Philadelphia Loans – OHCD Phila http://ohcdphila.org/ Wed, 23 Nov 2022 00:49:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ohcdphila.org/wp-content/uploads/2021/06/icon-5-150x150.png Philadelphia Loans – OHCD Phila http://ohcdphila.org/ 32 32 President Biden extends moratorium on student loan repayments https://ohcdphila.org/president-biden-extends-moratorium-on-student-loan-repayments/ Wed, 23 Nov 2022 00:49:10 +0000 https://ohcdphila.org/president-biden-extends-moratorium-on-student-loan-repayments/ The Biden administration will once again extend the pause on student loan repayments, President Joe Biden announced on Tuesday, as the student loan forgiveness program for millions remains tied up in court. The extension is intended to give the Supreme Court time to rule on lawsuits filed against Biden’s student loan program during his next […]]]>

The Biden administration will once again extend the pause on student loan repayments, President Joe Biden announced on Tuesday, as the student loan forgiveness program for millions remains tied up in court.

The extension is intended to give the Supreme Court time to rule on lawsuits filed against Biden’s student loan program during his next term. The pause on payments will be lifted either 60 days after the Supreme Court issues a ruling on the program or 60 days after June 30, whichever comes first, the Education Department said.

“It is not fair to ask tens of millions of borrowers eligible for relief to resume paying off their student debt while the courts consider lawsuits. For this reason, the Education Secretary is extending the pause on student loan repayments while we seek relief from the court,” Biden said in a video released by the White House on Tuesday afternoon.

Biden’s plan aimed to forgive $20,000 of debt for people who received Pell grants in college and $10,000 for all other borrowers, provided they earn less than $125,000 or $250,000 as a married couple. In recent weeks, the plan has been blocked by Republican-led lawsuits in the Eighth Circuit Court of Appeals and the Northern District of Texas. Last week, the Biden administration asked the Supreme Court to overturn the recent Eighth Circuit ruling that halted the relief program, or to consider hearing the case in court during its next term. .

“I’m completely confident that my plan is legal,” Biden said in the video. “I will never apologize for helping working-class and middle-class families recover from the economic crisis created by the pandemic. And I will continue to work to make the government work for all Americans for all Americans.”

In a statement, Education Secretary Miguel Cardona said officials were also considering the “enormous financial uncertainty” that lifting the moratorium would bring ahead of the holidays.

“The ruthless efforts to block student debt relief in court have caused enormous financial uncertainty for millions of borrowers who cannot budget for families or even plan vacations without a clear picture of their student debts, and that’s just plain wrong,” Cardone said.

“We are extending the payment pause because it would be profoundly unfair to ask borrowers to pay debt that they would not have to pay, but for the baseless lawsuits brought by Republican officials and special interests,” he said. he adds.

Student debt advocacy groups, many of which had lobbied the administration, welcomed the extension.

“This extension means struggling borrowers will be able to keep food on their tables over the holiday season – and for months to come – as the administration does all it can to fend off baseless and retrograde attacks on working families in debt. Win or lose, borrowers can count on President Biden to deliver on his promise to deliver student debt relief,” said Mike Pierce, executive director of the Student Borrower Protection Center.

The moratorium on student loan repayments, which has been in place for about two years, was due to expire on December 31 and resume payments on January 1. It was introduced under former President Donald Trump in March 2020 and extended twice. before Biden took office. Biden has since extended it six times.

But the Biden administration has argued that the moratorium can only be lifted in conjunction with Biden’s debt relief package takes effect, making the transition easier for people who haven’t had to repay their loans in years. Extending the moratorium also avoids the messy situation where borrowers start repaying their loans while the relief program is suspended, then have them canceled but want refunds on the money they had started paying.

Conservative groups have filed lawsuits arguing that Biden’s plan is beyond the power of his administration, that the program unfairly excludes Americans who will not receive debt relief and that some loan officers will lose income.

The Biden administration has pushed back against arguments about who qualifies, defending its decision to only provide relief to people with incomes below a certain income, and said court cases lack standing because no one is harmed by the debt relief program. The administration also argued that Cardona was fully within its authority to cancel the debt due to a law called the HEROES Act, which gives the power to cancel loans during a national state of emergency like the pandemic.

“Substantively, the plan falls squarely within the clear text of the Secretary’s statutory authority,” Solicitor General Elizabeth Prelogar wrote in the recent Supreme Court filing.

“Indeed, the very purpose of the HEROES Act is to authorize the Secretary to provide student loan relief to subprime borrowers due to a national emergency — precisely what the Secretary has done here,” wrote Prelogar.

