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Taxpayers may never know how many jobs the $1 trillion PPP program saved. The government didn’t keep count | Government

April 5, 2021 by Marita Overfelt

Taxpayers may never know how many jobs the  trillion PPP program saved. The government didn’t keep count | GovernmentWASHINGTON — A year after Congress created the Paycheck Protection Program, taxpayers don’t know how many jobs were saved by the nearly $1 trillion in forgivable loans issued to businesses during the pandemic.

And economists and government watchdog groups say they likely never will — because the government didn’t count.

The PPP was pitched as a way to save millions of jobs threatened during the COVID-19 recession. But the Small Business Administration under Trump — and now under Biden — hasn’t tracked figures on jobs that were saved, despite a legal requirement to do so.

“No one will actually know except for the recipients whatever happened with the loan and with the jobs,” said Sean Moulton, senior policy analyst at the government watchdog group Project on Government Oversight.

The SBA’s initial estimate of 50 million jobs “supported” by the PPP was quickly dismissed as wildly inaccurate. Treasury Department economists place the number closer to 19 million, while economists studying the program estimate between 2 million and 5 million.

More than 8.7 million forgivable loans worth $961 billion have been made so far. And President Joe Biden just signed a two-month extension, allowing the SBA to accept applications for $79 billion in loans through May 31. SBA officials told Congress they expect the money to be exhausted by the end of April. (The Los Angeles Times announced last week that it has received a $10-million PPP loan.)

But now a program that was originally promoted as a way to save millions of American jobs appears to have done far more to help the businesses and their owners, early economic studies suggest.

Thousands of businesses, including some that received $10-million PPP loans, reported having preserved no jobs at all with the assistance, according to the SBA. In other cases, PPP recipients used the two or three months of payroll support to simply postpone layoffs. And the smallest businesses — the ones in most need of help to pay employees — often missed out on the program altogether.

Neartly 19 million Americans are currently collecting unemployment insurance benefits. Because nearly half of American workers are employed by a small business, knowing whether the program was successful could be key to understanding how long the country’s economic recovery will take.

When it launched in 2020, the PPP exhausted $349 billion in just 13 days. It was quickly anointed one of the most successful pandemic-relief programs — until questions arose about whether all recipients really needed the money and some high-profile names, like the Shake Shack hamburger chain and the Los Angeles Lakers, returned their loans.

Under the law, Congress required the SBA to collect and make public quarterly data from all businesses that received more than $150,000, including how many jobs were affected by the loan and the company’s estimated economic growth.

In April 2020, just days after the program began issuing loans, the Trump administration’s Office of Management and Budget instructed the agency not to ask loan recipients to report back on the estimated number of jobs created or retained.

The OMB said that “centrally available economic data” would provide sufficient information to produce the report. Its memo did not say where that data would come from, how it would be verified or why it did not want the businesses to provide the information.

The result was a mishmash of data. Some businesses voluntarily listed the employees that would be supported with the money, others declined. Dozens have said the data released by the SBA doesn’t accurately reflect their number of employees or what they listed on their applications.

In January, the agency’s inspector general emphasized in a report that reliable information on the number of jobs saved was not available because the SBA did not collect it.

“SBA officials and national leaders do not have enough information to make informed decisions or determine to what extent the PPP met national program objectives. Additionally, SBA cannot accurately report jobs retained by PPP borrowers,” the watchdog said.

A spokesperson for the OMB on Thursday wouldn’t say whether the Biden administration intends to reverse the Trump policy and begin collecting the data as Congress instructed.

SBA officials told Congress repeatedly last year that clearer jobs numbers would become available once businesses applied for loan forgiveness, a process that is ongoing. That application asks for the number of jobs supported by the loan. But it’s not likely to provide the answer.

Moulton said applications for forgiveness will provide only a snapshot of current conditions, not the five years of jobs data that Congress specifically asked for in the CARES Act to verify whether the loans kept people in their jobs long term. Employees who were paid using the loan could have been laid off as soon as the money ran out, he said.

