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All alongside, Joe Biden’s love of ice cream melted our hearts


For the elected president Joe BidenA day without ice is practically unconstitutional.

The future leader of the free world is a huge fan of sweet indulgence, and he won’t let anyone forget it! In his own words, spoken at Jenis Splendid Ice Cream’s headquarters in May 2016, “My name is Joe Biden and I love ice cream.”

“They all think I’m kidding – I’m not,” added the then vice-president. “I eat more ice cream than three other people you’d like to be with.”

Jeni’s happens to be one of Biden’s favorite ice cream suppliers, and the love seems to be mutual as the brand is bringing out a brand new flavor in his honor: White House Chocolate Chip, which mimics the President-elect’s order for a chocolate chip double scoop on a waffle cone.

If that’s not enough to convince you of Biden’s passion for ice cream, think of the iconic statement he made in 2010: “I’m a real ice cream lover. I don’t drink. I don’t smoke. But I eat a lot Ice. “

What to Know When Making use of for a Second PPP Mortgage


Andrea Herrera, President of Amazing Edibles Gourmet Catering and founder of Boxperience

Angela Garbot

For Andrea Herrera, founder of Amazing Edibles Catering in Chicago, the pandemic tested her ability to adapt to falling revenues on the fly.

Since last March, the company has switched from catering weddings and corporate events to first aid meals and home meal delivery services.

Herrera also opened a new store, Boxperience, a service that delivers gourmet snack boxes.

Creativity aside, their ventures continue to suffer the brunt of the pandemic. Herrera laid off about 80% of its employees in March last year when customers canceled events and stay at home orders went into effect.

A patchwork of funding sources, including state and local grants and a $ 144,000 unsuccessful loan under the Paycheck Protection Program, has kept her afloat.

Herrera, like many other small business owners, is counting on a second loan through PPP to get them through the spring.

“I am confident that this will take us by May,” she said, “and that in Chicago with the vaccines things will be open again and we will have events with 50 to 100 people.”

The U.S. Small Business Administration resumed its loan program on Jan. 11 after Congress approved up to $ 284 billion under the Covid Relief Act, which came into effect in late 2020.

Most secondary borrowers can borrow a maximum loan amount of 2.5 times their average monthly wage bill for 2019 or 2020 up to $ 2 million.

Accommodation and catering companies – like Herrera – can borrow up to 3.5 times their average monthly wage costs for 2019 or 2020. These companies are also subject to a $ 2 million limit.

Whether 3½ months of payroll will be enough to get food and hospitality businesses through the introduction of the vaccine is up in the air. But companies in dire need of help are likely to ask for an application.

“The appetite may be a little bigger this time around as many business owners know what to expect,” said Nicole Davis, CPA and founder of Butler-Davis in Conyers, Georgia.

“This time there are still more hurdles to overcome to get the loan.”

Stricter standards

The SBA set three basic standards that secondary borrowers must meet in order to apply for a forgivable loan.

First, they must have already received a first-draw PPP loan and either have used or are using the full amount of funding for authorized purposes. Second, these companies cannot employ more than 300 people.

After all, they need to show that gross revenue fell by at least 25% in a quarter between 2019 and 2020.

What small businesses may not know is that banks may have their own expectations when the time comes to ask for more money.

For example, banks might require proof that your company has suffered a blow.

“You never know what the bank is going to ask for,” said Campion J. Ellis, CPA and owner of CJE Associates, Indianapolis.

“If you’re the one who does things in QuickBooks, do your quarterly income statements year over year,” he said.

There is no second income. I see this second round of PPP in how I support my family and this business.

Nick Muzzatti

Owner of Snap Entertainment

Additionally, some lenders nudge their customers to issue their first round of PPP loans before they can apply for a second round of funding – although the SBA doesn’t require it, according to tax professionals.

While PPP loans are typically issued when borrowers are spending at least 60% of the funds on wage and payroll costs, tax professionals have so far held back to seek forgiveness.

This is because many of them want to check whether the same customers can benefit from the new provisions of the Covid Aid Act at the end of the year, including the expansion of the employee loyalty loan.

