Accounts – David Thompson Things http://davidthompsonthings.com/ Wed, 22 Sep 2021 09:50:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://davidthompsonthings.com/wp-content/uploads/2021/05/default.png Accounts – David Thompson Things http://davidthompsonthings.com/ 32 32 A New Illinois Law Caps Payday Lenders — But What Happens If They Leave The State? https://davidthompsonthings.com/bad-credit-mortgages/ https://davidthompsonthings.com/bad-credit-mortgages/#respond Mon, 24 May 2021 11:24:18 +0000 https://davidthompsonthings.com/?p=787 When Cobi was 23 years old, he had a steady job, but it didn’t pay enough for him to save up and move out of his mom’s place on Chicago’s West Side. How to get the money? An internet payday advance is a quick solution to the problem of a lack of cash for expenses. He planned […]]]>

When Cobi was 23 years old, he had a steady job, but it didn’t pay enough for him to save up and move out of his mom’s place on Chicago’s West Side.

How to get the money? An internet payday advance is a quick solution to the problem of a lack of cash for expenses.

He planned on supplementing his income with an additional job. To do so, he needed to buy a laptop and camera, but he didn’t have the money for those purchases.

When money was tight at home, his mom would get money at payday loan stores.

“She didn’t do them frequently, but I remember several times where she did,” said Cobi. “So you know I said, ‘OK… if she did them … why not?’ ”

We’re only using Cobi’s first name because he doesn’t want his current employer to know about his financial history.

Looking back, he said it wasn’t difficult for him to find a payday lender because there were a lot in his neighborhood. And it was a quick process: The worker that helped him didn’t ask him a lot of questions.

Cobi went in requesting $200 dollars, and he was offered $450. He took it knowing he would have to pay it back when his next pay check came in.

But then his mom got sick and was in the hospital.

When payday rolled around, he was surprised by the $600 charge in his bank account. He didn’t have the money, and his bank account went in the negative. His bank then charged him overdraft fees.

He didn’t know what to do.

Cobi had to ask himself, “Do I take care of my family or pay the bank back?”

Cobi said he didn’t have the money. The bank ended up closing his account because of lack of payment.

Payday loans are supposed to be small, short-term loans. They are available for people who need fast cash and don’t have access to another option, like a traditional bank or credit union. But these loans are also known to come with high interest rates, up to 400% in some cases.

“I think the process went a little too fast to the point where I don’t remember them putting an emphasis on the interest and how much it was going to be,” said Cobi.

Stories like Cobi’s pushed Illinois lawmakers to react. The state is now one of 18 that caps payday loan interest rates and fees after the Illinois Predatory Lending Prevention Act was signed into law by Governor JB Pritzker last month.

Illinois State Senator Jacqueline Collins represents parts of Chicago’s South Side and the south suburbs. She co-sponsored the measure and called these types of high-interest loans “predatory.”

“The legislation goes to cap payday loans at 36%, installment payday loans at 36% and auto title loans at 36%,” said Collins. “Even that I feel is predatory, but that’s the best we can do at this point.”

Collins says it’s not an accident these types of businesses set up shop in communities of color.

“It’s really a result of redlining and segregation, because what happened was that segregation really created the opportunities for economic exploitation,” said Collins. “We know that these communities of color were targeted because they didn’t have access to a traditional bank loan.”

Not everyone agrees that capping lenders is the right move.

Rickie Keys with Renewal Financial lobbied against the measure. He agreed that payday loans are predatory, but said the fallout of the new law could unintentionally hurt communities of color because there’s nothing to take their place.

“Banks are not going to step in to offer these services. Credit unions will not step in to offer these services. I believe that the installment lenders will try to make a go of it but eventually I believe they will go away,” said Keys. “The only options that will be available to consumers … will be bad options.”

Keys is worried the demand for these types of loans will remain, but the supply will dry up on the city’s South and West sides.

Andy Posner, Founder and CEO of the non-profit lender Capital Good Fund, believes lenders like his and other community lenders want to provide services, but they haven’t been able to compete.

“All these payday branches and others are in their community, they get flyers and advertisements,” said Posner. “So if you see the worst actors pull out of the space, it makes it a lot easier for the good players to acquire customers cost effectively.”

Posner said the new law levels the playing field and gives people alternatives.

“This is going to be really good, particularly in the middle of the pandemic, for families to be able to access credit without putting themselves into a debt cycle,” said Posner. “So now people are going to be looking for alternatives, and so it’ll be easier for us to find them because it won’t just be us looking for the customer.”

Cobi wishes he’d known about other options because taking out that loan affected every aspect of his life.

He’s still rebuilding his finances five years later.

“I had to find a landlord that took cash. I couldn’t live where I wanted to live. It seemed very small at the time but it started a chain reaction. I’m OK now, but it just took me a while to recuperate.”

Araceli Gómez-Aldana is a host and reporter at WBEZ. Follow her @Araceli1010.

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Anderson Middle School students on distance learning Monday after fire https://davidthompsonthings.com/anderson-middle-school-students-on-distance-learning-monday-after-fire/ https://davidthompsonthings.com/anderson-middle-school-students-on-distance-learning-monday-after-fire/#respond Mon, 24 May 2021 08:17:58 +0000 https://davidthompsonthings.com/?p=530 Staff reports  |  Redding Record Searchlight Anderson Middle School students will remain on distance-learning on Monday after a fire caused power outages on campus, school officials said.  The electrical fire started in the school’s solar connection, Cascade Union Elementary School District spokesperson Carolyn Phelps said in an announcement on Friday afternoon. The fire caused power outages throughout the […]]]>

Anderson Middle School students will remain on distance-learning on Monday after a fire caused power outages on campus, school officials said. 

The electrical fire started in the school’s solar connection, Cascade Union Elementary School District spokesperson Carolyn Phelps said in an announcement on Friday afternoon.

The fire caused power outages throughout the school, according to a notice posted on AMS’ Facebook page.

District staff will update parents regarding when students can return to in-person learning, Phelps said. 

“A notification will be sent out Monday evening about the status of Tuesday,” the Facebook post said.

For more information, go to https://bit.ly/3gSRXnS.

– Jessica Skropanic

Redding Chamber of Commerce opposes recall effort of Shasta County supervisors

Wednesday, April 28

The Redding Chamber Commerce opposes the effort to recall Shasta County Supervisors Joe Chimenti, Leonard Moty and Mary Rickert, the business advocacy group announced Tuesday evening.

The chamber’s board of directors unanimously voted to oppose the recall following a recommendation from its political action committee.

In coming out against the recall, the chamber said collective decisions by the Shasta County Board of Supervisors to educate rather than enforce state COVID-19 guidelines has helped the local economy, which is reflected in the county’s unemployment rate trending lower than the rest of California. Shasta County’s unemployment rate in March was 7.5% compared with 8.2% in California.

The chamber also was critical of the estimated $200,000 to $400,000 cost for a special election to recall the supervisors, calling it unwise and not an effective use of public funds.

“Now is the time of accentuate the positive momentum in our community and focus on fostering a strong business climate, healthy local government, and vibrant community development,” the chamber said in a news release.

Meanwhile, the recall effort is on hold after Cathy Darling Allen, the county’s registrar of voters, said proponents of the recall did not include their signatures in the notices of intention published in the Record Searchlight newspaper. The decision was announced Monday.

Proponents now must start over if they want to proceed with the recall, Darling Allen said.

— David Benda

Coroner IDs man killed in crash in south Redding last week

Tuesday, April 27

The man killed last week when he was thrown from his motorcycle in a crash in south Redding was identified as Sammy Ray Hartzog, 59, of Millville, the Shasta County Coroner’s office said Tuesday.

The crash between the motorcycle and sedan happened last Wednesday afternoon near Railroad Avenue and Eugenia Avenue.

Investigators said Hartzog was on the motorcycle going south on Railroad Avenue at an unknown rate of speed, approaching the intersection of Eugenia Avenue.

The driver of a 2016 Toyota Avalon was getting ready to leave the the Owens Pharmacy parking lot on Eugenia when for unknown reasons, Hartzog lost control and was thrown from the bike and hit the sedan, investigators said.

Related: One killed in collision between motorcycle and sedan, Redding police say

More: Cal Fire: Arson suspected after 7 late-night fires burn along Highway 299 in Burney

Drugs and alcohol do not appear to be a factor in the collision, investigators said. Hartzog was wearing a helmet and the people in the Toyota were wearing seatbelts, the Redding Police Department posted on Facebook.

