Conservative legal group sues Biden administration over farmer loan program | Local Government

Sun dries a grain field while a combine awaits along Wisconsin Highway 32 near Lakewood.

A conservative Wisconsin legal group on Thursday announced it is suing President Joe Biden’s administration for the latest stimulus package’s use of race in determining eligibility for a farmer loan forgiveness program.

The lawsuit, filed by the Wisconsin Institute for Law and Liberty, alleges the Biden administration is engaging in unconstitutional race discrimination through a provision in the American Rescue Plan to provide debt relief to “socially disadvantaged” farmers and ranchers.

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Rampant racial disparities plagued PPP loan distribution

Like other Black entrepreneurs in her Inglewood neighborhood, Annie Graham has struggled to keep her business afloat during the pandemic.

At Ms. Ann’s clothing boutique on Manchester Boulevard, the Easter finery Graham stocked last spring remains on the racks. Also untouched are many of the exclusively white outfits for weddings and parties that she sells at her storefront next door, the White House. Customers, she said, mostly buy dresses now for funerals.

Annie Graham, owner of Ms. Ann’s dress shop in Inglewood, had her application last year for a PPP loan rejected.

(James Bernal for Reveal / Los Angeles Times)

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COVID-19 loan program helps DJ get back in the mix

GRAND RAPIDS, Mich. (WOOD) — DJ Blaze feels at home behind his turntable. 

“That’s the ultimate high, when they’re dancing and feeling the music,” the DJ said. “I can’t explain the feeling.”

His love of music dates to the 1980s.  

“I used to call into the (radio) station and request Fat Boys and LL Cool J and Salt-N-Pepa,” Blaze said. 

The Grand Rapids-based DJ turned that passion into a job, but his performances were put out by COVID-19 shutdowns. 

“I was going to do an afterparty for 50 Cent in Las Vegas last year, but the week before I was

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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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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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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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Student Loan Debt Forgiveness: Where It Stands Now

The Biden administration hasn’t made a decision when it comes to forgiving student loan debt, despite pressure from progressive Democrats that have called on the president to issue an executive order that would wipe out millions of borrowers’ debt.

However, the administration’s latest moves toward student loan forgiveness suggest that widespread student loan cancellation could be possible in the future.

Here’s what to know about student loan debt forgiveness and how soon it could impact your student loan debt.

What’s happening right now with student loan forgiveness?

In his most recent and obvious step toward mass forgiveness, Biden in early

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