COVID-19 government disaster loans saved businesses, but saddled survivors with debt

3 months, 2 weeks ago

COVID-19 government disaster loans saved businesses, but saddled survivors with debt

The Independent

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy In 2020 and 2021, COVID-19 Economic Injury Disaster Loans were a lifeline for small businesses. And a Small Business Credit Survey report from the 12 Federal Reserve banks shows that small businesses that haven't paid off COVID-19 Economic Injury Disaster Loans are in worse shape than other small businesses. EIDL loans were designed to help small businesses stay afloat during the COVID-19 pandemic. The survey by the Federal Reserve Banks found firms with outstanding EIDL loans had higher debt levels, were more likely to report challenges making payments on debt and were less likely to be profitable as of fall 2023, when the survey was conducted.

Business Debt Small Businesses Covid Businesses Small Thomas His Business Eidl Disaster Loans covid19 business debt saddled eidl sign survey small outstanding saved loan breaking businesses disaster loans survivors

History of this topic

COVID-19 government disaster loans saved businesses, but saddled survivors with debt

3 months, 2 weeks ago

COVID-19 government disaster loans saved businesses, but saddled survivors with debt

Associated Press

NEW YORK — In 2020 and 2021, COVID-19 Economic Injury Disaster Loans were a lifeline for small businesses. And a Small Business Credit Survey report from the 12 Federal Reserve banks shows that small businesses that haven’t paid off COVID-19 Economic Injury Disaster Loans are in worse shape than other small businesses. EIDL loans were designed to help small businesses …

Covid business loans ‘saved hundreds of thousands of jobs’

2 years, 6 months ago

Covid business loans ‘saved hundreds of thousands of jobs’

The Independent

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The research was commissioned and paid for by the British Business Bank, which oversaw …

Will California’s small businesses survive another COVID-19 surge without more help?

4 years ago

Will California’s small businesses survive another COVID-19 surge without more help?

LA Times

Ebony Lynk with her husband, Romel Mallard, and their children: Bryce Hayes, Romari Mallard and Rori Mallard. “It’s bitter medicine to be told, ‘You can borrow the money,’ when a government closure just drove a truck through your business.” When the coronavirus began its death march through the economy last spring, Congress’ $2.2-trillion CARES Act buoyed California’s small businesses like …

Discover Related

What changes should small businesses be aware of for 2025?

2 days, 4 hours ago

What changes should small businesses be aware of for 2025?

Associated Press

For small businesses, the biggest change in the new year will be the arrival of a presumably more business-friendly administration in Washington. Among them: changes to state-level overtime and minimum wage rules, the delayed federal FinCEN registration, taxes on payments from third-party providers like Venmo and PayPal, and anything that might affect inflation, including tariffs. “What we’ve seen for the …

Business Inflation Small Business Trump Small Businesses 2025 Federal

Farmers, business owners, fire survivors face uncertainty after $100B in disaster relief flounders

3 days, 23 hours ago

Farmers, business owners, fire survivors face uncertainty after $100B in disaster relief flounders

Associated Press

▶ Follow live updates on federal funding negotiations as a government shutdown looms. Do I leave?” While money from the Federal Emergency Management Administration has provided temporary relief, the disaster recovery funding was intended for long-term needs such as housing assistance and rebuilding infrastructure, he said. “I realize there are other distractions that are going on, but I would just …

Disaster Money Funding Owners Bill Maui Business Owners

Asset reconstruction companies see spike in unsecured loan sales by lenders

2 weeks, 3 days ago

Asset reconstruction companies see spike in unsecured loan sales by lenders

Live Mint

Mumbai: Asset reconstruction companies are seeing a spike in the sale of bad debt in the unsecured retail loan portfolios of banks and non-banks, as stress rises in the microfinance and personal loan segments. Banks and non-bank lenders have been putting up more unsecured retail loans for sale to asset reconstruction companies over the past six months. Another challenge is …

Reconstruction Companies Loans Loan Rbi Banks Asset

Small Business Administration disaster loan program running out of money

2 months, 1 week ago

Small Business Administration disaster loan program running out of money

Salon

A loan program for businesses and residents affected by disasters could run out of funding in a few weeks, according to the U.S. Small Business Administration. The SBA said its disaster loan program is likely to be depleted before the end of October. The agency said it would continue helping borrowers with initial processing and servicing their loans, but "if …