It’s the secretary’s job “to make sure borrowers affected by a national emergency aren’t worse off on their student loans,” Prelogar said, and if the Department of Education doesn’t act , there could be a “spike” in loan defaults when the pause on student loan repayments lifts in January.

Officials launched the program in late August with the promise that anyone who applied before mid-November could have their loan canceled before payments resumed. The application, a simple form on the Department of Education website, was shut down in mid-November after a Texas court ruling.

But the Department for Education said 26 million applications have already been received and 16 million have already been approved for aid, ready for when the department is legally able to fulfill them.

Copyright © 2022 ABC News Internet Ventures.

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What do you need to know if you want to become an owner? https://ohcdphila.org/what-do-you-need-to-know-if-you-want-to-become-an-owner/ Wed, 16 Nov 2022 17:57:28 +0000 https://ohcdphila.org/what-do-you-need-to-know-if-you-want-to-become-an-owner/ The pandemic has touched nearly every facet of life, with the home buying market being one of many. As rates have risen, according to WSFS, now is the time for first-time home buyers to look into buying. WSFS has provided some advice for those looking to get started: Evaluate your options: Is renting or buying […]]]>

The pandemic has touched nearly every facet of life, with the home buying market being one of many.

As rates have risen, according to WSFS, now is the time for first-time home buyers to look into buying.

WSFS has provided some advice for those looking to get started:

  • Evaluate your options: Is renting or buying the best option? With rising rents and difficulties finding affordable housing, weighing your personal finances, current or desired location, and projected future earning capacity can help determine the answer.
  • Know what you can afford: Once you’ve gone deeper into your finances, considering the different types of loans, specialized government programs for loans and buying a home are the next step. Once you have access to what you can afford, consider the monthly payment fees and see where you stand.
  • Rediscover alternative loans: First-time home buyers may have the option of taking out adjustable rate mortgages to help offset the monthly costs associated with rising home values ​​and interest rates. With each potential option, it’s essential to have conversations to determine the best one.

Even with that in mind, the process can still be expensive for many.

To help ease the burden, WSFS has a Down Payment Grant program that helps qualifying borrowers with up to $10,000 to help account for down payments and closing costs when buying a home. .

To be eligible for a WSFS Down Payment Grant, the borrowers’ income must be less than or equal to 80% of the Area Median Income (AMI) and the property must be located in Majority-Minority Census Tracts (MMCTs) in the following Greater Philadelphia counties. and Delaware region:

  • Delaware–Kent, New Castle and Sussex
  • New Jersey–Burlington and Camden
  • Pennsylvania – Bucks, Chester, Delaware, Montgomery and Philadelphia

There is also the Neighborhood Opportunity Program designed to help individuals and families with limited income or who shop in low to moderate income areas.

Features include low down payment options, minimum reserves, homebuyer education program, competitive mortgage rates, and more.

“These grants provide borrowers with significant access to funds that can help them buy a home,” said Ron Dutton, senior vice president and director of community reinvestment for WSFS Bank. “We are committed to helping low-to-moderate income buyers in eligible geographies use these grants to find their dream home. »

WSFS down payment grant funds do not require repayment and can be combined with other down payment assistance programs, such as the First Front Door Down Payment Assistance Program, Fannie Mae Mortgage Programs and Freddie Mac and other state, county and employer subsidized housing. initiatives.

The WSFS Neighborhood Opportunity Program can also be combined with a Down Payment Grant and offers qualified homebuyers assistance with low down payment options, competitive rates and, in some cases, no mortgage insurance. to not only make the initial home purchase more affordable, but also to keep monthly payments more manageable.

For individuals looking to buy a home, there are many resources available to help them through the process.

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$26.3M in financing obtained for a multi-unit project in New Jersey https://ohcdphila.org/26-3m-in-financing-obtained-for-a-multi-unit-project-in-new-jersey/ Sat, 12 Nov 2022 01:44:29 +0000 https://ohcdphila.org/26-3m-in-financing-obtained-for-a-multi-unit-project-in-new-jersey/ JLL Capital Markets announced today that it has arranged $26.3 million in construction financing for The Somerset at Montgomery, a 115-unit luxury resort in Montgomery, New Jersey. JLL represented the borrower, Country Classics, in securing a three-year variable rate construction loan through a regional bank. When completed, the Somerset at Montgomery will consist of two […]]]>

JLL Capital Markets announced today that it has arranged $26.3 million in construction financing for The Somerset at Montgomery, a 115-unit luxury resort in Montgomery, New Jersey.

JLL represented the borrower, Country Classics, in securing a three-year variable rate construction loan through a regional bank.

