Utah small business loan – Utah BBQ http://utahbbq.org/ Sun, 25 Apr 2021 04:01:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://utahbbq.org/wp-content/uploads/2021/04/cropped-ICON-32x32.png Utah small business loan – Utah BBQ http://utahbbq.org/ 32 32 Utah tops list of best US cities to start a small business, New Jersey ranks among worst: WalletHub https://utahbbq.org/utah-tops-list-of-best-us-cities-to-start-a-small-business-new-jersey-ranks-among-worst-wallethub/ Sat, 24 Apr 2021 19:05:09 +0000 https://utahbbq.org/utah-tops-list-of-best-us-cities-to-start-a-small-business-new-jersey-ranks-among-worst-wallethub/

Six of the 10 Best Small Towns in America to Start a Business small business are in Utah, financial Wallethub website review and review found in an April 20 report.

Wallethub compared over 1,300 U.S. small cities to determine which one would best promote small business growth based on 20 different factors, including accessible financing, availability of human resources, level of training of the workforce. , office space costs, labor costs and more.


Here are the cities that made WalletHub top 10 list of the “Best small towns to start a business” in 2021:

These cities rank high in all of Wallethub’s determining factors. Bozeman and Williston, for example, are top ranked in Wallethub’s analysis of the most startups per capita. Washington and St. George had the highest average growth in the number of small businesses in their respective regions.

Additionally, five of the 10 Worst Small Towns in America for Small Businesses are in New Jersey.


Here are the worst cities to start a small business, falling to the bottom of Wallethub’s 1337 cities list, starting at the bottom:

The COVID-19 pandemic forced the permanent closure of around 100,000 small businesses in August, according to Yelp’s Local Economic Impact Report released in September 2020, although experts point to a significant recovery over the next few years.


The Small Business Administration approved $ 762 billion in payment protection program loans as of April 18.

On Thursday, the SBA also launched a new round of loan aid totaling $ 5 billion for small businesses “most severely affected by the economic effects of the COVID-19 pandemic” and reopened on Saturday. Grant application portal for operators of closed sites for various places of entertainment and art in need of economic aid.


“Many small businesses in our country are still struggling to recover from the economic impact of the COVID-19 pandemic, and we have found that the smallest businesses – the majority of which are owned by minorities – are suffering the most. SBA administrator Isabella Casillas Guzman said in a statement Friday.

She added that the SBA’s targeted Advance Supplementary Program “aims to reach businesses with 10 or fewer employees who need our help today” and will help ensure “that no small business falls through the cracks. or is left behind ”.

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Student loan forgiveness is trending again. Good or bad idea? https://utahbbq.org/student-loan-forgiveness-is-trending-again-good-or-bad-idea/ Thu, 22 Apr 2021 21:57:11 +0000 https://utahbbq.org/student-loan-forgiveness-is-trending-again-good-or-bad-idea/

It took me until the age of 27 to complete my college education and even longer to pay off my debt. But I did, eventually. If I applied to college today I’m not sure I could have done it.

Today, student debt in the United States exceeds $ 1.7 trillion. Consumer reports reveals that “makes student loans the second category of household debt in the country.” Right behind mortgages and just above credit card debt or auto credit. $ 1.7 trillion.

I was academically studious. I wasn’t majority level or anything, but tried my best to maintain a high GPA. I always knew I wanted to go to college (although I don’t think it was a necessary path to be successful.) I always enjoyed learning and school in general, so it felt like a natural progression. .

Like many, I was unable to get financial help from my parents. Since I was 16, I have had a job of one kind or another. It was revealed to me when I started applying to colleges that any way to get there would require me to find a way to get financial aid. Even getting THAT was very difficult.

And so, I waited for tables and attended a few semesters. Then I would have more full-time concerts and put my college trip on the back burner. The years went by and I took more classes, and so on.

It wasn’t until I was ready to start my first year that I was able to find a way, while still working, to focus on finalizing and getting a BA. This was only possible because, through hard work and a high GPA, I was able to secure a large transfer scholarship to a small private university. The rest was financial aid.

I can’t tell you how grateful I was to take this step, to graduate as a “non-traditional student,” and to graduate with summa cum laude. Honestly, I wasn’t sure if I was going to finish.

After college, it was back to work. I got a job at a radio station in the sales department – a job I had previously held. Soon after, I started receiving my loan repayment notices. I had also recently experienced the end of an important relationship and money was very tight. I have often wondered if I would need another job in the evening just to make everything work.

Finally, after years of hard work, I paid. But yes, I would like to see mercy shown to those who still have thousands of dollars or tens of thousands of debt.

Today, I opened up social media to find a trend towards forgiveness of student loans. Recently, 500 members of Congress were interviewed on this topic. Only 66 responded. CNBC report the details of these findings here.

The fact that there is a serious discussion about forgiving student loans is celebrated by many. But others are outraged. And some still don’t know what they are thinking.

Those against the cancellation of student debt feel that it is not fair for some to have their university debt paid off when they have had to work for years to pay it off. Many were barely able to repay it, because of the interest. Some will NEVER have paid it.

Those for the cancellation of student debt, many of whom worked to repay theirs, feel that it is not because they have suffered that everyone should do it. They argue that “just because people had polio before the vaccine does that mean no one should be allowed to take it because they didn’t get it?”