More from Smart Tax Planning:
How unemployment could create a surprising tax burden in 2020
IRS is delaying the start of the tax season until February 12th
Biden’s stimulus proposal increases those tax credits for families

These characteristics could affect the tax planning picture for small businesses.

“I know none of my clients have asked for forgiveness,” said Adam Markowitz, registered agent and vice president at Howard L. Markowitz PA CPA in Leesburg, Florida.

“The web of problems that arises here because the banks are desperate is bad,” he said. “It’s bad for the consumer.”

Advantages of a team

RG Trade | E + | Getty Images

Before turning to the bank for a second round of funding, small businesses need to make sure they are ready to provide documentation – including their income statements and payroll information.

You should also seek help from a tax advisor to walk them through the process, ensure they are eligible for more funding, and determine if they could benefit from important employer tax credits.

Tax professionals and small businesses have also spoken favorably of their experiences with local lenders.

Nick Muzzatti, owner of Snap Entertainment in College Park, Maryland, was hoping to have $ 1 million in sales in 2020 and subcontracted his van this summer to make ends meet.

He worked with his accountant and Sandy Spring Bank, a local lender, to obtain a PPP loan of approximately $ 39,000.

His CPA helped him prepare his payroll documents, and it will likely be instrumental in helping him get a second round of PPP funding.

“At this point, I can’t be the only business owner who sees it that way,” Muzzatti said.

“There is no second income,” he said. “I see this second round of PPP in how I support my family and this business.”

The perfect MLK day gross sales 2021 from A to Z.


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Democratic governors accuse the Trump administration of deceptive them about vaccine provides


Several Democratic governors have criticized the Trump administration for apparently misleading public health officials for keeping a stash of Covid-19 vaccines in reserve.

Health and Human Services Secretary Alex Azar said Tuesday that the government would begin releasing vaccine doses that are being held in “physical reserves” to ensure adequate supplies for second doses.

Both Pfizer and Moderna federally approved vaccines are given in two shots, several weeks apart.

The Washington Post reported Friday that despite Azar’s statements, there is no such nationwide vaccine supply. Quoting state and federal officials, the newspaper said the Trump administration began shipping its available offer back in December.

Democratic leaders say the lack of a Federal Reserve will mess up plans to increase the speed and scope of their vaccination campaigns.

“Last night I received disturbing news backed up straight to me by General Perna of Operation Warp Speed: The states will not receive increased vaccine supplies from national inventory next week because there is no federal reserve dose,” said Oregon Gov. Kate Brown wrote about General Gus Perna, Chief Operating Officer of Operation Warp Speed, in a post on Twitter.

“This is a national deception,” Brown added. “Oregon’s seniors, teachers, and we all had to rely on the promise that Oregon’s share of the Federal Reserve of vaccines would be given to us.”

Washington Democratic Governor Jay Inslee also took to the platform and said the government “must respond immediately for this deception”.

“I am shocked that we have been lied to and that there is no national reserve,” Colorado Democrat Jared Polis wrote on Twitter.

He said the federal inventory release announcement “resulted in us expecting 210,000 cans next week” and that other governors had made similar plans.

“Now we’re finding out we’re only getting 79,000 next week,” Polis wrote.

Minnesota Governor Tim Walz, a Democrat, said at a press conference that “they lied,” referring to the federal government.

Walz and democratic governments. Michigan’s Gretchen Whitmer and Wisconsin’s Tony Evers said in a joint statement on Friday: “It has become abundantly clear that not only has the Trump administration botched adoption of the safe and effective COVID-19 vaccine, but the American people as well was misled by these delays. “

The governors requested permission to buy vaccines directly from the manufacturers.

“Without additional shipping or direct purchase approval, our states could be forced to abandon plans in the coming weeks for public vaccination clinics that are expected to vaccinate tens of thousands. It is time for the Trump administration to do the right thing and help us end this Pandemic, “wrote the governors.

Azar responded to the governors in a thread on Twitter on Saturday, describing their claims as “completely misleading” and “devaluation”.

“We had a supply of reserved second doses as of December. We started releasing these second doses in late December so people could get their second doses. We have progressed this release gradually,” wrote Azar.