When completed, the Somerset at Montgomery will consist of two four-story buildings with one-, two-, and three-bedroom floor plans, averaging 1,221 square feet. Units will feature designer kitchens, quartz countertops, stainless steel appliances, private balconies for each unit, integrated washers and dryers, and upscale bathrooms with tile floors and glass shower doors . Community facilities will include a well-equipped fitness center, yoga studio, 227 parking spaces, CCTV camera system, landscaped grounds, playground, basement storage and office space private to use on each floor.

Located at 1377 US Highway 206, the community is located 4.5 miles from Princeton University and sits between New York and Philadelphia. Nearby highways include Route 206, I-95. I-295, Route 1 and public transportation are easily accessible via the Princeton Junction train station. The community is close to major popular retail destinations, such as Quakebridge Mall, Mercer Mall, Market Fair, Nassau Park Pavilion, and Princeton Forrestal Village.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Matthew Pizzolato, Jim Cadranell and Ryan Carroll.

“We have seen tremendous interest from the lending community in this project due to its prime location in the nearby community of Princeton, Montgomery, combined with its Class A sponsorship,” Pizzolato said.

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

For more JLL news, videos and research resources, please visit our writing.

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Investors point to the risks of subprime debt https://ohcdphila.org/investors-point-to-the-risks-of-subprime-debt/ Tue, 08 Nov 2022 21:33:40 +0000 https://ohcdphila.org/investors-point-to-the-risks-of-subprime-debt/ Amid the economic downturn, many venture-backed companies are turning to lenders for capital, but some investors fear the risks of subprime debt are being overlooked. This year, $26.5 billion has been invested in 2,419 venture debt deals in the United States, according to PitchBook data, with the second quarter of 2022 being the second quarter […]]]>

Amid the economic downturn, many venture-backed companies are turning to lenders for capital, but some investors fear the risks of subprime debt are being overlooked.

This year, $26.5 billion has been invested in 2,419 venture debt deals in the United States, according to PitchBook data, with the second quarter of 2022 being the second quarter in terms of total debt value during the last decade.

Rising interest rates and market volatility made equity financing less available than in previous years. For startups looking to expand their leads without risking their valuations, venture debt seems like a natural fit, not least because it’s cheaper than equity.

But it’s not without risks for startups or their investors, which are heightened during economic downturns.

“A lot of people don’t recognize that the economics of being a venture capitalist is very different from being a venture capitalist,” said Nate Lentz, Philadelphia managing director at Osage Venture Partners. “For them to lend $2 million to a startup and lose it is a much bigger loss than for a venture capitalist. When things go wrong, the venture capitalist will very quickly go from your partner to wanting get his money back.”

More stringent clauses

Unlike equity, venture capital debt must be repaid. If a startup fails to meet repayment terms or covenants (loan terms that set minimum financial and performance requirements), the results can be disastrous.

In the event of default, the loan is due and payable immediately. And if the lender is unwilling to negotiate, interest rates may be increased or access to additional credit may be revoked. Although rare, lenders have the right to force a business to liquidate or sell in the event of default.

According to Lentz, the downturn has caused many subprime lenders to include more or stricter covenants. Achieving required growth rates or other performance-related metrics is more difficult given current market conditions, increasing default risk for businesses.

This is particularly concerning for companies that are going into debt to avoid a decline, said Jai Das, president and co-founder of Sapphire companies.

“What worries me is the scenario in which a company takes on risky debt in order to maintain an artificially high valuation,” he said. “If the business goes bad, it’s possible that the debt holders will own a lot of the business. On sale, the lenders get most of the value. I would generally dissuade my portfolio companies from incur venture capital debt.”

Impact on outputs

Debt is higher in the capital stack than equity, so when it comes to getting out, subprime lenders get their money back first. If a company takes on a lot of debt and the exit proceeds don’t cover everything, founders, employees and other investors can be left with nothing.

Too much debt can also impact a company’s exit prospects, Das said. A potential buyer might be reluctant to repay a loan or public investors might hesitate if a company has a high level of debt on its balance sheet in the event of an IPO. Das said he thinks companies need to think about the long-term consequences of risky debt rather than just focusing on the short-term benefits.

For some startups, raising venture capital debt is a way to hold them over until the next round. However, this can cause problems down the line when trying to raise, said Lainy Painter, a New York-based partner at Craft businesses.

“[VCs] prefer to invest in growth rather than paying down debt,” she said. “There is an assumption that the responsibility to repay venture capital debt rests with the next investors in a funding round. If a startup has a clear plan on how to pay off debt, that shouldn’t be a problem, but if it doesn’t, it might be harder to raise new money.”

