Tag: relief

COVID Relief Loans Didn’t Add Up For LGBTQ-Owned Businesses

After Lisa Smith, 60, was rejected for a Paycheck Protection Program loan that would have helped pay the utility bills at her business, she decided to sell her house and move into the back storeroom of Compass Tea Room. The business is the only designated safe space for LGBTQ people in the small mountain town of Luray, Virginia, Smith said.....Claire Thornton
LGBTQ-owned small businesses received COVID-19 relief funds at a lower rate than their non-LGBTQ counterparts, even as they were more likely to apply for loans during the pandemic, according to researchers.

The report, published by the Center for LGBTQ Economic Advancement and Research and Movement Advancement Project, analyzed data from the Federal Reserve Banks’ annual Small Business Credit Survey, which included questions about LGBTQ identities for the first time in 2021.

Experts told USA TODAY that “poorer economic conditions” on average among LGBTQ-owned small businesses hurt them when it came time to apply for COVID relief – even though Congress said it “targeted funding to the smallest and minority-owned businesses.”

Paycheck Protection Program loan applications included a section where businesses could report being woman-owned, minority-owned or veteran-owned. But the Small Business Administration, which administered PPP loans, did not include a section “for business owners to distinguish their businesses as LGBTQ-owned,” the SBA told USA TODAY in a statement.

“The lack of visibility of queer people really does mean that our concerns are overlooked,” said Spencer Watson, executive director of CLEAR. After 60 years of queer political activism, they said, “It’s time for our government institutions to wake up and realize that they need to support queer communities.”

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Even if loan providers weren’t discriminating against businesses because of their LGBTQ ties, the percentage of businesses rejected for loans indicates underlying systemic economic discrimination, said Logan Casey, a policy researcher at MAP.

The report, published this summer, found a greater share of LGBTQ-owned small businesses (57%) applied for PPP loans during the pandemic, compared to non-LGBTQ-owned businesses (47%). But only 54% of LGBTQ-owned businesses got the funds they applied for, compared to 68% of non-LGBTQ-owned small businesses.

How Small Business Administration rule may ease LGBTQ biases in lending

In addition to being in poorer financial health, LGBTQ-owned small businesses were more likely to report they thought they were rejected for loans because “lenders do not approve financing for businesses like mine,” according to the report.

Historically, lenders have been prohibited from making loans to LGBTQ-related businesses, and that precedent is still affecting loan application decisions, Watson said.  They pointed to a rule still on the books of the SBA that says businesses that get revenue from products or displays with a “prurient sexual nature” are not eligible for loans.

“You can imagine all these different scenarios where, if a person doesn’t approve of whatever it is, these broadly categorized and poorly defined restrictions give them a venue for covering the discrimination behind that decision,” Watson said.

If a loan provider is not familiar with LGBTQ culture or the LGBTQ community, they may also be less likely to grasp a business concept and more likely to reject a loan application, Watson said.

The Equality Act, passed by the House of Representatives in 2021, would enact non-discrimination protections for LGBTQ people in credit and banking. The bill’s future in the equally-divided Senate is uncertain, even a year after it passed the House.

How financial discrimination can become ‘a self-fulfilling prophecy’

When Lisa Smith, who owns Compass Tea Room in Luray, Virginia, was rejected in fall 2020 for a $2,500 PPP loan that would have helped pay utility bills, her best remaining option was to sell her home and move into the back storeroom of her business with her dog, Loki.

She was rejected by the SBA because she is her only employee and doesn’t have documentation of paychecks, she said. “Basically, my register is my ATM,” Smith said.

Money from the Paycheck Protection Program could have been used for “mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations,” according to the SBA‘s website.

“Sole proprietors, independent contractors, and self-employed persons” were eligible for the loans, as well as bigger companies, according to the SBA. But experts told USA TODAY that people who didn’t have much experience getting their businesses financed before the pandemic were at a disadvantage.

So when Smith, who identifies as queer, dipped into personal funds to keep her business open, she became part of a larger trend.

“Economic insecurity at higher levels in our community to start with, that makes for businesses being on rockier footing to start with. And then continuing to face that discrimination in financing becomes a self-fulfilling prophecy,” Casey said.

