Restaurant financing – Dorfschaenke http://dorfschaenke.net/ Thu, 20 May 2021 07:21:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://dorfschaenke.net/wp-content/uploads/2021/04/cropped-icon-32x32.png Restaurant financing – Dorfschaenke http://dorfschaenke.net/ 32 32 Marcus Dantus joins this company to offer more opportunities to Mexican entrepreneurs https://dorfschaenke.net/marcus-dantus-joins-this-company-to-offer-more-opportunities-to-mexican-entrepreneurs/ https://dorfschaenke.net/marcus-dantus-joins-this-company-to-offer-more-opportunities-to-mexican-entrepreneurs/#respond Wed, 19 May 2021 23:25:47 +0000 https://dorfschaenke.net/marcus-dantus-joins-this-company-to-offer-more-opportunities-to-mexican-entrepreneurs/ Startup México has become a strategic business ally of Credijusto to finance companies in the acceleration phase. Grow your business, Not your inbox Stay informed and join our daily newsletter now! May 19, 2021 3 min read This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. […]]]>


Startup México has become a strategic business ally of Credijusto to finance companies in the acceleration phase.

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May 19, 2021

3 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.


Marcus Dantus of Startup México join the fintech Credijusto with the aim of improving the opportunities of Mexican entrepreneurs. Through this alliance, they will offer tools ranging from advice to financing a commercial loan.

The health crisis had devastating effects in the economic and social sphere, and SMEs were particularly affected: 73% decreased their income, for 47% the demand decreased, and most of them saw the need to reduce staff and minimize both pay and benefits. As a result, more than a million small and medium-sized businesses – 21% of the total – closed permanently last year and 23% closed temporarily.

For this reason, the strategic alliance between these two companies aims to advise and provide financial solutions to small and medium-sized enterprises in the country. The loans they will provide range from 200,000 to 30 million Mexican pesos with personalized interest rates and terms of up to four years.

“One of the main problems facing SMEs and entrepreneurs today is the difficulty of accessing credit, which is even more necessary today, especially after a crisis such as the pandemic we have just experienced; After researching and studying different financial institutions, we are inclined to make an alliance with Credijusto, as it represents for us the best option for its services and products, to help these companies obtain loans that allow them a quick recovery and a future growth. “; commented Marcus Dantus, CEO and founder of Startup México.

Credijusto is a fintech that has been backed and funded by private equity banks such as Goldman Sachs and Credit Suisse, and has focused in recent years on offering financial products such as credit, secured and unsecured, the leasing and factoring for businesses.

“Uniting our efforts with Marcus, who has a great vision of creating opportunities and promoting business growth in Mexico, aligns and strengthens the principles of Credijusto, where, through personalized advice and funding, we seek to be a financial ally for entrepreneurs. Together, we want to accelerate the growth and success of the entrepreneurs of the future ”, declared Allan Apoj Pascal, co-CEO and co-founder of Credijusto.



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Pine Labs merchant commerce platform valued at $ 3 billion in new fundraising https://dorfschaenke.net/pine-labs-merchant-commerce-platform-valued-at-3-billion-in-new-fundraising/ https://dorfschaenke.net/pine-labs-merchant-commerce-platform-valued-at-3-billion-in-new-fundraising/#respond Mon, 17 May 2021 03:11:31 +0000 https://dorfschaenke.net/pine-labs-merchant-commerce-platform-valued-at-3-billion-in-new-fundraising/ Pine Labs, a start-up that provides merchants with payment terminals, billing tools and working capital, said Monday it completed the first close of a $ 285 million funding as the nearly two decades old company was looking to expand its business. Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management […]]]>


Pine Labs, a start-up that provides merchants with payment terminals, billing tools and working capital, said Monday it completed the first close of a $ 285 million funding as the nearly two decades old company was looking to expand its business.

Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management funded the new round of funding, while existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated, the Indian startup said.

The new tour valued Pine Labs at $ 3 billion, up from around $ 2 billion in December last year and $ 1 billion at the start of 2020. Pine Labs also operates in several Southeast Asian markets.

“We are delighted to welcome renowned investors such as Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital and Moore Strategic Ventures to Pine Labs’ already pristine cap chart. This is an exciting phase of our journey as we enter new markets. We excel in enterprise merchant payments and now aim to break new ground in the online space, while continuing to serve the credit and commerce needs of our offline merchant partners, ”said B. Amrish Rau, CEO of Pine Labs, in a report.

The startup, which also counts PayPal among its investors, serves more than 140,000 merchants. Its payment terminal, also known as point of sale, is connected to the cloud and offers a range of additional services such as working capital – to merchants.

