James of New York AG says the Trump Supreme Courtroom tax submitting case has no bearing on the investigation

New York attorney general Letitia James said Monday that her office is continuing to actively investigate alleged inflation and deflation of Trump Organization’s real estate values ​​in an effort to evade state tax liability and gain other financial benefits.

James also said the U.S. Supreme Court’s decision to allow the Manhattan Attorney’s Office to obtain former President Donald Trump’s income tax return and other financial records for eight years as part of a criminal investigation would not affect their own ongoing civil investigation.

This decision, made on Monday, “does not change the tenor of our lawsuit,” James said in an interview with the New York Times’ DealBook DC Policy Project.

“We will continue our investigation and will announce our results when we are finished,” said James.

James also said the Supreme Court’s decision would not mean that her office would receive Trump’s tax filings from Manhattan DA Cyrus Vance Jr., who is expected to receive it this week from the former president’s accounting firm through a grand jury subpoena.

“There’s a wall separating the two offices,” she said.

The Supreme Court in its decision denied Trump’s motion to hear an appeal against decisions by lower courts confirming the legality of the subpoena issued at Vance’s request.

James noted that “we received information ourselves”.

“We’re reviewing Trump Organization tax information,” said James.

This tax information, which could include property tax records, is different from the former president’s income tax returns, which he always kept secret.

There is an overlap in the focus of the two probes, which are among the biggest legal threats Trump faces a month after leaving the White House.

Both studies examine how the Trump Organization values ​​real estate assets for different types of transactions.

Both offices are known to have a particular interest in the Seven Springs Estate in Westchester County, New York, an area of ​​212 acres.

The company had filed for a $ 21.2 million tax deduction on the property to grant a conservation measure preventing development on nearly 160 acres of land.

James also examines the valuations of Trump real estate in Manhattan, Los Angeles, and Chicago.

“In our investigation, we look at the fact that, based on the testimony of Michael Cohen, who was the Trump Organization’s advocate and Donald Trump, the Trump Organization has increased its taxes to take advantage of insurance companies as well by mortgage companies and then dumped the same fortune to avoid New York state tax debt, “said James.

Cohen, who made these allegations during the testimony of Congress in 2019, is known to collaborate with Vance’s criminal investigation.

While James commented several times that her investigation was civil in nature, she implied that this could change.

“At this point, until we uncover illegal behavior, our investigation will continue as a civil matter,” she said.

James had repeated success in court by forcing the Trump Organization to cooperate with its investigation despite objections.

In late January, a Manhattan Supreme Court judge ordered the Trump Organization to give James’ investigators a series of documents they had requested.

A judge had previously directed Trump’s son, Eric Trump, who runs the company with his brother, to answer questions from James’ investigators before the presidential election, not after what Eric asked.

Trump beat up both James and Vance as well as the Supreme Court, three of which nine members he had appointed, in a statement on Monday.

Trump has called both probes witch hunts and denies any wrongdoing.

“The new phenomenon of ‘headhunting’ prosecutors and AGs trying to defeat their political opponents using the law as a weapon is a threat to the very foundation of our freedom,” said Trump.

“This is being done in third world countries. Worse still are those who run for prosecutors or attorneys-general in states and jurisdictions on the far left and pledge to eliminate a political opponent. This is fascism, not justice – and that is what they are. ” I try to do it with respect for myself, except that the people in our country will not stand up for it. “

When asked by DealBook columnist Andrew Ross Sorkin if she was surprised that Trump did not pardon himself before leaving office, James said, “I am never surprised at the behavior of the former President of the United States.”

“There have been some rumors of ‘secret pardons’,” added James. “I dont know.”

When asked if she personally believed Trump pardoned himself and not made that fact public, James said, “I really don’t know. We’ll see.”

“There’s been a lot of speculation, but it’s nothing but speculation,” she told Sorkin, who is co-anchor of CNBC’s “Squawk Box”.

Even if Trump pardoned himself and found such a pardon legal under the Constitution, it would not protect him from civil sanctioning by James or prosecuted by Vance or Fulton County, Georgia, DA, who are investigating whether Trump is investigating breaking the law by pressuring the Georgian foreign minister to “find” him enough votes to undo Joe Biden’s victory in the presidential election there.