The HHS chief said the announcement this week was “that we will be releasing the remaining reserved second doses according to the cadence set – to make sure the second doses are available at the correct interval – and that we have no reserves in the future would. ” second cans. “

“The efforts of some governors to mislead the American people into distraction from their own distribution errors are deplorable,” Azar said, citing data showing that Michigan, Oregon and Wisconsin had not yet given the bulk of the vaccines already distributed in those states .

The Trump administration has grappled with Democratic civil servants since the Covid-19 crisis began, initially for delivering tests and other medical equipment and more recently for distributing vaccines.

President-elect Joe Biden, who will be inaugurated on Wednesday, has pledged to strengthen the federal government’s role in vaccine delivery. Biden has pledged to give 100 million vaccine doses in his first 100 days in office.

So far, vaccination efforts have lagged far behind official predictions. About 12 million doses have been administered, according to the Centers for Disease Control and Prevention. Health officials had hoped to bring that number to 20 million by January.

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The British man is making a last-ditch effort to get better misplaced Bitcoin onerous drives


The reflection of bitcoins on a computer hard drive.

Thomas Trutschel | Photo library via Getty Images

LONDON – A British man who accidentally threw away a hard drive containing a lot of Bitcoin, again urges local city officials to have him look for it in a landfill.

James Howells, a 35-year-old IT engineer from Newport, Wales, said he threw the device away when he cleared his house in 2013. He claims he has two identical laptop hard drives and wrongly needed the one with the cryptographic “private key” to access his bitcoins and spend them in the trash.

After all these years, Howells is still confident that he can get the bitcoin back. Although the outer part of the hard drive could be damaged and rusted, he believes the hard drive inside could still be intact.

“There’s a good chance the disk in the drive is still intact,” he told CNBC. “Data recovery experts could then rebuild the drive or read the data directly from the platter.”

Howells says he has 7,500 bitcoins, which at today’s prices would be worth more than $ 280 million. He says the only way to get it back is by using the hard drive that he threw in the trash eight years ago.

But he needs permission from his local council to search a dump that he believes contains the lost hardware. The landfill is not open to the public and entering it is considered a criminal offense.

Howells has offered to donate 25% of the shipment, valued at around $ 70.8 million, to a Covid Relief Fund for his hometown if he can dig up the hard drive. He has also promised to fund the excavation project with the support of an undisclosed hedge fund.

However, Newport City Council has so far denied its search requests, citing environmental and financial concerns. And it doesn’t seem like local officials will budge anytime soon.

“As far as I know, they have already turned down the offer,” Howells said. “Without even hearing our plan of action or having the opportunity to present our mitigation of their environmental concerns, it’s just a resounding no every time.”

A spokesman for the council told CNBC that it had “been contacted several times since 2013 to investigate the possibility of retrieving a piece of IT hardware believed to contain bitcoins.” The first time “several months” after Howells first discovered the drive was gone.

“The council has told Mr Howells on several occasions that excavations are not possible under our permit and that excavations themselves would have a huge impact on the environment in the area,” said the council spokesman.

“The cost of digging the landfill, storing and treating the waste could run into millions of pounds with no guarantees that it will be found or that it will still work.”

It’s not hard to imagine why Howells would want to save the equipment. Bitcoin prices have skyrocketed in the last few months, hitting an all-time high near $ 42,000 last week before falling sharply.

The New York Times reported Tuesday that a programmer in San Francisco was banned from 7,002 bitcoins – valued at around $ 267.8 million today – for forgetting the password used to unlock a small hard drive with the private one Key to a digital wallet was required.

Bitcoin’s network is decentralized, which means that it is not controlled by a single person but by a computer network. Every transaction comes from a wallet with a “private key”. This is a digital signature and provides mathematical proof that the transaction came from the owner of the wallet.

Home opens investigation into vulnerabilities in deadly assaults on the US Capitol


A member of the National Guard took the post near the U.S. Capitol Building as the House of Representatives debated the charges against U.S. President Donald Trump on January 13, 2021, a week after the storming of the Capitol Building in Washington, United States.

Brandon Bell | Reuters

The Democratic-run House of Representatives sent a letter to FBI Director Chris Wray and other agency chiefs on Saturday for information on intelligence and security deficiencies that led to the breach of the U.S. Capitol on Jan. 6 and forcing lawmakers to go into hiding.