Congress Loan Sba Renters Small

Biden says small business disaster loan program will soon run out of money

2 months, 2 weeks ago

Biden says small business disaster loan program will soon run out of money

NPR

Biden says small business disaster loan program will soon run out of money toggle caption Mandel Ngan/AFP President Biden sent a formal letter to Congress late Friday night saying that a key loans program for helping disaster victims will run out of money within weeks at a time when Americans hit by Hurricane Helene need the relief. “I warned the …

Georgia Disaster Money Congress North Carolina Biden Hurricane Helene

Company insolvencies dip in August but still reflect ‘challenging environment’

3 months ago

Company insolvencies dip in August but still reflect ‘challenging environment’

The Independent

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Jennifer Lockhart, partner at law firm Brabners, said: “Fewer …

England Companies

Why this class of companies is waiting for more corporate failures

3 months, 2 weeks ago

Why this class of companies is waiting for more corporate failures

Live Mint

Mumbai: On a humid evening in May, a group of executives from various asset reconstruction companies gathered at the ballroom of hotel President in Cuffe Parade, Mumbai. The third and more recent challenge is the advent of India’s so-called bad bank, the state-owned National Asset Reconstruction Company Ltd. As a rule, the industry thrives when the level of corporate non-performing …

India Industry Bank Companies Loans Crisil Rbi

Business owners increasingly worry about payment fraud, survey finds

6 months ago

Business owners increasingly worry about payment fraud, survey finds

Associated Press

NEW YORK — Small businesses are increasingly concerned about payment fraud. “With the introduction of new technology over the last several years, small businesses are some of the many that have fallen victim to fraudulent activity,” said Mike Walters, President of Business Banking at KeyBank. Aside from fraud, the survey found that the top three anticipated economic challenges in coming …

Business Fraud Small Business Owners Payment Fraud

Business insolvencies hit record highs with worse to come, warns CreditorWatch

8 months ago

Business insolvencies hit record highs with worse to come, warns CreditorWatch

ABC

In short: The number of businesses in external administration has hit a record high, according to CreditorWatch. The latest piece of the domestic economic jigsaw puzzle shows a stark rise in business failures, which have risen to record highs, hit by a triple blow of weak consumer demand, cost pressures and a tax office now determined to collect what it's …

Business Risk Hit Rate Businesses Rates Queensland

The Small Business Administration offers assistance for small biz hurt by Maryland bridge collapse

8 months, 2 weeks ago

The Small Business Administration offers assistance for small biz hurt by Maryland bridge collapse

Associated Press

NEW YORK — The Small Business Administration is offering assistance to those affected by the bridge collapse in Maryland. Small businesses in the Mid-Atlantic region will be eligible for low-interest, long-term Economic Injury Disaster Loans of up to $2 million. “The SBA joins the entire federal family in grieving for the lives lost in the tragic collapse of the Francis …

Business Small Businesses Small Sba Maryland Bridge

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations

8 months, 2 weeks ago

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations

Bloomberg

More than half of the world’s low-income countries are at high risk of debt distress or are already in it, and several have defaulted. But despite the world’s 20 largest economies having agreed in 2020 to a plan called the Common Framework to smooth the process of restructuring loans that governments could no longer afford to service or repay, progress …

Common Framework

IRS takes back money given under fraud-ridden COVID-era tax program

8 months, 3 weeks ago

IRS takes back money given under fraud-ridden COVID-era tax program

Associated Press

NEW YORK — The IRS says it’s making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. AP AUDIO: IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program. AP correspondent Mae Anderson reports on the IRS clawing back money given to businesses under a fraud-ridden COVID-era tax credit program. The IRS …

Money Small Businesses Claims Businesses Irs Takes

Big businesses are struggling – will the Bank help out with a cut in interest rates?

10 months, 3 weeks ago

Big businesses are struggling – will the Bank help out with a cut in interest rates?