Pine Labs is running an analysis application based on debit cards from the banks it has tied up to determine the extent of credit to be made available to each cardholder. PineLabs then converts large payments to EMI (Assimilated Monthly Payments) using its Pine Pay Later app. In the midst of the pandemic at the end of last year, the startup was bringing more than 10,000 new companies to the platform every month.

Pine Labs is the market leader in many categories. The startup – which acquired Qwikcilver in 2019 – took over 95% of the gift card market share in the fiscal year ending March 2020. Its point-of-sale machines are among the most used in industry.

FinTechs are expanding into new segments to increase engagement, addressable market and drive monetization (Image: Credit Suisse; Data: Enterprise, Credit Suisse)

“We are very excited to be a part of the technological transformation that Pine Labs is leading on the ground in payments and the multiple interconnections and efficiencies it is able to create by providing consumers with a faster and cost-effective access to a wider range of financial products like BNPL (Buy Now Pay Later), where he is leading a pioneering effort on behalf of the financial system. We are also delighted that an Indian company is able to drive regional and potentially global adoption of its intellectual property and this represents an important option for the future, ”said Amit Rajpal, CEO and Portfolio Manager of Marshall Wace. Asia, in a statement.

More to follow later today.



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The lost Cajun declares bankruptcy https://dorfschaenke.net/the-lost-cajun-declares-bankruptcy/ https://dorfschaenke.net/the-lost-cajun-declares-bankruptcy/#respond Thu, 22 Apr 2021 22:11:54 +0000 https://dorfschaenke.net/the-lost-cajun-declares-bankruptcy/ Photo courtesy of The Lost Cajun Casual restaurant chain The Lost Cajun filed for Chapter 11 bankruptcy protection on Wednesday, citing the impacts of the pandemic on its operations and franchisees. The New Orleans-inspired Concept, which was founded in 2010 in Colorado and lists 25 locations on its website, reported liabilities of over $ 1.4 […]]]>


Photo courtesy of The Lost Cajun

Casual restaurant chain The Lost Cajun filed for Chapter 11 bankruptcy protection on Wednesday, citing the impacts of the pandemic on its operations and franchisees.

The New Orleans-inspired Concept, which was founded in 2010 in Colorado and lists 25 locations on its website, reported liabilities of over $ 1.4 million and assets of around $ 338,000 in a petition filed in U.S. Colorado District Bankruptcy Court.

The Lost Cajun Spice Company LLC, formed in 2016 to handle the sale and distribution of merchandise to chain restaurants, has also declared bankruptcy.

During the pandemic, The Lost Cajun cut wages and reduced or eliminated franchise fees.

“A number of The Lost Cajun franchisees have failed and those that remain open have suffered significant revenue losses, with some telling the franchisor that closures are imminent,” the company said, according to court documents.

The Lost Cajun calls for an immediate transition to Chapter 11, within the next three weeks.

The concept was founded by Raymond “Griff” Griffin, a former operator of a bayou fishing lodge who found himself in Frisco, Colo. Seeking medical attention for his wife, who hurt her stomach. back on a road trip. He opened his first restaurant there, followed by a second in Breckenridge, Colorado, according to local media reports. He began franchising the concept shortly thereafter and it now lists locations in South Carolina, Texas, Tennessee, North Carolina, Mississippi, and Louisiana, in addition to Colorado.

“As the number of restaurants has declined and is expected to continue to decline due to COVID and its aftermath, debtors have filed lawsuits to reorganize their debts and obligations so that debtors will not be insolvent in the future. The petition mentioned.

Earlier this week, buffet operator Fresh Acquisitions LLC and Buffets LLC filed for Chapter 11 bankruptcy.



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San Antonio-based buffet restaurant chains cite COVID for closures and bankruptcy filings https://dorfschaenke.net/san-antonio-based-buffet-restaurant-chains-cite-covid-for-closures-and-bankruptcy-filings/ https://dorfschaenke.net/san-antonio-based-buffet-restaurant-chains-cite-covid-for-closures-and-bankruptcy-filings/#respond Thu, 22 Apr 2021 21:25:32 +0000 https://dorfschaenke.net/san-antonio-based-buffet-restaurant-chains-cite-covid-for-closures-and-bankruptcy-filings/ This appears to be the end of the line for some once popular restaurant chains including Old Country Buffet, HomeTown Buffet, and Ryan’s Buffet. The chain operators, based in San Antonio, have closed restaurants amid the coronavirus pandemic and filed 15 bankruptcy petitions this week. “The pandemic has really taken hold of this business because […]]]>


This appears to be the end of the line for some once popular restaurant chains including Old Country Buffet, HomeTown Buffet, and Ryan’s Buffet.

The chain operators, based in San Antonio, have closed restaurants amid the coronavirus pandemic and filed 15 bankruptcy petitions this week.