A place for debt

For venture capitalists, the growth potential of a startup is always key when deciding to invest. If the capital raised is simply used to pay down existing debt rather than fund new initiatives or expansion, the benefit to the investor is limited, as their capital does not contribute to scaling the startup.

This is potentially a more important consideration now that venture capital deals are slowing. In the third quarter, the number of venture capital deals in the United States fell by almost 20% compared to the first quarter of the year, according to the PitchBook – NVCA Venture Monitor.

Although venture debt comes with risks, it still has a place in the startup community, Painter said.

“If a startup is cash flow positive or has collateral, it might consider going into debt,” she said. “It can be a great instrument to optimize the capital structure and reduce the cost of capital since debt is cheaper than equity. But if a company uses debt just to extend the track with no path to profitability, it creates Lots of problems. Debt needs to be repaid. If a startup uses debt to delay tough decisions, it’s a setup for disaster.

Featured image by eamesBot/Shutterstock

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Philadelphia Daily News/Inquirer Editorial: After decades of discriminatory enforcement, it’s high time to rethink marijuana laws | https://ohcdphila.org/philadelphia-daily-news-inquirer-editorial-after-decades-of-discriminatory-enforcement-its-high-time-to-rethink-marijuana-laws/ Sat, 29 Oct 2022 08:00:00 +0000 https://ohcdphila.org/philadelphia-daily-news-inquirer-editorial-after-decades-of-discriminatory-enforcement-its-high-time-to-rethink-marijuana-laws/ By pardoning those convicted of simple possession, the president has taken an important step towards ending years of racist treatment. President Joe Biden has taken the first steps to move beyond more than 50 years of failed drug policy. Earlier this month, the president ordered his administration to begin the process to remove marijuana from […]]]>

By pardoning those convicted of simple possession, the president has taken an important step towards ending years of racist treatment.

President Joe Biden has taken the first steps to move beyond more than 50 years of failed drug policy. Earlier this month, the president ordered his administration to begin the process to remove marijuana from the list of most dangerous illicit drugs, which includes heroin and LSD, and effectively eliminate a federal ban. to consume cannabis.

It’s almost time.

Ever since President Richard Nixon signed the Controlled Substances Act in 1970 and launched the War on Drugs, Americans have suffered the consequences, especially people of color. Blacks are six times more likely to be incarcerated for drug trafficking than their white counterparts, even though the two groups use drugs at about the same rate.

The American Civil Liberties Union has called the war on drugs “the new Jim Crow”, a view confirmed by former Nixon aide John Ehrlichman’s admission that the Nixon White House “had two enemies” – anti-Vietnam War activists and African Americans.

“We knew we couldn’t make it illegal to be either anti-war or Black,” Ehrlichman said in a 1994 interview with journalist Dan Baum. “But by getting the public to associate hippies with marijuana and black people with heroin, and then criminalizing both heavily, we could disrupt those communities. We could arrest their leaders, raid their homes, disrupt their meetings, and vilify them night after night on the evening news. Did we know we mention about drugs? Of course we did.

Ultimately, the War on Drugs put millions of Americans in jail and cost taxpayers billions of dollars to pay for law enforcement and prevention efforts. And through it all, millions of Americans continue to use illegal drugs anyway, with marijuana being by far the most popular. Drug interdiction just didn’t work.

Other efforts to rethink drug laws, such as Philadelphia’s decriminalization campaign, Pennsylvania’s medical marijuana program, and the legalization of recreational cannabis in New Jersey, have been undermined by federal prohibition. Marijuana’s place on the so-called “Schedule I” list of most dangerous drugs forces cannabis dispensaries to do cash business and confuses regulatory efforts. It also creates obstacles for scientific studies on the drug.

While proponents of maintaining marijuana restrictions have pointed to the potential side effects of heavy marijuana use, such as depression and schizophrenia, it’s partly because of generations of prohibition that we know less than we couldn’t on how cannabis affects the brain.

In addition to signaling a move toward relaxing marijuana prohibition, Biden also granted pardons to those convicted of simple possession — a move that represents the end of decades of racially discriminatory treatment. Despite longstanding usage parity, black adults in Pennsylvania are eight times more likely than white adults to be charged with possession of marijuana.

Like his steps to cancel student loans, invest in infrastructure, support Ukraine, fight inflation and hedge against climate change, Biden’s concern for restorative justice in his pardons is another milestone in his tenure so far. But the job of balancing the scales after decades of failed drug wars is not yet complete.

Pennsylvania lawmakers should follow Biden’s lead and pass the Street-Laughlin bill, a bipartisan cannabis legalization measure focused on fairness and justice — two qualities often rare in a half-century of misguided drug policy.