The PPP’s focus on jobs shifted over the course of the year, as businesses fretted that it did no good to pay employees if they weren’t able to pay rent and stay afloat. That led to changes that allowed more money to be spent on nonpayroll expenses.

Initially, borrowers had to put at least 75% of their loans toward payroll in order to have them fully forgiven. But in June, Congress lowered that threshold to 60%, giving businesses more money to spend on expenses like rent, and more time to spend it.

No one disputes that the program likely helped thousands of small businesses survive. The scope of how many closed and how many stayed open will become more obvious as tax filings and bankruptcy data become available in time, economists say.

Sen. Jeanne Shaheen, D-N.H., said the change made by Congress was an attempt to give small businesses more flexibility to keep their doors open, which in turn would preserve jobs.

“If they close, those people have no place to go to work,” Shaheen said. “Keeping small businesses open is about jobs.”

The program was designed to help as many businesses as possible, with little evidence required from them as to whether they actually faced revenue loss because of the pandemic.

Especially in the early days of the program, much of the money went to businesses that hadn’t lost revenue, had other resources like lines of credit to tap, or faced little risk of laying off workers without the loan.

Microbusinesses, those with fewer than 10 employees, which would have benefited the most from the money, were edged out of the first round by the bigger companies that had existing lending relationships with large banks.

Eric Zwick, an economist at the University of Chicago’s business school who has studied the program, said Congress could have modified the program in the early months of the pandemic after seeing how much money was going to businesses that weren’t in regions or industries facing economic peril because of shutdowns. Congress waited until December to prioritize loans for businesses with fewer employees and with major drops in revenue.

“You could have had the same program, just as (beneficial), possibly for half the price,” Zwick said.

Berkeley Law professor Robert Bartlett, who surveyed businesses in Oakland during the pandemic, found that how much the loan contributed to a business’ expectation of survival depended largely on how many people it employed.

Microbusinesses of fewer than five employees needed their people to continue working in order to stay open and thus benefited the most from payroll support, Bartlett said. They were 20% more likely to say they expected to be open in six months because of the loan.

But for businesses with more than five employees, layoffs were the best way to manage cash flow, and they needed rent help from the government more than payroll support, Bartlett said. While the PPP delayed layoffs for a few months, they reported that the loans did not have a lasting efect on the businesses’ ability to survive the next six months.

“One-size-fits-all programs might be politically expedient, but they may not be what all small businesses … need,” Bartlett said.

The program lapsed in August, but Congress in December approved a second round of loans, tightening eligibility requirements to focus support on the smallest, hardest-hit firms and those with the greatest drops in revenue. Only businesses with fewer than 300 employees could apply for a second loan and money was set aside for particularly small and minority owned businesses. It also created direct grants for performing venues and restaurants, which SBA expects to make available in April.

Businesses applying for PPP loans still don’t have to report the number of jobs saved. Moulton, from the watchdog group, is urging the Biden administration to begin collecting such data, and to retroactively require past recipients to report their figures, as a way to measure the program’s success.

“We are spending money right now on this program,” Moulton said. “It’s never too late to start getting this information.”

Originally Appeared On: https://www.nny360.com/news/government/taxpayers-may-never-know-how-many-jobs-the-1-trillion-ppp-program-saved-the-government/article_55365a42-eceb-5d6c-9196-b6e279746bd9.html

Filed Under: BUSINESS, Chicago Business - Google, REAL ESTATE

Best Home Healthcare Network Recognized by Crain’s Chicago Business 2021 As a Healthcare Hero – For Post-Hospital In-Home Patient Support – Press Release

April 5, 2021 by Marita Overfelt

BHHN (Best Home Healthcare Network) is the leading and go-to home healthcare provider for admitting COVID cases home post healthcare discharge in Cook County.