“The pandemic has really taken hold of this business because it has a lot of other businesses in many different industries, but particularly in the restaurant business,” said Jason Brookner, a bankrupt companies lawyer, during of a hearing Thursday in Dallas.

Restaurants could not overcome shelter-in-place orders and restrictions that limited take-out and delivery operations. The Centers for Disease Control and Prevention had advised restaurants not to offer self-service food and drink, such as buffets.

Fresh Acquisitions LLC, owner of Furr’s Fresh Buffet, and Buffets LLC, parent of Old Country Buffet, HomeTown Buffet, Ryan’s, Fire Mountain and Tahoe Joe’s Famous Steakhouse, have requested the Chapter 11 reorganization for themselves and the chains.

This is the fourth trip to bankruptcy for some companies since 2008, the last time in 2016 in San Antonio.

Before the pandemic, companies operated 90 sites in 27 states. However, none of the restaurants were in San Antonio. Before the 2016 bankruptcies, there were more than 300 restaurants in 35 states.

Brookner said the restaurants open to customers “have now been reduced to six” – Tahoe Joe’s locations, all in California.

“There is hope and expectation that as Chapter 11 comes out there will be an opportunity to grow brands to some extent and profit from the post-COVID recovery,” he said.

U.S. bankruptcy judge Stacey Jernigan approved an application to dismiss 57 of 71 restaurant leases, eliminating about $ 1 million in monthly expenses. The keys had already been handed over to the owners, Brookner said.

He said the plan was to sell all six Tahoe Joe locations in a process overseen by the bankruptcy court. The other eight locations operated as Furr’s Fresh Buffet restaurants, which Brookner said the companies also intended to sell.

“We are ready for a sales process,” he told the judge during the hearing, which took place remotely.

San Antonio-based VitaNova Brands, which managed the chains and provided back-office services, is expected to make the initial offer – known in bankruptcy jargon as “horse stalking.”

The amount of VitaNova’s offer will be based on the funding it has provided to debtors, plus the assumption of liabilities. VitaNova loaned debtors $ 500,000 last week, and the judge approved it by providing $ 1 million in additional financing. VitaNova could ultimately provide up to $ 2 million more.

An auction will be conducted to generate the highest possible return for creditors, Brookner said. Funding requires approval of a sale within 75 days of filing for bankruptcy, according to a court document.

In a statement, VitaNova CEO and co-founder Jason Kemp looked optimistic about the future of Tahoe Joe’s and Furr’s.

“We look forward to emerging from bankruptcy as a stronger operator with a focus on the Tahoe Joe’s and Furr’s AYCE Marketplace banners,” said Kemp. “These great brands serving great food will create a platform for future growth.” ACYE stands for All You Can Eat.



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SPAC’s party draws to a close https://dorfschaenke.net/spacs-party-draws-to-a-close/ https://dorfschaenke.net/spacs-party-draws-to-a-close/#respond Thu, 22 Apr 2021 20:54:24 +0000 https://dorfschaenke.net/spacs-party-draws-to-a-close/ Photography: Shutterstock Earlier this week, the fast and casual burger chain BurgerFi received a deregistration notice from the Nasdaq. The company had delayed filing its annual report, a delay caused by new reporting requirements for companies going public by PSPC. A PSPC is a special purpose procurement vehicle that uses public investor money to buy […]]]>


Photography: Shutterstock

The bottom line

Earlier this week, the fast and casual burger chain BurgerFi received a deregistration notice from the Nasdaq. The company had delayed filing its annual report, a delay caused by new reporting requirements for companies going public by PSPC.

A PSPC is a special purpose procurement vehicle that uses public investor money to buy private companies and make them public. And for much of the past year, they were all the rage. More PSPCs have been created so far this year than all of 2020 combined – and 2020 had more PSPCs than each of the previous seven years combined.

This popularity is now at a standstill. There were only 10 PSPCs in April, up from 109 in March, according to SPAC Research. Investors have clearly cooled on them. CNBC’s SPAC 50 index (yes, it has a SPAC index) is down 19% from its March high.

The restaurant industry has been a popular place for PSPC creators and investors. There are half a dozen such companies potentially targeting the restaurant industry, with another PSPC with a merger deal in place. Former executives at Sonic, Dunkin ‘, Jamba, and Barteca are all involved in a SPAC, as is restaurateur Danny Meyer.

Most of these shell companies have potential targets outside of the restaurant industry, and all could basically buy whatever they decide. They have two years to make a deal, otherwise the company dissolves, which tends to ease any restrictions that were on the shell company’s list of potential targets.