– Philadelphia Daily News/Inquirer

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Oz loans an additional $1 million to his Pennsylvania Senate campaign https://ohcdphila.org/oz-loans-an-additional-1-million-to-his-pennsylvania-senate-campaign/ Sat, 22 Oct 2022 23:31:00 +0000 https://ohcdphila.org/oz-loans-an-additional-1-million-to-his-pennsylvania-senate-campaign/ CNN — Mehmet Ozthe Republican candidate for the U.S. Senate in Pennsylvania, loaned his campaign an additional $1 million on Oct. 20, according to a filing with the FEC. Oz loaned his campaign money from his personal fortune throughout his candidacy – including $7 million in the most recent third trimester — and his latest […]]]>



CNN

Mehmet Ozthe Republican candidate for the U.S. Senate in Pennsylvania, loaned his campaign an additional $1 million on Oct. 20, according to a filing with the FEC.

Oz loaned his campaign money from his personal fortune throughout his candidacy – including $7 million in the most recent third trimester — and his latest loan of $1 million brings his cycle total to over $22 million. Earlier this month, his opponent, the Democratic Lt. Governor. John Fettermannclaimed that none of his catch came from his personal bank account.

Oz has been consistently outclassed by his opponent and Fetterman is banking on his financial advantage over Oz to pull him through the final weeks of the midterm campaign and securing one of the Democrats’ best chances of flipping a Senate seat. Adding to Fetterman’s edge, President Joe Biden and other notable party members, including Minnesota Senator Amy Klobuchar, raised money for the Democratic nominee this week.

In the third quarter, from July to September, Fetterman raised $22 million, while Oz raised about $8.9 million in addition to the $7 million he loaned to his campaign.

At the end of the quarter entering October, Fetterman had a slight lead over Oz, from around $4.2 million to around $2.5 million. And in the final two and a half weeks of the race, Democrats are expected to outspend Republicans by about $25.6 million to $18.7 million on air, according to AdImpact’s latest totals.

Despite the significant fundraising advantage, Fetterman finds himself in a close race with Trump-backed Oz. After some polls found the Democrat with a double-digit lead over the summer, an average of CNN polls earlier this month showed Fetterman had the support of 50% of likely voters compared to 45% for Oz.

With nearly two weeks left until the midterm elections, Fetterman and Oz have focused on undecided women voters in suburban Philadelphia where Biden edged out Trump by nearly 300,000 votes.

In Chester County, near Philadelphia, Fetterman touted his support for the codification of Roe v. Wade Saturday.

“If you believe it’s your choice, I certainly know it’s your choice, and he’s the kind of person in this campaign who is going to lean into that and join in supporting whatever it is. takes to have my vote if this would be something that would help codify Roe v. Wade,” Fetterman told an audience at a campaign event.

“It’s shocking. I’m 53 and all my life it was always assumed that would never really change,” Fetterman said of abortion rights.

The two Senate candidates will square off in their first and only debate on Tuesday.

“I conceded everything so that he could participate in this debate. It’s the only one he would accept. It has closed captions – everything it needs,” Oz said on Fox Saturday. “I just want him to show up on Tuesday so we can talk to Pennsylvania about our policies and let them see how extreme his positions have been.”

At Saturday’s campaign event outside Philadelphia, Fetterman said he uses captioning to “be accurate” during the conversation.

“It’s the elephant in the room,” Fetterman said of his stroke recovery. “Fortunately, I got to the hospital quickly, in about 20 minutes, and it turned out to be the best stroke center in the state. If this had happened in another part of Pennsylvania… I wouldn’t have the honor of sitting on a stage with you right now. And it is the truth.

This practice was effectively a dry run for the debate, in which the same technology will be used. In addition to technology, Fetterman laid the groundwork for possible narratives to use when the two clash.

Fetterman argued that Oz “wouldn’t understand” what inflation does to average people and linked him to Trump-backed conservative gubernatorial candidate Doug Mastriano.

“You can’t really fight inflation if you don’t really understand what inflation is or experience it yourself,” Fetterman said. “With Dr. Oz, who owns 10 gigantic mansions who wouldn’t understand what it’s really like and what it’s really like. He’s a man who literally doesn’t understand how to shop. »

CNN contacted the Oz campaign for a response.

