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This, in turn, will enable the federaol government to providecitizens “with an unprecedented levekl of detail into how their tax dollarsx are being spent,” said Peter Orszag, directo r of the Office of Management and “People will be able to see who is receivinyg funds, what projects are under way, how moneuy is being spent, and how many jobs are beingt created or saved,” he said. The Obam administration promised this level of transparencgy when the American Recovery and Reinvestment Act was butits recovery.gov Web site so far has faileed to meet that standard. Under new guidance by the OMB, primde recipients of stimulus funding must providse quarterly reportsvia www.
federalreporting.gov on total funde received and spent; names of organizations assisting with a projectf and the amount paid to that organization; a list of including location and completion time lines; and jobs associated with each project. Vendores that receive more than $25,000 to help with a projectf also mustbe identified. The new guidance does not apply to stimulus contracts issued byfederal agencies; additionao guidance for federal contractors will be according to OMB.
The Small Businesz Administration approved only72 America’s Recovery Capital loan s in the new emergencg bridge loan program’s first week of The SBA had expectec high demand for the loans, which were created by the economic stimulus legislationb to help struggling small businesses make payments on existinhg debt. Through this program, small businesses can borrow upto $35,000 to make up to six monthes of payments on qualifying loans. Borrowerws won’t have to starrt repaying the ARC loans until a year afterr they receive their last ARC loan The loansare interest-free to the Instead, the SBA will pay the lender a monthly interesg rate of prime plus 2 percentage points.
The SBA also will guaranteed 100 percent ofthe loan’s amount. The SBA beganm accepting applications for these loansJune 15. As of June 22, the agenc had approved 72 loanstotaling $2.4 millionm submitted by 42 Small businesses in 21 states received these loans. The agencu expects the volume of ARC loans to pick up in coming weeks. The agency has conductefd training sessions on the loanswith 3,00o0 lenders from 1,300 financial “Based on the participatioj in the information sessions, we are encouragedx and feel we will, in continue to see a rise in participation by lenderds and the number of loan said SBA Press Secretary Hayley Matz. Many SBA however, remain on the sidelines.
The Coleman which tracks SBA found that 60 percent of the lenders who respondedf to its survey saidthey don’t plan to make ARC Some lenders said they wouldn’t make enough moneh off the loans to justify the trouble, and othera said the SBA’s guidelines for the loan were too vague. To be eligible for the loans, smallk businesses must show they were profitable or had positiv cash flow in at leasgt one of the pasttwo years.
Future cash flow projections must demonstrate that the businessese will be able to repaytheir debts, including the ARC The National Association of Government Guarantee Lenders has submitted four pages of questions to the SBA about the “Our members have many questions about the and that is probably why the volume is less than said NAGGL President Tony Wilkinson. Employment in the constructio n industry continued to declinein May, despite new jobs creates by economic stimulus projects. “Projectd funded by the stimulus legislation probably mitigated the overall downturn in construction jobs in saidKen Simonson, chief economist for Associated General Contractors of America.
“While the stimulus is startingto help, it is not keepinb pace with overall declines in construction activithy in most places.”
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