Having such a large number of PSPCs in the restaurant industry will make it more difficult for them to make deals within the industry, especially those targeting quick service restaurants. And the companies that most of these typos would rather target probably don’t want to go public that way. Namely: Torchy’s Tacos, which could have had its choice of PSPC, but is considering a traditional initial public offering instead.

But that brings us back to the BurgerFi situation and the SEC letter.

Earlier this month, the SEC wrote a letter regarding what it calls the “de-PSPC transaction,” or the agreement that merges PSPC with the private company, and the various disclosures that accompany it.

“If we do not treat the de-SPAC transaction as the ‘true IPO’, our attention may be focused in the wrong place, and potentially problematic forward-looking information may be released without proper guarantees,” John Coates, acting director of the SEC’s corporate finance division, wrote earlier this month.

The new reporting requirements for these PSPC agreements led to BurgerFi’s earnings report and then put it in non-compliance with Nasdaq requirements, which is a difficult situation for the first profits of a public company.

It remains to be seen whether this denigrates other restaurants on the PSPC offers. It was already going to be difficult for many PSPC restaurants to get the deals they wanted to close within the two-year timeframe. The potential headaches of the SEC will likely do them a disservice.

With many more likely buyers of restaurant chains and traditional IPOs starting to open up to stronger chains again, PSPCs may find it even more difficult to close deals – at least in the restaurant space.

Either way, the PSPC party is probably over. It was nice while it lasted.



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Point of Sale Providers to Help Restaurants Apply for RRF Grants https://dorfschaenke.net/point-of-sale-providers-to-help-restaurants-apply-for-rrf-grants/ https://dorfschaenke.net/point-of-sale-providers-to-help-restaurants-apply-for-rrf-grants/#respond Thu, 22 Apr 2021 18:44:15 +0000 https://dorfschaenke.net/point-of-sale-providers-to-help-restaurants-apply-for-rrf-grants/ Photography: Shutterstock The Small Business Administration is partnering with four restaurant technology vendors to facilitate restaurant applications for federal assistance. As part of the program, point-of-sale providers Clover, NCR Corp., Square and Toast will work directly with restaurants to help them apply for $ 28.6 billion Restaurant Revitalization Fund (RRF) grants. . The initiative aims […]]]>


Photography: Shutterstock

The Small Business Administration is partnering with four restaurant technology vendors to facilitate restaurant applications for federal assistance.

As part of the program, point-of-sale providers Clover, NCR Corp., Square and Toast will work directly with restaurants to help them apply for $ 28.6 billion Restaurant Revitalization Fund (RRF) grants. .

The initiative aims to “meet small businesses where they are located,” said SBA Administrator Isabella Casillas Guzman in a statement and could help speed up the application process for thousands of restaurateurs.

The SBA has yet to say when this process will begin. But when it does, qualifying restaurants can work with their point-of-sale providers to apply. Some will offer a full application experience, while others will host interactive webinars or provide the necessary data and documentation.

The RRF, which was created by Congress to help restaurants affected by the pandemic, will grant up to $ 5 million per restaurant or $ 10 million per multi-unit operation. On Monday, the SBA released a application example and said he plans to test the submission process over the next two weeks.

The unprecedented program is expected to generate a high volume of applications, and the agency has encouraged restaurants to apply through their point-of-sale providers if possible. Restaurants that do not have access to this resource can still request assistance from restaurants.sba.gov.

The SBA also hopes to add other point-of-sale providers to the program. Those interested should send an email to restaurants@sba.gov.



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CT plan grants working class tax break, restaurant relief https://dorfschaenke.net/ct-plan-grants-working-class-tax-break-restaurant-relief/ https://dorfschaenke.net/ct-plan-grants-working-class-tax-break-restaurant-relief/#respond Thu, 22 Apr 2021 18:38:13 +0000 https://dorfschaenke.net/ct-plan-grants-working-class-tax-break-restaurant-relief/ photo from ctmirror.org file Rep. Sean Scanlon, D-Guilford, pushed for a new child tax credit as part of state income tax {Updated at 5 p.m. with comments from Governor Ned Lamont.} The Legislature’s Finance, Income and Surety Committee on Thursday approved state income tax cuts for the poor and middle class and a one-time bailout […]]]>


photo from ctmirror.org file

Rep. Sean Scanlon, D-Guilford, pushed for a new child tax credit as part of state income tax

{Updated at 5 p.m. with comments from Governor Ned Lamont.}

The Legislature’s Finance, Income and Surety Committee on Thursday approved state income tax cuts for the poor and middle class and a one-time bailout for restaurants, largely funding them with two tax surcharges on the rich and a new levy on digital media advertising.

The Democrat-controlled panel also approved a revenue package that includes a new highway use tax on large commercial trucks and new state and municipal sales taxes on recreational marijuana.