— David Benda

Deputies help round up loose ram; owner cited 

Saturday, April 24

It’s not every day a Shasta County sheriff’s deputy gets called to round up a loose ram.

That’s what happened the morning of April 16 when Shasta Lake Animal Control received a report of a loose goat near Deer Creek Road and Fort Peck Street, the sheriff’s office said.

But the animal turned out to be a full-grown ram with prominent horns.

Animal control wasn’t able to capture the wandering ram so deputies from the Shasta Lake station were contacted to help out.

“Along with Shasta Lake Public Works, they were able to corral him in to a nearby backyard located in the 4000 block of Fort Peck Street,” the sheriff’s office said.

The ram was returned to his residence on Red Bluff Street where the owner was cited, deputies said.

“Great job to everyone who helped get the ram safely back to his residence,” the sheriff’s office said.

— Mike Chapman

Whiskeytown calls for volunteers for Saturday cleanup 

Friday, April 23

Staff at Whiskeytown National Recreation Area in Redding is looking for volunteers to help clean trash and debris in the park.

The “Whiskeytown the Beautiful Volunteer Cleanup” event kicks off Saturday morning.

Volunteers can register to attend and pick up litter. Those with a small boat might be asked to bring it.

Registration to join the cleanup effort is open through Friday afternoon. To register, email Scott_Einberger@nps.gov.  

— Jessica Skropanic

Officials looking for car seen leaving area during fire

Saturday, April 17

Firefighters extinguished three vegetation fires that broke out Thursday and Friday in Redding.

The first was a spot fire reported at 10:03 a.m. Thursday behind Enterprise Park on Victor Avenue, and the Redding Fire Department is asking for the public’s help in identifying a light blue sedan that was seen leaving the area during the fire. The vehicle is described as a four-door, late 1990s or early 2000s light blue Ford Taurus.

No one was injured in the incident, fire officials said in a statement.

The cause of that fire is under investigation. Anyone with information on who owns the car or where the car is, can contact the fire department at 530-225-4141.

The other two fires happened on Friday at homeless encampments. No one was injured in either of the fires. One was reported at 6:51 a.m. on the 1500 block of Riverside Drive and the other one was reported at 12:08 p.m. on the 8000 block of Eastside Road.

Fire crews contained the fire on Riverside Drive within 10 minutes and stayed behind for an hour to mop up. The fire on Eastside Road burned about a quarter of an acre of grass and brush. Firefighters knocked it down in about 20 minutes and took about 90 minutes to clean up.

— Jenny Espino

Shasta College to hold in-person graduation 

Friday, April 16

Shasta College will hold an in-person commencement ceremony on May 21 at its Memorial Stadium while following social distancing guidelines and safety requirements, according to campus officials.

Anyone attending the ceremony will have to wear a mask while on district property and must have a ticket to enter campus. The college will limit the number of staff and faculty at the ceremony, and graduates will be limited to inviting two guests to attend. The college will livestream the event for those who are unable to attend in-person, according to a press release.  

“With everything these students have endured and the resiliency they have shown, I feel that this year’s ceremony has special significance for everyone involved. I look forward to recognizing our graduate’s accomplishments and celebrating their achievements as they walk across the stage to receive their diploma,” President Joe Wyse said in the statement.

The college is still confirming details regarding the ceremony and anticipates that some details will be subject to change as the planning process progresses.

— Nada Atieh

Chico State to require dorm residents, athletes to be vaccinated

Thursday, April 15

Chico State University will require COVID-19 vaccines for students living on campus and student athletes starting this fall, the school announced Thursday.

The university wants to house about 1,800 students for the 2021-22 academic year, Chico State Emergency Operations Center Director Mike Guzzi said in a news release.

“Our plan is to open our residence halls at about 80% of full capacity, with two students in most rooms, in the fall. When athletics returns, our student-athletes will spend significant time together in shared facilities,” he said. “It’s critical that these two segments of the student population are vaccinated so we can safely plan for a full, lively Chico State in the fall 2021.”

Chico State officials said they will at a later date give students additional information about the application process to obtain medical or religious exemptions for the vaccine, and instructions for providing proof of vaccination.

More: An afterlife for old bricks? What’s up at Stillwater Business Park? You asked, we answered.

More: Why this grass-roots movement wants to merge Idaho with parts of Oregon and Northern California

Residence hall move-in dates are tentatively scheduled for Aug. 16-20. The university will require students living in the dorms to have received their second dose of the Moderna or Pfizer vaccines or the single-dose Johnson & Johnson vaccine by July 30 in order to move in, Guzzi said.

For student-athletes, proof of vaccine will be required as part of their annual medical clearance that starts in June, the university said.

— David Benda

DA: Police shooting justified at Walmart Distribution Center in Red Bluff

Wednesday, April 14

Tehama County District Attorney Matthew Rogers made it official Tuesday, reaffirming a preliminary finding his office issued last July that police broke no laws in shooting to death the man who opened fire with a rifle at a Walmart distribution center in Red Bluff last year.

Louis Wesley Lane, 31, of Redding, was shot and killed by police after he opened fire on employees at the center on June 27, 2020.

Authorities said Lane killed one employee and injured four others in the incident. The man who died was identified as Martin Haro-Lozano of Orland.

Related: Walmart distribution center shooting: Minute by minute, here’s what police say happened

More: Police: Accused Walmart shooter was high and had assault rifle during 2018 arrest

According to law enforcement, Lane drove his SUV around the parking lot four times before crashing it into the front of the building and setting fire to the vehicle.

Armed with a semi-automatic rifle, Lane began firing indiscriminately at the dozens of employees in the area, law enforcement has said.

Rogers said Lane did not have alcohol or drugs in his system at the time of the shooting.

“The totality of this investigation did not establish a clear-cut motive for Lane’s actions,” Rogers said.

— David Benda

PG&E customers in Lakehead to temporarily lose power starting Saturday

Tuesday, April 13

Nearly 1,000 Pacific Gas & Electric Co. customers in Lakehead will lose power starting late Saturday night, so the utility can perform maintenance on substation equipment.

PG&E sent letters to customers who will be impacted by the power outage, scheduled to begin at 11 p.m. Saturday and last until 7 a.m. Sunday. The outage will impact 956 homes and businesses, the utility said in a news release.

Crews will perform maintenance inside the Antler Substation. PG&E needs to de-energized the substation to safely do the work, officials said.

“We apologize for any inconvenience this outage may cause and have worked hard to keep the outage duration as short as possible so crews can safely complete this work,” Carl Schoenhofer, senior manager of PG&E’s North Valley Division, said in the news release.

— David Benda

Shasta County looking for grand jurors

Saturday, April 10

Shasta County residents are being recruited to serve on the 2021-22 grand jury.

The Shasta County Superior Court is asking interested residents to submit their names for possibly being nominated to the investigative body.

Superior Court judges will choose grand jurors from the applicants and other nominees as part of a 30-person prospective jury panel.

A random drawing will determine the 19 grand jurors, who serve for one year.

For more information, go to www.shastacountygrandjury.org

The deadline to complete and submit applications and questionnaires is April 30.

The prospective grand jurors will be interviewed in mid-May and the 2021-22 grand jury will be impaneled on June 24.

— Mike Chapman

Shasta District Fair set for June 23-26 with COVID-19 precautions

Thursday, April 8

The Shasta District Fair will take place this summer with the state’s safety protocols for COVID-19, the fair’s Board of Directors announced Thursday.

“We are excited to announce that the Shasta District Fair will be happening this year, with safety and COVID-19 precautions in place,” according to B.J. Macfarlane, CEO of the Shasta District Fair & Event Center.

The dates will be June 23-26, 2021. The fair will include commercial exhibits, food booths, grounds acts and the Junior Livestock show and auction.

Advance ticket sales begin May 1 with savings on season passes, carnival wristbands and single-day passes, fair officials said.

Exhibitor premium information and all other entry info is available online at www.shastadistrictfairandeventcenter.com.

The fair had to be canceled last year due to the coronavirus pandemic although the Junior Livestock Auction was allowed last June.

— Mike Chapman

Business center offers online summit next week

Wednesday, April 7

The Women’s Business Center at JEDI will hold a virtual summit for business owners and entrepreneurs who are seeking capital in Shasta, Siskiyou, Trinity and Humboldt counties.

