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153K People Got a Welcome Email From Biden Today
153K People Got
a Pleasant Email
From Biden Today
the rundown
Feb 21, 2024 9:50 AM CST

153K People Got a Pleasant Email From Biden Today

The recipients will see their $1.2B in student debt forgiven

(Newser) - Some 153,000 people got an email from President Biden on Wednesday, and regardless of their politics, it's likely one they were thrilled to get. The Department of Education says the email informs those borrowers that their student loan debt will be forgiven—some $1.2 billion in total....

Reprieve for Student Loan Borrowers Ends Tomorrow

After pandemic break, millions must start repaying their loans again in October

(Newser) - Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month. To get ready, borrowers are cutting expenses, taking on additional work, and looking for options to reduce their monthly payments, per the AP . Megan McClelland, 38, said she'...

Bed Bath & Beyond's Troubles Just Got Worse

Home goods company is in default on its loans, may have to go the bankruptcy route

(Newser) - Bed Bath & Beyond said Thursday that it's in default on its loans and doesn't have sufficient funds to repay what it owes. The home goods chain said in a Securities and Exchange Commission filing that the default would force it to consider alternatives, including restructuring its debt...

He Was Exonerated but Penniless. There Was One Solution

A look at the finance firms who lend to exonerees at sky-high interest rates

(Newser) - It's an unexpected subset of people to monetize: exonerated former inmates who are hoping to be compensated for the injustice they suffered. But as Corey Kilgannon reports for the New York Times , companies have in recent years begun doing that very thing, offering exonerees hefty advances at staggering interest...

Olympic Medalist Charged With $10M PPP Loan Fraud

Speed skater Allison Baver allegedly used some of the funds to invest in an Elijah Wood film

(Newser) - A Utah speed skater who picked up a bronze medal at the 2010 Olympics and participated in the two Winter Games before that has been indicted and charged with making false statements to get her hands on millions in COVID relief loans. Per a release from the US Attorney's...

Guy Shows What to Do If You Get a $150K Surprise PPP Loan

Minnesota's Thomas Fahling doesn't own a small business but still got a chunk of pandemic cash

(Newser) - Imagine waking up and finding $150,000 magically deposited into your bank account. Thomas Fahling doesn't have to imagine it, because it happened to him one day this spring. The 73-year-old from Crystal, Minn., doesn't have his own business (he's a front-desk clerk), yet he somehow became...

Some PPP Loan Recipients Are a Little Surprising
Some PPP Loan Recipients
Are a Little Surprising
the rundown
Jul 7, 2020 9:55 AM CDT

Some PPP Loan Recipients Are a Little Surprising

Kanye West, sculptor Jeff Koons, and the Church of Scientology are on the list

(Newser) - The Treasury Department has released the names of everyone who got a loan bigger than $150,000 through the PPP—the Paycheck Protection Program designed to help businesses weather the pandemic. While millions of small companies were helped by the loans, which can be forgiven if the money is used...

Report: Treasury Looking at 'Unprecedented' Control of USPS

'WaPo': Administration may use $10B loan as leverage for more sway over Postal Service

(Newser) - As part of its $2.2 trillion coronavirus relief effort, Congress has authorized the Treasury Department to extend an emergency $10 billion loan to the struggling US Postal Service. But now the Trump administration is reportedly mulling tacking on conditions to that loan that would put some aspects of the...

Deal Reached on $500B Coronavirus Relief Plan
Senate Passes $484B
Coronavirus Relief Plan
UPDATED
Apr 21, 2020 4:44 PM CDT

Senate Passes $484B Coronavirus Relief Plan

It includes $25B for coronavirus testing

(Newser) - Congress and the White House reached a deal on a new $484 billion coronavirus relief package in late-night talks and it sailed through the Senate on Tuesday. The package includes around $310 billion for the Small Business Administration's Paycheck Protection Program, which ran out of money last week after...

