Tag Archives: PPP

Trump administration says the pandemic has saved 51 million jobs. Did it? | Instant News

Washington (Reuters) – the administration of U.S. President Donald trump touted his small business 660 billion program pandemic assistance this week as the “wild success” data discoveries that showed the initiative saved 51 million jobs.

File photo: U.S. President Donald trump signs a program to protect wages and health care the law on strengthening the financial response to the disease coronavirus (COVID-19) start, in the oval office of the White house in Washington, DC, USA, 24 APR 2020. Reuters/Jonathan Ernst/file photo

But there were red flags throughout the huge set of data that suggested that some borrowers have overstated how many jobs the loan is saved. That, combined with several of these companies did not dispute that they took the loan after the government showed otherwise, have questioned the veracity of 51 million figure.

For example, a Reuters analysis of the data determined that 827 of the companies reported saving at least 400 jobs with a loan of less than 150 000$. Two hundred of these companies reported saving at least 400 jobs with a loan of $ 5,000 or less.

“I’m skeptical of the total number,” said Philip Mutter, Director of the Washington non-profit good jobs first, which focuses on the responsibility of the government.

“I think there was not a lot of rigor that went into reporting these numbers of jobs”.

A senior administration official said that the 51 million figure was an estimate based on the preliminary data of the creditor and that the actual number of saved jobs will be clearer after the borrowers have gone through the procedure of obtaining loans forgiven.

Protection program payroll, supervised by the office of small business (SBA), allows small businesses with 500 people affected by the economic consequences of the pandemic to apply for state support forgivable loan. Data on Monday provided detailed information on almost 4.9 million of loans, including number of jobs, the borrower, the loan helped them save.

These data are released in conjunction with the SBA and the U.S. Treasury on Monday, which is extremely important when evaluating the success of the program, which Congress created to keep workers on the payroll.

In an attempt to get cash quickly for the door, the Treasury and the office of the DPP agreed that borrowers are only required to confirm that the information they supplied for lenders and SBA was accurate.

Except for a limited review, documentation, retention of jobs was not carefully checked, according to interviewed bankers and lawyers who have direct knowledge of the process.

Speaking to reporters Monday, senior administration officials were at pains to stress that the borrower needs to provide accurate information.

Said the matter is one “correct” sign that some borrowers may have falsified figures were 3,728 companies that reported that they have kept exactly 500 people.

As companies are forced to ensure the preservation of jobs estimates for the loan, 878,000 companies reported that no jobs were saved or not to give the number of the analysis of Reuters. This is approximately 18% of all loans.

Reuters and other news agencies also pointed to some of the borrowers listed in the data, including scooter company bird goes ink. and in new York, advent capital Management LLC, which argues that they have submitted or received a PPP loan.

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Bird rides CEO Travis VanderZanden tweeted Monday that his company was discussing a loan from the Bank, but decided against it. In addition, the appearance told Reuters he explored in search of credit, but did not comply with the request. But in these their loans transferred accumulated 395 jobs combined.

These differences suggest the data contains a Phantom loans – loans that have been approved by the Directorate, but which have not been paid nor canceled by a creditor, leaving them to linger in the system, the ABS, according to people familiar with the process.

“When you have a list of very few mistakes,” said Mutter.

Reporting Michelle request; editing by Tom Lasseter and Steven Coates


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Clothing Kanye West, Hollywood production companies list of loan pandemic | Instant News

Los Angeles (Reuters) – companies relying on big name artists Kanye West and Francis Ford Coppola were among those who approved for loans under programs of the U.S. government to help businesses survive the pandemic coronavirus, in accordance with the list published on Monday.

File photo: rapper Kanye West performs during a meeting with U.S. President Donald trump to discuss criminal justice reform in the oval office of the White house in Washington, DC, USA, 11 October 2018. Reuters/Kevin Lamarque

Clothing billionaire rapper West’s “Spartak” has received permission for a loan of between $2 million and $5 million under the programme for the protection of wages in the United States the small business administration said.

The company said that the loan will save 160 jobs, in accordance with the SBA.