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Step-by-step guide on how to apply for student loan forgiveness – NBC10 Philadelphia https://ohcdphila.org/step-by-step-guide-on-how-to-apply-for-student-loan-forgiveness-nbc10-philadelphia/ Tue, 18 Oct 2022 03:34:12 +0000 https://ohcdphila.org/step-by-step-guide-on-how-to-apply-for-student-loan-forgiveness-nbc10-philadelphia/ President Joe Biden officially kicked off the application process for his student debt forgiveness program on Monday, opening the door for millions of Americans to apply for up to $20,000 in forgiveness. The Biden administration touts it as a simple, straightforward application that should only take about five minutes. Here’s how to apply. How to […]]]>

President Joe Biden officially kicked off the application process for his student debt forgiveness program on Monday, opening the door for millions of Americans to apply for up to $20,000 in forgiveness. The Biden administration touts it as a simple, straightforward application that should only take about five minutes. Here’s how to apply.

How to apply for student loan forgiveness

  • Go to studentaid.gov and in the Student Debt Relief section, click “Apply Now”.
  • Be prepared to enter some basic personal information. The form asks for: name, social security number, date of birth, phone number and email address. It does not require documentation of your income or student loans.
  • Next, review the eligibility rules and confirm that you are compatible. For most people, this means certifying that they earn less than $125,000 per year or that their household earns less than $250,000 per year. If you meet the eligibility requirements, check the box confirming that everything you have provided is true.

Once the form is submitted, the Biden administration says processing should take four to six weeks. The Department of Education will use its existing records to ensure that your loans are eligible and to search for applicants who may exceed income limits. Some will be asked to provide additional documents to prove their income. The Ministry of Education estimates that the verification request will take approximately half an hour, including time to review and upload tax documents.

Most borrowers who apply before mid-November should expect to see their debt forgiven before Jan. 1, when federal student loan payments are expected to resume after a pause during the pandemic.

Things could get more complicated, depending on the results of several legal challenges. The Biden administration faces a growing number of lawsuits trying to block the program, including one filed by six Republican-led states. A federal judge in St. Louis is currently weighing the states’ request for an injunction to stop the plan. Biden said Monday he was confident the lawsuit would not upset the plan. “Our legal judgment is that it won’t,” he said, “but they’re trying to stop it.”

A Federal Reserve study shows nearly a third of black families have student loan debt. The study also shows that nearly one-fifth of Hispanic families also have student loan debt. Brookings Institution senior fellow Andre Perry joins LX News to discuss how the student debt crisis is affecting America’s racial wealth gap.

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Report: Nearly half of LGBTQ-owned businesses have been denied COVID relief loans https://ohcdphila.org/report-nearly-half-of-lgbtq-owned-businesses-have-been-denied-covid-relief-loans/ Sat, 15 Oct 2022 10:33:53 +0000 https://ohcdphila.org/report-nearly-half-of-lgbtq-owned-businesses-have-been-denied-covid-relief-loans/ By Victoria A. Brownworth At the height of the COVID-19 pandemic which shut down many small businesses, the federal government provided relief loans throughout this period. Paycheck Protection Program (PPP) loans were available through May 31, 2021 through the US Small Business Administration. New data from the Center for LGBTQ Economic Advancement and Research (CLEAR) […]]]>

By Victoria A. Brownworth

At the height of the COVID-19 pandemic which shut down many small businesses, the federal government provided relief loans throughout this period. Paycheck Protection Program (PPP) loans were available through May 31, 2021 through the US Small Business Administration.

New data from the Center for LGBTQ Economic Advancement and Research (CLEAR) and the Movement Advancement Project (MAP) shows that LGBTQ-owned small businesses received COVID-19 relief funds at a much lower incidence than non-LGBTQ businesses. LGBTQ.

Still, LGBTQ-owned businesses applied at a higher rate, the researchers found.

The report by CLEAR and MAP analyzed data from the Federal Reserve Banks’ annual Small Business Credit Survey (SBCS). In 2021, this data included questions about LGBTQ identities for the first time. Using this data from SBCS, CLEAR and MAP “created a unique insight into the financial health and needs of LGBTQ-owned small businesses.”

Financial experts said USA TODAY that “worse economic conditions on average among LGBTQ-owned small businesses have hurt them when seeking COVID-19 relief,” even though, as USA TODAY reported, Congress has said it “targeted funding to the smallest and minority-owned businesses.”

And USA TODAY reported that “Lenders have historically been prohibited from lending to LGBTQ-related businesses, and that precedent still affects loan application decisions.”

This ban, USA TODAY noted, is “a rule on the books of the SBA that states that companies that derive revenue from products or displays of a ‘lewd sexual nature’ are not eligible for loans.” A formalized “Don’t Say Gay” applicable to business loans.