Four House Committee Chairs signed the letter calling for documents and briefings from the FBI, the Department of Homeland Security, the National Counter-Terrorism Center, and the Director of National Intelligence on what was known prior to the attack.

“This still-emerging story is about the amazing courage of some US Capitol Police and other officials, dizzying betrayals by violent criminals, and obvious and high-level mistakes – particularly in relation to intelligence and security preparedness,” the committee wrote.

The letter was signed by the Chairman of the Intelligence Committee, Adam Schiff, D-Calif., The Chairman of the Homeland Security Committee, Bennie Thompson, D-Miss., The Chairman of the Justice Committee, Jerry Nadler, DN.Y. and Chair of the Supervisory Committee Carolyn Maloney, DN.Y.

The investigation comes because lawmakers – and especially the Democrats – are demanding more information on how a crowd of President Donald Trump’s supporters broke into the so-called “People’s House,” which has its own police force, and is delaying certification Election victory of President-elect Joe Biden by several hours.

The Inspectors General of the Ministry of Justice, Defense, Homeland Security and Home Affairs have launched reviews of their agency’s actions related to the attack.

Supporters of US President Donald Trump protest in front of the US Capitol in Washington on January 6, 2021.

Stephanie Keith | Reuters

In the letter, lawmakers quoted press coverage that the U.S. Capitol police had been warned that Trump supporters were attempting to forcefully enter the Capitol.

NBC News reported Jan. 10 that the FBI and the New York City Police Department had provided the Capitol Police with information of threats of violence for the electoral college vote.

The Washington Post reported Jan. 12 that an FBI field office in Virginia had warned of the attack that extremists were planning a “war” on the way to Washington.

“Security and logistical preparations before January 6th were inconsistent with the prospect of serious and widespread violence. According to media reports surfaced in recent days, federal and other agencies previously owned information – and may have shared it with some Parties shared and other information predicting a serious security threat to the congressional session to confirm election results, ”wrote the committee chairmen.

The US Capitol Police are seen with “less lethal” weapons as they confront a crowd of supporters of US President Donald Trump as they storm the US Capitol building in Washington, USA, January 6, 2021.

Leah Millis

“These latter reports, if worked on, could have resulted in more extensive planning of the event and the infusion of far greater security and other resources,” they added.

Capitol Police officials said they did not see FBI intelligence services prior to the attack.

The committee chairs identify three broad lines of investigation that they will pursue.

The first is what the intelligence community and law enforcement agencies knew before, during, and after the attack. Lawmakers also said they would examine whether foreign powers had a role in exploiting the crisis.

The second point the committees examine is whether current or past holders of national security clearances participated in the insurrection.

The committees are also soliciting information on government policies in response to the attack, including measures to prevent those involved in crimes from traveling.

“The committees expect and appreciate your full cooperation on this matter – and, of course, recognize that resources must be appropriately and promptly devoted to efforts to counter ongoing threats to the transfer of power, including the presidential inauguration and related activities “wrote the committee chairman.

Based on the CDC, the brand new variant of Covid, first discovered within the UK, might turn into a dominant pressure within the US by March


The director of the Center for Disease Control and Prevention, Dr. Robert Redfield, holds up a CDC document that reads “COVID-19 Vaccination Program Interim Playbook for Jurisdiction Operations” while speaking during a Senate Subcommittee on Appropriations hearing on Capitol Hill Washington, United States, Sept. 16, 2020 .

Andrew Harnik | Reuters

A more contagious strain of the coronavirus, first found in the UK late last year, could become the dominant strain in the United States by March as the nation seeks to vaccinate people against the disease, according to a new study by the Centers for Disease Control fights contraception.

“The modeled trajectory of this variant in the USA shows Rapid growth in early 2021, which will become the predominant variant in March, “according to the CDC study published on Friday.

The researchers warned that increasing its spread could place a greater strain on the country’s hospitals and require greater public health action to curb transmission of the virus until enough people are vaccinated. Increased surveillance of the mutating viruses, coupled with better compliance with public health measures such as masks, hand washing and physical distancing, could help slow the spread of the virus.