Small-Business Owners Run Into Huge 'Bottleneck'

Federal loan programs are deluged and running low on funds

(Newser) - Millions of small businesses are barely staying afloat amid the coronavirus pandemic, and the feds are offering help—but getting that help is another thing, the New York Times reports. Two federal efforts, the Paycheck Protection Program and the Economic Injury Disaster Loan program, are both low on funds and...

Fed Chief: Economy's Rebound May Be 'Robust'

Agency unveils $2.3T loan program to help small businesses, cities

(Newser) - The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy, per the AP . The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak. The Fed said Thursday that it's activating a...

The Fed Is Lending $1T a Day
The Fed Is Lending $1T a Day
Mar 21, 2020 9:31 AM CDT

The Fed Is Lending $1T a Day

It's also buying Treasury bonds at a furious pace

(Newser) - The Federal Reserve moved with unprecedented force and speed Friday to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak, the AP reports. The New York Federal Reserve Bank said it will offer $1 trillion of overnight loans a day...

Man Who Fled US After Graduation: 'College Ruined My Life'

Student loan debt made living in America unbearable for Chad Albright, and others

(Newser) - You just graduated college. What are you doing next? The answer was not "going to Disney" for these three grads profiled by CNBC —it was fleeing to Ukraine, Japan, and even a jungle in India, all to escape the crushing debt from their student loans back in the...

Wilbur Ross: Why Are Furloughed Workers at Food Banks?

Commerce secretary doesn't 'quite understand why' shutdown is spurring struggle

(Newser) - Asked about those working without pay due to the government shutdown, Commerce Secretary Wilbur Ross had a suggestion: "The banks and the credit unions should be making credit available to them. When you think about it, these are basically government-guaranteed loans, because the government has committed these folks will...

Kushner Met With Finance Execs. Then Came 2 Big Loans

Kushner Companies, Citigroup, Apollo deny wrongdoing: NYT

(Newser) - Another report calling into question Jared Kushner's business ties is in the news. The New York Times reports that Kushner's family business received two big loans from bankers after they met with Kushner at the White House. The first, a $325 million loan to Kushner Companies and a...

Where Most People Don't Go for Mortgages Anymore: Banks

For the first time in 30 years, nonbank lenders break the 50% mark in lending dollars

(Newser) - Remember when you'd go to a bank or credit union to sign mortgage papers? While this may still be the first lending method that enters future homeowners' minds, non-bank lenders issued more than half the mortgage dollars extended to borrowers in the third quarter of 2016—the first time...

Our Student Loan Debt Problem Is Getting Worse

4% increase from 2014 to 2015 for those with bachelor's degrees from public, nonprofit private schools

(Newser) - How much students are borrowing for higher education is still creeping up—and the numbers that are coming in are probably conservative. The Institute for College Access and Success , a nonprofit, reported Tuesday that the average student loan debt for 2015 for those receiving a bachelor's degree was $30,...

Aetna Doing Something About Workers' Student Loans

Employees offered up to $10K in matching payments

(Newser) - Competition for talented university graduates appears to be heating up: Health care giant Aetna has become the latest big company trying to woo young workers by offering to help them pay off their mountains of student debt, USA Today reports. Full-time employees who have earned degrees within the last three...

Can You Pass a Basic Test on Finances? Probably Not

The vast majority of Americans answered barely half of the questions correctly

(Newser) - When it comes to finances, Americans are doing generally better than during the recession. But when it comes to financial literacy, the picture is grim. According to a new survey of 27,564 Americans called the National Financial Capability Study that was put out by the FINRA Foundation , roughly two-thirds...

Google Bans 'Deceptive' Ads for All Payday Loans

Some lenders say it's unfair to punish entire industry for predatory 'bad actors'

(Newser) - In a move that earned Google a big "huzzah!" from Wired , the company took a big step Wednesday against predatory lending practices. Starting July 13, no more ads will appear on the site for what it calls "deceptive" payday loans, the AP reports—the first time it'...

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