Chicago, Illinois – April 5, 2021 – Best Home Healthcare Network was pleased to announce their being chosen by Crain’s Chicago Business 2021 as a Healthcare Hero – For Post-Hospital In-Home Patient Support. In the wake of the COVID-19 Pandemic, many home healthcare providers shut down in 2020. Best Home Healthcare Network’s proactive joint operational planning with hospitals to fulfill home healthcare requests during surges took the pressure away from the other remaining home healthcare networks.

Crain’s Chicago considered many factors, among them: BHHN offers short term in-home rehabilitation care to patients discharged from hospitals under primary care physicians’ supervision. Some examples of medical cases their team of Registered Nurses, Physical Therapists, Occupational Therapists (and more) provide support for are: complex clinical care (one example is paraplegic care management), advance stage wounds, ostomy care, providing life-saving IV therapy, complex physical therapy, and more. BHHN did not refuse any COVID + Cases, and routinely supply patients and their families with PPE’s, and screen each patient each visit for ongoing social and medical needs.

The home healthcare providers that hospitals and health plans traditionally rely on reject patients that belong to a disadvantaged demographic and/or insurance class. BHHN leadership’s responsible procurement of surplus PPEs, such as: offering free testing to patients, patients’ families, employees, and employees’ families and clinician’s strict compliance to infection control protocols resulting in 0 incidents of COVID-19 spread from one patient home to another. BHHN fulfilled a surge in demand for in-home clinical support to hospitals and health plans during holidays and the 2nd wave by extending hours while increasing staffing.

During a recent interview, a company spokesperson made these comments, “What makes in-home patient care challenging is providing care to high acuity patients finding themselves in a scenario where they are for the first time: jobless, facing mental health issues, family loss or changed family dynamics.”

He goes on to say, “Some patients were discharged home from the hospital with home healthcare services when their family member was discharged to the funeral home because they died from COVID. In these scenarios our nurses and therapist provided psychological healing during the treatment plan. Furthermore, our clinicians took on high acuity cases in rural areas, outside of their routine territory to help patients be treated.”

The level of professionalism that their in-home visiting clinicians exhibited as they keep exceeding their limits is unexplainable. If there was a rational explanation for their in-home visiting clinicians going above and beyond the call of duty it would be their organizational culture. Some examples included: when visiting clinicians passing the positivity as they pass each other from one home to another, the weekly group calls where BHHN updates the staff with the latest clinical guidelines, 1 on 1 check ins/counseling, and the overwhelming support from the operational staff to offset their burden.

To learn more about Best Home Healthcare Network, visit their official website at: https://www.bhhcare.com

Media Contact
Company Name: Best Home Healthcare Network
Contact Person: Media Relations
Email: Send Email
Phone: 312-461-1700
Address:1300 South Wabash, Suite 200
City: Chicago
State: Illinois 60605
Country: United States
Website: www.bhhcare.com

Originally Appeared On: http://www.digitaljournal.com/pr/5027434

Filed Under: BUSINESS, Chicago Business - Google

LINK Unlimited Scholars Partners with Mesirow and Kirkland & Ellis for Investment in Chicago’s Black Youth | National News

April 5, 2021 by Marita Overfelt

CHICAGO, April 5, 2021 /PRNewswire-PRWeb/ — Two of Chicago’s most recognizable firms, Mesirow and Kirkland & Ellis (Kirkland), announced their support of the LINK Unlimited Scholars (LINK) cohort sponsorship with a generous financial investment in Chicago’s Black youth through the four-year sponsorship of a new class — doubling the incoming class of new high school students.

“We are honored that some of Chicago’s most well-known businesses are joining with us to expand our programming to reach 100 new Scholars,” says Jonathan T. Swain, President and CEO, LINK Unlimited Scholars. “As we continue to address the long-term implications of the COVID-19 pandemic, this investment will allow us to reach even more high-potential Black youth and support them to and through college graduation.”