But the package, which represents an overall increase in state taxes of around $ 600 million per year, would also move more than $ 1 billion in revenue outside the spending cap and exploit more than $ 2 billion. from point sources – Republicans said they lack tax transparency. and accountability.

Governor Ned Lamont, who is more fiscally conservative than many of his Democratic colleagues in the legislature, wasted little time on Thursday by saying he would not support the package.

The revenue plan, adopted largely according to party principles, will now be coupled with the expenditure proposal for the next two years which was adopted on Wednesday by the appropriations committee. Together, they form the basis for final negotiations on a new state budget between the legislative leaders and Lamont. The two sides hope to reach an agreement before the end of the ordinary legislative session on June 9.

[Legislature presents its own budget plan, and the stage is set for debate]

“Our challenge in the aftermath of a devastating health and economic crisis was to put together a budget that responded to the current situation and helped Connecticut businesses and families recover,” said Rep. Sean Scanlon, D- Guilford, Chairman of the House Finance Committee. “With this proposal, I think we did it. … We are putting more money in the pockets of those who need it most right now and investing in policies that will help develop our state.

Major tax relief for the poor and the middle class

Lawmaker Guilford noted that the package includes one of the largest tax breaks in state history for working-class families, built in part on his proposal for a new home tax credit. state income for families with children. This will provide about $ 150 million in relief over the next fiscal year and $ 300 million in 2022-23, according to the Non-Partisan Bureau of Financial Analysis.

At the same time, the committee’s plan would increase the income tax credit for working poor families from 23% to 40%. This would give these households about $ 77 million more per year.

Connecticut’s restaurant industry has been among the hardest hit by the pandemic, and the panel approved a one-time bailout for the companies worth nearly $ 50 million.

The state imposed a 1% surtax on restaurant meals in 2019. The measure debated Thursday would allow restaurants to keep income from that surtax – but only for next year.

Democratic lawmakers, who control both the House and the Senate, have admitted since the session began in January that tax breaks for some groups would not occur without imposing tax hikes on others.

Indeed, analysts predict that the state’s finances, unless adjusted, would record a deficit of more than $ 2.5 billion over the next two fiscal years combined.

Asking big, wealthy corporations to pay more

The finance committee’s plan would draw $ 235 million from the state’s rainy days fund, or about $ 117.5 million per year, to help balance the next budget.

It would also allocate $ 1.9 billion of the $ 2.6 billion in direct federal assistance received as part of the latest pandemic relief measure – an average of $ 942 million per year – to meet the deficit in the next budget. Lamont is expected to recommend a plan on Friday to use the rest of the federal funds to expand various human services, education and economic development programs.

To finish balancing the budget and paying for tax breaks, the committee approved several new tax increases. Two of them, intended for wealthy households, would generate a total of $ 760 million per year.

The first involves a 2% surtax on capital gains for singles earning more than $ 500,000 a year and couples earning more than $ 1 million.

A second levy aimed at the wealthy has technically been referred to as a consumption tax, but in effect functions as another income tax surtax. The basic concept is that households with higher incomes can buy more and therefore should pay a higher sales tax.

The consumption tax, proposed by Sen. John Fonfara, D-Hartford, the committee’s other co-chair, was originally aimed at households earning more than $ 140,000 a year, but the final version approved Wednesday only applies ” to people earning at least 500,000 USD per year. year with tax rates ranging from 0.7% to 1.5%. For example, a person earning $ 500,000 per year would be taxed at 0.7% and pay $ 3,500.

Lamont argued that the frequent increase in state taxes on the wealthy would keep them away from Connecticut, a point echoed by several Republicans at Thursday’s committee meeting.

Asked about the committee’s proposals during a 4-hour briefing on the coronavirus infection and vaccination issues, Lamont did not mince his words.

“No, it’s not something I would sign,” the governor said. “For the first time in many years, Connecticut is experiencing very good momentum, and that’s in terms of GDP [Gross Domestic Product] and employment and new businesses and people moving to the state of Connecticut. I think part of this is that people have recognized that we are starting to get our finances in order.

The governor added that moving funds outside the spending limit “are kind of the same games that got us in trouble for the past 30 years. And responding to that with just more taxes, that’s not how I think we should act as a state.

But Scanlon noted that while some segments of the economy were crushed during the pandemic, the stock market – as a whole – has exploded and the rich have generally done very well.

“I don’t penalize them for that, I don’t demonize them for that,” Scanlon added. “But… many of us still suffer.”

The committee also approved a new digital advertising tax that is expected to generate between $ 150 million and $ 162 million per year from online giants like Google and Facebook.

GOP: Plan threatens budget transparency and stability

But as Republicans balked at the tax hikes, warning they would stifle economic growth statewide at the worst possible time, many objected even more strongly to how the revenues would be used.

