in the Epic app orchard. The CareCredit Patient Financing app enables healthcare systems and providers to use Epic’s MyChart to provide flexible, convenient and easy payment options for patients. Over 12 million CareCredit cardholders already appreciate flexible healthcare financing.

The CareCredit Patient Financing app enables healthcare systems using Epic’s MyChart to provide patients with easy payment options.

“The CareCredit Patient Financing app makes CareCredit more than three decades of innovation, medical financing and thoughtful customer service available to hundreds of healthcare organizations using Epic,” said Shannon burke, Managing Director, Health Systems, CareCredit. “This technology integration is designed as more than a responsible lending tool – it can help vendors improve revenue cycle management and reduce debt risk without additional effort on the part of staff after the initial onboarding. . “

When a healthcare system implements App Orchard’s CareCredit Patient Financing app, CareCredit cardholders can pay co-payments, deductibles, and medical expenses not covered by insurance. The patient simply enters their payment information and selects a financing option with convenient monthly payments based on their budget.

“As consumers take more financial responsibility for their health care, CareCredit has evolved beyond elective care and now supports patients by allowing them to pay non-elective medical bills and routine medical care. The CareCredit patient finance app offers patients a convenient way to pay for their care while helping healthcare departments and hospital providers run efficient and financially healthy organizations, ”said Erin Gadhavi, senior vice president, strategy and initiatives, CareCredit.

CareCredit’s patient financing application complies with HIPAA and PCI standards, as well as OAuth 2.0 authentication protocols. The platform is accessible through desktop and mobile devices. The CareCredit Patient Financing app is now available to all Epic users in the Orchard App. For more information or to access the CareCredit Patient Financing app, please visit AppOrchard.com.

About CareCredit

For more than 30 years, CareCredit, a leading provider of special health care funding, has helped people get the care they need and need. From dentistry, veterinary care and hearing aids to prescription glasses and cosmetic surgery, the CareCredit credit card is a way for people to pay for care not covered by insurance, including elective procedures, copay, deductibles and coinsurance, often with special funding. Today, CareCredit is accepted at over 250,000 health-focused vendors and outlets, and there are over 12 million CareCredit cardholders. CareCredit is a synchronization solution (NYSE: SYF).

About synchronization

Synchrony (NYSE: SYF) is a leading consumer financial services company. Synchrony offers a wide range of specialized financing programs, as well as innovative consumer banking products, in key industries such as digital, retail, home, automotive, travel, health and animals. of company. Synchronization allows partners to increase their sales and retain consumers. Synchrony is one of the largest private label credit card issuers in United States; Synchrony also offers co-branded products, installment loans, and consumer finance products for small and medium-sized businesses, as well as healthcare providers.

Synchronization is changing what is possible through our digital capabilities, deep industry expertise, actionable data, seamless customer experience, and personalized financing solutions.

For more information visit www.synchrony.com and Twitter: @Synchrony.

Epic, MyChart, and App Orchard are trademarks or registered trademarks of Epic Systems Corporation.

Media contact:

Lisa lanspery

Lisa.lanspery@syf.com

203-585-6143

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