Presidential pardons apply only to federal crimes, not state crimes.

James had urged the successful passage of a law in 2019 to close New York’s so-called double-exposure gap, which in some cases was seen as a potential obstacle for prosecutors filing criminal charges against a person who had received a presidential pardon.

What’s subsequent for Biden’s $ 1.9 trillion help bundle?

House Speaker Nancy Pelosi (D-CA) and Senate Minority Chairman Chuck Schumer (D-NY) speak after a press conference on Capitol Hill in Washington, DC.

Tasos Katopodis | Getty Images

President Joe Biden’s $ 1.9 trillion stimulus package left the House Budgets Committee on Monday and is now due for a full House vote later this week.

Monday’s markup process was one of the final steps in the House’s reconciliation process, which will allow Democrats to get the bill through the Chamber without GOP support.

The fate of the law now goes to the House Rules Committee, essentially a formality. Then it will be moved to the floor of the House, where the Democrats, led by House Speaker Nancy Pelosi, D-Calif., Are expected to pass it along the party lines on Friday or Saturday. No significant changes were made to the bill as a result of the committee’s impact.

Notwithstanding the objections of the House GOP, it is widely expected that the bill will be sent to the Senate later this week after the House vote. Then a new round of hurdles is expected.

Republicans in both the House and Senate criticized the bill as being too big, especially in the face of a report by the Congressional Budget Office that showed a strong economic recovery even without further relief.

The GOP has also resisted efforts by Democrats to include the minimum wage hike as an alien job-cutting measure that should be considered separately from pandemic aid. Rep. Jason Smith, R-Mo., The senior member of the Budgets Committee, voiced such criticism on Monday.

“In that bill, a lot of attention was paid to the $ 15 Washington mandate and whether the Democrats will tear up the reconciliation process to get it through,” Smith said on the serve.

“But it’s also about how these policies would destroy millions of jobs – at least 1.4 million, according to the Congressional Budget Office – and disproportionately harm low-wage workers, disabled workers and less educated workers,” he added.

The Senate will conduct its own review, which is fraught with political haggling and bartering. Some of the bill’s key provisions, such as the extended paid sick leave and $ 15 minimum wage, could be cut out of final legislation as Senate Democrats wade through budget constraints.

All eyes are on the Senate MP, a relatively unknown civil servant who decides with a simple majority which bills will reach the Chamber through reconciliation. The MP’s job will be to determine whether Biden’s discharge bill, including the $ 15 increase in the minimum wage, meets the standards of the Byrd Rule.

While the Byrd Rule is complicated, its overarching and guiding principle is to ensure that any bill passed through the vote is genuinely budget related. So if MP Elizabeth MacDonough decides that the minimum wage hike is not a federal budget concern and is more of a political tool, Democrats will be forced to try to pass the $ 15 minimum wage in the future.

If found acceptable, minimum wage supporters such as Senator Bernie Sanders, I-Vt., Will convince moderate Democrats who are skeptical of the wage increase, namely Sens. Joe Manchin of West Virginia and Kyrsten Synema of Arizona, to vote for the bill be right.

Macy’s (M) stories fourth quarter 2020 earnings and gross sales

People wear face masks as they walk through Herald Square in New York City on January 8, 2021.

Angela Weiss | AFP | Getty Images

Macy’s reported its first quarterly profit in a year on Tuesday as its efforts to reduce inventory levels over the holidays and rely less on deep discounts are paying off.

The company expects 2021 to be a year of recovery and rebuilding as it fights back from the losses it suffered during the pandemic. It offered a prospect of persistent pandemic-related obstacles in the spring, with momentum escalating in the latter half of 2021.

Like many of his colleagues, Macy’s has been injured by shoppers who made fewer trips to the mall and bought fewer clothes when they worked from home and attended fewer special events during the health crisis.

Macy’s shares rose more than 3% in premarket trading.

Here’s how the company performed in the fourth quarter ended January 30th, compared to analyst expectations based on a survey by Refinitiv:

  • Earnings per share: 80 cents, adjusted compared to 12 cents, expected
  • Revenue: $ 6.78 billion versus $ 6.5 billion expected

Net income fell from $ 340 million, or $ 1.09 per share last year, to $ 160 million, or 50 cents per share. With no one-off costs, the company made 80 cents per share, better than the 12 cents expected by analysts.