The package includes a Fonfara proposal that would direct money from multiple sources, including the state’s earned income tax credit, digital ad tax, and consumption tax to a new ” Connecticut Equitable Investment Fund ”which would be dedicated to troubled municipalities in Connecticut.

But Republicans noted that nearly $ 1 billion would be removed from the state budget’s spending cap limits and would be largely overseen by a nine-member council made up mostly of state officials.

“It’s such an incredible disappointment that I can hardly describe,” said Rep. Laura Devlin, R-Fairfield, who said the lack of transparency and oversight over huge amounts of taxpayer dollars is potentially a major setback. in relation to the tax reforms adopted by both parties. Four years ago. “It was this out of control spending that pushed our state down a truly horrible path.”

“It is not respectful to the citizens of our state,” added Representative Terrie Wood, R-Darien. “It leaves me speechless to be honest.”

But Fonfara has repeatedly argued that Connecticut, for too many years, has ignored “this glaring inequality, this incredibly regressive burden.” [placed] on the less able of our communities. “

Other elements of the recipe package adopted on Thursday include:

  • A new road use right on large commercial trucks, which is expected to generate $ 45 million in 2022-2023 for the Special Budget Transport Fund.
  • Suspend a previously approved plan to eliminate the 10% corporate tax surtax. It will cost Connecticut businesses $ 80 million in the next fiscal year and $ 50 million in 2022-23.
  • Maintain a restriction that prohibits the most couples without children claim the $ 200 property tax credit as part of state income tax. The state has barred households without dependents or the elderly from accessing credit, but it was due to expire in 2021. It will cost low- and middle-income couples $ 53 million a year.
  • And allow online lottery sales, which would generate nearly $ 19 million per year for the state.

On Thursday, the finance committee also approved:

– A separate measure taxing the sale of recreational marijuana that would establish a state sales tax of 20% and a municipal sales tax of 3%.

If the legislature voted later this spring to legalize marijuana sales, the state tax would generate $ 116 million per year. Municipalities that choose to allow the sale of recreational marijuana within their borders would receive approximately $ 18 million per year.

– A bipartisan plan to preserve Connecticut’s debt-saddled unemployment trust fund that would cut benefits for workers and demand more from the business community as a whole. But the deal, which has been endorsed by the major coalitions of business and workers, would actually reduce unemployment taxes from 2024 on about three-quarters of all businesses. However, those who laid off large numbers of workers would pay more.

Connecticut has borrowed about $ 700 million from the federal government since the pandemic began covering the costs of unemployment benefits and projections indicate that debt could exceed $ 1 billion before the majority of its population is vaccinated.

– A new two-year bond package. Committee approved general bond of $ 1.87 billion [G.O.] obligations for fiscal year 2021-2022 and $ 1.74 billion for 2022-2023. GO bonds, which are repaid with income from the general budget fund, are the primary tool used to finance municipal school construction, economic development initiatives, capital projects at public universities and colleges, and renovation of state buildings. The program also includes $ 837 million in transportation bonding and $ 281 million in funding for drinking water projects in the first year of the new biennium and $ 930 million and $ 237 million, respectively, the second.



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Los Angeles is considering an aid program for its restaurants https://dorfschaenke.net/los-angeles-is-considering-an-aid-program-for-its-restaurants/ https://dorfschaenke.net/los-angeles-is-considering-an-aid-program-for-its-restaurants/#respond Thu, 22 Apr 2021 18:24:29 +0000 https://dorfschaenke.net/los-angeles-is-considering-an-aid-program-for-its-restaurants/ Photography: Shutterstock Los Angeles restaurants and other small businesses could benefit from direct assistance of $ 5,000 from the city as part of the budget presented earlier this week by Mayor Eric Garcetti. The proposed financial plan would also allow restaurants to defer up to $ 8,000 in municipal fees for three years and suspend […]]]>


Photography: Shutterstock

Los Angeles restaurants and other small businesses could benefit from direct assistance of $ 5,000 from the city as part of the budget presented earlier this week by Mayor Eric Garcetti.

The proposed financial plan would also allow restaurants to defer up to $ 8,000 in municipal fees for three years and suspend valet and offsite parking requirements for additional savings from what Garcetti set at $ 10,000.

He also calls on city council to reduce the cost of liquor permits by 70% and to set aside $ 2 million in grants for the creation of outdoor restaurant “parklets” in low-income areas.

The open-air dining hall that the city accepted as an emergency response to the pandemic would be allowed to remain operational at all times.

To offset the damage caused by the pandemic, the Democrat presented a plan for what he called return checks – direct grants of $ 5,000 a piece to 5,000 small businesses in the City of Angels. The funds could be used to repay debts incurred during the crisis, buy new equipment and cover the first month of payroll costs.