PPP was created to assist employees in enterprises and non-profit organizations with number of employees less than 500 sick of the embargo and other measures designed to slow the spread of the novel coronavirus. The list, published on Monday gave the most detailed accounting to date that has applied and been approved for receipt of funds.

Several Hollywood production companies, to apply for assistance to the PPP after the filming was stopped in mid-March, putting tens of thousands of cast and crew members without work. The approved candidates included Jim Henson, Creator of “the Muppets,” and Apatow, the company run by writer/Director Apatow.

Press Secretary Apatow said he received $160,000 under the program, but immediately returned it.

The Jim Henson company has received about $2 million, which helped to keep the entire staff of 75 employees, the press Secretary Nicole Goldman.

Other claimants a credit in the entertainment world included film Director Coppola Francis Ford Coppola presents a whole way of life, movies, markets, wine and other products

and eSports company FaZe clan, in accordance with the SBA.

The operators of the cinema, which was forced to close in March, also applied for relief. Cinema chains approved for loans California Lowe’s theaters and the Regency, a list of the government.

Reporting Lisa gas; editing by Tom brown


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Imran Khan is called “selected” not “elected” opposition | Instant News

Written Khaled Ahmed

Updated: June 27, 2020 7:43:46 am

After criticizing him in a coma for the opposition, Imran Khan managed to have mined his own party, and rastafara cheap-shot got nines in public places. (File Reuters/)

Prime Minister Of Pakistan Imran Khan’s Pakistan Tehreek-e-insaf (PTI), the party had to deal with a ruined economy when he came to power in 2018, but his problems were later increased his charisma, the growing popularity, which has left a lot of personal development gaps in its strategy. He was aggressive as a fast bowler, in “the crusher,” as the captain, who showed no mercy and did not know “the Golden mean”, while politics thrives on compromise and accommodation.

Almost two years later, he and his opposition on the run, but his party split under the pressure of natural disasters such as COVID-19 and the locusts. He has damaged the system, using intemperate language, which, in turn, ruined the image of his partymen who don’t have the guts when it came to the bearing pressure. The Minister of science and technology, Fawad Chaudhry, who was thrown out of his first post of the Minister of information, decided to come on TV and tell the Pakistanis about the internal collapse of the party.

Opinion | Crisis coronavirus provides another blow to the political reputation of the Prime Minister of Pakistan Imran Khan

Chaudhry said that the Prime Minister has appointed Ministers “a weak people who need dictation on every issue, which damaged the eyesight of PM Imran Khan”. Khan gathered the government only in two provinces — Punjab and Khyber Pakhtunkhwa but in Punjab he needed allies, which it ultimately does not behave too well. His party led the opposition in the Sindh, but his advice aggressive discourse discredited swearing his lieutenants there too.

The advantage of the Khan was that two of his opponent’s party, the Pakistan Muslim League-Nawaz (PML-N) and Pakistan peoples party (PPP), was on the run from the army and the National accountability Bureau (NAB), who hunts down his opponents. So crippled his opposition to NAB that Pakistan will not be able to find a replacement for a long time. After criticizing him in a coma for the opposition, the Khan managed to have mined his own party, and rastafara cheap-shot got nines in public places.

His more than 50-strong Cabinet Riven with underground rivalry among Ministers, who earlier gave preference to the party with large financial handouts, some of them advisors, because they did not come through elections, and now outraged by partymen for his arrogant incompetence. Trio strife that most notifications come from the man on the street: ex-General Secretary of PTI Jahangir tareen, Federal Minister planning, development, reforms and special initiatives, Asad Umar, and the Minister for foreign Affairs Shah Mehmood Qureshi.

Khan need coalition partners in three provinces: Punjab, Khyber Pakhtunkhwa and Balochistan during the counting of their votes in the National Assembly. Movement “muttahida Qaumi movement” -Pakistan (MQM-P), Grand Democratic Alliance (Gda), Pakistan Muslim League-Quaid-e-Azam (PMLQ), Balochistan national party (BNP) and Baluchistan people’s party (BAP) are all unhappy with it in varying degrees, not those concessions he agreed and threaten to jump ship. More and more politicians from the party appear on TV and criticize him for allowing his Ministers to ruin their position in their constituencies.