LGBTQ-owned small businesses that participated in the Federal Reserve Banks’ survey said they thought they were rejected because they had profitability issues, poor credit ora lack of paycheck documentation – like Smith, according to the report.

In general, banks were more willing to lend to more established and profitable businesses, which perpetuates the financial shakiness of businesses in marginalized communities, Watson said.

Banks “trusted their large partners” during the pandemic, leading to many loans being given to “large businesses that didn’t really need it but were probably good bets,” Watson said.

That’s one reason why “we’re seeing that these smaller LGBTQ-owned businesses didn’t maybe get as much,” Watson said.

WHAT DOES THE ‘B’ IN LGBTQ STAND FOR? The difference between bisexuality and pansexuality.

Businesses that were able to get PPP loans are still eligible to have the loans forgiven, according to the SBA. But LGBTQ-owned small businesses also fared worse than their non-LGBTQ counterparts on forgiveness.

The report from CLEAR and MAP found 78% of LGBTQ-owned businesses got full forgiveness for the loans, compared to 88% of non-LGBTQ-owned businesses.

Because they didn’t get the financial support “they were owed,” Watson said, “LGBTQ-owned businesses are going to recover much more slowly from the pandemic and continue to suffer scars from this period.”

By: Claire Thornton

Source: COVID relief loans didn’t add up for LGBTQ-owned businesses: study

Critics:

SBA’s Network for LGBTQ+ Businesses aims to bring focus on economic empowerment in the LGBTQ+ business community by providing access to the U.S. Small Business Administration’s programs and services.

Business owners can use our local assistance tool to find nearby offices and resources. There, you can get counseling on whether our 8(a) Business Development Program is right for you.

The SBA conducts outreach to be more inclusive of LGBTQ+ business owners, and our staff welcomes and recognizes the importance of greater inclusion at all levels and in all communities.

A number of District Offices have a strategic alliance with the LGBTQ+ business community.

Interested in certifying your LGBTQ+-owned business? The National LGBT Chamber of Commerce offers a certification for LGBTQ-owned small businesses.

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New Survey Finds Inflation, Housing Costs And Eviction Threats Hitting Minorities Hardest

Minority communities have been the hardest hit financially by the current spike in consumer prices and housing costs, with high percentages of Black, Latino and Native American families reporting serious financial problems and even threats of eviction, according to a survey published Monday by the Harvard T. H. Chan School of Public Health, NPR and the Robert Wood Johnson Foundation.

With the annual increase in consumer prices hitting a 40-year high of 9.1% in June, Americans, by a wide margin, cite inflation as the number one problem facing the U.S. But the actual impact on individual households is more dispersed. For example, in the new survey, 58% of Black adults, 56% of Latinos and 69% of Native Americans say inflation has caused them serious financial problems, compared to 44% of white and 36% of Asian adults.

Soaring rents are similarly hitting certain minority households the hardest. In the new survey, 16% of Black renters, 10% of Latino renters and 21% of Native American renters reported they had been evicted or threatened with eviction in the past year. That compares to 9% of white and 4% of Asian families. “This is just a warning from this survey, that unless the government can provide some help for vulnerable populations, a year from now they are going to have more people who are homeless,” said Robert J. Blendon, co-director of the survey and an emeritus professor of Health Policy and political analysis at the Harvard T.H. Chan School of Public Health

Programs of emergency rental aid helped around 5 million American families during the early months of the pandemic, with 1.5 million fewer evictions compared to pre-pandemic levels. After 22 million Americans lost their jobs during the start of the pandemic, Congress provided $25 billion in emergency rental assistance in the Coronavirus Aid, Relief, and Economic Security Act (CAR AR +3%ES Act) passed in March 2020. A year later, in the American Rescue Plan, it added another $21.55 billion of rental assistance.

The CARES Act also included a temporary federal eviction moratorium that expired in the summer of 2020. It was later extended by the Centers for Disease Control (CDC), and then by Congress, and then again by the CDC. Finally, on August 3, 2021, after a surge in Covid-19 cases due to the Delta variant, the CDC extended the moratorium yet again. Later that month, the Supreme Court ruled against it.