Revenue declined from $ 8.34 billion a year ago to $ 6.78 billion. That was better than what analysts had expected to be $ 6.5 billion.

According to Macy’s, sales in the same store based on proprietary and licensed products decreased 17.1% from 2019. Analysts called for a decline of 21.3% according to Refinitive data.

CEO Jeff Gennette noted that the company saw its greatest strength in the quarter in the home, beauty, jewelry, and timepiece sectors, as consumers diverted more of their spending from clothes and fancy shoes to accessories and items to their homes beautify.

Ecommerce sales rose 21% over the last period. The company said digital sales accounted for 44% of net sales, while roughly a quarter of Macy’s digital sales for the quarter came from its stores.

Macy’s predicts that annual online sales will exceed $ 10 billion over the next three years as the department store operator anticipates that customers’ buying habits of buying more online will extend beyond the pandemic.

Macy’s is in the process of trimming its real estate to keep the better-formed stores open in America’s best malls. In 2019, the company announced that it would close 125 locations by 2023. Earlier this year, as part of its three-year shutdown plan, Macy’s released the locations of more than 40 stores, which are slated to close by mid-2021.

Looking ahead to fiscal 2021, Macy’s claims sales between $ 19.75 and $ 20.75 billion. Analysts had asked for annual sales of 20.13 billion US dollars.

The adjusted earnings per share are expected to be between 40 and 90 cents. Analysts had forecast adjusted earnings of 77 cents per share.

Read the full Macy’s press release and materials here.

Cuba’s Covid vaccine could possibly be an choice for vacationers

On October 23, 2020, at the Melia Varadero International Hotel in Matanzas Province, a man is standing near a Cuban national flag. Varadero, Cuba’s main seaside resort, is reopening to international tourism amid the coronavirus pandemic.

YAMIL LOCATION | AFP | Getty Images

Cuba’s most advanced Covid-19 vaccine candidate is set to enter late-stage clinical trials next week, bringing the tiny island nation ever closer to an exceptional medical performance that analysts believe will have far-reaching ramifications across the global south.

Cuba’s most promising vaccine candidate of the four under development is Soberana 02. The vaccine name translates from Spanish to “Sovereign”, an alleged allusion to Cuba’s national pride in its world-famous healthcare system.

Soberana 02 is scheduled to enter phase 3 studies from March 1. According to official figures, up to 150,000 volunteers will take part in the tests within weeks. Phase 3 trials represent the final phase before a vaccine is generally approved by national regulatory authorities.

It comes at a time when many people in Cuba are forced to stand in line for hours to buy basic goods and the authorities continue to adhere to a decade-long US trade embargo – with sanctions that former President Donald Trump has in recent years Years.

“It’s just this incredible dichotomy,” Helen Yaffe, a Cuba expert and lecturer in economic and social history at the University of Glasgow, Scotland, told CNBC over the phone.

“On one hand, you have this high-tech biotech sector that brings a lot of hope to the global south because there is the possibility of an affordable vaccine – (and) vaccinating the global south will be the priority,” said Yaffe.

“And at the same time, Cubans get up at four or five in the morning to join the queue because there is a real shortage of really basic food and even medicine.”

What do we know about Soberana 02?

The Cuban Finlay Institute, the country’s leading biopharma institution, is overseeing the development of Soberana 02. Vicente Verez, director of the institute, has indicated that the vaccine could be available as an option to tourists later this year.

If Soberana 02 is found to be safe and effective, the development of a domestically manufactured vaccine will likely be hailed as an astounding scientific breakthrough and major political triumph. Cuba would also be the first Latin American country to immunize its population with a domestically manufactured vaccine.

Technician Mayelin Mejias will work in the vaccine aseptic and packaging processing facility at the Finlay Vaccine Institute in Havana on January 20, 2021.

YAMIL LOCATION | AFP | Getty Images

The government has not yet outlined any concrete plans for vaccinating tourists, but analysts say it is possible for foreigners traveling to Cuba to receive their first dose of vaccine on the island before subsequent doses to take away.

Although public data are limited, it is believed that up to three doses of the vaccine could be given at two-week intervals.