Another aspect to consider is how the tuition fees have become extraordinarily higher. Even as recently as when I graduated, college was not as expensive as it is today. I’m not sure if I was looking at my options now if college would even be possible.

Your thoughts? Let us know in the comments and / or on our Facebook page.

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Maine Ranked Among Best Small Towns In America For Starting A Business https://utahbbq.org/maine-ranked-among-best-small-towns-in-america-for-starting-a-business/ Wed, 21 Apr 2021 09:57:43 +0000 https://utahbbq.org/maine-ranked-among-best-small-towns-in-america-for-starting-a-business/

Maine addresses feature prominently on a recently released national list of the best small towns in which to start a business.

Bangor was No. 2 among the best cities in the Northeastern United States and Portland No. 3, both narrowly edged by Ithaca, NY, in the analysis of financial site WalletHub. Bangor ranked 96th out of 1,337 cities assessed nationally. Portland was No. 166 among them.

The WalletHub ranking also looked at two other cities in Maine. South Portland ranked # 8 in the Northeast and # 378 in the United States, while Lewiston ranked # 29 regionally and # 712 nationally.

The study results, released Tuesday, compared the business friendliness of cities with 25,000 to 100,000 residents, using 20 metrics broken down into three categories: business environment, business costs and access to resources. of the company.

Based on census data and other verified sources, WalletHub rated communities on individual criteria ranging from the number of startups per capita to the average square footage cost of office space to the average small business loan amount. businesses in every city.

Bangor’s high list was supported by the city’s rank for access to commercial resources, No. 11 among 1,337 applicants. This category accounted for 25% of each city’s assessment and included seven criteria such as the education level of the workforce and the average loan amount.

Bangor ranked # 575 nationally for its business environment and # 536 for business costs.

Portland, on the other hand, ranked 72nd for access to resources, 192 for business environment and 794 for costs.

In the overall ranking, the upper echelons were dominated by cities in the Midwest and West, which scored particularly high in the business environment category. This group of nine criteria included startups per capita as well as several measures related to quality of life.

It is perhaps not surprising that many cities in the Northeast and in California – especially those located near major metropolitan areas – have performed poorly in the cost category. In addition to the average office rent, it included measures of labor expenditure, cost of living, and corporate taxes.

According to WalletHub, the best small town in the United States to start a business was St. George, Utah. The worst, ranked No. 1337, was Westfield, NJ

The ranking comes as Maine’s Small Business Development Centers released their annual report on Wednesday, showing that small business owners and entrepreneurs across the state have asked for help with starting a business year. last at nearly double the pace of 2019.

In addition to its ranking, WalletHub released the results of a national survey of small business owners, asking questions about the impact of the COVID-19 pandemic in 2020. According to WalletHub, 61 million small business owners in United States said the year made them regret having started their businesses. Two-thirds of all respondents said 2020 was the most difficult year in their history in business.

Other highlights from the WalletHub survey can be found here. To access the business friendliness ranking, Click here.

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Commercial pneumatics, retreading sectors on solid foundations https://utahbbq.org/commercial-pneumatics-retreading-sectors-on-solid-foundations/ Fri, 16 Apr 2021 13:30:00 +0000 https://utahbbq.org/commercial-pneumatics-retreading-sectors-on-solid-foundations/

There is a sort of blockage behind the STM for second place.

Best One Tire & Service LLC claimed second place this year with 20% growth from 2019 to $ 530 million, overtaking Snider Fleet Solutions with estimated sales of $ 525 million and Pomp’s Tire Service Inc. with 500. millions of dollars.

Among the companies that rose in the rankings was Bauer Built Inc., which entered the Top 10 with sales of $ 272 million last year. Its growth was boosted by its acquisition of Allied Oil at the end of 2019.

The commercial / retreading sector has seen its fair share of M&A activity over the past year.

• Long-time Goodyear Affiliate Purcell tire And Rubber Co. acquired C quality tireo. of Salt Lake City, and joined the Michelin commercial services network (MCSN) and is converting its Phoenix and Potosi, Missouri, retread plants to the Michelin Retread Technology network.

The deal, which closed in December, added Quality Tire’s nine outlets in Colorado, Idaho, Montana and Utah to the Purcell Tire outlet network, expanding it to 65 in 15 states.

The merged company is expected to generate more than $ 275 million in commercial revenue on an annualized basis,

The deal included three retread plants – a Michelin Retread Technologies plant in Hudson, Colo., And Oliver Rubber plants in Billings, Mt., and Salt Lake City – which was a catalyst for Purcell’s decision to converting its existing retreading facilities in Potosi, Mo., and Phoenix to the Goodyear System MRTI system that it had used for decades and became part of the Michelin sales service network.

With 2020 revenue of $ 210 million, Purcell ranks 11th in this year’s ranking of North American commercial dealers. It is also # 10 among truck tire retreaders and # 1 OTR tire retreader.

With commercial sales of $ 68 million in 2019, Quality Tire was among the top 30 commercial dealers in North America.

Border tire from El Paso, Texas, purchased Canyon Tire Sale, a 40-year-old dealer based in Corona, Calif., with five outlets and a retread plant in Southern California.

The deal doubled Border Tire’s presence in California and represents up to $ 45 million in potential additional annual sales. Founded in 1990 by the Leinen family, Canyon Tire operates truck tire sales / service outlets in Corona (two locations), Fontana, Southgate and San Diego

Like Border Tire, Canyon was part of the sales and retreading networks of the Michelin sales network.