The Independent

Question: what do Motorpoint, JD Sports, Burberry, Watches of Switzerland, Dr Martens, Kingfisher, Superdry, and Ashtead have in common? A third of the warnings issued in the last three months of the year were, it said, from “large listed businesses”, double the average rate. The clamour for the Bank of England’s rate setting Monetary Policy Committee to throw caution to …

Bank Cent Rate Cut Mpc Price Inflation Profit Warning

Recovering from natural disasters is slow and bureaucratic. New FEMA rules aim to cut the red tape

11 months ago

Recovering from natural disasters is slow and bureaucratic. New FEMA rules aim to cut the red tape

LA Times

The Federal Emergency Management Agency is making changes to its individual assistance program that helps disaster survivors. FEMA officials said the changes are designed to make it easier for survivors of disasters, such as last year’s Highland fire in Riverside County that destroyed 13 structures and damaged three more, to apply for and get help without the bureaucratic hassle. Deanne …

Insurance Disaster Natural Disasters Money Changes Disasters California

Why corporate bankruptcies were up in 2023 despite the improving economy

11 months, 3 weeks ago

Why corporate bankruptcies were up in 2023 despite the improving economy

NPR

Why corporate bankruptcies were up in 2023 despite the improving economy Enlarge this image toggle caption Gene J. Puskar/AP; John Minchillo/AP; Rogelio V. Solis/AP Gene J. Puskar/AP; John Minchillo/AP; Rogelio V. Solis/AP Imagine taking a Bird scooter to Rite Aid before heading to a WeWork, where you read a news article on Vice and then buying a gift on Bed …

Economy Corporate Companies Debt Bankruptcy Sponsor Message Chapter 11

Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

1 year ago

Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

Associated Press

NEW YORK — Among the many challenges small businesses face as they try to grow these days, getting a loan is right near the top. Banks big and small have tightened lending standards as the Federal Reserve hiked up interest rates the past two years. According to the Federal Reserve, which surveys senior bank loan officers quarterly, about 49% of …

Business Online Loans Loan Interest Rates Interest Small Businesses

PBOC to provide emergency liquidity support in necessary circumstances

1 year, 1 month ago

PBOC to provide emergency liquidity support in necessary circumstances

China Daily

The People's Bank of China. The People's Bank of China, the country's central bank, will provide emergency liquidity support for local governments facing relatively heavy debt burden when necessary, said Pan Gongsheng, governor of the PBOC. Overall, China's size of government debt is on the lower-middle end globally, Pan said on Wednesday at the opening ceremony of the Annual Conference …

Debt Pan Local Governments

IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims

1 year, 3 months ago

IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims

Associated Press

The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. “The IRS …

Pandemic Credit Small Businesses Claims Businesses Small Irs

What does China Evergrande’s debt restructuring entail?

1 year, 4 months ago

What does China Evergrande’s debt restructuring entail?

Live Mint

China Evergrande Group has filed for protection from creditors in a US bankruptcy court as part of its debt restructuring process, amid rising concerns over China’s worsening property crisis and a weakening economy. Evergrande's debt restructuring In March, the Evergrande group announced an offshore debt restructuring, expecting it to facilitate a gradual resumption of operations and generation of cash flow. …

China Property Debt Restructuring Chinese Evergrande China Evergrande

Watchdog: Over $200 billion in pandemic business loans appear to be fraudulent

1 year, 5 months ago

Watchdog: Over $200 billion in pandemic business loans appear to be fraudulent

NPR

Watchdog: Over $200 billion in pandemic business loans appear to be fraudulent At least $200 billion in aid for small businesses may have gone to frauders, according to a new inspector general report. Two hundred billion dollars - that's how much it says was potentially stolen from the taxpayer-funded Small Business Administration. MARTIN KASTE, BYLINE: As the economy went into …

Business Fraud Billion Number Npr Sba Martin Kaste

The Great Grift: 5 things to know about how COVID-19 relief aid was stolen or wasted

1 year, 6 months ago

The Great Grift: 5 things to know about how COVID-19 relief aid was stolen or wasted

Associated Press

WASHINGTON — The greatest grift in U.S. history was brazen, even simple. “Here was this sort of endless pot of money that anyone could access,” said Dan Fruchter, chief of the fraud and white-collar crime unit at the U.S. Attorney’s office in the Eastern District of Washington. Between March 2020 and the end of July 2020, the agency granted 3.2 …

Pandemic Fraud Money Relief Washington Federal Aid

Why LGFV Debt Is a Growing Risk for China’s Economy

1 year, 6 months ago

Why LGFV Debt Is a Growing Risk for China’s Economy

Bloomberg

Cracks are showing in a pillar of China’s debt market known as local-government financing vehicles, or LGFVs. With many local authorities facing cash-flow problems due to the country’s real estate crisis, there are growing concerns Bloomberg Terminal about this $9 trillion market — prompting the government to take steps to effectively bail out weaker issuers and avert a credit crunch. …