Khan’s charisma folding. His defiance of the opposition — he rarely attends sessions of Parliament and not talking to the leaders of the opposition — it is not admire the unemployed common man is now under attack from hunger and COVID-19. His foreign policy of defiance sank after he threw the Arabs of the Gulf under the influence of Turkey and of Malaysia Mahathir Mohammad, and India to reconcile with him in PM Narendra Modi.

It’s called “the chosen one” and not “elected” opposition resents his otherwise non-functional Ministers to continue to expose them to abusive language. The Pakistani army is that it relies on pressure from Afghanistan, where he is playing his cards based on repeatedly unreliable the Afghan Taliban and their disdain of international partners. On the other hand, India has much better relations with neighbors Pakistan, Iran, Gulf countries and Central Asia, like Pakistan.

Unfortunately, the Khan is obliged not respond to the last China-Scrap in India and irritate the Indians against his power, not realizing that the scuffle in Ladakh in the near future can be solved tactfully by the two neighbors involved in a large bilateral trade.

This article first appeared in the print edition on June 27 under the title “Not given”. The writer is consulting editor, Newsweek Pakistan.

Opinion | In Pakistan, religious leaders, and not doctors, politics Covid

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The opposition fired leaflets against the government in NA | Instant News

MPs slam an inadequate response to the crisis; the treasury bench defended relief measures to deal with the pandemic


MPs slam an inadequate response to the crisis; the treasury bench defended relief measures to deal with the pandemic. PHOTO: APP / FILE

ISLAMABAD: Opposition in the National Assembly experienced a field day on Thursday, as several lawmakers from the Pakistan-Nawaz Muslim League (PML-N) and the Pakistan People’s Party (PPP) and other parties shot leaflets onto the treasury bench because of the coronavirus pandemic, locust attack and lack of gasoline.

Responding to the speeches of loud opposition members, relevant ministers and advisers defended government policy, namely some of the crises facing the country. They slammed the opposition, saying that the glass saw half empty.

The house debated the coronavirus pandemic, fuel shortages, locust attacks, privatization of the Pakistan Steel Plant (PSM), the Karachi plane crash, and the overall economic situation of the country. The opposition described the government’s steps to overcome this inadequate crisis.

Starting the discussion, Ayesha Ghous Pasha said that a recent report from the World Health Organization (WHO) that the coronavirus went out of control was very disturbing. He said that the economic impact of the pandemic had not been discussed so far.

Referring to the meeting of the National Economic Council (NEC) on Wednesday with Prime Minister Imran Khan in the chair, Pasha said that the forum set a target of economic growth next year of 2.1%. “On what basis do you predict the 2.1% growth rate when the world [economy] What is a contract? ” she says.

“There is negative growth this year. You pull wool into people’s eyes. The budget made is not real, I give you black and white that we will not be able to achieve this target [upcoming] the budget. “

Kishwar Zahra said that Karachi was in pain. He criticized the Prime Minister for not visiting the city after the May 22 crash on a Pakistan International Airlines (PIA) flight in a residential area. “How long will the injustice with the people of Karachi continue?”

Qadir Patel raised the problem of the sugar and flour crisis. He said people had lost their trust in the government. “There is an increase in drug prices by 400%. “The sugar scandal has emerged but the impact of locust attacks is not yet known, while gasoline supplies are drying up,” he said.

Finance department member Aliya Hamza said that the opposition criticized Prime Minister Imran Khan who could not do anything after the emergence of the coronavirus pandemic but that they had to change lenses to see the government’s aid program, which won praise globally.

Khawaja Asif said that on March 17, the prime minister said that a coronavirus was flu and would come and go. on March 18, he said that the country was unable to lock in. In April, he said there were an estimated 50,000 virus patients, but the number was only 15,000.

Government lambasts opposition to the lack of a uniform policy on coronavirus

Then he said that the elite wanted lockdown, Asif continued. On June 4, he [Imran] said that he knew that locking loosening would spread coronavirus. Then the prime minister said that if the coronavirus was not taken seriously, it would be dangerous, Asif added.

“Please, please tell me the meaning of this statement. There are 3 million people affected in Lahore alone. We did not meet the right conditions, but the lock was revoked, “he answered. “Pakistan is moving towards becoming the country most affected by the coronavirus pandemic,” he added.