The deal comes two years after Border Tire acquired five TCi Tire Centers and an MRT retread plant in California from Michelin North America Inc. The deal will make Border Tire the largest California MRT dealer.

“Our goal has always been to grow and make strategic acquisitions that extend our service footprint to our loyal customer base,” said then-vice president of Border Tire, David Shipp. Border Tire, based in El Paso, is a division of Border International, a new used truck dealership with bases in Las Cruces and EL Paso.

Based on the company’s 2020 sales of $ 84.5 million, Border Tire is the 24th largest independent commercial tire dealer in North America, based on Tire company calculations. The addition of Canyon Tire’s revenue is expected to push Border Tire potentially into the top 15.

Tire Truck Service Centers (STTC) acquired the business assets of Highland Tires And Service, encompassing sales / service sites in Allentown, Everett and York, Pa., and a Michelin Retread Technologies (MRT) retread plant in Carlisle, Pa.

The addition of these three sites “aligns with our growth strategy and gives us the opportunity to offer our advanced services to more customers in the fleet,” said at the time the President and Chief Executive Officer. STTC executive, Walt Dealtrey.

Bethlehem, PA-based STTC’s network has expanded to 53 commercial / mechanical service sites and five retread plants (four MRTs and one Oliver system) in eight mid-Atlantic and north states -est, ranging from Virginia to Massachusetts.

While this does not fit into the M&A niche, Commercial Tire Service, a commercial and retreader dealership with eight outlets in the Chicago metro area, aligned more closely with Goodyear last year to help expand Goodyear’s presence in the Midwest.

The alignment has enabled Goodyear to expand its Goodyear Commercial Tire Service network into a large and rapidly growing urban market, “where fleets feel special pressure to stay on the road and provide needed products,” said Dave Beasley, Vice President, North America Commercial. at the time.

The CTS locations complement seven Goodyear Commercial Tire Service outlets already in the Chicago area. CTSs are primarily north and west of Chicago, while Goodyear’s are further south and east.

In New England, Pete’s Tire Barns is building a 12,000 square foot building. in South Windsor, Connecticut, for a Bandag retread plant that owner Peter Gerry has said he hopes to be operational by next fall.

The new plant will be the third for Pete’s Tire Barns, which ranks 46th among the largest truck tire retreaders in North America with two plants that produced about 300 units per day last year.

The new plant will be a four-chamber configuration, Mr. Gerry said, equivalent to 200 tires per day at full capacity. The opening was delayed to some extent due to delays in obtaining the equipment, a pandemic-related situation and its effects on manufacturing in general.

A number of key commercial merchants took advantage of the federal government’s Payroll Protection Program (P3) funding last year to help keep their workforce employed during and after the downturn in business. at the start of the pandemic.

According to information compiled by the Small Business Administration, 193 companies that classified themselves as “retreaders” received PPP loans, as well as 575 companies that self-identified as “tire dealers:

In the “retreader” category, companies received between $ 142 million and $ 246 million, making each loan worth between $ 738,000 and $ 1.3 million.

In the dealer category, the amount was between $ 599 million and just over $ 1 billion, which gives an average for each company of between $ 103,850 and $ 186,643.

Southern Tire Mart received the maximum loan of $ 5-10 million. Two others are featured in the $ 5 million category: Custom Bandag Inc. of Linden, NJ; and Border Recapping LLC of El Paso, Texas.

Earl W. Colvard Inc. (Boulevard Tire) of Deland, Fla., Among those who have received loans in the range of $ 5 million to $ 10 million; Commercial Tire Inc. of Meridien, Idaho; and T&W Tire LLC of Oklahoma City.

McCarthy Tire Service Inc. of Wilkes-Barre, Pa., Is reported to have received five separate loans totaling at least $ 8 million and up to $ 19 million.

From a broader perspective, the nation’s major truck stop operators continue to expand their networks, including new locations with valued tire and tire maintenance services on-site.

Love’s Travel Stops & Country Stores is in the process of opening as many as 50 travel stops in 2021, including at least 30 with Love’s Truck Care or Speedco preventive maintenance and tire services on site.

The expansion plan builds on a “tough” 2020, when the Oklahoma City-based company opened 38 truck service spots with more than 3,000 parking spots and donated millions of dollars to fight COVID-19, injustice and poverty and to help sick and injured children. .

Love’s also commissioned its sixth retread plant in Milan, Tennessee last year.

Love’s travel stopover network has more than 540 locations in 41 states, including more than 400 with Speedco or Love’s Truck Care services on-site across more than 1,500 service bays. The company changed the name of its truck maintenance network at the end of 2020 to Love’s Truck Care from Love’s Truck Tire Care to reflect the evolving portfolio of preventive maintenance services available in its Travel Stops.

TravelCenters of America Inc., which operates 265 truck stops in 44 states, is increasingly turning to franchising to expand its brand and network across the country.

The company, which sells new tires, retreads and related maintenance services at 244 locations, sees “significant continued growth opportunities through the franchise.” The company has signed 18 franchise agreements since early 2019, is negotiating 19 additional agreements and has identified 80 other potential franchisees.