60,000 entrepreneurs have yet to begin repaying Covid loans

1 year, 7 months ago

60,000 entrepreneurs have yet to begin repaying Covid loans

NL Times

Over 60,000 entrepreneurs in the Netherlands have yet to start paying off their coronavirus debts to the Tax Authority, State Secretary Marnix van Rij said in a letter to parliament. Despite “repeated attempts by the Tax Authority to get them to take action,” these entrepreneurs have not contacted the Tax Authority or agencies that can provide assistance, Van Rij said. …

Tax Entrepreneurs Debt Payment Authority Ing Van Rij

How the failure of Silicon Valley Bank might have affected the entire financial system

1 year, 8 months ago

How the failure of Silicon Valley Bank might have affected the entire financial system

Firstpost

Research suggests that a run-on deposits at Silicon Valley Bank and Signature Bank could have set off a cascading series of bank failures, crippling small businesses and economic activity across wide parts of the country Washington: The federal government’s rescue of two failed banks last month has drawn criticism from some lawmakers and investors, who accuse the Biden administration and …

Failure Financial Banking Bank Economic Interest Rates New York

Small business owners feel the credit crunch

1 year, 8 months ago

Small business owners feel the credit crunch

Associated Press

NEW YORK — When Nat West, owner of cider-making company Reverend Nat’s Hard Cider, decided to supplement his wholesale business by opening a taproom in a bustling neighborhood in Portland, Oregon, he thought getting financing would be a breeze. Following the recent collapse of Silicon Valley Bank and Signature Bank, some lenders – particularly the small and midsize banks that …

Business Credit Interest Rates Small Businesses West Businesses Rates

US small businesses face worst credit in a decade after SVB collapse

1 year, 8 months ago

US small businesses face worst credit in a decade after SVB collapse

Hindustan Times

More US small businesses reported having greater difficulty getting a loan in March after multiple bank failures led to a further tightening of credit conditions. A net 9% of owners who borrow frequently said financing was harder to get compared to three months earlier, the most since December 2012, according to a survey. A net 9% of owners who borrow …

Small Businesses Owners Small Months

More bankruptcies in February; Still below pre-pandemic levels

1 year, 9 months ago

More bankruptcies in February; Still below pre-pandemic levels

NL Times

In February, 277 businesses were declared bankrupt in the Netherlands. “The number of bankruptcies corrected for hearing days fluctuates considerably. During the coronavirus pandemic, when the government offered businesses various support schemes, the number of bankruptcies decreased to a record low in August 2021. After August 2022, the number of bankruptcies increased for four months, then decreased in January 2023, …

Number Bankruptcies Increased

Medical debt affects millions, and advocates push IRS, consumer agency for relief

1 year, 9 months ago

Medical debt affects millions, and advocates push IRS, consumer agency for relief

NPR

Medical debt affects millions, and advocates push IRS, consumer agency for relief Enlarge this image toggle caption Taylor Glascock for KHN and NPR Taylor Glascock for KHN and NPR Dozens of advocates for patients and consumers, citing widespread harm caused by medical debt, are pushing the Biden administration to take more aggressive steps to protect Americans from medical bills and …

Consumer Medical Medical Care Credit Advocates Patients Debt

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED

1 year, 9 months ago

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED

News 18

Chinese loan apps took advantage of the Covid crisis in India and cheated millions of gullible people who were in a financial mess. The central investigating agency has highlighted how the Chinese apps took advantage of a weak regulatory framework in India to make mind-boggling profits. Indian investigating agencies are keeping an eye on loan apps like Money View, Krazy …

India Indian Interest Apps Company Chinese Rate

Banks May See Rise In Bad Loans From Retail, Small Businesses, Says SBI Official Ashwini Kumar Tiwari

1 year, 10 months ago

Banks May See Rise In Bad Loans From Retail, Small Businesses, Says SBI Official Ashwini Kumar Tiwari

ABP News

Banks in India could see a rise in bad loans or non-performing assets in the retail and small business segments from its recent low levels, an official with State Bank of India told news agency Reuters on Thursday. At an event in Mumbai, Ashwini Kumar Tiwari, managing director at State Bank of India said, "We cannot have a system where …