Meanwhile, the emergency rental funds Congress appropriated have either been used up or are being returned to the federal government unspent. For example, last Thursday, Mississippi Governor Tate Reeves announced his state would halt the federally-funded Rental Assistance for Mississippians Program by Aug. 15, meaning as much as $130 million for the program would be returned to the federal government.

California, having used up its federal money, ended its Covid-19 rental assistance program on March 31, 2022. It sent more than $4 billion to 344,000 households –but around 5,400 tenants and landlords have received emails asking to return money received in Covid-19 rent relief.

The housing component of the CPI increased 5.6% in the 12 months ended in June, but that includes costs to both homeowners and renters. In many places renters have seen far greater increases. According to housing data collected by Redfin RDFN +14.3%, average asking rents in June were up 14% compared to June 2021. In some sunbelt cities like Miami, rent has increased nearly 40%.

The recent spike in rent prices leaves low-income and minority groups in particularly precarious situations. A May report by the Federal Reserve Board showed that as of last fall, about half of renters with income between $25,000 and $49,999 were already “cost burdened”—meaning they were spending more than 30% of their income on rent. In the Fed survey, 44% of Black households and 37% of Hispanic households reported they were renters, compared with just 21% of white households.

“Unless some sort of emergency help is provided, a substantial number of minority populations are going to be evicted over the next year,” Blendon warns.

MORE FROM FORBESMortgage Applications Rise In Potential Housing Market Respite-Could Home Buying Become More Affordable Soon?By Jonathan Ponciano

Follow me on Twitter or LinkedIn.
Gabriela Lopez Gomes

Gabriela Lopez Gomes

I’m a summer intern reporting for Forbes Money and Markets. I graduated from Boston University with a degree in Journalism

Source: New Survey Finds Inflation, Housing Costs And Eviction Threats Hitting Minorities Hardest

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CDC Approves COVID-19 Vaccines For Children Under 5

U.S. health advisers on Saturday recommended COVID-19 vaccines for infants, toddlers and preschoolers — the last group without the shots.The advisers to the Centers for Disease Control and Prevention unanimously decided that coronavirus vaccines should be opened to children as young as 6 months. On Saturday afternoon, CDC Director Rochelle Walensky signed off on the panel’s recommendation.

“Together, with science leading the charge, we have taken another important step forward in our nation’s fight against COVID-19,” Walensky said in a statement. “We know millions of parents and caregivers are eager to get their young children vaccinated, and with today’s decision, they can. I encourage parents and caregivers with questions to talk to their doctor, nurse, or local pharmacist to learn more about the benefits of vaccinations and the importance of protecting their children by getting them vaccinated.”

HHS Secretary Xavier Becerra released a statement calling the CDC’s move a “major milestone.”

“Thanks to the FDA and CDC’s rigorous, comprehensive, and independent review of the data, and their strict commitment to following the science, we are reaching another major milestone in our efforts to protect more children, their families, and our communities as we work to end the pandemic,” Becerra said. “We are following the data and science as we make sure all Americans are eligible and have access to COVID-19 vaccines and boosters to prevent severe disease and save lives. Based on CDC and FDA actions, we now know that vaccination for our children 6 months through 5 years old is safe and effective and we are ready to get millions of children vaccinated.”

The White House also weighed in on the decision in a statement calling the CDC’s decision a “monumental step forward in our nation’s fight against the virus.””For parents all over the country, this is a day of relief and celebration,” President Biden said in the statemente. “As the first country to protect our youngest children with COVID-19 vaccines, my Administration has been planning and preparing for this moment for months, effectively securing doses and offering safe and highly effective mRNA vaccines for all children as young as six months old.

“While the Food and Drug Administration OKs vaccines, it’s the CDC that decides who should get them. The government has been gearing up for the start of the shots early next week, with millions of doses ordered for distribution to doctors, hospitals and community health clinics around the country. Roughly 18 million kids will be eligible, but it remains to be seen how many will ultimately get the vaccines. Less than a third of children ages 5 to 11 have done so since vaccination opened up to them last November.