LINK Unlimited Scholars changes the life trajectory of outstanding Black high-school students through a four-year fellowship. This model closes the opportunity gaps and ensures the long-term economic stability for its Scholars. Throughout their fellowship, LINK Scholars engage in programming for academic enrichment, leadership development, career exposure and college access. Since 2000, 100% of LINK’s senior Scholars have graduated high school with acceptance into selective colleges and universities. A unique component of LINK’s fellowship is one-on-one mentorship for each Scholar. Mentors walk with Scholars for their entire four-year journey, providing invaluable guidance, access to their network, and support during college application and selection, resulting in a lifelong bond for many Mentor-Scholar pairings. For over fifty years, LINK has successfully supported Scholars throughout the city as they move to, through, and beyond college.

“We view LINK as a strategic partner in Mesirow’s work to advance diversity, equity and inclusion not only at the firm and within our industry, but also in terms of creating equitable opportunities for youth in our communities,” says Carl Davis, Head of Diversity, Equity and Inclusion and Corporate Recruitment for Mesirow.

In addition to their generous sponsorship, employees from Kirkland and Mesirow will be invited to serve as LINK Mentors in the upcoming school year. Future Mentors have already completed training requirements and will be matched with Scholars this fall.

“Developing and sponsoring the next generation of diverse leaders within our law firm, the legal profession and our wider communities is a strategic priority for Kirkland. We are proud to partner with LINK to help empower outstanding Chicago youth,” says Joi Bourgeois, Global Director of Diversity & Inclusion for Kirkland & Ellis.

The LINK partnership is the latest in both Kirkland’s and Mesirow’s significant company-wide investments in diversity and inclusion initiatives and community engagement. Through their 2L Diversity Fellowship Program, Kirkland has sponsored 239 Fellows with grants of approximately $5 million since 2004 and dedicates more than 100,000 hours each year to pro bono initiatives across an array of areas to foster a more equitable, inclusive world. In June 2020, the firm also pledged to donate $5 million over five years to support organizations focused on ending racism, achieving inclusion and advancing social justice. Mesirow operates under a six-point commitment to diversity, equity and inclusion (DEI) led by an executive-level DEI Council, and has been an active member and sponsor of organizations advancing DEI in business and the financial services industry — like Chicago United — since 1998. In 2020, Mesirow’s DEI Council led new strategic partnerships with organizations working in Black and Brown communities in economic development, education and broad-based community services, including LINK. Mesirow has deep engagement in Chicago’s Brighton Park neighborhood on the city’s southwest side, dedicating funds and 5,000 hours of volunteer service in education, family services and financial literacy, over a decade-long partnership.

About LINK Unlimited Scholars:

LINK Unlimited Scholars provides high-potential Black students in Chicago with the resources and tools they need to change the trajectory of their future through a four-year high school fellowship that moves them to, through and beyond college. For more information, visit linkunlimited.org.

Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities, and our culture. To learn more, visit mesirow.com and follow us on LinkedIn. Mesirow was recently named one of the Best Places to Work in Chicago by the Chicago Tribune and one of the Top Places to Work by Crain’s Chicago Business.

Kirkland & Ellis is an international law firm with more than 2,700 attorneys representing clients in private equity, M&A and other complex corporate transactions, litigation and dispute resolution/arbitration, restructuring, and intellectual property matters. The Firm operates from offices in 15 cities around the world: Beijing, Boston, Chicago, Dallas, Hong Kong, Houston, London, Los Angeles, Munich, New York, Palo Alto, Paris, San Francisco, Shanghai and Washington, D.C. Kirkland is committed to advancing communities, dedicating substantial energy, talent and resources to meaningful causes and initiatives that reflect its values and vision. Learn more about Kirkland’s commitment at http://www.kirkland.com/social-commitment.