Franchised locations, however, tend to be smaller than corporate stores and do not have the full range of tire and / or maintenance services.

Boss Truck Shops Inc., which operates 47 Bosselman boss Stores in 23 states, began stocking Continental brand truck tires and participates in Conti’s TrukFix roadside assistance network.

Michelin North America noted that the addition of Purcell Tire to Michelin’s commercial service network extends the company’s seamless fleet service to more than 400 locations nationwide.

MCSN affiliates provide fleets with a comprehensive service package, including online reporting, Michelin ONCall emergency road service, Michelin Tire Care tire monitoring service, Michelin Mechanical Care trailer repair and preparation program and access to qualified technicians backed by rigorous certification and auditing standards.

Bridgestone’s GCR Tire network has stabilized, after several years of divestment, at 74 outlets in the United States and Canada. In the United States, the GCR network is concentrated in the Rocky Mountain and Pacific Coast states, while in Canada it is primarily located in the Atlantic provinces.

Goodyear’s company-run tire sales service network has 228 locations following the acquisition of Raben Tire in late 2019. Goodyear CTS also operates 33 retread plants and is considered the largest retreader in North America.

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Experts concerned about savings habits with increasing spending https://utahbbq.org/experts-concerned-about-savings-habits-with-increasing-spending/ Fri, 16 Apr 2021 01:45:35 +0000 https://utahbbq.org/experts-concerned-about-savings-habits-with-increasing-spending/

SALT LAKE CITY, Utah – The tough economy of the past year has turned many Americans into saving machines. Now that the pandemic appears to be loosening its grip, more consumers are willing to spend, which is worrying financial experts.

You can see it at the airport, in stores, restaurants and various other businesses. Traffic resumes. In fact, one in five Utah small businesses surveyed in April 2021 in the US Census Bureau’s Small Business Pulse Survey said business has already returned to normal.

“People are starting to spend money on the things they opted out of last year,” said Ismat Mangla, director of content for MagnifyMoney.

Mangla was track saving habits and find the number of people who have saved has fallen from 46% in February to 36% in March.

The 10% drop was the first it has seen this year.

“The economic impact payments that a lot of people received in March probably also made them feel a little more comfortable,” she said.

In this tax season, the IRS estimates the average refund at $ 2,967. So, will these refunds be spent or saved?

A bit of both, said Simon Zhen, senior research analyst for MyBankTracker.com.

“We have found that most of the people who get tax refunds intend to save them or use them to pay off their debts,” Zhen said.

Zhen said he hopes those of us who are not yet on a solid economic footing will continue to save and spend our extra dollars on items we really need, instead of splurging on things that we really need. new cars and great vacations.

“Who knows this could happen?” Zhen asked. “Times are still very uncertain at the moment.”

If the pandemic has taught us anything, he said, it’s that putting money away for the unforeseeable is crucial. Yet only 22% of consumers currently save money in an emergency, according to MagnifyMoney’s latest Consumer Savings Index.

“Often we say three months is the minimum amount,” Mangla said. “I would say, now I think it makes sense to have even 6 to 12 months of living expenses set aside in an emergency savings fund.”

Building emergency economies

If six months of living expenses are more than you can manage now, even $ 1,000 will help cover an unexpected bill without borrowing money.

When KSL-TV spoke to Certified Financial Planner Jenie Connors of Diversify Wealth in 2019, she recommended cutting spending a bit here and there first. It means going through your bank account.

“Come in and watch it line by line,” Connors said. “Where is my money going?”

Maybe it goes to an unused gym membership, a six dollar cup of coffee every day, or a membership for an app you haven’t opened in months.

“There are many tools that do this for you,” said Shane Stewart of Deseret Mutual Benefits Administrators, another certified financial planner at the time.

He recommended apps like Mint that can connect to your bank and categorize your spending. Others, like the Trim app, can find unused subscriptions and help you cancel them.

Another app, Joy, lets you rate purchases as “happy” or “sad” to help you avoid them in the future.

“Everyone has their own opinion on how to track these (expenses),” said Stewart, “The important part is this – you have to track it.”

When we spoke to certified financial planner Shara Young about setting up an emergency savings account in 2018, she recommended setting up your checking account, so that it automatically transfers money to your savings account. emergency once a week or once a month. You can also ask your employer to directly deposit money into the fund directly from your paycheck.

“You don’t even have to think about it,” she said.

Young said the best savings goal is one that’s realistic for you.

“Can you make a quarter?” Can you start with that and stay focused? Young said.

For example, if you save $ 25 per week, within 10 weeks you will have $ 250 hidden in your emergency fund. Even at $ 10 per week, you will save $ 500 in a year.

“The consistency of doing it like a habit – every time – will help you build this up as quickly as possible,” Young said.

Where to find $ 10 or $ 25 per week?

At the time, Ann House, of the Personal Money Management Center at the University of Utah, said that you can gradually reduce your spending.

“You don’t do something overnight,” she says. “You withdraw a bit.”

Let’s say you eat out five times a week. House recommended starting to cut expenses by bringing lunch to work one day a week instead.

“Then you take it down a notch,” House explained. “I’ll bring my lunch in two days.”

Experts have warned that people should only use their emergency funds for, well, emergencies. A killer deal on a 4K TV or a trip to Disneyland is not eligible.