India Bank Loans Cent Tiwari Msme Sbi

Governments target medical debt with COVID relief funds

1 year, 10 months ago

Governments target medical debt with COVID relief funds

Associated Press

Millions of Americans mired in medical debt face difficult financial decisions every day — pay the debt or pay for rent, utilities and groceries. To address the problem, an increasing number of municipal, county and state governments are devising plans to spend federal coronavirus pandemic relief funds to eliminate residents’ medical debt and ease those debt burdens. The City Council …

Health Medical Relief Debt Million Burnley Somerville

After covid-19, now a pandemic of debt

1 year, 11 months ago

After covid-19, now a pandemic of debt

Live Mint

The covid-19 pandemic increased low- and middle-income countries’ debt levels to a 50-year high. For low-income countries, the ratio of multilateral debt to total external debt has been around 36.5% over the past decade, compared to 8% for middle-income countries, which depend heavily on costlier private-sector financing. Before covid-19, the main body providing debt relief to low- and middle-income countries …

World Pandemic Bank Relief Developing Developing Countries Latin America

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz

2 years, 2 months ago

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz

NL Times

The looming economic crisis will make the coronavirus crisis look like nothing, according to credit insurer Allianz Trade. Rarely have so many negative facts come together simultaneously,” Johan Geeroms, director of risk underwriting in the Benelux for Allianz, said in a press statement. And, partly due to the 10 percent increase in the minimum wage the government announced for next …

Geeroms Coronavirus Support

UN seeks help for developing world hit by rising debt costs

2 years, 2 months ago

UN seeks help for developing world hit by rising debt costs

Associated Press

GENEVA — The United Nations’ development program is calling on rich countries and financial institutions in them to do more to help alleviate a growing debt crisis faced by the world’s poorest countries, including by writing off debts — not just rescheduling them. A report from UNDP released Tuesday comes amid meetings by the World Bank, International Monetary Fund and …

World Debt Countries Steiner Undp Development Crisis

How MSMEs can procure NBFC loans without mortgaging assets

2 years, 2 months ago

How MSMEs can procure NBFC loans without mortgaging assets

India TV News

For MSMEs, sustained funding represents the difference between success and failure. Advent of Cash Flow-based Lending However, the advent of cash flow-based lending has made it much easier for MSMEs to procure credit, although at a somewhat higher interest rate to cover the extra risk of lenders. While new-age lenders such as NBFCs and fintech firms were the first to …

Business Data Credit Loans Promoters Interest Cash

Former PG&E executives agree to $117-million settlement over California wildfires

2 years, 2 months ago

Former PG&E executives agree to $117-million settlement over California wildfires

LA Times

All but a few homes in the Pine Grove Mobile Home Park were destroyed in the Camp fire in 2018. Former executives with utility giant Pacific Gas & Electric have reached a $117-million settlement agreement in connection with the 2017 North Bay fires and the 2018 Camp fire, officials said. Under its bankruptcy plan, PG&E allowed the Fire Victim Trust …

Trust Victims Victim Settlement California Bankruptcy Camp

Financial relief measures extended to 12 more sectors

2 years, 6 months ago

Financial relief measures extended to 12 more sectors

China Daily

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. Central authorities continue to release relief measures to help companies mitigate financial pressure and stabilize the job market during the COVID-19 epidemic. A recent State-level notice stated that in addition to the five sectors — catering, retailing, tourism and transportation — that have been hardest hit, companies in …

Insurance Payments

COVID-19 | Shanghai promises to improve food supplies, trade

2 years, 8 months ago

COVID-19 | Shanghai promises to improve food supplies, trade

The Hindu

Officials in Shanghai promised Friday to ease anti-virus controls on truck drivers that are hampering food supplies and trade as they try to revive the local economy while millions of people are still confined to their homes. A deputy mayor, Zhang Wei, promised “every effort” to resolve problems that prompted complaints about lack of access to food and fears that …

Shanghai Truck Drivers

Covid business support dries up after 2 years, some €31 billion

2 years, 8 months ago

Covid business support dries up after 2 years, some €31 billion

NL Times

After over two years and over 31 billion euros spent, the government's coronavirus support packages for companies end today. While the government support measures helped keep businesses afloat and unemployment low, criticism of the generic nature of the measures grew the longer the support lasted. In April last year, Pieter Hasekamp of the central planning office CPB warned that the …