Two brands — Pfizer and Moderna — got the green light Friday from the FDA. The vaccines use the same technology but are being offered at different dose sizes and number of shots for the youngest kids.

Ticker Security Last Change Change %
PFD FLAHERTY & CRUMRINE PREFERRED INC 12.30 -0.07 -0.57%
MRNA MODERNA INC. 128.03 +6.95 +5.74%

Pfizer’s vaccine is for 6 months through 4 years. The dose is one-tenth of the adult dose, and three shots are needed. The first two are given three weeks apart, and the last at least two months later. Moderna’s is two shots, each a quarter of its adult dose, given about four weeks apart for kids 6 months through 5. The FDA also approved a third dose, at least a month after the second shot, for kids with immune conditions that make them more vulnerable to serious illness.

Two doses of Moderna appeared to be only about 40% effective at preventing milder infections at a time when the omicron variant was causing most COVID-19 illnesses. Pfizer presented study information suggesting the company saw 80% with its three shots. But the Pfizer data was so limited — and based on such a small number of cases — that experts and federal officials say they don’t feel there is a reliable estimate yet.

Hospitalizations surged during the omicron wave. Since the start of the pandemic, about 480 children under age 5 are counted among the nation’s more than 1 million COVID-19 deaths, federal data show. “It is worth vaccinating, even though the number of deaths are relatively rare, because these deaths are preventable through vaccination,” said Dr. Matthew Daley, a Kaiser Permanente Colorado researcher who sits on the advisory committee.

U.S. officials expect most shots to take place at pediatricians’ offices. Many parents may be more comfortable getting the vaccine for their kids at their regular doctor, White House COVID-19 coordinator Dr. Ashish Jha said. He predicted the pace of vaccination to be far slower than it was for older populations.

Pediatricians, other primary care physicians and children’s hospitals are planning to provide the vaccines. Limited drugstores will offer them for at least some of the under-5 group. U.S. officials expect most shots to take place at pediatricians’ offices. Many parents may be more comfortable getting the vaccine for their kids at their regular doctor, White House COVID-19 coordinator Dr. Ashish Jha said. He predicted the pace of vaccination to be far slower than it was for older populations.

“We’re going see vaccinations ramp up over weeks and even potentially over a couple of months,” Jha said. It’s common for little kids to get more than one vaccine during a doctor’s visit. In studies of the Moderna and Pfizer shots in infants and toddlers, other vaccinations were not given at the same time so there is no data on potential side effects when that happens. But problems have not been identified in older children or adults when COVID-19 shots and other vaccinations were given together, and the CDC is advising that it’s safe for younger children as well.

About three-quarters of children of all ages are estimated to have been infected at some point. For older ages, the CDC has recommended vaccination anyway to lower the chances of reinfection.Experts have noted re-infections among previously infected people and say the highest levels of protection occur in those who were both vaccinated and previously infected. The CDC has said people may consider waiting about three months after an infection to be vaccinated.

By

Source: CDC approves COVID-19 vaccines for children under 5 | Fox Business

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Why All Investors Need To Own Gold and Bitcoin

I was lucky enough to find myself on GB News at the weekend, standing in for the veteran broadcaster Alastair Stewart, who was taking some no doubt well-deserved time off. No prizes for guessing what subject was the main focus of the two two-hour programmes.

The world has changed, and investors need to take that into account

There were all sorts of guests – Russian, Ukrainian, Polish – who all knew their onions, and added so many profound insights into the conflict. I sat there trying to ask sensible questions while absorbing as much information as I possibly could. I can’t pretend to be informed on this subject, despite being a lot more so now than I was a week ago – like most of us, I guess.

We covered so many subjects. The incredible bravery of the Ukrainian people and the resilience they have shown in the face of much better-armed opponents; the apparent strategic mistakes made by Russian forces so far, and the poor communication; the ruthlessness of Putin, the need to win and the risk that he doubles down.