The free online summit, called Dream Big & Fund It, runs from 11 a.m. to 1 p.m. April 13-15.

The presentation is for small businesses to learn about loans, managing grants, start-up funding and more. Several community lenders from local banks will be presenters and be available for questions and anwers.

Topics include loan readiness, credit repair and creative/alternate financing options. 

The summit is funded in part through a cooperative agreement with the U.S. Small Business Adminitration.

Register to attend all the sessions.Receive a link at www.jedionline.org/dream-big?/.

— Mike Chapman

More than 200 PG&E customers without power in Happy Valley

5 p.m. Wednesday UPDATE

Power was retored to the area at 3:48 p.m., PG&E said.

ORIGINAL STORY

Pacific Gas and Electric says 228 of its customers in Happy Valley are without power in an outage that started at 8:30 a.m. Wednesday.

PG&E estimates electricity will be restored by 2:30 p.m. Wednesday.

The power outage is due to scheduled maintenance along China Gulch Drive.

“Our preliminary determination is that your outage was caused by scheduled maintenance work,” the utility said on its website.

A repair crew is working to restore power.

— Mike Chapman

Power restored to PG&E customers north of Anderson

Friday, April 2

Pacific Gas and Electric Co. reported that power has been restored for the 1,620 customers north of Anderson who lost it on Thursday afternoon. 

The outage began around 2:46 p.m., according to the utility’s website. PG&E workers responded and power was restored around 4:30 p.m.

Earlier this afternoon, a vehicle crashed into a pole in the area, at the intersection of Riverland Drive and Knighton Road, according to California Highway Patrol communications. 

At 3:30 p.m., CHP also reported defective traffic signals at the intersection of Knighton Road and Churn Creek Road, less than a mile from the crash. 

More Redding news roundups

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BBQ Holdings, Inc. Reports Results for Fourth Quarter and https://davidthompsonthings.com/bbq-holdings-inc-reports-results-for-fourth-quarter-and/ https://davidthompsonthings.com/bbq-holdings-inc-reports-results-for-fourth-quarter-and/#respond Mon, 24 May 2021 08:10:32 +0000 https://davidthompsonthings.com/?p=506 MINNEAPOLIS, April 05, 2021 (GLOBE NEWSWIRE) — BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global owner and operator of restaurants, today reported financial results for the fourth fiscal quarter and fiscal year ended January 3, 2021. Note: Results of the fourth quarter and fiscal year were affected by the COVID-19 pandemic as well […]]]>

MINNEAPOLIS, April 05, 2021 (GLOBE NEWSWIRE) — BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global owner and operator of restaurants, today reported financial results for the fourth fiscal quarter and fiscal year ended January 3, 2021. Note: Results of the fourth quarter and fiscal year were affected by the COVID-19 pandemic as well as federal and state level mandates requiring restaurants to limit or eliminate in-store dining during various periods throughout the year.

Fourth Quarter 2020 Highlights:

  • Adjusted EBITDA, a non-GAAP measure, was $1.4 million which includes $1.9 million of COVID-related expenses.
  • Net loss of $2.8 million, driven partially by a decrease in same store sales and franchise-related revenue caused by COVID-related restrictions.
  • Company-owned Famous Dave’s fourth quarter same store net sales decreased 5.5% compared to fourth quarter 2019, with 59% of restaurants fully closed at one point during the quarter.
  • Franchise-operated same store net sales decreased 13.6%.
  • Granite City fourth quarter same store net sales decreased 40.7% compared to fourth quarter 2019 with 50% of restaurants fully closed at one point during the quarter.
  • Famous Dave’s franchisee to open its first line-service model restaurant in Coon Rapids, Minnesota.
  • The Company to sell its Famous Dave’s Woodbury, Minnesota location for $2.6 million and open a dual concept Famous Dave’s and Cowboy Jack’s restaurant and bar in Woodbury.
  • Famous Dave’s franchisee to open its first drive-thru prototype restaurant in Salt Lake City, Utah.

Fiscal Year 2020 Highlights:

  • Adjusted EBITDA, a non-GAAP measure, was $4.3 million which includes $5.5 million of COVID-related expenses.
  • Net income of $4.9 million, driven in part by a bargain purchase gain related to the acquisition of the Granite City brand.
  • Company-owned Famous Dave’s fiscal year same store net sales decreased 8.5% compared to fiscal year 2019.
  • As a percentage of net sales, Famous Dave’s reduced its food and beverage costs by 1.1% compared to 2019 and its labor costs by 4.7% over last year.
  • Franchise-operated same store net sales decreased 17.0%.
  • Granite City fiscal year same store net sales decreased 38.6% compared to fiscal year 2019.
  • The Company opened 7 Famous Dave’s ghost kitchens within Granite City restaurants with 1 more to open in April 2021.
  • Entered into a 25-unit development agreement with Bluestone Hospitality Group to open Famous Dave’s ghost kitchens and dual restaurant concepts with the Johnny Carino’s Italian brand.
  • Purchased the Granite City Food & Brewery brand on March 9, 2020.
  • Purchased the Real Urban BBQ brand March 16, 2020.

Sales highlights for the partial first quarter 2021 (Jan 4 – March 25, 2021) compared to the same period 2020 are as follows:

  • Comparable sales for Famous Dave’s increased 9.3%. Sales decreased 3.2% in January, decreased 2.9% in February, and increased 43.9% in March.
  • Comparable sales for Granite City decreased 10.6%. Sales decreased 20.0% in January, decreased 26.3% in February, and increased 60.8% in March.

Executive Comments

Jeff Crivello, CEO, commented, “We are extremely pleased with our operating results for the year considering the unparalleled situation caused by the pandemic. Throughout 2020 our team focused on innovation, technology, and marketing to expand our off-premise service in all concepts. We opened seven Famous Dave’s ghost kitchens in existing Granite City locations, opened a dual concept with Texas T-Bone Steakhouse in Colorado Springs, entered into a 25-unit development agreement to grow the Famous Dave’s brand in select locations across the U.S., and rolled-out a new unified POS system. We have made significant strides in reducing food and labor costs at all locations and are continuing to find more improvements from some of the lessons learned over the past year. Most importantly, as we begin to emerge from the state regulations caused by the pandemic, we are beginning to see sales ramp up to levels at or above pre-pandemic levels. During the month of March when sales increased 43.9% at Famous Dave’s and 60.8% at Granite City, we were able to generate record store-level EBITDA. Given our most recent performance in Q1, we are feeling very positive about 2021 and what it means for all our stakeholders.”

Key Operating Metrics

                           
    Three Months Ended       Year Ended
    January 3, 2021   December 29, 2019       January 3, 2021      December 29, 2019
Restaurant count:                          
Franchise-operated     98       96         98       96  
Company-owned     47       33         47       33  
Total     145       129         145       129  
Same store net restaurant sales %:                          
Franchise-operated     (13.6 )%     0.4 %       (17.0 )%     1.0 %
Company-owned     (5.5 )%     4.7 %       (8.5 )%     2.0 %
Total     (11.6 )%     0.9 %       (15.3 )%     1.1 %
                           
(in thousands, expect per share data)                          
                           
System-wide restaurant sales(1)   $ 78,894     $ 77,596       $ 301,743     $ 335,244  
                           
Net income attributable to shareholders   $ (2,836 )   $ (1,788 )     $ 4,947     $ (649 )
                           
Net (loss) income attributable to shareholders, per diluted share   $ (0.31 )   $ (0.20 )     $ 0.54     $ (0.07 )
                           
Adjusted EBITDA(2)   $ 1,382     $ (692 )     $ 4,295     $ 3,423  
(1) System-wide restaurant sales include sales for all Company-owned and franchise-operated restaurants, as reported by franchisees. Restaurant sales for franchise-operated restaurants are not revenues of the Company and are not included in the Company’s consolidated financial statements.
(2) Adjusted EBITDA is a non-GAAP measures. A reconciliation of all non-GAAP measures to the most directly comparable GAAP measure is included in the accompanying financial tables. See “Non-GAAP Reconciliation.”

Fourth Quarter 2020 Review

Total revenue for the fourth quarter of 2020 was $34.3 million, up 45.3% from the fourth quarter of 2019. The increase in year-over-year restaurant net sales for the quarter ended January 3, 2021 was driven primarily by the addition of 18 Granite City restaurants, a Clark Crew BBQ and a Real Urban Barbecue restaurant.  