If you get a large tax refund, you’ve given the federal government an interest-free loan. However, if you change your withholding tax so that your repayment is close to zero, that’s money you can use all year round to pay off debt, invest, or save.

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Tax Day: IRS Extends 2020 Tax and Payment Filing Date from April 15, 2021 to May 17, 2021 https://utahbbq.org/tax-day-irs-extends-2020-tax-and-payment-filing-date-from-april-15-2021-to-may-17-2021/ Thu, 15 Apr 2021 09:40:51 +0000 https://utahbbq.org/tax-day-irs-extends-2020-tax-and-payment-filing-date-from-april-15-2021-to-may-17-2021/

PHILADELPHIA – April 15 falls on Thursday this week. Normally, of course, this would be the day your taxes are due. But there has been nothing normal over the past year.

The good news is you’ll have one more month to file your 2020 return.

But the filing deadline isn’t the only thing that has changed. Many of the upheavals of the past year have resulted in changes to your taxes. Due to the Covid crisis, there are many new and revised provisions and important dates that you will need to know before you file your 2020 return this year.

Here are some of the most important.

So when are taxes due?

While the original filing and payment date was April 15, the IRS extended the deadline to May 17 to give individual filers, tax preparers and the IRS itself more time to Sort through the many changes affecting 2020 taxes from the latest Covid relief program. . As it stands, the filing season began a few weeks later this year as the IRS had its hands full administering the provisions of previous Covid relief packages.

Unless you choose to file an extension request (see question below), you must file and pay any remaining federal income tax due for 2020 by May 17.

This way, you will avoid being hit by possible late or late payment penalties.

But if you miss your production or payment deadline, you may be eligible for first penalty remission.

There are two exceptions to the new extended federal deadline.

The first applies to anyone who pays estimated taxes, including many small businesses. Your usual April 15 payment is still due on April 15, and despite pressure from lawmakers and the tax preparer community, IRS Commissioner Charles Rettig reiterated to lawmakers on April 13 that this deadline would not be. not extended.

The second applies to anyone living in Texas, Oklahoma, and Louisiana, who was hit hard by the February storms. The IRS has extended the federal tax deadline for residents of these states to June 15.

Do I also have more time to file my state taxes?

In most instances.

Even though the IRS has extended the federal filing deadline, each state sets its own tax deadlines.

Filers from states that don’t extend their deadline to May 17 or beyond may have to file their federal return – or at least calculate what they’ll put on their federal return – by April 15 anyway.

This is because states often use adjusted federal gross income or federal taxable income as the starting point for determining a filer’s income subject to state tax.

But most states have extended their filing deadlines until May 17 to align with the federal deadline. They include Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Virginia, West Virginia and Wisconsin.

Oklahoma has extended its deadline to June 15. And Maryland previously extended its filing deadline to July 15.

The remaining states still have their original filing date, which is April 15 in most cases, according to the Federation of Tax Administrators.

The current filing dates for some states and the District of Columbia differ. They are in Hawaii on April 20; Iowa, April 30; and DC, July 15.

In Louisiana, the deadline is May 17, although affected residents living in areas affected by the federal government due to the winter storm in February have until June 15.

Do I have more time to make contributions to my IRA and health savings account?

Yes. You now have until May 17 to make 2020 contributions to your IRA, Roth IRA, Health Savings Account, Archer Medical Savings Accounts (Archer MSA), and Coverdell Education Savings Accounts (ESA Coverdell).

Can I request an extension to file my 2020 return?

Yes. You can get an automatic five-month extension to file your 2020 federal income taxes, which means they won’t be due until October 15. To do this, submit your request to the IRS by May 17.

But note that a file extension is not an extension to pay for what you owe. You still have to pay any remaining federal taxes owed on your 2020 income by May 17, if you want to avoid a possible late payment penalty.

And if you’re eligible for a refund, taking longer to file your taxes means you wait longer for your refund.

When can I expect my refund?

Typically, refunds are issued within 21 calendar days of receipt of your return by the IRS. The fastest way for you to receive yours is to file electronically and choose direct deposit, notes the IRS.

The agency also said that it takes longer to process documents sent by mail, such as paper tax returns and correspondence related to the tax return – for example, if the IRS has requested more ‘information or found an error in a registrant’s calculations. It also started this year with a backlog of millions of 2019 returns that needed processing.

On April 13, IRS Commissioner Rettig told lawmakers that the agency still had 1.7 million returns to process from 2019 and that any returns going through the agency’s error resolution service takes 10-14 days, compared to three to five days in a normal deposit. season.

To better assess the date on which your refund could arrive, you can consult the IRS tool “Where’s my refund?” either within 24 hours of when the agency indicates it received your electronic return or four weeks after you mailed your paper return.

Are my stimulus payments taxable?

No. Money is tax free.

But some people who are eligible for the money did not receive the first two rounds of payments – mainly those whose income in 2019 was more than their income in 2020 or people who did not file a tax return for 2019 or 2018. They can do it. receive the money owed to them through their federal tax return as long as they claim the refundable repayment credit.

This credit will reduce your income tax dollar for dollar. And to the extent that the credit exceeds your tax liability, you will get the rest as a refund.

For more information, see here and here.

Are my unemployment benefits taxable?

Yes, but for households with modified adjusted gross income less than $ 150,000 last year, the first $ 10,200 in unemployment benefits for each taxpayer in a household will be exempt from federal income tax, thanks to a provision of the latest Covid relief program signed by the president. Joe Biden.