We also covered sanctions, Swift and the weaponisation of money; the war on the oligarchs and the kleptocrats; the imminent refugee crisis; propaganda; the tacit alliance between Russia and China – and that China will be watching all of this and learning; the ramifications for Taiwan; the dependency of so many nations on Ukraine and Russia for food supplies. And much more besides. I watched, listened and tried to learn.

I left the studio with a distinct feeling of dread that this invasion may prove to be the beginning of something much bigger. Russian commentator Konstantin Kisin, who hosts the popular podcast Triggerpod, kept repeating the point that in terms of historic significance this invasion is “bigger than 9-11”. The geopolitical landscape has changed, he said, and the West is at war.

On both days, I left the studio feeling glad that I owned gold. It has been a source of immense disappointment and frustration to me, as regular readers will know, but there is a time to own gold and now would appear to be one of those times. I have reported more times than I care to remember on the vast amounts both Russia and China have accumulated over the last 20 years.

Meanwhile, the way that the West has weaponised its money and banking against Russia is extraordinary – unprecedented even, and made possible by digital banking and modern technology. China is surely looking at this weaponisation, looking at Taiwan, and thinking that to protect itself, it needs to de-dollarise as quickly and discreetly as possible. Indeed, we know China has already been doing that.

With so much money frozen abroad, one of the few ways in which Russia can actually fund itself is by selling its gold, probably via Dubai, so that may mean selling pressure. Even so, I think gold rises from here.

Hold gold, bitcoin and gold miners in the Americas

Inflation comes with war; money gets debased, no matter which side you are on. If there is some kind of China-Russia, anti-West alliance, then just as we have retaliated against Russia through Swift and the banking system, that alliance will do the same in reverse. Ergo, it will wage war on the dollar.

Western money is vulnerable. Fiat money has been printed into oblivion, while interest rates have been suppressed. Official inflation is already at 7%, while actual inflation is arguably much higher. Yet the system probably can’t take interest rates much above two or three percent. There is too much debt.

When the price of raw materials – commodities and natural resources – goes up even more because a key supplier, Russia, has been cut off, the pain of inflation is going to get worse. Governments may well attempt to impose price controls, but history shows that any relief that comes from price controls is only temporary. For the most part they don’t work and often just lead to shortages.

I’ve said for many years all China has to do is declare what its gold holdings really are – and you can see last year’s estimates here (I will do an update on this soon) – and that will be tantamount to a declaration of war. My theory, remember, is that China’s gold holdings are as big, if not bigger than those of the US.

I know I have long moaned about gold. It’s the most analogue asset there is in a world where all the value is digital. But I have also said many times that I continue to own it. It may be analogue but it has also been money since forever. It’s the first metal we ever used. 

We used it long before the Bronze Age, when we discovered smelting. Its purpose was the same as it is now – as reward, as display, as store of value, as tool of trade (in this case barter). In other words, as money.

But I have moaned about it because it has been such a perennial disappointment for so long.The currency wars are hotting up. Attacks on national currencies are going to become the norm; the rouble has been bombed already. Don’t think that at some stage the dollar, euro and the pound are not going to come under attack, because they will. Other fiat currencies will get caught in the crossfire.

Gold and bitcoin are the places to hide. On the subject of bitcoin, I see this conflict as an opportunity for it to decouple itself from the Nasdaq. If Swift is out of bounds, and governments in conflict have their tentacles running through the banking system, the use case for bitcoin suddenly got more compelling. What better way to transfer value across borders? You want to own both. And all those gold miners located far away from all of this in the Americas. There’s going to be a lot more demand for their product.

By: Dominic Frisby

Source: Why all investors need to own gold – and bitcoin | MoneyWeek

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Could a Stronger Euro Bring Relief To Global Markets

Christine Lagarde: The European Central Bank will stop printing money and raise interest rates above zero. There are a few contenders for the title of “most important price in the world”.  The most important is probably the US ten-year Treasury yield – that is, the interest rate that the US government has to pay to borrow for a decade.

This is generally regarded as the global “risk-free” rate. It’s not too much of an exaggeration to say that every other asset in the world is priced with reference to this slab of US government debt. But a close runner up is the US dollar.