To-go sales, which were 62.1% of our same store sales at Company-owned Famous Dave’s restaurants, increased 82.9% in the fourth quarter of fiscal 2020 compared to the prior year period. This increase in same store sales was offset by a decrease of 46.8% of our dine-in sales which made up 29.6% of our business, and a decrease of 48.9% in net catering sales which made up 8.3% of our business. This decline in dine-in and catering same store sales was due primarily to federal, state and local mandates prohibiting large group gatherings and in-store dining in an attempt to reduce the spread of COVID-19.  

Restaurant-level operating margin, as a percentage of restaurant net sales, for Company-owned restaurants was 2.1% in the fourth quarter of fiscal 2020 compared to (3.0)% in the fourth quarter of fiscal 2019. This increase in restaurant-level operating margin was primarily a result of the reduction of labor and food costs as our restaurant operators adjusted to the increase in to-go sales and reduction of dine-in customers as a result of COVID-19 concerns.

General and administrative expenses for the quarter ended January 3, 2021 and December 29, 2019 represented approximately 12.9% and 14.6% of total revenues, respectively. The decrease in general and administrative expenses as a percentage of revenue in the fourth quarter of 2020 was due in part to the increase in the revenue base with the addition of 20 locations during 2020.

Net loss attributable to shareholders was approximately $2.8 million, or $0.31 per share, in the fourth quarter of fiscal 2020 compared to net loss of $1.8 million, or $0.20 per share, in the fourth quarter of fiscal 2019. Adjusted EBITDA, a non-GAAP measure, was approximately $1.4 million, or $0.15 per share, compared to adjusted EBITDA of approximately $(692,000), or $(0.08) per share, in the fourth quarter of fiscal 2019. A reconciliation between adjusted EBITDA and its most directly comparable GAAP measure is included in the accompanying financial tables.

Fiscal Year 2020 Review

Total revenue for fiscal year of 2020 was $121.4 million, up 45.3% from fiscal year 2019. The increase in year-over-year restaurant net sales for the year ended January 3, 2021 was driven primarily by the addition of 18 Granite City restaurants, a Clark Crew BBQ and a Real Urban BBQ restaurant.  

To-go sales, which were 61.9% of our same store sales at Company-owned Famous Dave’s restaurants, increased 72.6% in fiscal 2020 compared to fiscal 2019. This increase in same store sales was offset by a decrease of 46.3% of our dine-in sales which made up 30.9% of our business, and a decrease of 54.6% in net catering sales which made up 7.2% of our business. This decline in dine-in and catering same store sales was due primarily to federal, state and local mandates prohibiting large group gatherings and in-store dining in an attempt to reduce the spread of COVID-19.   

Restaurant-level operating margin, as a percentage of restaurant net sales, for Company-owned restaurants was 1.3% in fiscal 2020 compared to (0.1)% in fiscal 2019. This increase in restaurant-level operating margin was primarily a result of the reduction of labor and food costs as our restaurant operators adjusted to the increase in to-go sales and reduction of dine-in customers as a result of COVID-19 concerns.

General and administrative expenses for the fiscal year ended January 3, 2021 and December 29, 2019 represented approximately 11.9% and 13.2% of total revenues, respectively. The decrease in general and administrative expenses as a percentage of revenue in fiscal 2020 was due in part to the increase in the revenue base with the addition of 20 locations during 2020.

Net income attributable to shareholders was approximately $4.9 million, or $0.54 per share, in fiscal 2020 compared to net loss of $649,000, or $0.07 per share, in fiscal 2019. Adjusted EBITDA, a non-GAAP measure, was approximately $4.3 million, or $0.47 per share, compared to adjusted EBITDA of approximately $3.4 million or $0.38 per share, in fiscal 2019. A reconciliation between adjusted EBITDA and its most directly comparable GAAP measure is included in the accompanying financial tables.

About BBQ Holdings

BBQ Holdings, Inc. (NASDAQ: BBQ) BBQ Holdings is a national restaurant company engaged in the ownership and operation of casual and fast dining restaurants. As of January 3, 2021, BBQ Holdings had four brands with 145 “brick and mortar” locations in 31 states and three countries, including 47 company-owned and 98 franchise-operated restaurants. In addition to these locations, the Company opened seven Company-owned Famous Dave’s ghost kitchens operating within its Granite City locations, and seven Famous Dave’s franchisee ghost kitchens operating out of the kitchen of another restaurant location or a shared kitchen space. While BBQ Holdings continues to diversify its ownership in the restaurant community, it was founded with the principle of combining the “art and science” of barbecue to serve up the very best of the best to barbecue lovers everywhere. BBQ Holdings, through partnerships, has extended Travis Clark’s award-winning line of barbecue sauces, rubs and seasonings into the retail market. Along with a wide variety of BBQ favorites served at their BBQ restaurants, BBQ Holdings newest addition, Granite City Food and Brewery, offers award winning craft beer and a made-from-scratch, chef driven menu featuring contemporary American cuisine.  

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses non-GAAP measures including those indicated below. These non-GAAP measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements and are subject to inherent limitations. By providing non-GAAP measures, together with a reconciliation to the most comparable GAAP measure, the Company believes that it is enhancing investors’ understanding of the Company’s business and results of operations. These measures are not intended to be considered in isolation of, as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures presented may be different from the measures used by other companies. The Company urges investors to review the reconciliation of its non-GAAP measures to the most directly comparable GAAP measure, included in the accompanying financial tables.

Adjusted net income attributable to shareholders is net income attributable to shareholders, plus asset impairment, estimated lease termination charges and other closing costs, settlement agreements, net (loss) gain on disposal of equipment, stock-based compensation, severance, acquisition costs, and the related tax impact. This number is divided by the weighted-average number of diluted shares of common stock outstanding during each period presented to arrive at adjusted net income, per share. Adjusted EBITDA is net income (loss), plus asset impairment, estimated lease termination charges and other closing costs, settlement agreements, depreciation and amortization, interest expense, net, net (loss) gain on disposal of equipment, stock-based compensation, severance, acquisition costs and provision (benefit) for income taxes.

Forward-Looking Statements

Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of the Company’s restaurant openings, the timing of refreshes and the timing or success of refranchising plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the Company’s actual results to differ materially from expected results. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from the Company’s expectation include the impact of the COVID-19 virus pandemic, financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the Company’s SEC reports.

Contact: Jeff Crivello – Chief Executive Officer
  jeff.crivello@bbq-holdings.com
   

BBQ HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)

                       
  Three Months Ended   Year Ended
  January 3, 2021   December 29, 2019   January 3, 2021      December 29, 2019
Revenue:                      
Restaurant sales, net $ 31,293     $ 20,296     $ 109,544     $ 68,564  
Franchise royalty and fee revenue   2,291       2,566       8,919       12,126  
Franchisee national advertising fund contributions   298       341       1,124       1,616  
Licensing and other revenue   427       410       1,850       1,249  
Total revenue   34,309       23,613       121,437       83,555  
                       
Costs and expenses:                      
Food and beverage costs   9,661       6,473       33,867       21,541  
Labor and benefits costs   10,252       7,312       37,228       24,565  
Operating expenses   10,733       7,124       36,984       22,555  
Depreciation and amortization expenses   1,301       876       5,121       2,231  
General and administrative expenses   4,422       3,445       14,395       10,992  
National advertising fund expenses   298       341       1,124       1,616  
Asset impairment, estimated lease termination charges and other closing costs, net   869       578       5,683       1,296  
Pre-opening expenses   103       366       10       460  
Gain on disposal of property, net   (703 )     100       (1,810 )     (74 )
Total costs and expenses   36,936       26,615       132,602       85,182  
                       
Loss from operations   (2,627 )     (3,002 )     (11,165 )     (1,627 )
                       
Other (expense) income :                      
Interest expense   (214 )     (102 )     (805 )     (494 )
Interest income   49       101       154       215  
Gain on bargain purchase   (429 )           13,246        
Total other income (expense)   (594 )     (1 )     12,595       (279 )
                       
Income (loss) before income taxes   (3,221 )     (3,003 )     1,430       (1,906 )
                       
Income tax benefit   318       684       2,837       659  
                       
Net income (loss)   (2,903 )     (2,319 )     4,267       (1,247 )
Net loss attributable to non-controlling interest   67       531       680       598  
Net income (loss) attributable to shareholders $ (2,836 )   $ (1,788 )   $ 4,947     $ (649 )
                       