“The importance of LGBTQ-inclusive data collection cannot be understated,” MAP Senior Policy Researcher Logan Casey said of the report. “…LGBTQ-owned small businesses have unique experiences, including notable disparities in how they are treated by financial institutions and how they continue to be impacted by the COVID-19 pandemic.

“The findings also illustrate the clear need and opportunity to better support these businesses and the local communities they serve and enrich,” Casey added.

A key point in this report is the fact that while PPP loan applications offered applicants the opportunity to highlight whether they were female, minority or veteran, the SBA did not have a corresponding section allowing business owners to declare that their businesses are LGBTQ-owned.

Survey: LGBTQ adults hardest hit by food and economic insecurity during pandemic | Tuesday coffee

The data analyzed shows that LGBTQ businesses were just as likely to request loans or financing in general, but less likely to receive them. According to the report, “about 46% of LGBTQ-owned businesses said they had not received any funding they had applied for in the past year.” This compares to only 35% of non-LGBTQ businesses that applied for funding.

The report states that discriminatory practices seemed embedded in lenders’ responses: “Notably, LGBTQ-owned businesses were more likely than non-LGBTQ businesses to explain that their refusal was because lenders did not approve of the funding “businesses like theirs” (33% vs. 24%), among other reasons. »

While loan providers may not have discriminated against businesses because those businesses were LGBTQ, Casey explained that the sheer volume of LGBTQ businesses being rejected for loans “indicates underlying systemic economic discrimination.”

The data shows that while LGBTQ businesses were more likely to request pandemic assistance, they were less likely to receive it. The majority (57%) of LGBTQ-owned businesses requested relief through the PPP, compared to 47% of non-LGBTQ businesses. A much higher rejection rate was seen for LGBTQ businesses: one in six LGBTQ businesses (17%) said they had not received any funding they applied for in 2021, compared to just one in ten non-LGBTQ businesses (10 %).

Theoretically, LGBTQ small businesses should have received more funding, as these businesses “were more likely to be equally owned by women and immigrants, compared to non-LGBTQ businesses. More LGBTQ-owned businesses were also majority female-owned (34% of LGBTQ businesses vs. 20% of non-LGBTQ businesses) and majority immigrant-owned (21% vs. 15%),” according to the data analyzed.

Another surprising data point in the study is that the CLEAR and MAP report “Despite stereotypes about where LGBTQ people tend to live and prosper, the largest share of LGBTQ businesses were in the South ( 31%), and LGBTQ businesses were also about as likely as non-LGBTQ businesses to operate in rural areas.

New research highlights how the pandemic is hurting LGBTQ Pennsylvanians | Analysis

The Philadelphia Gay News previously reported that LGBTQ people had been disproportionately affected by COVID-19, with LGBTQ households twice as likely to be unable to get necessary medical care and four times more likely to not have enough to eat than non-LGBTQ households.

LGBTQ households experienced higher rates of job loss, severe financial problems, problems accessing health care, and increased difficulty navigating home for their children’s learning, compared to households non-LGBTQ.

These disparities are accentuated for low-income Black, Latino and LGBTQ people, reflecting broader national trends of those who have been particularly affected by the pandemic. This new data on LGBTQ-owned businesses therefore parallels the earlier data.

The report showed that more LGBTQ businesses were financially impacted by the COVID-19 pandemic, with 61% of LGBTQ businesses reporting financial losses in 2020, compared to 48% of non-LGBTQ businesses.

In 2021, the disparity not only continued, it widened: 85% of LGBTQ businesses said the pandemic was having a negative effect on their business at the time of the survey, compared to 76% of non-LGBTQ businesses .

Spencer Watson, President and Chief Executive Officer of CLEAR, said in a statement, “LGBTQ+ small businesses are powerhouses for the LGBTQ+ community. Financial inequality for LGBTQ-owned small businesses contributes to food insecurity, housing insecurity, and poorer health outcomes for LGBTQ+ people in the United States.

Watson added, “Improving financial fairness for LGBTQ-owned businesses will support the economic vitality of LGBTQ+ workers, communities, and the broader American economy.”

Victoria A. Brownworth is a reporter for the Philadelphia Gay News, where this story first appeared.

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The Philadelphia Education Fund promotes a discussion panel on the needs of educators https://ohcdphila.org/the-philadelphia-education-fund-promotes-a-discussion-panel-on-the-needs-of-educators/ Thu, 13 Oct 2022 20:56:24 +0000 https://ohcdphila.org/the-philadelphia-education-fund-promotes-a-discussion-panel-on-the-needs-of-educators/ The Philadelphia Education Fund (PEF) hosts a monthly speaker series titled Pact for education first, which aims to address topics relevant to education. As the region’s leading voice on K-16 education, PEF wants to discuss strategies, tactics, and efforts to improve and sustain a quality education for all Philadelphia students. On the morning of October […]]]>

The Philadelphia Education Fund (PEF) hosts a monthly speaker series titled Pact for education first, which aims to address topics relevant to education. As the region’s leading voice on K-16 education, PEF wants to discuss strategies, tactics, and efforts to improve and sustain a quality education for all Philadelphia students.