A strong US dollar sucks money out of risk assets

The US dollar is one of the most important prices in the world. It’s the global reserve currency – everyone needs US dollars. As a result, when the price of US dollars goes up, you can view it as monetary policy getting tighter around the world (that’s an oversimplification, but it’s quite a useful one).

This is at least one reason markets have struggled in recent months; the Federal Reserve, America’s central bank, has been ahead of other economies in terms of raising interest rates, while the US economy has also looked relatively resilient. The US dollar is also a “safe haven” asset, which means that it benefits when investors are feeling jittery.

As a result of all this, the dollar has shot up in value against other major currencies. And risk assets don’t like that one tiny bit. As my colleague Dominic pointed out earlier this month, “if the US dollar keeps rising from here, it’s going to hurt”.

The good news is that after a burst higher, the dollar is now a little lower than it was when Dominic wrote that piece. One key reason for that is the European Central Bank (ECB) – we’ll explain why in a minute. First, what’s the ECB done?

Well, yesterday, ECB chief Christine Lagarde came out with a blog post in which she – unusually for a central banker – was really quite clear about what the central bank will be doing over the next couple of quarters.

To summarise, she said that the ECB will stop printing money soon, it will start raising interest rates in July, and by the start of October rates will be back to 0% (ie, out of negative territory).

That’s quite an emphatic change for the ECB. As Marcus Ashworth says on Bloomberg, “I struggle to recall any central banker, certainly not one from the ECB, ever having been this definitive about the monetary policy outlook.”

There are probably two reasons for it. One is that the ECB has been lagging somewhat. Inflation has taken off in the eurozone too, but unlike the US, the economy has looked weaker so it’s been a tougher juggling act. But now it looks as though the hawks (for want of a better word) have won.

The second reason is that the euro was threatening to hit parity with the US dollar. In pure market terms, parity is just another number, no more or less significant than 1.01 or 0.99. But of course, it’s not actually just another number; it’s a big scary round number and one that grabs headlines. It’s probably best avoided if possible.

Part of a central bank’s role is to act as the guardian of the currency. That’s even more important in the eurozone than elsewhere because the euro is young and the lack of full political union between all of its member countries means there are still serious fault lines that could threaten its existence.

This risk has retreated greatly. During the sovereign bond crisis of the 2010s, the ECB, under Mario Draghi, effectively won the right to print money to suppress national bond yields – and thus underwrite the solvency of individual eurozone nations – where necessary.

But it’s better not to get to the point where markets decide to test your resolve on that front.

Why a stronger euro might be good news for markets

So why is this good news from a strong dollar front? Because the euro is the “other” global reserve currency. It’s miles behind the dollar in terms of being stockpiled by central banks around the world, but it is the biggest component in the “DXY” index which measures the dollar’s strength against a basket of rival currencies. It is probably the most widely-watched barometer of dollar strength.

As a result, when the euro bounces against the dollar, DXY tends to fall. And what with this being quite a hawkish turn for the ECB, the euro rallied from falling as low as $1.03-ish last Friday, to heading above $1.07 now.

Meanwhile, on top of that, it helped that one of the monetary policy setters at the Fed – Raphael Bostic, the head of the Federal Reserve bank of Atlanta – said that it might make sense for the Fed to pause for breath in September on interest-rate rises.

That’s hardly a wildly dovish statement (it implies half-point increases in both June and July), but with the market currently sweating that Fed boss Jerome Powell hopes to inherit the mantle of inflation destroyer from Paul Volcker, any sign that the central bank might relent is welcome to investors.

A weaker dollar would be good news for investors, as it implies that the rush for safe havens will ease and investors will start seeking risk again.

That doesn’t mean it’ll happen. However, one feasible scenario in which this might continue is one in which inflation ebbs (even while remaining high) and other central bank policies start to converge with that of the Fed.

That’s certainly possible over the coming months. Does that mean you should be piling in as if everything is back to the tech bubble days? Not at all; the environment has changed and the winners over the next phase will differ from those of the last. But it does imply that the “crash-y” behaviour we’ve seen since the start of this year might be due a breather. Fingers crossed.

By: John Stepek

Source: Could a stronger euro bring relief to global markets? | MoneyWeek

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