“We’re going to focus them where our city has had the greatest success, from South Los Angeles to East Los Angeles to the Northeast of the San Fernando Valley,” Garcetti said in his annual speech. on the state of the city.

Los Angeles restaurants have been severely regulated on several occasions during the pandemic. Dining rooms were only recently cleared to reopen, and only 25% of total seating capacity. Al fresco dining has been on hold after an increase in new cases of COVID-19 after the holidays, although places may offer take-out and deliveries.

In total, the mayor asked for $ 150 million in economic aid, much of which was intended for small businesses.

“If we want a strong economy, we need to help small business owners thrive,” Garcetti said. “I know it in my blood.”

The request for economic stimulus dollars apparently does not include one of the more extraordinary items in Garcetti’s budget, a $ 24 million test of a guaranteed minimum income, or GMI. As part of the setup proposed by the mayor, some families residing in Los Angeles would receive a check for $ 1,000 per month to be used as they see fit.

Some sociologists and economists have argued that a GMI might be a more effective way of helping the underprivileged – and boosting the economy – than conventional systems currently in place around the world. Although the plans have already been tried in the United States, these tests were much smaller than the pilot program proposed by Garcetti.



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Bellevue Avenue mixed-use project closes largest construction loan in Bellevue history for $ 700 million https://dorfschaenke.net/bellevue-avenue-mixed-use-project-closes-largest-construction-loan-in-bellevue-history-for-700-million/ https://dorfschaenke.net/bellevue-avenue-mixed-use-project-closes-largest-construction-loan-in-bellevue-history-for-700-million/#respond Thu, 22 Apr 2021 17:46:17 +0000 https://dorfschaenke.net/bellevue-avenue-mixed-use-project-closes-largest-construction-loan-in-bellevue-history-for-700-million/ Bellevue Avenue was designed in partnership by architectural firms Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates. Bellevue Avenue, LLC, in partnership with Fortress Development, recently announced that it has secured funding for its flagship project, Avenue Bellevue. The two-tower luxury condo, hotel and retail project is currently under construction. The $ 700 […]]]>


Bellevue Avenue was designed in partnership by architectural firms Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates.

Bellevue Avenue, LLC, in partnership with Fortress Development, recently announced that it has secured funding for its flagship project, Avenue Bellevue. The two-tower luxury condo, hotel and retail project is currently under construction.

The $ 700 million transaction with Silverstein Capital Partners is the largest construction loan in Bellevue history. It is also one of the largest recorded in the United States since the start of the pandemic. The agreement marks SCP’s first construction finance loan on the West Coast.

“We are creating something that will set a new standard for hospitality and residential design in the region. As a resident of Bellevue for over 20 years, I am deeply committed to the future success of the community and Avenue Bellevue is the most important project of my life, ”said Andy Lakha, CEO and Director of Avenue Bellevue, LLC and Fortress Development. “I am proud that Silverstein is supporting this dream project in my own backyard; it is a quintessential affirmation of the development and hard work of many years as we continue construction and add the avenue to the skyline and fabric in the heart of downtown Bellevue.

Bellevue Avenue will feature 365 luxury homes, the Pacific Northwest’s first InterContinental hotel and 85,000 square feet of retail space, including fine dining, nightlife and shopping.

“SCP enjoys being involved in large-scale mixed-use construction projects consistent with many of Silverstein Property’s developments,” said Shawn Katz, senior managing director of SCP. “We believe that Bellevue Avenue will be the first residential, hotel and commercial project in an incredibly attractive market.”

The mixed-use development is located at the corner of 8th Street North East and Bellevue Way. It will include 141 “estate houses” in the south tower and 224 “residences” in the west tower. The South Tower will feature the first InterContinental hotel in the Pacific Northwest, with 208 hotel rooms, event space, restaurants and bar, gym and spa, and a concierge team.

There will be a plaza connecting the two towers which will feature high end retail, food, nightlife, a fresh produce market and restaurants. Restaurants that have been announced so far include a marine life-focused restaurant by three-Michelin-starred chef Joshua Skenes, and an Asian restaurant, BUDDHAzen.

Avenue was designed in partnership by award-winning Seattle-based architecture firms Weber Thompson and CollinsWoerman, and Hirsch Bedner Associates, the world’s largest hotel company.

A Bellevue-based developer, Fortress Development is a commercial real estate developer and private investment firm. Founded by Andy Lakha, a Bellevue resident who has been in commercial real estate for over two decades.

Bellevue Avenue was designed in partnership by architectural firms Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates.