People are already talking about sun, sea, sand and Soberana 02. So I wouldn’t be surprised if people went to Cuba to look for the vaccine and I’m sure the Cubans will offer it.

Helen Yaffe

Lecturer in Economic and Social History at the University of Glasgow

Yaffe, who is also the author of We Are Cuba !: How a Revolutionary People Survived in a Post-Soviet World, said Cuba’s sophisticated health system would help the country introduce the vaccine “extremely” quickly.

“I can guarantee that. And if they have a vaccine every two weeks, people could be vaccinated within a month of starting,” Yaffe said.

“By the summer, people will be pretty desperate to go on vacation, and I think Cuba, which is nominating itself as the ideal travel destination. People are already talking about sun, sea, sand and Soberana 02. So I wouldn’t be surprised if Die People go to Cuba to find the vaccine and I’m sure the Cubans will offer it. “

How does it work?

The Soberana 02 vaccine is a conjugated vaccine. This is a type of vaccine that contains a portion of the spike protein that binds or conjugates to human cells to increase its stability and effectiveness.

Unlike other coronavirus vaccine candidates like Pfizer-BioNTech, Soberana 02 doesn’t require any additional cooling requirements. This should ease the logistical and administrative challenges associated with vaccination programs in low-income countries.

People line up in Havana to buy groceries on Feb.2, 2021 as Covid-19 cases emerge in the island nation.

YAMIL LOCATION | AFP | Getty Images

At a virtual session led by the Pan American Health Organization on February 5, Dr. Verez, Soberana 02 returned “encouraging results” in the early test phases. He added that the vaccination has not yet produced any significant side effects.

The Cuban government has announced that it will produce 100 million cans of Soberana 02 this year to meet the needs of its own citizens as well as those in other countries. It is said to be one of the first countries in the world to vaccinate its entire population in 2021, though many advanced nations started administering bumps almost two months ago.

Several countries have expressed an interest in purchasing the vaccine, including Vietnam, Iran, Venezuela and the African Union, which represents all 55 countries in Africa.

Cuba, which has seen relatively few Covid cases compared to other countries in the region, has seen a sharp rise in infections and deaths in recent weeks. To date, Cuba has recorded 45,361 cases of the coronavirus and 300 deaths, according to Johns Hopkins University.

“One of the world’s best kept secrets”

Cuba has long been known for its medical diplomacy. Thousands of professionals have been sent abroad to help countries cope with short-term crises, natural disasters and medical emergencies.

Human rights groups have raised concerns that the Cuban government is imposing repressive rules on doctors working abroad and invoking the right to privacy, freedom, expression and association.

At the start of the Covid-19 outbreak, Cuba had an estimated 24,500 medical workers in 58 countries. Another 4,000 members of the Cuban Henry Reeve Brigade, a group of highly respected health professionals, have worked in countries from Kuwait to Mexico, Italy to South Africa.

Cuban doctors during a welcoming ceremony for Cuban health workers deployed in Cape Town, South Africa, in the Western Cape on May 24, 2020 to support efforts in the fight against COVID-19.

Mischa Jordaan | Gallo Images via Getty Images

It’s a deeply rooted tradition that the country, with just over 11 million, has more medical staff working overseas than all of the G7 countries combined.

“This is an extraordinary recording, largely unknown to the mainstream media – one of the best-kept secrets in the world,” said John Kirk, a professor in the Latin America program at Dalhousie University in Nova Scotia, Canada, via email to CNBC.

“Medical internationalism is in Cuban DNA, and the preamble to the Cuban Constitution mentions the obligation that Cuba must share its medical talent with developing countries,” he added.

Gossip Lady Solid teases how rebooting is “utterly totally different”

The original series focused on such powerful female characters as Blake LivelySerena van der Woodsen and Leighton MeesterBlair Waldorf. And while the new cast members couldn’t offer too much about their own characters, they remain confident that the updated version will continue that legacy.

“Gender roles are being discussed and dissected,” revealed Emily. “A lot of the women on our show are very powerful, but I think they were in the original too. We’re going to explore what it means to be a woman in this generation and, in general, examine ideas that we don’t have.” t before. “

In terms of the pressure to be compared to the original, the new cast have been confident that viewers will appreciate the updated series for what it is.