On the morning of October 13, PEF held a conversation about the needs of educators and the great resignation of teachers. The event had the presence of teachers and other education workers as guest speakers. They talked about improving working conditions and compensation for educators, as well as developing and expanding diversity among qualified educators.

With teachers being the most burnt-out workers in America, according to a February Gallup poll, more teachers quit in June than at the height of the pandemic. Nearly half of US school districts have started the school year with major teaching vacancies.

To solve the problem, administrators, retired teachers, government workers and others are called upon to help in the classrooms – but they often lack the necessary qualifications. As a short-term solution, people are considering accelerating or waiving teacher certification requirements. However, a long-term strategy is needed to resolve vacancies.

Farah Jimenez, President and CEO of PEF, mediated the event to discuss alternatives to these issues. The panel also counted with the participation of the following speakers:

  • Fatim Byrd: middle school teacher and 2023 Teach Plus Pennsylvania Policy Fellow
  • Chris McGinley: D.Ed, Professor of Practice, Policy, Organization and Leadership Studies, Temple University
  • Laura Boyce: AP General Manager, Teach Plus
  • Larisa Shambaugh: Director of Talent, School District of Philadelphia

Over the past 10 years, the number of areas with designated teacher shortages has more than tripled in Pennsylvania. Boyce named compensation, recruiting challenges, inconsistent preparation and induction, and poor working conditions as root causes of the problem.

At the same time as the cost of living increases, the financial remuneration of teachers remains the same, contributing to a decline in interest in the position and its status. Besides insufficient high quality support; Stressful, isolating, and unsustainable working conditions, especially in needy schools and for teachers of color, are among the systemic factors driving teacher shortages.

Byrd brought the discussion about the gap between students and teachers of color to the table. In the 2020-2021 school year, in the United States, the percentage of students of color was 2.5 times higher than the percentage of teachers of color. In Pennsylvania, for the same period, that number was 5.9.

Additionally, between 2009 and 2020, the number of Latintx teachers in the state decreased by 25%. For black teachers, there was a 55% decline.

To address these issues, many school districts have developed their own career paths for high school students to pursue teaching. Dual enrollment, field experience, coursework with colleges for credit, mentorship, and future employment opportunities help create the next generation of teachers.

Aiming to eliminate the cost of becoming a teacher, the benefits become better, Boyce said. A Pennsylvania teaching scholarship program, a partial or full scholarship to state colleges in exchange for a commitment to teach in the state or at a needy school, district teacher loan forgiveness schools in need and fee waivers for certification tests are some of the efforts speakers mentioned as ways to break down financial barriers for teachers.

Better data to target specific working conditions that need to be improved was also mentioned as needed, as a better working environment will help attract more professionals. Boyce added that in addition to recruiting more teachers, it is important to provide them with better working tools.

The next edition of the series on the loan crisis and its hidden factors will take place on November 3. To register and find out more, click here.

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Mortgage Coach Integrates with Insellerate to Help Lenders Increase Lead Conversion with Mortgage Advice to Build Wealth | app https://ohcdphila.org/mortgage-coach-integrates-with-insellerate-to-help-lenders-increase-lead-conversion-with-mortgage-advice-to-build-wealth-app/ Tue, 11 Oct 2022 11:01:39 +0000 https://ohcdphila.org/mortgage-coach-integrates-with-insellerate-to-help-lenders-increase-lead-conversion-with-mortgage-advice-to-build-wealth-app/ Partnership enables loan originators to automatically generate and customize educational mortgage presentations for contacts in Insellerate’s dashboard × This page requires JavaScript. Javascript is required for you to play premium content. Please enable it in your browser settings. kAm~(x}v$ |x{{$[ |5][ 2?5 x#’x}t[ r2=:7][ ~4E] “[ a_aa W$t}sa!#t$$ }t($(x#tX — k2 9C67lQ9EEADi^^HHH]D2=6D3@@>6C2?8]4@>^Q C6=lQ?@7@==@HQm$2=6D q@@>6C2?8k^2m[ E96 […]]]>

Partnership enables loan originators to automatically generate and customize educational mortgage presentations for contacts in Insellerate’s dashboard

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Javascript is required for you to play premium content. Please enable it in your browser settings.

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