                       
Income (loss) per common share:                      
Basic net income (loss) per share attributable to shareholders $ (0.31 )   $ (0.20 )   $ 0.54     $ (0.07 )
Diluted net income (loss) per share attributable to shareholders $ (0.31 )   $ (0.20 )   $ 0.54     $ (0.07 )
Weighted average shares outstanding – basic   9,175       9,117       9,155       9,099  
Weighted average shares outstanding – diluted   9,175       9,117       9,168       9,099  
                               
                               

BBQ HOLDINGS, INC. AND SUBSIDIARIES
OPERATING RESULTS
(unaudited)

                   
    Three Months Ended     Year Ended
    January 3, 2021      December 29, 2019           January 3, 2021      December 29, 2019
Food and beverage costs(1)   30.9    31.9      30.9    31.4
Labor and benefits costs(1)   32.8    36.0      34.0    35.8
Operating expenses(1)   34.3    35.1      33.8    32.9
Restaurant level operating margin(1)(3)     2.1    (3.0 )%      1.3    (0.1 )%
Depreciation and amortization expenses(2)   3.8    3.7      4.2    2.7
General and administrative expenses(2)   12.9    14.6      11.9    13.2
(Loss) income from operations(2)   (7.7 )%    (12.7 )%      (9.2 )%    (1.9 )%
(1) As a percentage of restaurant sales, net
(2) As a percentage of total revenue
(3) Restaurant level margins are equal to restaurant sales, net, less restaurant level food and beverage costs, labor and benefit costs, and operating expenses.
   
   

BBQ HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)

             
ASSETS            
Current assets:   January 3, 2021      December 29, 2019
Cash and cash equivalents   $ 18,101     $ 5,325  
Restricted cash     1,502       761  
Accounts receivable, net of allowance for doubtful accounts of $277,000 and $132,000, respectively     4,823       4,379  
Inventories     2,271       1,346  
Prepaid income taxes and income taxes receivable           264  
Prepaid expenses and other current assets     1,252       1,356  
Assets held for sale     1,070       2,842  
Total current assets     29,019       16,273  
             
Property, equipment and leasehold improvements, net     32,389       19,756  
             
Other assets:            
Operating lease right-of-use assets     61,634       25,962  
Goodwill     601       640  
Intangible assets, net     9,967       2,213  
Deferred tax asset, net     4,934       6,646  
Other assets     1,724       1,591  
    $ 140,268     $ 73,081  
             
LIABILITIES AND SHAREHOLDERS’ EQUITY            
             
Current liabilities:            
Accounts payable   $ 6,385     $ 3,967  
Current portion of lease liabilities     6,185       4,230  
Current portion of long-term debt     2,111       616  
Accrued compensation and benefits     2,390       2,694  
Other current liabilities     9,766       4,975  
Total current liabilities     26,837       16,482  
             
Long-term liabilities:            
Lease liabilities, less current portion     63,105       26,957  
Long-term debt, less current portion     22,169       6,258  
Other liabilities     1,224       1,610  
Total liabilities     113,335       51,307  
             
Shareholders’ equity:            
Common stock, $.01 par value, 100,000 shares authorized, 9,307 and 9,272 shares issued and outstanding at January 3, 2021 and December 29, 2019, respectively     93       93  
Additional paid-in capital     8,748       7,856  
Retained earnings     19,370       14,423  
Total shareholders’ equity     28,211       22,372  
Non-controlling interest     (1,278 )     (598 )
Total equity     26,933       21,774  
    $ 140,268     $ 73,081  
 
 

BBQ HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

             
    Year Ended
       January 3, 2021      December 29, 2019
Cash flows from operating activities:            
Net income (loss)   $ 4,267     $ (1,247 )
Adjustments to reconcile net income (loss) to cash flows provided by operations:            
Depreciation and amortization     5,121       2,231  
Stock-based compensation     886       463  
Net gain on disposal     (1,783 )     (74 )
Asset impairment, estimated lease termination charges and other closing costs, net     5,483       1,273  
Gain on bargain purchase     (13,246 )      
Deferred income taxes     (2,837 )     (688 )
Bad debts expense (recovery)     567       239  
Other non-cash items     699       291  
Changes in operating assets and liabilities:            
Accounts receivable, net     (1,011 )     (1,582 )
Other assets     (752 )     (449 )
Accounts payable     2,418       258  
Accrued and other liabilities     2,276       1,867  
Cash flows provided by operating activities     2,088       2,582  
             
Cash flows from investing activities:            
Proceeds from the sale of assets     2,869       33  
Purchases of property, equipment and leasehold improvements     (3,499 )     (6,755 )
Payments for acquired restaurants     (5,381 )     (6,188 )
Advances on notes receivable           (150 )
Payments received on note receivable     42       31  
Cash flows used for investing activities     (5,969 )     (13,029 )
             
Cash flows from financing activities:            
Proceeds from long-term debt     22,058       4,300  
Payments for debt issuance costs     (45 )     (54 )
Payments on long-term debt     (4,621 )     (175 )
Proceeds from exercise of stock options     6       22  
Cash provided by financing activities     17,398       4,093  
             
Increase (decrease) in cash, cash equivalents and restricted cash     13,517       (6,354 )
Cash, cash equivalents and restricted cash, beginning of period     6,086       12,440  
Cash, cash equivalents and restricted cash, end of period   $ 19,603     $ 6,086  
 
 

BBQ HOLDINGS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(in thousands, except per share data)
(unaudited)

                           
    Three Months Ended       Year Ended
(dollars in thousands)   January 3, 2021   December 29, 2019       January 3, 2021        December 29, 2019
Net income   $ (2,903 )   $ (2,319 )     $ 4,267     $ (1,247 )
Asset impairment and estimated lease termination charges and other closing costs     869       578         5,683       1,296  
Depreciation and amortization     1,301       876         5,121       2,231  
Interest expense, net     165       1         651       279  
Net (gain) loss on disposal of equipment     (703 )     100         (1,810 )     (74 )
Stock-based compensation     517       131         939       354  
Acquisition costs     (58 )     249         (105 )     770  
Pre-opening costs     103       366         10       460  
Severance     35       10         86       13  
Gain on bargain purchase     429               (13,246 )      
Provision for income taxes     (318 )     (684 )       (2,837 )     (659 )
COVID-19-related expense     1,945               5,536        
Adjusted EBITDA   $ 1,382     $ (692 )     $ 4,295     $ 3,423  

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“We are really lucky that no one was killed,” says Grand River Brewery owner after car crash through wall https://davidthompsonthings.com/we-are-really-lucky-that-no-one-was-killed-says-grand-river-brewery-owner-after-car-crash-through-wall/ https://davidthompsonthings.com/we-are-really-lucky-that-no-one-was-killed-says-grand-river-brewery-owner-after-car-crash-through-wall/#respond Wed, 07 Apr 2021 23:17:25 +0000 https://davidthompsonthings.com/we-are-really-lucky-that-no-one-was-killed-says-grand-river-brewery-owner-after-car-crash-through-wall/ JACKSON, MI – The gaping hole in the Grand River Brewery doesn’t slow the restaurant down. Two hours after a car left the Louis Glick freeway and entered the building on Thursday evening, a construction crew was already at work, owner Justin Dalenberg said. The driver of a silver Mercury was heading west on the […]]]>

JACKSON, MI – The gaping hole in the Grand River Brewery doesn’t slow the restaurant down.

Two hours after a car left the Louis Glick freeway and entered the building on Thursday evening, a construction crew was already at work, owner Justin Dalenberg said.

The driver of a silver Mercury was heading west on the Louis Glick Highway when the vehicle crossed the east lane, struck a curb, and passed through the wall of the Brewery, 117 W. Louis Glick Highway, at 21 599 hours on February 11, police said. .

Grand River Brewery badly damaged after car crash through wall

A manager was cleaning the floor about 20 minutes before the driver hit the outside wall of the barrel room, Dalenberg said. Employees usually gather in this room after a shift to have a beer and catch up, he said.

Fortunately, no one was in the room at the time of the crash, said Dalenberg.

“We are really lucky that no one was killed,” said Dalenberg. “It was really very lucky. We count our blessings. No one was hurt.

The damage does not affect the structural integrity of the building – as a former bus garage it can withstand a lot, said Dalenberg.

Several barrels of aging whiskey were the real victim, he said.