Speaking about the privatization of PSM, Khawaja Asif told the house that the opposition had no objections to the privatization committee member, except for the name of the Prime Minister’s Special Assistant for Foreign Pakistan, Zulfi Bukhari.

Turning to the overall performance of the government, now in its second year in office, Asif suggested the ruling party to compare their performance with the previous PML-N government. “Today, gasoline is looking for buyers all over the world but buyers in our country are desperately looking for gasoline.”

Parliamentary Secretary for Health, Dr. Noshin Hamid replied that Pakistan was in a position to make its own N95 mask. He said that the country had improved facilities for a variety of Covid-19 patients. “We have reached a capacity of 46,000 tests every day.”

Mufti Abdul Shakoor said that the coronavirus pandemic is a health problem, therefore, medical experts must have a final decision on this issue. He demanded incentives for educational institutions. “We have closed all religious schools.”

Food Security Minister Syed Fakhar Imam said that Balochistan was the worst affected by this year’s locust attack in Pakistan in such an amount that damage could be reduced as much as last year. He added that corrective actions had been taken throughout the country.

Maulana Abdul Akbar Chitrali PML-N and PPP took turns in government many times but they could not fix the steel mill problem. He added that every time the government came, it was said that the treasury was empty. “And even in 2020, the situation is the same.”

Mohsin Dawar said that the tribal areas had once again suffered from targeted killings. “Once again the wave of terrorism has increased. I want to tell everyone that terrorism has risen again and this time, it will be more difficult than in the past, “he said.

Babar Awan, when responding to points raised by the opposition, said that he agreed with Khawaja Asif that there should be no politics regarding the coronavirus pandemic. He assured that the privatization of PSM, PIA and other utilities would be transparent and in accordance with the law.

Turning to the sugar scandal, he asked the opposition about who made the sugar commission. “This is a credit to Prime Minister Imran Khan. The commission was made despite threats against the government, because big names are included in the sugar mafia.

He said that the prime minister had directed the immediate implementation of the Conflict of Interest Act. He assured the house that he would talk to the prime minister to resolve the problems facing the madrasa.

Regarding government assistance measures after the spread of coronavirus, he pointed out that Pakistan is one of the fortunate countries where the food chain survives. “I want to draw the attention of the DPR to the glass half full,” he said.

Speaking of tribal districts, he warned that those who had a delusion about the state in the state in these areas, had to get rid of this false notion. The districts that are merged now are equivalent to settled K-P districts such as Mardan and Peshawar, he added.

MQM MP Iqbal Muhammad Ali left the meeting because he could not speak during the session. The National Assembly session was postponed until 4 pm Friday.


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The witness was summoned in a corruption reference to Sharjeel Memon | Instant News

Outside assets means listening to the assembly speaker postponed without proceedings


Sharjeel Memon. PHOTO: FILE

KARACHI: The accountability court ordered investigators (IO) on Saturday to present witnesses in court under any circumstances at the next hearing about corruption references to former provincial minister Sharjeel Inam Memon and others.

Memon and others accused of corruption worth R5.56 billion appeared in court.

The court asked IO why the witness was not present and directed it to present the witness at the next hearing.

The court adjourned the trial until June 17.

Without process

Separately, the accountability court adjourned the asset trial outside the tool case against the Agha Sindh Assembly speaker Siraj Durrani without carrying out any proceedings, because the judge was on leave.

Durrani and others accused in this case, including his wife and children, appearing before the court.

The court adjourned the trial until June 17.

Awaiting indictment

Meanwhile, another accountability court postponed the reference hearing relating to the illegal appointment at Sindh Small Industries Corporation (SSIC) due to the absence of a defendant.

The court will issue an indictment to the defendant during the trial on Saturday, but was unable to do so due to his absence.

It delayed the trial until June 12.

According to the National Accountability Bureau, Qaumi Muttahida Movement leader Rauf Siddiqui and others were alleged to have made illegal appointments at SSIC between 2008 and 2014, which caused losses to the finance ministry.

Published in The Express Tribune, May 31st, 2020.


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