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Biogen shares are trading lower following 71% drop in quarterly profits and weak Tecfidera sales https://dorfschaenke.net/biogen-shares-are-trading-lower-following-71-drop-in-quarterly-profits-and-weak-tecfidera-sales/ https://dorfschaenke.net/biogen-shares-are-trading-lower-following-71-drop-in-quarterly-profits-and-weak-tecfidera-sales/#respond Thu, 22 Apr 2021 14:50:22 +0000 https://dorfschaenke.net/biogen-shares-are-trading-lower-following-71-drop-in-quarterly-profits-and-weak-tecfidera-sales/ Bloomberg Biden eyes tax rate as high as 43.4% in next economic package (Bloomberg) – President Joe Biden to propose nearly doubling the capital gains tax rate for high net worth individuals to 39.6% to help pay for a series of social spending that tackles long-standing inequality , according to people close to the proposal. […]]]>


Bloomberg

Biden eyes tax rate as high as 43.4% in next economic package

(Bloomberg) – President Joe Biden to propose nearly doubling the capital gains tax rate for high net worth individuals to 39.6% to help pay for a series of social spending that tackles long-standing inequality , according to people close to the proposal. $ 1 million or more, the new top rate, combined with an existing surtax on investment income, means federal tax rates for high net worth investors could reach 43.4%. The new marginal rate of 39.6% would be an increase from the current base rate of 20%, people said on condition of anonymity because the plan is not yet public. , pushing the tax rate on returns on financial assets higher than the rates on certain income and wages, they said. Index 500 down 0.9% at close. Ten-year T-bill yields fell to 1.54% from an intraday high of 1.59% ahead of Bloomberg’s report.The proposal could reverse a long-standing tax code provision that mandates return on investment lower than on the job. Biden campaigned for the equalization of capital gains and income tax rates for wealthy people, saying it was unfair that many of them pay lower rates than working class workers average. , said: “We are still in the process of finalizing what the payments look like.” Biden is expected to release the proposal next week as part of tax increases to fund social spending in America’s upcoming “plan for families.” Other measures the administration has discussed in recent weeks include improving the inheritance tax for the wealthy. Biden warned that those earning more than $ 400,000 can expect to pay more taxes. The White House has already rolled out corporate tax hike plans, which are used to fund the infrastructure-focused $ 2.25 trillion “US Jobs Plan”. Republicans insisted on maintaining the 2017 tax cuts implemented by former President Donald Trump, and argued that the capital gains framework encourages savings and promotes future economic growth. “This will reduce investment and cause unemployment,” Chuck Grassley of Iowa, a senior Republican on the Senate Finance Committee and former chairman of that committee, said of the Biden capital-gains plan. He praised the outcome of the 2017 tax cuts and said, “If it ain’t broke, don’t fix it.” GOP lawmakers called on Thursday to reallocate previously appropriate and unused pandemic relief funds to help pay for their infrastructure counter-offer plan. The group underscored opposition to tax hikes, except for a possible overhaul of levies intended to finance highways in a way that would cover electric vehicles. Earlier: GOP Counters Biden with $ 568 billion in PlanBiden’s infrastructure will detail the plan for American families in a joint address to Congress on April 28. It is expected to include a wave of new spending for children and education, including a temporary extension of an expanded child tax credit that would give parents up to $ 300 a month for young children or $ 250 for children six years of age and over. Biden’s proposal to equalize the tax rates on wage income and capital gains for high earners would drastically reduce the favorable tax treatment of so-called carried interest, i.e. reduction in profits on investments made by private equity and hedge fund managers. End deferred interest benefits for fund managers who earn more than $ 1 million because they would not be able to pay lower capital gains rates on their income. Those earning less than $ 1 million could still claim the tax break, unless Biden repeals the tax provision entirely. The capital gains increase would bring in $ 370 billion over a decade, according to a Center estimate. Urban-Brookings Tax Policy Based on Biden’s Campaign Platform: For $ 1 million in high-tax states, capital gains rates could be above 50%. For New Yorkers, the combined state and federal capital gains rate could reach 52.22%. For Californians, it could be 56.7%. Democrats said current rates of capital gains largely help high earners who derive their income from investments rather than wages, which translates into higher incomes. lower tax rates for the rich than those they employ. are paid when an asset is sold and are applied to the amount of appreciation of the asset between the time it was purchased and the time it is sold. “There should be equal treatment for wages and wealth,” Senate Finance Committee chairman Ron Wyden, an Oregon Democrat who is the chamber’s senior tax writer, told reporters at the meeting. ‘a conference call Thursday. “At the Finance Committee, we will be ready to raise whatever money the Senate Democratic Caucus deems necessary.” (Updates with market close in fourth paragraph, interest in 12th paragraph.) For more articles like this, please visit us at bloomberg Subscribe now to stay ahead with the most popular source of business news More reliable. © 2021 Bloomberg LP



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