Support

Coronavirus support for industry reduces incentives to adapt: central bank

2 years, 8 months ago

Coronavirus support for industry reduces incentives to adapt: central bank

Dutch News

While government support measures were effective in supporting hard-hit industries in the first year of the coronavirus crisis, they also reduced the incentive for businesses to adapt to change, the Dutch central bank says in a new report. The support measures, the bank says, turned out to be very successful, keeping bankruptcy and unemployment rates low, and allowing the economy …

Support Bank Measures

Coronavirus support for industry reduces incentives to adapt: central bank

2 years, 8 months ago

Coronavirus support for industry reduces incentives to adapt: central bank

Dutch News

While government support measures were effective in supporting hard-hit industries in the first year of the coronavirus crisis, they also reduced the incentive for businesses to adapt to change, the Dutch central bank says in a new report. The support measures, the bank says, turned out to be very successful, keeping bankruptcy and unemployment rates low, and allowing the economy …

Support Bank Measures

Developing countries face growing risks from financial fragility: World Bank

2 years, 10 months ago

Developing countries face growing risks from financial fragility: World Bank

India TV News

Highlights Developing countries face growing risks from financial fragility created by Covid crisis World Bank urged policymakers to focus on creating healthier financial sectors WB chief said it's critical to work toward broad-based access to growth-oriented capital allocation Developing countries face growing risks from financial fragility created by the Covid-19 crisis and non-transparent debt, the World Bank has said in …

World Bank Debt Developing Developing Countries World Bank Countries

Budget 2022: Govt's big emergency credit push | Top points

2 years, 10 months ago

Budget 2022: Govt's big emergency credit push | Top points

India Today

Finance Minister Nirmala Sitharaman in her Budget 2022 speech on Tuesday announced that the Emergency Credit Line Guarantee Scheme that provided much needed additional credit to over 1.3 crore MSMEs will be extended till March 2023. Considering these aspects, the ECLGS will be extended up to March 2023 and its guarantee cover will be expanded by Rs 50,000 crore to …

Finance Credit Crore Sector Msme Eclgs

India’s dilemma: Close fiscal deficit or help struggling millions

2 years, 10 months ago

India’s dilemma: Close fiscal deficit or help struggling millions

Al Jazeera

To sustain economic recovery, the upcoming budget will have to balance fiscal prudence with funding the pandemic-struck. “I fear that if the upcoming budget goes for fiscal consolidation, the recovery won’t sustain,” says Lekha S Chakraborty, a professor at the National Institute of Public Finance and Policy. “The product hasn’t taken off not because it isn’t good but because COVID …

India Pandemic Recovery Budget Bank Loan Small Businesses

Drowning in debt, South Korean businesses revolt over COVID rules

2 years, 11 months ago

Drowning in debt, South Korean businesses revolt over COVID rules

Al Jazeera

Restaurants, cafes, bars and gyms must close by 9pm until at least January 16 under latest pandemic restrictions. “Which means that I am going to defy the government restriction.” In mid-December, the South Korean government reimposed a business curfew as COVID-19 cases surged to record highs across the country. “They simply don’t have time to wash themselves off after working …

Business Pandemic South Korea Debt South Million Businesses

Engineered setback: Government's COVID response aggravates economic crisis

3 years ago

Engineered setback: Government's COVID response aggravates economic crisis

The Hindu

Recent evidence is telling. Those figures suggest that after having recorded a 20.1 per cent growth rate during the first quarter of 2021-22, the country’s GDP registered a much smaller 8.4 per cent growth in the second quarter relative to the same quarter a year earlier. As compared with that, over the first half of the current financial year, growth …

India Growth Pandemic Tax Budget Crore Covid

What lies ahead for microfinance institutions after pandemic disruption?

3 years, 1 month ago

What lies ahead for microfinance institutions after pandemic disruption?

Business Standard

Small business owners and people who don’t have the access to banking usually turn to microfinance institutions for capital. The combined micro-loan portfolio of lenders had shrunk by 14 per cent to Rs 2.14 trillion in June 2021 over Rs 2.49 trillion in March 2021. According to data from Sa-Dhan, a microfinance industry lobby group, putting strain on asset quality, …

Loan Cent 2021 Microfinance Institutions