“We realized that we can take on these roles and make them our own – they have their own characteristics that are special and differentiated [them] from the original, “said Emily.” I think people will relate to them on different levels. “

“I think Emily really hit the nail on the head,” added Jordan. “We’re just open and staying true to the essence of Gossip Girl, but with a completely different point of view.”

The electrical automobile firm Lucid Motors goes public in a clean test merger value $ 11.eight billion

The Lucid Air sedan, which is slated to go into production at a facility in Arizona next year.

Clear

Electric vehicle company Lucid Motors plans to enter through a reverse merger with a blank check company founded by veteran investment banker Michael Klein with a combined equity value of $ 11.75 billion and a pro forma equity value of $ 24 billion to go the stock market.

The deal between Lucid of Newark, California, and Churchill Capital Corp IV is the largest in a series of such collaborations between EV companies and blank check companies, also known as Special Purpose Acquisition Companies or SPACs.

Previous SPAC deals with EV startups like Nikola, Fisker, and Lordstown Motors achieved pro forma valuations of less than $ 4 billion, but Lucid is further ahead than these companies. Lucid will deliver its first vehicle this spring – a luxury sedan named Air.

The deal will generate approximately $ 4.4 billion in cash for expansion plans for Lucid, including the current Arizona factory.

CCIV stocks fell roughly 30% to $ 40 in expanded trading.

Lucid is led by ex-Tesla engineering manager and automotive veteran Peter Rawlinson, who joined the company as Chief Technology Officer in 2013 before adding CEO to his duties in April 2019. He will continue these functions after the expected closing of the EU deal in the second quarter, according to the company.

Lucid was founded in 2007 as Atieva, a name it now uses for its technical and engineering division that supplies batteries for the Formula E electric circuit. The company initially focused on electric battery technology before changing its name to an electric vehicle manufacturer in 2016, three years after Rawlinson joined the company to lead technology development.

Lucid struggled with some difficulty raising capital to fund his plans until he received $ 1 billion from the Saudi Arabian sovereign wealth fund in September 2018.

Rawlinson described SPAC deals last year as easy money but not enough capital to get a vehicle into production, which has led companies like Fisker to look for contract manufacturers.

Prior to the announcement at Klein’s company, Rawlinson said the company had the funds to begin producing the air at a facility in Casa Grande, Arizona, southeast of Phoenix.

The new funding is intended to support Lucid in its expansion plans. Rawlinson expects the Air to be the catalyst for a number of future all-electric vehicles, including an SUV starting production in early 2023, and cheaper vehicles across the board.

Lucid currently employs almost 2,000 people. The US is expected to employ 3,000 people domestically by the end of 2022.

The deal includes a total investment of around $ 4.6 billion. It is funded with $ 2.1 billion in cash from CCIV and a fully committed PIPE of $ 2.5 billion at $ 15 per share from the Saudi Arabian state fund, as well as funds and accounts held by BlackRock, Fidelity and managed by others.

‘Model would not matter. Get the primary vaccine out there, ”says Dr. Vin Gupta

The intensive care unit and the pulmonologist Dr. Vin Gupta told CNBC’s “The News with Shepard Smith” that patients should stop weighing the pros and cons of the Covid vaccine and still get the first shot in the arms as soon as possible, a new Israeli study that shows that the Pfizer vaccine will actually stop the spread of Covid.

“People say maybe I want the Pfizer vaccine instead of Johnson & Johnson or another,” said Gupta, a professor at the Department of Health Metrics and Assessment at the University of Washington, during an interview Monday evening. “That’s the wrong way to think about it. The brand here doesn’t matter. Get the first vaccine available.”

Gupta tweeted a photo of the lungs of a Covid patient who died of life support. The lungs developed holes that were once lung tissue, and Gupta said the vaccines can prevent this type of severe progression of the virus.

“This right-sided image is severe pneumonia that requires life support,” Gupta said. “All vaccines in the pipeline or approved prevent this, regardless of the variant.”

According to the Johns Hopkins University, the United States has exceeded 500,000 deaths from the coronavirus pandemic, and that’s twice as many as any other nation. In fact, the US has recorded an average of one death per minute over the past year.