Also, to determine if you qualify for the $ 10,200 exclusion, you don’t have to count your unemployment benefit earnings as part of your modified AGI calculations, according to Mark Luscombe, senior federal tax analyst. at Wolters Kluwer Tax & Accounting. .

For anyone who filed their tax return before the latest Covid relief program went into effect in mid-March, the IRS has said there is no need to file an amended return unless the exclusion will only make you eligible for more tax credits and deductions that are not claimed on your original return. Otherwise, the agency said it will reorganize your taxes by incorporating the $ 10,200 exclusion and will refund any resulting overpayments to you or apply it to other taxes you owe.

Of course, if you live in a state with an income tax that also imposed unemployment compensation, you should also check your state revenue department’s website to see if your state has decided to follow the path. ‘IRS and exclude the first $ 10,200 from state income tax.

Whether or not you qualify for the $ 10,200 exclusion, note that most unemployment benefits are treated as taxable income, both by the IRS and by most states. (The exceptions are Alabama, Alaska, California, Florida, Montana, Nevada, New Hampshire, New Jersey, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, Washington , Wisconsin and Wyoming.)

If you did not elect to withhold income tax from your unemployment benefits during the year, the total amount of tax will be assessed when you file your return.

But if your 2020 income was very low because you didn’t work for much of the last year, you’re unlikely to have to cut a tax check. Instead, you’ll see your federal and state refunds reduced for any income tax you owe on your unemployment benefits.

What other tax changes related to a pandemic should I know about?

Congress has made a number of changes to tax benefits, such as the earned income tax credit, or created new ones for individuals and small business owners to provide pandemic relief.

Small business owners who received a tax-exempt loan under the Paycheck Protection Program can still deduct the business expenses they paid with their loan.

People who take the standard deduction can now take a new charitable deduction even if they don’t itemize.

And eligible self-employed workers can claim a new sick leave and family leave tax credit created by the Families First Coronavirus Response Act.

Are there any new tax breaks for students?

Yes. The IRS has advised that if you received emergency financial assistance grants related to a pandemic in 2020, you do not have to include that money in your gross income calculation.

Additionally, even if you used a portion of these grants for eligible tuition and related expenses in 2020, you may still be eligible for a tuition and fee deduction, US opportunity credit, or credit. lifelong learning when you return.

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Zions Bancorporation announces its intention to adopt AMERIBOR® as the benchmark rate in numerous commercial loan agreements https://utahbbq.org/zions-bancorporation-announces-its-intention-to-adopt-ameribor-as-the-benchmark-rate-in-numerous-commercial-loan-agreements/ Wed, 14 Apr 2021 14:32:00 +0000 https://utahbbq.org/zions-bancorporation-announces-its-intention-to-adopt-ameribor-as-the-benchmark-rate-in-numerous-commercial-loan-agreements/

SALT LAKE CITY – (BUSINESS WIRE) – Zions Bancorporation (NASDAQ: ZION) today announced its intention to adopt AMERIBOR® as a replacement index for the London Inter-Bank Offered Rate (LIBOR) for the majority of its non-syndicated commercial loans currently indexed to the LIBOR. LIBOR is being phased out globally, and U.S. banking regulators have ordered banks to stop entering into new loan agreements using LIBOR and adopt one or more alternative benchmark rates no later than the 31st. December 2021.

AMERIBOR® is an index created by the American Financial Exchange. It represents the actual volume-weighted borrowing costs of thousands of banks in the United States and conforms to the standards of the International Organization of Securities Commissions (IOSCO). AMERIBOR® is currently released for overnight and 30 day periods.

“We look forward to working with thousands of our borrowing clients to smoothly transition to using AMERIBOR® as a benchmark rate in their borrowing agreements,” said Harris H. Simmons, President and CEO of Zions Bancorporation. “AMERIBOR® not only reflects the true cost of funds for thousands of participating banks, but over the past two years it has also demonstrated less volatility to LIBOR than the Guaranteed Overnight Reference Rate (SOFR) . AMERIBOR® is also attractive for use as a benchmark rate as the majority of our current LIBOR-based contracts have 30-day reset dates, a feature currently not available with SOFR. ”

Mr. Simmons said Zions intends to begin adopting AMERIBOR® in many of its credit agreements starting this summer.

Zions Bancorporation, NA is one of the nation’s leading financial services companies with annual net sales of $ 2.8 billion in 2020 and over $ 80 billion in total assets. Zions operates under the leadership of local and distinct brand management teams in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. The Bank is a consistent recipient of National and State Client Surveys in the Small and Medium Business Banking sector, as well as a leader in Small Business Administration public finance and lending advisory services. In 2020, Zions was ranked 9th in the United States for SBA Paycheck Protection Program loans. Additionally, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to local bank brands can be found at zionsbancorporation.com.

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Utah truck driver pleads guilty to paying bribes https://utahbbq.org/utah-truck-driver-pleads-guilty-to-paying-bribes/ Mon, 12 Apr 2021 15:15:00 +0000 https://utahbbq.org/utah-truck-driver-pleads-guilty-to-paying-bribes/

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A Utah man pleaded guilty to paying $ 490,000 in bribes between 2012 and 2019 in order to direct $ 24 million in business to the trucking operations he founded.