“These measures will be more effective if taken sooner rather than later to slow the initial spread of variant B.1.1.7. Efforts to prepare the health system for further spikes in certain cases are warranted,” the researchers said.

So far, according to CDC data, which were last updated on Wednesday, the country has only found 76 Covid-19 cases with the highly infectious variant B.1.1.7. However, many of the identified cases involved people with no travel history, suggesting that the variant is spreading undetected in the community.

Global health experts have claimed that while the new strain found in the UK and a similar strain found in South Africa are more contagious, they do not appear to make people sick or make a person more likely to die.

However, more cases could ultimately lead to additional hospital stays if the nation is already home to record Covid-19 patients. The rapid transmission of the new variants could require more people to be vaccinated in order to achieve something called herd immunity, the researchers said.

Herd immunity is when enough of the population is immune to a disease, either through vaccination or natural infection, which makes it unlikely to spread and protect the rest of the community, the Mayo Clinic says.

The US has been sluggish in its vaccination efforts and missed its target of vaccinating 20 million people by the end of last year. The US has delivered more than 31.1 million doses to date, but only administered 12.3 million of them, according to CDC data.

There is also concern that the new variants, particularly the strain found in South Africa, may be more resistant to monoclonal antibody treatments, which have been shown to reduce the chances of someone ending up in hospital if infected early enough.

The CDC study

The agency’s investigation found that while the current prevalence of the variant in the US is still unknown, the analysis makes up less than 0.5% of cases. The US has not yet discovered the variant found in South Africa or any other strain identified in Japan in travelers from Brazil, the researchers said.

In their model, the researchers estimated that the variant was 50% more transmissible than the current strains. They also estimate that between 10% and 30% of people already have immunity to pre-existing infections and will be given 1 million doses of vaccine daily starting this month.

Although the prevalence of strain B.1.1.7 is estimated to be low due to its high transferability, it is likely to grow rapidly in early 2021, as the model showed. Even with vaccines, the variant will continue to spread, although the drugs showed the greatest effect in reducing the transmission of the strain in places where the disease was already regressing.

“Early efforts that can limit the spread of variant B.1.1.7, such as universal and increased adherence to public health containment strategies, will leave more time for ongoing vaccinations to achieve higher population immunity,” said it in the study.

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Small companies welcome extra assist in Biden’s Covid Reduction Plan


A normally busy main street in Livingston, Montana after Governor Steve Bullock ordered restaurants, bars and theaters to close on March 20, 2020 in response to the coronavirus pandemic.

William Campbell | Corbis via Getty Images

As President-elect Joe Biden presents his comprehensive $ 1.9 trillion economic plan and response to the pandemic, small business advocates welcome additional help for a main drag that continues to be hammered by Covid.

Biden’s US bailout plan includes $ 15 billion in grants for the hardest hit businesses and $ 35 billion in funding programs for small businesses.

“An economy that is fully open and recovering relatively quickly will save countless businesses and jobs on Main Street and give new entrepreneurs the spark to start and stop new businesses,” said Karen Kerrigan, President and CEO of SBE Council , in a statement. She added that the small business recovery is an integral part of the macroeconomic recovery.

“It is clear that certain industries and areas of the country are harder hit than others and initiatives that focus on those sectors and communities will result in a more balanced recovery,” said Kerrigan.

The assistance provided by Biden would be on top of the current Paycheck Protection program, which reopened this week with new fraud protection and an emphasis on serving smaller businesses that may have missed help when the program was launched last year. Community lenders started offering first-time loans on Monday and PPP loans for the second drawing on Wednesday. The staggered opening continues on Friday for lenders with assets under $ 1 billion. It opens Tuesday for all other lenders.

At Sunrise Banks in St. Paul, Minnesota, demand for help from smaller businesses has been high since the program opened on Monday. CEO David Reiling praised the Small Business Administration’s decision to let community lenders take the lead in this round. The incoming requests for assistance are low, but show that micro and sole proprietorships are in need.

“The vast majority will be sole proprietorships and these loans will cost maybe a few thousand dollars. In some cases, our lowest value today was $ 250,” said Reiling.

In addition to helping small businesses, Biden’s proposal includes $ 1,400 direct payments to individuals, a national vaccination strategy, and a minimum wage of $ 15 an hour.