“We had some pretty fantastic whiskey in damaged barrels,” said Dalenberg. “That was the only real causation overall – other than the badly damaged building. It’s two years of aging through the window. It is a disappointment.

About 30 Mug Club cups were also destroyed. The club passed 1,600 members when the restaurant closed, so a new rack was built in the barrel room, Dalenberg said.

The cups will be replaced.

“We’re all silver-lined people, we’re optimistic,” Dalenberg said. “It happened. We’re going to get it fixed. We’re going to clean it up.

Repairs to the wall are expected to be completed within a week, Dalenberg said. With a busy Valentine’s Day weekend, the restaurant is trying to fix the room enough for people to dine there safely.

“We acted quickly,” said Dalenberg. “We have been closed for so long that we can no longer afford to lose any more income. We are full all weekend.

The damage is between $ 100,000 and $ 200,000 and a very good insurance plan will help with those repairs, Dalenberg said. A pair of roller garage doors will be installed where the wall was, he said. This way summer events can look fresh.

Local restaurants: Jackson’s Grand River Brewery prides itself on its craft food and drinks

Dalenberg said he is already looking forward to the brewery suite.

“We can’t wait to celebrate St. Patrick’s Day,” he said. “It’s our biggest day of the year and we missed it last year. This year we are going to blow up the doors.

The driver left skid marks on the road outside the brewery and restaurant, indicating speed was a factor in the crash, police said. The driver exited the car and got into a white Chrysler 200 before driving away, but police spoke to the owner of the abandoned car and said a 27-year-old man was a person of interest in the car. accident.

Learn more about MLive:

Competition to put Michigan’s small towns “on the map” launched by Consumers Energy

Friday February 12, Coronavirus Data by Michigan County: Average Positivity Rate Down to 3.8%

Former Jackson-area cop charged with perjury heads to jury trial


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What did the stock market do today? 3 great stories to catch up on. https://davidthompsonthings.com/what-did-the-stock-market-do-today-3-great-stories-to-catch-up-on/ https://davidthompsonthings.com/what-did-the-stock-market-do-today-3-great-stories-to-catch-up-on/#respond Wed, 07 Apr 2021 23:17:23 +0000 https://davidthompsonthings.com/what-did-the-stock-market-do-today-3-great-stories-to-catch-up-on/ What a day. Electric vehicle stocks were on the move, cryptos cooled, and a bunch of federal policies saw stocks on the move. So what did the stock market do today? Dive with Investor place below. Source: Shutterstock For starters, the major clues ended the day in a mixed bag. The S&P 500 gained 0.15%, […]]]>

What a day. Electric vehicle stocks were on the move, cryptos cooled, and a bunch of federal policies saw stocks on the move. So what did the stock market do today? Dive with Investor place below.

Source: Shutterstock

For starters, the major clues ended the day in a mixed bag. The S&P 500 gained 0.15%, while the Dow Jones Industrial Average gained 0.05%. Heavy technology Nasdaq Composite, however, was less fortunate. It lost 0.07% in Wednesday’s trading.

So what else has the stock market done today? Here are the first three stories.

What did the stock market do today? Follow the Fed.

All eyes were on the Federal Reserve again on Wednesday. Its Federal Open Market Committee (FOMC) released the minutes of a March meeting, and investors were eager to receive updates. What is the Federal Reserve thinking? And what does this mean for the stock market?

Perhaps the most important thing to remember is that the Fed is really committed to its current ultra-simple monetary policy. In order for this position to change, he seeks to make more progress towards their maximum employment goal. Although FOMC members have commented on the economic recovery since the start of the Covid-19 pandemic, many members believe the United States is still a long way from this employment target.

So what does this mean for investors? On the one hand, the continuation of the accommodative policy could trigger persistent fears of inflation. On the other hand, Wall Street is already looking to a collection of positive economic indicators that support bullish sentiment. In the long run, this latter prospect appears to be the most profitable.

Last week, the March jobs report came in better than expected. Activity in the service sector is rebounding, as is manufacturing activity. The The International Monetary Fund has also updated its outlook, now calling for global growth of 6% this year. And as we reported this morning, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon calls for a economic boom to carry the market until at least 2023.

As we watch a stock market near record highs and call for continued economic growth, it makes sense for investors to focus on growth stocks. Here’s what you need to know before investing.

Stocks move as Biden steps into action

President Joe Biden has rolled up his sleeves and is ready to get to work. In response, various corners of the stock market are seeing movement.

The first thing on his agenda is infrastructure. Today, he provided updates on his roughly $ 2.3 trillion U.S. jobs plan, which calls for investments in traditional and environmentally friendly infrastructure. He shared that he would be prepared to negotiate with Republicans on his proposal and on taxes. His current plan calls for increasing the corporate tax rate from 21% to 28%, but on Wednesday he said he would willing to negotiate a tax rate around 25%. Biden also shared that he was open to other fundraising proposals. For investors, its commitment to such infrastructure spending should support infrastructure stocks. Investor place has already identified 21 to watch here.

Elsewhere, Biden has sparked some volatility in gun inventories. That’s because he is expected to address his planned executive actions tomorrow after consecutive mass shootings. As of now, the White House has not worked out its plans, although they mainly relate to tackling gun violence. Speculation hints at mandatory background checks on phantom weapon purchases, as well as further regulation of assault-type weapons. As investors wait for his plans, gun stocks ended mixed on Wednesday.

Finally, an executive action in January is finally playing out on Wall Street. Early in his tenure, Biden issued a ordinance prohibiting the Ministry of Justice from renewing contracts with private prisons. Today, investors see exactly what that means. As Investor place Web editor Vivian Medithi wrote, the largest private prison companies seek to raise funds. GEO Group (NYSE:GEO) suspended its dividend and is rethinking its REIT structure. Core (NYSE:CXW) turns to debt financing. The bottom line? Medithi is warning investors that GEO and CoreCivic are already working on rebranding efforts.

OK, baby boomers: teens flex their stock muscles

Piper Sandler’s annual Taking Stock With Teens survey is here, and for investors, there are two takeaways.

The first is that teen investors are also bullish on cryptocurrencies. For the very first time, Piper Sandler has included a crypto question. In response, the firm learned that 9% of the 7,000 respondents had already traded crypto. While this result surprised analysts, it makes a lot of sense. Over the past few months, cryptos have been boosted by growing interest from the general public. This interest comes from teenagers, as do large retailers and financial institutions.

The second takeaway is an overview of what drives teens to spend money. The main actions monitored by the investigation include Under protection (NYSE:TO, NYSE:UAA), Lululemon (NASDAQ:LULU) and Crocs (NYSE:CROX). A surge in interest in athletics and recreation, along with broad support from Gen Z consumers, prompted senior analyst Erinn Murphy to declare these top stocks to watch.

As of the publication date, Sarah Smith does not have (directly or indirectly) any position in any of the stocks mentioned in this article.

Sarah Smith is a Web Content Producer at InvestorPlace.com.


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Biden quietly gives Palestinians $ 75 million to help regain “trust” after Trump https://davidthompsonthings.com/biden-quietly-gives-palestinians-75-million-to-help-regain-trust-after-trump/ https://davidthompsonthings.com/biden-quietly-gives-palestinians-75-million-to-help-regain-trust-after-trump/#respond Wed, 07 Apr 2021 23:17:19 +0000 https://davidthompsonthings.com/biden-quietly-gives-palestinians-75-million-to-help-regain-trust-after-trump/ WASHINGTON (AP) – The Biden administration is quietly increasing aid to Palestinians after former US President Donald Trump halted almost all aid. Since taking office with a pledge to overturn many of Trump’s Israeli-Palestinian decisions, the administration has allocated nearly $ 100 million to the Palestinians, of which only a small portion has been made […]]]>

WASHINGTON (AP) – The Biden administration is quietly increasing aid to Palestinians after former US President Donald Trump halted almost all aid.

Since taking office with a pledge to overturn many of Trump’s Israeli-Palestinian decisions, the administration has allocated nearly $ 100 million to the Palestinians, of which only a small portion has been made public.

The administration announced last Thursday that it was giving $ 15 million to vulnerable Palestinian communities in the West Bank and Gaza to help fight the COVID-19 pandemic. A day later, without a public announcement, he informed Congress that he would give the Palestinians $ 75 million for economic support, to be used in part to regain their “confidence and goodwill” after the era’s cuts. Trump.