Hubert Ugarte, 52, of Draper, Utah, also earlier this month, pleaded guilty to fraudulently obtaining a federal loan from the Paycheck Protection Program for some of his other trucking companies.

In the corruption case, prosecutors said Ugarte was convicted of fraud and money laundering for his involvement in a pay-to-play scheme in which prosecutors alleged Ugarte was one of the 10 defendants who collectively paid around $ 1 million in bribes to FedEx Ground senior. Ryan Mower, Line Transportation Manager, to direct shipments to their businesses. According to his plea, Ugarte alone was responsible for about half of that total.

Ugarte also pleaded guilty earlier this month to fraudulently obtaining a federal loan from the Paycheck Protection Program for some of his other trucking companies. (Kameleon007 / Getty Images)

In a statement in response to the plea deal, a FedEx Ground spokesperson said, “FedEx Ground does not condone illegal activity and expects all employees and service providers to act according to the highest ethical standards. more stringent. We have fully cooperated with the authorities in their investigation into this matter. “

During the transaction, Ugarte’s businesses received around $ 135 million in gross payments, resulting in net profits of around $ 24 million, according to an April 6 press. release by the United States Attorney’s Office for the District of Utah.

To complete the scheme, Ugarte and Mower went to great lengths to disguise ownership of Ugarte’s many companies by filing false compliance reports with FedEx Ground. In doing so, they were able to assign Ugarte more trucking routes than a business owner was entitled to under established FedEx Ground policies, prosecutors said.

As a result, Ugarte was cleared to operate at least 45 trucking routes from the FedEx Ground hub in Salt Lake City, exceeding the company’s limit of just 15 trucks for the hub.

Prosecutors said the practice – known as “oversizing” in the contract transportation industry – along with paying bribes to Mower would have resulted in the automatic termination of Ugarte’s contracts if they were discovered by FedEx Ground authorities.

As a result of his plea deal, Ugarte confiscated from the federal government 14 of his businesses, 35 trucks, more than $ 261,000 in bank accounts, six properties, four other vehicles and $ 684,000 in foreign currency seized from a company that was building the one of his residences.

The investigation was conducted by agents from the FBI, IRS and the Office of the Inspector General of the US Department of Transportation.

Ugarte was the first person named in a series of unsealed indictments in October 2019, alleging that 10 people participated in the decadelong program to bribe Mower to direct business to program participants, earning them hundreds of millions dollars in fraudulent and unauthorized contracts.

2019 charges allege Mower, 49, of Bountiful, Utah, allowed his co-conspirators to obtain unauthorized races, increase miles, receive payments for “ghost races” they never did and falsely report accidents, all to earn income.

In PPP loan fraud, Ugarte pleaded guilty to submitting a fraudulent loan application to the Small Business Administration through the Coronavirus Help, Relief and Economic Security Act. Ugarte admitted that he fraudulently obtained $ 210,000 in P3 loans after failing to disclose that he was facing a federal indictment for his role in the fraudulent trucking scheme.

On May 14, 2020, Ugarte received $ 210,000 from the Transportation Alliance Bank as part of the PPP. Instead of using at least 75% of the loan to pay for wage costs, including bad paychecks, Ugarte used 60% of the loan to pay off payment arrears for trucks, leaving 40% for wage costs.

The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to millions of Americans suffering the economic effects of the COVID-19 pandemic. One of the sources of relief under the CARES Act was the authorization of up to $ 249 billion in forgivable loans to small businesses for job maintenance and certain other expenses. Ugarte’s sentence in both cases is set for June 3, 2021.

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Utah trucking owner admits bribing FedEx manager and defrauding PPP loan scheme https://utahbbq.org/utah-trucking-owner-admits-bribing-fedex-manager-and-defrauding-ppp-loan-scheme/ Thu, 08 Apr 2021 07:00:00 +0000 https://utahbbq.org/utah-trucking-owner-admits-bribing-fedex-manager-and-defrauding-ppp-loan-scheme/

A former owner of a Utah trucking company has pleaded guilty in federal court to bribing a former FedEx Ground manager as part of a payment scheme to gamble for lucrative contracts and to defrauding the PPP loan program.

Hubert Ivan Ugarte, 52, of Draper, Utah, pleaded guilty to fraud and money laundering last week in U.S. District Court in Salt Lake City. He admitted to paying a former FedEx Ground (FXG) senior liner manager, Ryan Lee Mower, approximately $ 490,000 over a seven-year period between 2012 and 2019 in exchange for operating at least 45 routes from delivery from the Salt Lake City hub, tripling the limit of permitted routes under established FedEx Ground policies.

This practice, known as “on-scale” in the contract transportation industry, along with paying bribes to the director of FedEx Ground, would have resulted in the automatic termination of Ugarte’s contracts if it was discovered by FXG, a subsidiary of Memphis-based shipping and logistics giant, FedEx Corp. (NYSE: FDX).

In return for the payments, Ugarte’s 14 trucking companies have grossed more than $ 24 million over seven years. Ugarte was one of 10 defendants who paid around $ 1 million in bribes to Mower, according to federal investigators.

Prosecutors say the trucking companies involved in the program with Mower raised more than $ 280 million in total over a 10-year period.