Originally Appeared On: https://www.mdjonline.com/neighbor_newspapers/news/national/link-unlimited-scholars-partners-with-mesirow-and-kirkland-ellis-for-investment-in-chicagos-black-youth/article_1849a0e1-e742-50c4-8b7c-d91351c5c80c.html

Filed Under: BUSINESS, Chicago Business - Google, REAL ESTATE

Cushman and Wakefield Named a Best Place to Work For LGBTQ+ Equality by Human Rights Campaign For Third Consecutive Year

April 4, 2021 by Staff Reporter

Cushman & Wakefield earns perfect score of 100 on the Human Rights Campaign Foundation’s annual assessment of LGBTQ+ workplace equality.

CHICAGO–(BUSINESS WIRE)–Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, announced that it received a score of 100 on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index (CEI), the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. Cushman & Wakefield joins the ranks of 767 major U.S. businesses that also earned top marks this year.

“We are honored to be named a Best Place to Work for LGBTQ+ Equality,” said Nadine Augusta, Cushman & Wakefield’s Chief Diversity, Equity & Inclusion Officer. “Our firm is committed to creating a diverse and inclusive working environment that offers equitable and fair growth opportunities for all our employees, which in turn drives innovation for our clients.”

The CEI rates companies on detailed criteria falling under four central pillars: non-discrimination policies across business entities; equitable benefits for LGBTQ+ workers and their families; supporting an inclusive culture; and corporate social responsibility. Cushman & Wakefield’s efforts in satisfying all of the CEI’s criteria earned a 100 percent ranking and the designation as one of the Best Places to Work for LGBTQ+ Equality.

“From the previously unimaginable impact of the COVID-19 pandemic, to a long overdue reckoning with racial injustice, 2020 was an unprecedented year. Yet, many businesses across the nation stepped up and continued to prioritize and champion LGBTQ+ equality,” said Alphonso David, Human Rights Campaign President. “This year has shown us that tools like the CEI are crucial in the work to increase equity and inclusion in the workplace, but also that companies must breathe life into these policies and practices in real and tangible ways. Thank you to the companies that understand protecting their LGBTQ+ employees and consumers from discrimination is not just the right thing to do—but the best business decision.”

Cushman & Wakefield’s UNITY employee resource group (ERG) for LGBTQ+ employees grew more than 30% in 2020, reaching approximately 600 members in 17 chapters around the world. UNITY’s mission is to increase visibility and provide an open-minded support system for conducting business and addressing the personal requirements of Cushman & Wakefield’s LGBTQ+ and allies community.

“Top marks on the CEI for the third year in a row reflects the hard work and attention our UNITY group has put into providing the right LGTBQ+-related company resources, policies and trainings for our people around the world,” said Adam Stanley, Cushman & Wakefield’s CIO and Chief Digital Officer, and UNITY Executive Sponsor. “I’m proud of the progress we’ve made and look forward to continuing to advance UNITY’s mission to make Cushman & Wakefield the employer of choice in our industry and in the communities where we operate.”

UNITY has partnered with Cushman & Wakefield’s leadership team on a variety of initiatives, including: offering transgender-inclusive health care coverage; updating the firm’s global email signature guidelines to include optional use of preferred gender pronouns; applying self-identification options for LGBTQ+ employees; requiring vendors to follow the firm’s anti-LGBTQ+ discrimination guidelines; and requiring providing tools and resources to HR in order to actively recruit members of the LGBTQ+ community in roles throughout the Americas.

Additionally, in 2020, Cushman & Wakefield strengthened required diversity, equity and inclusion (DEI) training and launched the Global Employee Assistance Fund for employees impacted by the COVID-19 pandemic.

The full report is available online at www.hrc.org/cei.

The Human Rights Campaign Foundation is the educational arm of America’s largest civil rights organization working to achieve equality for lesbian, gay, bisexual transgender and queer people. HRC envisions a world where LGBTQ+ people are embraced as full members of society at home, at work and in every community.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Grace Wilk
Corporate Communications
+1 312 470 1848

Originally Appeared On: https://goodmenproject.com/business-ethics-2/cushman-and-wakefield-named-a-best-place-to-work-for-lgbtq-equality-by-human-rights-campaign-for-third-consecutive-year/

Filed Under: BUSINESS, Chicago Business - Google

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