The State Department declined to comment on the notification, and it was not clear whether the $ 75 million included the $ 15 million in pandemic assistance. Nonetheless, the financing plan represents a major shift in the US approach to the Palestinians after the mutual recriminations of the Trump years.

The administration has made no secret of its belief that Trump’s approach, which alienated the Palestinians, was wrong and made the prospects for peace less likely. The new aid appears to be aimed at encouraging the Palestinians to resume negotiations with Israel, although there is no indication that it will have that effect and Israel’s response has yet to be assessed.

A copy of the March 26 Congressional Notice from the Department of State and the United States Agency for International Development was obtained by the Associated Press, just hours after the non-partisan Government Accountability Office released a report according to which USAID had failed to properly monitor all of its Palestinian funding recipients for US Counter-Terrorism Criteria required by law.

Under US law, the United States cannot provide aid to the Palestinian Authority or fund projects that would benefit it as long as the authority provides allowances to perpetrators and families of those convicted of attacks. anti-Israeli or American. Such payments were one of the reasons the Trump administration cut aid. Although no help is provided to the PA, pro-Israel lawmakers, many of whom are Republicans, are likely to raise objections.

Palestinians receive the COVID-19 vaccine in the West Bank city of Hebron on March 25, 2021 (Wisam Hashlamoun / Flash90)

The GAO based its findings on a review of aid provided to Palestinians between 2015 and 2019, when Trump cut off most of the aid. Although she said USAID followed the law with respect to the people and groups it directly funded, it did not do the same with the entities, known as subrecipients, to which these groups then distributed taxpayer money.

“If funding resumes, we recommend measures to improve compliance,” said GAO’s report, which was released Monday night.

According to USAID’s notification to Congress, funding has already resumed or will soon be, as much of the $ 75 million is for urgent, short-term projects aimed at rapidly rebuilding US-Palestinian relations, which were at lower under the Trump administration. The notice said the money could start being spent on April 10.

“Given the absence of USAID activity in recent years, the engagement of civil society actors will be essential to regain trust and goodwill with Palestinian society,” the notification said, explaining the rationale. providing $ 5.4 million to Palestinian civic groups, possibly including independent media, in the West Bank and Gaza.

Other areas identified for USAID funding include the health care sector and the resumption of assistance to the East Jerusalem hospital system that Trump cut off, sanitation, water supply and infrastructure. transport, social services and vocational training for young Palestinians, micro-loans and grants. for small businesses as well as disaster preparedness.

In an effort to forestall the questions and criticism expected from lawmakers who supported Trump’s aid cuts, USAID sought to assure Congress that it would ensure that all legal criteria for providing the money were met.

“USAID adheres to rigorous partner verification and certification, auditing and counterterrorism monitoring procedures to ensure that its aid does not go to Hamas or other terrorist organizations,” the advisory said.

U.S. Ambassador to the United Nations Linda Thomas-Greenfield speaks to reporters during a press conference at United Nations Headquarters, March 1, 2021. (Mary Altaffer / AP)

Announcing the $ 15 million in aid for COVID-19, U.S. Ambassador to the United Nations Linda Thomas-Greenfield said it was “part of our renewed commitment to the Palestinian people ”, but she did not elaborate.

Under Trump, the United States provided unprecedented support to Israel, recognizing Jerusalem as the capital of Israel, moving the American embassy from Tel Aviv, and severing relations and reducing financial aid to the Palestinians.

Shortly after the inauguration of US President Joe Biden on January 20, his administration announced it would restore relations with the Palestinians and renew aid as key elements in supporting a two-state solution to the conflict. .

Thomas-Greenfield reiterated Biden’s support for a two-state solution and said “the United States looks forward to continuing to work with Israel, the Palestinians and the international community to achieve a long-awaited peace in the Middle East “.

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Habitat for Humanity Iowa Blitz Build Continues to Inspire | News, Sports, Jobs https://davidthompsonthings.com/habitat-for-humanity-iowa-blitz-build-continues-to-inspire-news-sports-jobs/ https://davidthompsonthings.com/habitat-for-humanity-iowa-blitz-build-continues-to-inspire-news-sports-jobs/#respond Wed, 07 Apr 2021 23:17:17 +0000 https://davidthompsonthings.com/habitat-for-humanity-iowa-blitz-build-continues-to-inspire-news-sports-jobs/ TR PHOTO BY SARA JORDAN-HEINTZ – Habitat for Humanity Iowa began its five-day rebuilding at Marshalltown Blitz Build on Tuesday, concluding its efforts on Saturday. Volunteers were honored at a groundbreaking ceremony Friday morning at St. Henry’s Catholic Church attended by Iowa Lieutenant Governor Adam Gregg. Habitat for Humanity Iowa began its five-day Marshalltown Blitz […]]]>

TR PHOTO BY SARA JORDAN-HEINTZ – Habitat for Humanity Iowa began its five-day rebuilding at Marshalltown Blitz Build on Tuesday, concluding its efforts on Saturday. Volunteers were honored at a groundbreaking ceremony Friday morning at St. Henry’s Catholic Church attended by Iowa Lieutenant Governor Adam Gregg.

Habitat for Humanity Iowa began its five-day Marshalltown Blitz Build reconstruction on Tuesday, concluding efforts on Saturday, with the theme of “Marshalltown is hammering the back.” The houses under repair were all damaged in the July 2018 tornado.

In four days, 40 houses will be rebuilt thanks to the work of 600 volunteers. Their efforts were honored at a dedication ceremony Friday morning at St. Henry Catholic Church.

Iowa Lt. Gov. Adam Gregg said he and Gov. Kim Reynolds could never have imagined the devastation that would occur on July 19, 2018 when they started their day on Capitol Hill.

“Despite the fact that there are other natural disasters and tragedies, we have not forgotten this community. We continue to be inspired by your efforts. Once the cameras are gone it can be easy to feel forgotten, and we know we never want you to feel that way again ”, Gregg told the volunteers.

Habitat Executive Director Lisa Houser said that even as the blitz comes to an end, work will continue with the goal of rebuilding 100 homes in Marshalltown in 2019.

“The day after the tornado, members of our team were in the field, talking with the families, observing the damage and trying to understand what role Habitat could play… we mobilized 450 volunteers and we stabilized 104 houses in two weeks . after the tornado, Houser said. “But we know there is more to do.”

First Congregational Church, which pledged $ 100,000 for the blitz, was actively involved in the project. Her pastor, Dan Vellinga, distributed Bibles to some of the people whose homes are being repaired. He told the biblical story of the Good Samaritan, connecting it to the work of Habitat for Humanity, volunteers and others who helped rebuild Marshalltown.

“Opportunities for compassion come at times when it’s convenient for you, and sometimes they come at times when it’s not right for you. Will you be ready to make that commitment, even when it’s not the right time? Sometimes that’s what it took ”, said Vellinga.

Marshalltown Mayor Joel Greer has proclaimed April 26 to May 3, 2019 as Habitat for Humanity Week. Fighting back tears, he spoke of the emotional trauma those affected by the tornado continue to experience.

“I couldn’t believe how many people showed up the day after the tornado” he said.

The Martha-Ellen Tye Foundation, which donated $ 250,000 for the blitz, has supported various reconstruction efforts across the city, including the recent announcement of a challenge grant of $ 400,000 for the renovation of the Veterans Memorial. Coliseum.

“Martha-Ellen wanted her foundation to help Marshalltown prosper and grow. I am sure she never dreamed that her foundation would be used to help rebuild such a path of devastation, but I am also quite sure that she would love the opportunity to serve in this capacity ”, The Foundation’s executive director, Karn Gregoire, said. “You are all, in my eyes, an extraordinary gift from God and a blessing for our community. With all your help, our community is bouncing stronger than the winds that tried to bring us down, and I humbly thank you. “

Suite 180 in downtown, 16 E. Main Street, is where Habitat staff set up day-to-day operations.

Reconstruction is done through zero interest loans and repayment is done on a sliding scale.

To donate, visit www.iowahabitat.org/donate

To learn more about volunteer opportunities, send an email to Volunteer@iowahabitat.org.

For more information, the main Habitat office can be reached at 515-266-6886.