PPP loan fraud

Ugarte also pleaded guilty to submitting a fraudulent loan application to the Small Business Administration (SBA) through the CARES (Coronavirus Aid, Relief and Economic Security) law. Paycheque Protection Program (PPP). The forgivable loan program was introduced to help struggling businesses pay employees, mortgage interest, rent, and utilities.

According to court documents, Ugarte falsely answered no when asked if he was subject to formal criminal prosecution in any jurisdiction when filling out the PPP loan application. Ugarte also said no when asked if he had been placed in interim diversion, although he entered into a two-year interim diversion to resolve a felony drug possession charge in 1988, according to the act. accusation.

Documents filed by court say Ugarte’s PPP loan application was turned down or denied by two banks after companies discovered he was facing a federal indictment in the bribery case FXG, but he received a loan of $ 210,000 in his third attempt for one of his companies, Frisbu Trucking, from the Transportation Alliance Bank (TAB) of Ogden, Utah, in May 2020.

Under the terms of the PPP borrower, Ugarte agreed that 75% of the loan amount would be used for staff costs.

Before receiving the PPP money, a former Frisbu employee, who was not named in court documents, claims that Ugarte’s company was in financial difficulty and returned paychecks five times over a period of time. 90 days.

Instead of using 75% of the PPP loan to pay employees, Ugarte used almost $ 127,000 to make past lease payments on 13 Kenworth trucks, as well as to purchase various truck parts.

Federal investigators say Ugarte violated the PPP agreement by using 60% of the loan amount to pay Kenworth for the leased trucks, leaving only 40% of the funds for the payroll.

The former Frisbu employee also claims that Ugarte deposited an insurance check for nearly $ 61,000 for a destroyed 2016 Freightliner Cascadia into the trucking company’s bank account.

However, that money was supposed to be turned over to the FBI as part of the seizure warrant in the FedEx case, according to court documents.

In November 2019, former Chief Justice Paul M. Warner issued a warrant authorizing the seizure of 41 Ugarte trucks, but the 2016 Freightliner and a few others were missing.

Court documents indicate that the 2016 Freightliner was involved in an October 2019 crash in Nevada and has been in storage there since the crash. After paying the storage fee, Ugarte was ordered to hand over the insurance balance to the FBI, but this did not happen.

Ugarte is expected to be sentenced in both cases on June 3.

A status conference in Mower’s case is set for May 13. No trial date has been set for the other nine defendants indicted in connection with the alleged bribery scheme.

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Utah trucking company owner pleads guilty to bribery with FedEx https://utahbbq.org/utah-trucking-company-owner-pleads-guilty-to-bribery-with-fedex/ Wed, 07 Apr 2021 07:00:00 +0000 https://utahbbq.org/utah-trucking-company-owner-pleads-guilty-to-bribery-with-fedex/

The owner of a Utah trucking company pleaded guilty to his role in two separate fraud schemes last week in federal court.

Hubert Ivan Ugarte, 52, of Draper, Utah, initially pleaded guilty to a federal corruption case involving the acquisition of shipping routes under contract with FedEx Ground worth $ 24 million of dollars. Ugarte also pleaded guilty to fraudulently obtaining a federal loan from the Paycheck Protection Program for other trucking companies, according to a press release federal prosecutors.

Sentencing is set for June 3 in both cases.

In the corruption case, Ugarte was convicted of fraud and money laundering for his involvement in a pay-to-play trucking scheme involving 10 defendants who paid around $ 1 million in bribes to the director of the Utah FedEx Ground Hub in order to exploit the director’s position. with FedEx and make their trucking operations as lucrative as possible.

In the plea deal, Ugarte admitted to bribing FedEx Ground senior liner director Ryan Lee Mower with around $ 490,000.

This brought Ugarte’s trucking companies more than $ 24 million over a seven-year period between 2012 and 2019.

In return for the bribe payments, Mower granted Ugarte’s businesses several delivery routes that Ugarte could not have qualified for under established FedEx Ground policies.

In order to carry out the program, Ugarte and Mower worked to obscure the ownership of Ugarte’s many trucking companies by filing false compliance reports with FedEx Ground in order to give Ugarte more trucking routes than a business owner was only entitled under established policies. As a result, Ugarte was cleared to operate at least 45 trucking routes from the Salt Lake hub, significantly exceeding the limit of just 15 trucks for the Salt Lake City hub.

“This practice, known as ‘on-scale’ in the contract transportation industry, along with paying bribes to the director of FXG, would have resulted in the automatic termination of Ugarte’s contracts.” they were discovered by FXG authorities, ”the press release said.

Throughout the program, Ugarte’s businesses received around $ 135 million in gross payments from FedEx Ground, resulting in net profits for its trucking businesses of around $ 24 million, the press release says. .

In the second paycheck protection program loan fraud case, Ugarte pleaded guilty to submitting a fraudulent loan application to the Small Business Administration through the Help, Relief and Relief Act. economic security of the coronavirus. Ugarte admitted that he fraudulently obtained $ 210,000 in P3 loans after failing to disclose that he was facing a federal indictment for his role in the fraudulent trucking scheme.

On May 14, 2020, Ugarte received $ 210,000 from the Transportation Alliance Bank as part of the PPP. Instead of using at least 75% of the loan to pay for salary costs, including bad paychecks, Ugarte used 60% of the loan to pay overdue truck payments – leaving 40% for salary costs. LL

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