Categories
Uncategorized

Hertz bankruptcy: Rental car company asks for a loan as it tries to restructure – Roadshow

For the most up-to-date news and information about the coronavirus pandemic, visit the WHO website.

Bird has denied it received a loan from the US government to help it through COVID-19. Its statements follow reports Monday that the electric scooter company received between $5 million and $10 million under the government’s Paycheck Protection Program in April. Both CNBC and The Verge found Bird in the data released Monday by the Trump administration as part of its coronavirus economic stimulus package under the CARES Act, but Bird says it didn’t go through with its loan application.

Adama Traore poised to start as a right wing-back in Wolves’… Wolves want Corona! Porto ‘reject £22m bid from Nuno… REVEALED: Porto paid Jorge Mendes £6.4m of the £35m transfer… Wolves sign second Porto player inside four days as Nuno…

“Bird was erroneously listed as a company that filed for a PPP Loan. We did not apply for nor did we receive a PPP Loan. We decided as a company not to file an application as we did not want to divert critical funding from small and local businesses.” – Bird

For the most up-to-date news and information about the coronavirus pandemic, visit the WHO website.

The Hertz bankruptcy ordeal continues, and while the rental car company continues to offload used cars at some dirt-cheap prices, it still needs other sources of cash in the meantime.

How could the holiday impact Social Security funding?  The president said in a press briefing on Aug. 12 that Social Security will receive funding from the General Fund, which is the country’s account to pay for the daily operations of the government. What happens after the holiday will seemingly depend on who wins the upcoming election. Trump said he would consider removing the payroll tax in January of next year. 

According to VanderZanden, Bird had begun an application with Citi “early on,” but decided not to go through with it on April 23. “It looks like Citi started an application while they waited for our decision on whether to formally apply…They confirmed that the temp app. was cancelled that evening and never submitted.”

Manchester United target Sergio Reguilon ‘prefers a return… Manchester United’s chase of Sergio Reguilon hits a bump… Manchester United ‘may have to settle for Sergio Reguilon… Manchester United ‘set to move for Real Madrid left back…

Manchester United target Sergio Reguilon ‘prefers a return… Manchester United’s chase of Sergio Reguilon hits a bump… Manchester United ‘may have to settle for Sergio Reguilon… Manchester United ‘set to move for Real Madrid left back…

The filing indicated the company has $1.4 billion of cash on hand, though revenue plunged 67% in the second quarter. If there’s a smidge of a silver lining, Hertz did say demand has slowly started to recover each month, but it’s nowhere near pre-COVID-19 levels. Still, the firm plans to offload another 182,000 cars in its rental fleet. According to the report, Hertz already sold off 100,000 cars as it reached a deal to forgo lease payments on the vehicles’ master lease to save money amid bankruptcy.

NEW: @SenSchumer and @RonWyden begin the process of overturning Trump’s payroll tax scheme through the Congressional Review Act, citing the “abruptly-announced imposition” on employees and failure to undergo notice-and-comment. pic.twitter.com/FwVW1flfDj

Senators from the Democratic party asked the Social Security Administration on Aug. 19 to analyze the implications of this permanent payroll tax holiday after Jan. 1, 2021, that the president suggested. The administration chief actuary Stephen C. Goss says in a letter on Aug. 24 if there is no replacement funding for that tax, then Social Security reserves would be depleted in the middle of 2023. 

According to a Bloomberg report on Tuesday, Hertz filed for debtor-in-possession financing, indicating choppy waters ahead. DIP financing comes from creditors who believe a company has a solid recovery plan to execute as it works to restructure. But as a rental car companies are reliant on travelers, the industry’s likely in for Recommended Studying a gloomy outlook considering the coronavirus pandemic continues unchecked in numerous parts of the world. 

Adama Traore poised to start as a right wing-back in Wolves’… Wolves want Corona! Porto ‘reject £22m bid from Nuno… REVEALED: Porto paid Jorge Mendes £6.4m of the £35m transfer… Wolves sign second Porto player inside four days as Nuno…

“Overall, it is likely that many employers will judge this deferral to be either too complex or impose too much potential liability on their end to be worth taking advantage of, mitigating much of the limited benefit of the deferral,” Watson said.

He developed in the youth ranks at Queens Park Rangers rather than join his father, who saved Forest from administration in 1999 and poured in more than £100million of his personal fortune before stepping down in 2011.

Trump’s executive memo on Aug. 8 involved deferring, for workers making less than $100,000 a year, the 6.2% Social Security tax taken out of paychecks. The deferment would last from Sept. 1 to Dec. 31 and taxes would have to be paid back over the course of the first four months of 2021. House Republicans introduced a bill Friday to forgive the deferred taxes, according to a report from The Hill. Trump said in multiple campaign speeches that he would forgive the taxes if he gets reelected, and there are discussions at the White House of him signing another executive action that the administration says would make the deferment more effective, as reported by The Washington Post on Wednesday.

Leave a Reply

Your email address will not be published. Required fields are marked *