——–

Contact Sara Jordan-Heintz at 641-753-6611 or sjordan@timesrepublican.com

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Biden helps colleges take action on student loans and immigration https://davidthompsonthings.com/biden-helps-colleges-take-action-on-student-loans-and-immigration/ https://davidthompsonthings.com/biden-helps-colleges-take-action-on-student-loans-and-immigration/#respond Wed, 07 Apr 2021 23:17:14 +0000 https://davidthompsonthings.com/biden-helps-colleges-take-action-on-student-loans-and-immigration/ Joe Biden extended the suspension of student loan payments in one of his first official acts as US president, leading an administration that promises an equitable expansion of higher education and its mission . Mr. Biden made improving education and social understanding among his priorities to unite and heal the nation in his inaugural address. […]]]>

Joe Biden extended the suspension of student loan payments in one of his first official acts as US president, leading an administration that promises an equitable expansion of higher education and its mission .

Mr. Biden made improving education and social understanding among his priorities to unite and heal the nation in his inaugural address. Later in the White House, alongside the loan repayment action, Biden issued orders protecting foreign-born immigrant youth from deportation, dissolving a Trump initiative to soften the teaching of the history of slavery in the United States and ending the Trump-era bans on Muslim immigration. -the majority nations and on teaching federal agencies how to combat racial and sexist prejudices.

In a further demonstration of his intention to be more welcoming to foreigners, Mr Biden sent Congress legislation to revise US immigration rules that include the prospect of citizenship for 11 million illegal immigrants in the country.

Mr. Biden and his vice-president, Kamala Harris – both of whom have teacher spouses in Higher Education – took office with broad support among university leaders who have issued statements predicting that its immigration and funding measures will be the first among many to strengthen their operations.

“There is a lot of work ahead, with multiple crises and major challenges,” said Peter McPherson, president of the Association of Public and Land-grant Universities. “But today’s decrees are a very good first step for the new administration.”

Barbara Snyder, president of the Association of American Universities, said the arrival of the Biden administration “offers a unique – and crucial – opportunity to rebuild and reaffirm” the ties between government and higher education. Still, said Ms Snyder, former president of Case Western Reserve University, “There is still a lot of work to be done to overcome what has been the presidential election – and the presidency – the most controversial of our lives”.

Both are among several leaders of America’s leading higher education associations as Mr Biden’s candidate for secretary of education, Miguel Cardona, met online a few days before the inauguration to find out their priorities.

While Mr Biden has embarked on a major campaign to make public college tuition free for all students in their first two years and for all four years for low-income students, his actual outlook remains unclear. even if the Democrats narrowly take control of Congress.

Passing major immigration legislation has also been a significant challenge for Congress over the years, and experts in higher education and beyond expect it to be no different now. , especially given the emotional importance of the issue to Trump supporters.

“It’s difficult, I won’t deny it,” Janet Napolitano, former president of the University of California system and US secretary of homeland security in the Obama administration, told CBS. But, she added, “something has to be done, and it has to be very important.”

Among other early indicators of Mr. Biden’s priorities, he named Rohit Chopra, a leading advocate for legal protections for student loan borrowers, to head the Consumer Financial Protection Bureau.

But in their Senate confirmation hearings this week, Biden’s picks for U.S. diplomatic and national security posts confirmed the new president’s plan for a tough stance on China, the main supplier of foreign students to the United States. American colleges and universities.

“China is a challenge to our security, to our prosperity, to our values ​​in a number of areas,” said one of them, Avril Haines, the candidate for the post of director of national intelligence, at the Senate Intelligence Committee. She promised a Chinese policy “more assertive than the one we had known under the Obama / Biden administration”.

For his part, Mr. Trump ended a presidency widely vilified in academia for his attacks on basic truth by forgive criminal proceedings against a Florida developer who paid bribes to get his daughter admitted to the University of Southern California.

And in a likely boost to for-profit colleges, given their allies in the Trump administration’s education department, Mr. Trump rescinded an ordinance he instituted with much political fanfare there. four years ago which prohibited administration officials from lobbying related to their agency.

Meanwhile, several other US colleges and universities began to distance themselves from Mr. Trump and his allies who promoted his attempts to overturn Mr. Biden’s election, expelling them from Faculty and advisory positions and to cancel honorary degrees.

The pandemic and the threat of pro-Trump terrorism kept the traditional inaugural parade confined to almost only police and members of the US military. The main exceptions were brass bands of University of Delaware and Howard University, the alma maters of Mr. Biden and Mrs. Harris.

Mr Biden is the first president since Ronald Reagan not to attend an Ivy League institution. However, he surrounded himself with the products of the university elite, with Harvard University single-handedly claiming ties to more than 60 candidates and appointees of the Biden administration, including five Cabinet members.

Ms Harris, meanwhile, is the first vice president to graduate from a historically black institution.

paul.basken@timeshighereducation.com


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Today last day for borrowers to request payment holiday on mortgages, cards and loans https://davidthompsonthings.com/today-last-day-for-borrowers-to-request-payment-holiday-on-mortgages-cards-and-loans/ https://davidthompsonthings.com/today-last-day-for-borrowers-to-request-payment-holiday-on-mortgages-cards-and-loans/#respond Wed, 07 Apr 2021 23:17:12 +0000 https://davidthompsonthings.com/today-last-day-for-borrowers-to-request-payment-holiday-on-mortgages-cards-and-loans/ Borrowers have until the end of the day to request payment holiday on products such as mortgages, personal loans and credit cards. Eligible customers who have not taken a payment holiday before, and those who have already had a payment deferral totaling less than six months, have until tonight to request it. Payment holidays generally […]]]>

Borrowers have until the end of the day to request payment holiday on products such as mortgages, personal loans and credit cards.

Eligible customers who have not taken a payment holiday before, and those who have already had a payment deferral totaling less than six months, have until tonight to request it.

Payment holidays generally end in July.

The Financial Conduct Authority (FCA) recently said that as the demand for payment holidays decreases, lenders will provide a range of support services tailored to the individual needs and circumstances of clients.

The regulator said companies should ensure all staff are properly trained and have proper supervision of new staff to ensure the right support is provided to customers.

According to the UK Finance trade association, cumulative mortgage payment deferrals of 2.75 million have been granted until the end of 2020, with 1.8 million in place as of June 2020.

At the end of February 2021, 104,000 deferrals of mortgage payments were still in effect, which equates to 0.9% of total mortgage stock, compared to 17% of total mortgage stock at the peak of June 2020.

“Millions of people whose finances have been affected by the pandemic have already received support from their lender through a mortgage payment deferral,” said Charles Roe, director of mortgages at UK Finance.

“The payment deferral program will be in place until July 31 to support customers through the continued restrictions, with final claims due by March 31,” he added.

Uncertainty

Rich Horner, Head of Personal Protection at MetLife, said: “For over a year, homeowners have faced continued financial uncertainty.”

“Not knowing what the future holds and unsure of how best to plan for this ever-changing situation,” he added.

“Millions of people have lived and continue to live with job uncertainty or declining income.”




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In the absence of a PCA surplus, IDBI Bank expects lending growth of 8-10% in fiscal year 22 https://davidthompsonthings.com/in-the-absence-of-a-pca-surplus-idbi-bank-expects-lending-growth-of-8-10-in-fiscal-year-22/ https://davidthompsonthings.com/in-the-absence-of-a-pca-surplus-idbi-bank-expects-lending-growth-of-8-10-in-fiscal-year-22/#respond Wed, 07 Apr 2021 23:17:09 +0000 https://davidthompsonthings.com/in-the-absence-of-a-pca-surplus-idbi-bank-expects-lending-growth-of-8-10-in-fiscal-year-22/ Business credit is put back on the lender’s agenda; RBI will review the performance of the lender quarterly for 1 year The subjectsIDBI Bank | RBI Abhijit Lele | Bombay Last updated March 11, 2021 23:54 IST Released from the Rapid Corrective Action Scheme (PCA), private lender IDBI Bank seeks to grow its business credit […]]]>

Business credit is put back on the lender’s agenda; RBI will review the performance of the lender quarterly for 1 year

The subjects
IDBI Bank | RBI

Abhijit Lele |
Bombay


Released from the Rapid Corrective Action Scheme (PCA), private lender IDBI Bank seeks to grow its business credit portfolio, especially in mid-sized units, in a calibrated manner. It expects to record an overall credit growth of 8-10% in the next fiscal year (FY22).

Rakesh Sharma, its chief executive and managing director, told Business Standard that the days of reducing the business loan portfolio due to the restrictions are over. He said the bank had well-rated corporate clients and would be selective and cautious when it came to lending to businesses and giving advances to industries. The bank, …

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First published: Thu March 11, 2021. 8:16 PM IST


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