President Joe Biden and Vice President Kamala Harris honored the lives lost on Monday with a moment of silence and a candle-lighting ceremony in the White House. White House press secretary Jen Psaki also ordered Biden to lower the state flags to half the staff for the next five days. The bells at Washington National Cathedral rang 500 times in memory of the Americans killed by Covid.

The grim milestone of the pandemic comes when virus numbers improve. According to Johns Hopkins, the average daily cases are 69,986, a 52% decrease in this month alone. The average daily deaths are 1,872, the lowest since December 2. Hospital admissions are down 41% this month alone, according to the Covid Tracking Project.

However, Gupta told host Shepard Smith that people shouldn’t give up their vigilance when it comes to the virus.

“I think right now we have to be very careful how we feel about this good news,” said Gupta. “We still have to be vigilant, but yeah, that’s really good news, bright at the end of the tunnel, hopefully by midsummer.”

The highly transmittable new Covid variants have surfaced in several places in the United States, according to the Centers for Disease Control and Prevention. The British variant was found in 44 states, the South African variant in 10 states and the Brazilian variant in 4 states.

Gupta noted that the US doesn’t have the sequencing technology to understand the “true spread” of the variants and is another reason for Americans to remain vigilant against the virus.

Asian Doll Subtweets A girl who was beforehand linked to King Von on Twitter

It seems like the drama between Asian Doll and women who previously worked with her former boyfriend, King Von, is never going to end. Today, she subtweeted a woman named Jamiyah for hours after Jamiyah tweeted that Von was her devious link. In a series of tweets, Jamiyah wrote, “If my muse was weak, why did he keep cheating on you, stupid man.” She then talked about Asian tweeting about how she wanted Von to have a baby. “I didn’t even want a baby from you. You were afraid it would get ugly, WTF “Jamiyah tweeted.” Stop stunned for your fans, girls. He left you! “

Asian tweeted: “It sucks that these bitches can’t be shown, damn bitch. Did you get him to at least buy you a bed? Just a plan B, a hug and a juice. In the gang none of you are concerned with me, you hear that I am not one of you … “She further tweeted:” I am blessed in real life. “Asian also claimed Von gave her $ 50,000, a ring and a house that Jamiyah quickly closed.

Jamiyah claimed Von didn’t give her these things because they would have been posted on Instagram. She alleged that Asian had an abortion by tweeting, “Although I never took a Plan B, you had to have abortions and crackers. Talk to them, fake a man’s ghosts. Take a hit before you get hit. “

Things didn’t stop there. Jamiyah also claimed that Asian had relationships with 600 Breezy, who she had closed, saying that the only man who can say she had relationships with Von is Von. Asian said she was Von’s wife and tweeted a video Von said the same thing to support her claims.

It has only been 3 months since Von’s death. Many believe that there was too much drama about his name and that women use him as a clout. Akbar V stepped into the shadow room and commented, “I like the way you keep trying to come to @asiandabrat if you didn’t do any of this while he was alive. You all respected Asians. This is crazy and not cool. “

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The smallest corporations obtain extra PPP consideration. What to know

The smallest businesses that have had the most difficulty accessing forgivable loans from the paycheck protection program will soon receive additional help.

The Biden government on Monday announced changes to the pandemic relief program, which aims to help small and minority businesses, as well as individual entrepreneurs.

Starting Wednesday, the Small Business Administration will only accept PPP loan applications from companies with fewer than 20 employees for two weeks.

The administration is also making various changes to the program, including increasing loan amounts for sole proprietorships and sole proprietorships, removing restrictions on criminal student loan debt and convictions for non-fraud crimes, and allowing some non-civic entrepreneurs.

The aim is to expand access

The changes will even improve the playing field for the companies that make up the bulk of small businesses – 98% of small businesses employ fewer than 20 people but have only received 45% of PPP funding so far, according to the SBA. They also aim to eliminate racial gaps that have been seen in credit, as previous iterations of the program left out many minority-owned companies.

“It’s a great idea to make sure we give priority to small business owners and minority owners, as we’ve seen them excluded from the process,” said Marvin Owens, chief engagement officer of Impact Shares and former senior director of economic development at the NAACP. “What you saw at the beginning of PPP was really an exposure of the differences in access to capital.”

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Supporting these companies is extremely important to the recovery of the US economy, as small businesses employ nearly half of all working Americans, according to the SBA.

