Getting a boat loan: What you need to know

Before you set sail in a new boat, educate yourself on boat loans, so you don’t sink yourself with a bad loan. (iStock)

Setting sail on the water is a dream for many Americans. And in 2020, that dream became a reality for many new boat captains, as recent powerboat sales increased by 12% compared to 2019, according to the National Marine Manufacturers Association. With an average price of $37,000 for a traditional powerboat, many of these new boat owners likely needed a boat loan to purchase their vessel.

If you’re looking to hit the water, read

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Tunisia to seek $4bn loan from IMF, PM says | Business and Economy News

Tunisian prime minister says loan constitutes ‘last opportunity’ to save the cash-strapped country’s economy.

Tunisia will seek a $4bn loan programme from the International Monetary Fund (IMF) in talks starting next week, Prime Minister Hichem Mechichi told Reuters news agency, saying politicians faced a “last opportunity” to save the economy.

Mechichi said on Friday he expected talks to last about two months and had “confidence” Tunisia could secure financial support to help it through an economic crisis that has been aggravated by the COVID-19 pandemic.

“All efforts must be unified in Tunisia because we consider that we have reached the

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Student Loan Cancellation Faces Major Setback

Student loan cancellation just faced a major setback.

Here’s what you need to know — and what it means for your student loans.

Student Loans

Student loan cancellation hit a major speedbump, not in Congress or with the president, but in court. The U.S. Court of Appeals for the Second Circuit issued a ruling last month that could make it more difficult to discharge student loans in bankruptcy. While this may not impact one-time, wide-scale student loan cancellation, the ruling could impact any borrower that seeks to cancel student loans

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Search paycheck protection programs at this website

Want to know if your employer got a Paycheck Protection Plan or PPP loan? And for how much?

Or do you want to know which companies got taxpayer-funded loans?

Why the Small Business Administrationloan program frustrates borrowers

Previous PPP stories:Money flows for business loans. So, what’s the hold up? Big Banks

Who in Florida got a Paycheck Protection Program or PPP loans during the pandemic?

Here is a searchable website to see which companies got money from last year’s federal program to help businesses retain their workers amid the pandemic economic shutdown.

More:Small business owners may soon

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Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020.

In Notice 2020-32 and Rev. Rul. 2020-27 (which were obsoleted by Rev. Rul. 2021-2) the IRS provided that a taxpayer that received a loan through the PPP was not permitted to deduct expenses that are normally deductible under the Code to the extent the payment of those expenses resulted in PPP loan

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Wall Street Banks Say Time for Loan Market to Ditch the Fax

(Bloomberg) — A corner of the debt capital markets known for still sending official notifications via email and even the occasional fax is poised for a modern update.

Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are developing a new platform for the $4 trillion syndicated loan market that would let lenders access data across their portfolio all in one place. Currently, lenders receive a hodgepodge of updates on each individual loan — interest payment notices and requests for amendments, for example. It’s a headache for investors who often have to manually update that data into their

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IRS offers safe harbor for claiming PPP loan deductions

The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year.

The Internal Revenue Service and the Treasury released Revenue Procedure 2021-20 on Thursday, which provides a safe harbor in accordance with a provision in last December’s COVID-19 relief package. Under the previous rules, businesses that received PPP loans in 2020 to cover their payroll costs, mortgage interest, rent and utility payments couldn’t deduct the corresponding expenses. But once the Consolidated Appropriations Act was enacted last December, businesses were allowed to

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Student loans should be paid off before credit cards

Americans are in debt.

The average person has more than $92,000 in debt, according to the Experian 2020 Consumer Credit Review.

The most important step to paying off your obligations will be deciding which loans you need to tackle first, according to financial expert and podcast host Suze Orman.

You should start by categorizing your loans as secured or unsecured, said Orman.

Check out this video to see how the bestselling author recommends you determine which type of debt you have and what you need to do after compiling your list.

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How much you can

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Bipartisan bill would fix decades-old student loan problem for divorced Americans

In 1992, Congress tried to address student loan default rates by creating a statute in the Higher Education Act that enabled married couples to consolidate their debt with their spouses.

Nearly 30 years later, lawmakers are trying to pass a new law to fix the unintended consequence of some of those borrowers being divorced and squabbling over the consolidated debt.

A bipartisan group of lawmakers — including Representatives David E. Price (D-NC), Greg Murphy (R-NC), and Haley Stevens (D-MI), in addition to Senators Mark Warner (D-VA), Marco Rubio (R-FL), and John Cornyn (R-TX) — have now reintroduced the Joint Consolidation

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NFL players’ investments funded controversial high-interest loans

INVESTMENTS FROM AT least 15 current and former NFL players, including Von Miller, Nick Foles and Mark Brunell, were used in a complex investment program designed to profit at the expense of low-income borrowers, according to civil and bankruptcy court documents obtained by ESPN.

The players invested in a now-defunct company that funded a separate business targeting Texans with troubled credit ratings who needed quick cash and would put up their cars as collateral on loans averaging $1,000. Because of fees and interest in excess of 300%, borrowers would agree to pay hundreds of additional dollars to repay the loans.

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