Biden’s call to more than double the current federal minimum wage met with both criticism and praise. Pew Research found that 67% of Americans are in favor of increasing their wages to $ 15 an hour.

The International Franchise Association was delighted with the vaccination strategy and helping businesses, but said the wage increase could be counterproductive.

“Our goal is to ensure that small businesses can continue to care for their communities and their employees. However, asking for some workers to more than double wages will hurt businesses in trouble and likely slow recovery,” said Matt Haller , IFA senior vice president of government and public affairs, in a press release.

Small business confidence fell in December as Covid-19 cases spiked and Main Street awaited the changing of the guard in DC. The monthly index of the National Federation of Independent Business fell 5.5 points to 95.9. It’s below the NFIB’s historical average of 98 as fewer small businesses expect sales to rise or the economy to improve over the next six months. In addition, there is still uncertainty for small business owners in the New Year.

“Concerns about economic policies in the new government and the increasing spread of Covid-19, which is leading to new government-mandated business closings, leave owners pessimistic about future conditions in the first half of 2021,” said chief economist William Dunkelberg.

Citigroup’s ends in the fourth quarter of 2020 exceeded earnings estimates


Jane Fraser, General Manager for Latin America at Citigroup Inc., speaks during the Milken Institute Global Conference in Beverly Hills, California on Monday, April 29, 2019.

Kyle Grillot | Bloomberg via Getty Images

Citigroup released fourth quarter results on Friday that beat analysts’ earnings estimates as the company partnered with rival JPMorgan Chase to free up reserves for credit losses.

Earnings fell 7% to $ 4.63 billion, or $ 2.08 per share, compared to $ 1.34 per share expected by analysts surveyed by Refinitiv, according to Citigroup. Company-wide revenue declined 10% to $ 16.5 billion, below the estimate of $ 16.7 billion.

The bank released $ 1.5 billion in reserves for loan losses, a move larger than analysts expected. That compares with a reserve build-up of $ 436 million in the third quarter and $ 253 million a year ago. As a result, borrowing costs for the period were more than $ 2 billion lower than a year ago.

Over the past year, banks have allocated tens of billions of dollars in provisions for loan losses in the expectation that shutdowns caused by the Covid shutdown would force customers large and small to default on credit. Now it seems like the industry has turned a corner and will begin releasing some of those reserves, increasing earnings and their ability to buy back stocks this year.

“As a sign of the strength and longevity of our diversified franchise, our sales remained unchanged through 2019 despite the massive economic impact of COVID-19,” said outgoing CEO Mike Corbat in the press release.

Citigroup shares fell 6.2%.

Citigroup made history when it announced that Jane Fraser would take over the running of the company. This made it the first major Wall Street bank to be run by a woman. Weeks before her successor at Corbat, Fraser spoke to investors and analysts for the first time on Friday. Shareholders wanted to know how Fraser, a former McKinsey partner who led Citi’s Latin American operations before becoming president in 2019, will improve the company’s bottom line.

Fraser said she is embarking on a review of the company’s strategy to best position it to meet its ROI targets and meet regulatory requirements.

“We’re taking a clinical look at our strategic positioning and assessing which companies can achieve leading market positions in a much more digitalized world,” said Fraser. “Like any true Scot, I believe there is value in unlocking by simplifying the company.”

Citigroup, the third largest US bank by assets, was hurt by relatively poor performance when compared to competitors such as JPMorgan Chase. The results have frustrated investors, including activist hedge fund ValueAct. The bank is also working on a government agency agreement to improve its internal risk controls after it accidentally sent nearly $ 900 million to Revlon lenders last year.

Citigroup has announced that trading sales will increase 15% year over year in the fourth quarter, while investment banking fees should increase 10% to 15%.

The shares of the New York-based bank fell 23% last year, compared with the KBW Bank Index’s 4.3% decline.

Here are the numbers:

  • Earnings: $ 2.08 per share versus $ 1.34 per share for analysts surveyed by Refinitiv.
  • Revenue: $ 16.5 billion versus an estimate of $ 16.7 billion.

JPMorgan on Friday reported fourth quarter earnings and sales that were above estimates.

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