PPP Loan Forgiveness Procedures

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News Date: July 27, 2020

Procedures for Lender Submission of Paycheck Protection Program Loan Forgiveness Decisions to SBA and SBA Forgiveness Loan.
The purpose of this Notice is to inform Paycheck Protection Program (PPP) Lenders of the processes for submitting decisions on PPP borrower loan forgiveness applications to SBA, requesting payment of the forgiveness amount determined by the Lender, SBA loan forgiveness reviews and payment of the loan forgiveness amount determined by SBA.
The PPP Forgiveness Platform will go live and begin accepting Lender submissions on August 10, 2020, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system.
Source:www.sba.gov

Australian PM plans tax cuts

Prime Minister Anthony Albanese has announced plans to introduce legislation next week, promising tax cuts for every Australian taxpayer.
He emphasizes the urgency of passing the legislation promptly to facilitate a smooth transition for both employers and the tax office.
"This is legislation which will give every taxpayer a tax cut and it should receive the support of every parliamentarian," he told ABC's Insiders on Sunday.

Russian MF proposed an independent financial system for BRICS

On February 27, 2024, the first in-person meeting of finance ministers and central bank governors from BRICS countries took place in Sao Paulo, Brazil, as part of Russia's chairmanship.
The event marked a significant milestone for BRICS, emphasizing its growing importance globally with an increased number of participants.
During the meeting, Russia's Minister of Finance, Anton Siluanov, and First Deputy Chairman of the Bank of Russia, Vladimir Chistyukhin, presented the key focus areas, highlighting the theme of the chairmanship: improving the international monetary and financial system.
The participants, including Brazil, Russia, India, China, and South Africa, generally supported these priorities, signaling a collective commitment to addressing the role of developing countries in the global economy.
a crucial step is creating an independent financial infrastructure to bolster the autonomy and financial sovereignty of developing countries.
To enhance the global financial system, it's crucial to create practical opportunities for an independent financial infrastructure, reinforcing the autonomy and financial sovereignty of developing nations.
"The current system based on the existing Western financial infrastructure and the use of reserve currencies has a number of fundamental flaws. Such infrastructure should be available to everyone.
Financial infrastructure must be accessible to everyone and independent of the will of individual countries. Otherwise, we are faced with artificially created barriers to trade, investment and technology, even in transactions between third countries. This leads to a slowdown in global economic growth."
Siluanov said.

Five countries officially joined BRICS

Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have officially joined the BRICS bloc after being invited last year, according to South Africa's Foreign Minister Naledi Pandor.
"With respect to the BRICS confirmations, five out of the six have confirmed. That is Saudi Arabia, UAE, Ethiopia, Iran and Egypt," Pandor stated on Wednesday.
South Africa revealed in July 2023 that 22 countries have formally requested to join the BRICS group, with an additional equal number expressing informal interest. This surge underscores the global recognition of BRICS as a pivotal alliance representing major emerging economies.

FED explores XRP For Instant Settlements

The US Federal Reserve is carefully examining XRP's feasibility and possible role in facilitating quick settlements within the financial environment after receiving many recommendations supporting XRP for instant settlements.
Concurrently, there are debates and investigations into the viability of pegging XRP to gold, which might open up new avenues for stability and value for the cryptocurrency.
This is an interesting possibility since it means that XRP might become physically connected to gold, which would have a big influence on its value and reputation in the QFS.

President Donald J. Trump is Establishing America's Space Force

Our destiny, beyond the Earth, is not only a matter of national identity but a matter of national security. President Donald J. Trump's Space Policy Directive-4 is a bold, strategic step toward guaranteeing American space dominance that sets the framework for establishing the United States Space Force.
Source:whitehouse.gov