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Thousands of small firms go bust owing millions in bounce back Covid loans

More than 16,000 businesses which took out a type of government-backed Covid loan have gone bust without paying the money back, the BBC has found. Hundreds of directors, who got loans they were not entitled to, have also been disqualified.…
Educational News

US creditors can now DM debtors on social media

Debt collectors are now allowed to contact Americans on social media and by text message, according to new rules enacted by a US agency this week. The rule from the Consumer Financial Protection Bureau (CFPB) opens the door for creditors…
Editorial News

US Department Of Labor Seeking Maryland Home Healthcare Workers Who May Be Owed Back Wages, Damages In $1.13m Recovery

A Plus Personal Home Care denied overtime wages, misclassified 193 workers PIKESVILLE, MD – The U.S. Department of Labor is trying to locate home healthcare workers employed from April 2020 through March 2022 by a Pikesville company who may be owed…
Bankruptcy News

Top US banks smash second quarter profit estimates on rebounding economy

WASHINGTON (Reuters) – The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life. Wells Fargo & Co, Bank of America Corp, Citigroup Inc and…
Legal News

U.S. consumer is soldiering on despite soaring inflation and recession risk, credit card giants say

U.S. consumers have demonstrated a willingness to continue to pay higher prices in the face of a sluggish economy that could be tipped into a recession, according to credit card giants American Express and Bank of America. American Express on Friday reported stronger-than-expected…
Educational News

Federal judge declares Biden’s student debt relief plan unlawful

A federal judge in Texas on Thursday ruled that President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated, delivering a victory to conservative opponents of the program. U.S. District Judge…
Government News

US Fed’s rate hikes and performance of commodities

The US Federal Reserve increased interest rates by 75 basis points in its latest policy meeting, its fourth straight supersized hike this year. This decision lifts the target for the benchmark federal funds rates to its highest level since 2008. After keeping…
Editorial News

As Pandemic Aid Dries Up, Businesses Chase Covid Tax Credit

A temporary tax break for small businesses has spawned a cottage industry of advisory firms tapping into federal pandemic aid, raising alarms at the Internal Revenue Service that some claims are going beyond what the law allows. The Paycheck Protection…
Bankruptcy News

US bank CEOs grilled by Congress over economy, consumer protections, Russia

The image is taken from The Economic Times. The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks were grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections, mortgages,…
Legal News

U.S. consumer spending seeing a ‘mitigation’ in growth not a slowdown, says Bank of America CEO

U.S. consumer spending is experiencing a “mitigation of growth” but not a slowdown, Bank of America CEO Brian Moynihan said Friday. Interest rate hikes by the Federal Reserve are starting to be felt in the housing and auto markets, and renters will…