“This is one of the main economic drivers of our country,” said Awesta Sarkash, manager of government affairs for Small Business Majority, a left-wing advocacy group. “Our main employers are injured and you are seeing a ripple effect.”

Here’s what small business owners need to know before the application window opens on Wednesday.

1. Companies can request either a first or a second drawing

If you are self-employed or own a business with fewer than 20 employees, lenders will prioritize your PPP loan applications starting Wednesday.

Eligible companies can apply for a PPP loan for the first or second drawing, depending on their individual circumstances. To qualify for the SBA’s second round of unsuccessful loans, companies must have issued, or plan to do, all of their first loan and demonstrate that they have seen sales declines of 25% or more for each quarter of 2020.

2. The self employed can now receive more forgivable funding

One of the biggest changes to PPP is the way it calculates loans for millions of self-employed people, including sole proprietorships and independent contractors.

For companies with employees, PPP loans are typically 2.5 times the cost of wages. However, for one-person businesses with no payroll, lenders used the net income number from IRS 1040 Schedule C, which includes deductions. Because of this, some workers saw very low loan amounts in previous rounds of the program.

To address the problem, the SBA is revising the formula to adapt it to the needs of farmers. What this basically means is they instead calculate loan amounts from gross income rather than net income, said Chris Hurn, executive director of Fountainhead Commercial Capital.

“It makes a tremendous sense,” Hurn said, adding that it will make people money faster.

What you saw at the start of PPP was really an exposure of the differences in access to capital.

Michael Owens

Chief Engagement Officer, Impact Shares

3. Apply as soon as possible

Experts aren’t sure if two weeks is enough for all of the smallest businesses in need of help applying for PPP loans. With limited funding available, companies should apply as soon as possible.

If you want to apply, it means that you should collect your tax documents including Appendix C – either from 2019 or 2020 – and have them ready for submission on Wednesday. It may also be a good idea to contact a lender in your community or a lender you already have a relationship with to submit your records.

If you’re able to apply for a first round PPP loan right away, Hurn says you may have time to allocate the money and request a second draw.

What can come next

However, these changes are late in the game for the program, which was first established by the CARES Act in response to the coronavirus pandemic and currently expires in late March. That gives just a few weeks with the changes before the end of the program.

And it’s not clear if some of the changes made will be retroactive. This would be particularly important for sole proprietorships who have received small initial loans.

“Unfortunately, if you don’t extend the program beyond March 31, you won’t be as effective as you would like,” said Hurn.

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Michael Cohen predicts a Trump indictment is coming quickly

Michael Cohen predicted Monday night that charges would soon be brought against Trump based on recent moves by the Manhattan Attorney’s Office.

In an interview with MSNBC’s Joy Reid, Cohen pointed out that Manhattan DA Cy Vance recently recruited a federal attorney. Mark F. Pomerantz, who specializes in organized crime to join the Trump investigation.

“You haven’t brought [Pomerantz] so as not to bring charges, ”Cohen said. “I suspect the indictment will likely be sooner rather than later.”

Video:

Michael Cohen has bad news for his former boss Donald Trump: “I suspect the indictment will likely be sooner rather than later.” pic.twitter.com/1dYeDo2TnU

– PoliticusUSA (@politicususa) February 23, 2021

Cohen said:

In my opinion, Cy Vance, being politically wise, has not brought in people like Mark Pomerantz, an incredibly well-known and prolific attorney when it comes to major financial crimes as well as complex financial crimes. You didn’t get him not to bring charges, and I suspect the charges will likely come sooner rather than later.

Trump’s legal problems continue to grow

Over the past week, Donald Trump’s legal problems continued to grow. The Manhattan Attorney’s Office hired Mark Pomerantz and summoned the New York Tax Commission.

To add gasoline to the former president’s legal fire, the Supreme Court ruled Monday that Trump’s tax returns can be turned over to a New York attorney.

Some Republicans cheer Trump on becoming president again in 2024, but it’s more likely he’ll be too busy not to go to jail than to return to the White House.

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Sean Colarossi currently resides in Cleveland, Ohio. He received his Bachelor of Arts in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama’s presidential campaigns. He also worked with Planned Parenthood as the Outreach Organizer of the Affordable Care Act in 2014, helping Northeast Ohio residents get health insurance.