$50bn+ for business in pandemic package

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A $20 billion loan guarantee for small businesses, $31.9 billion of grants to encourage small businesses to keep workers and $18 billion of support for welfare recipients and people who lose their jobs are the key elements in the federal government’s second round COVID-19 economic response.

That adds to a $17.6 billion stimulus package announced earlier this month, $15 billion to buy asset backed securities from small lenders, and a $90 billion Reserve Bank facility for bank liquidity.

Adding to a total of $189 billion, the combined packages are equal to about 10 per cent of GDP.

Small and medium sized businesses and non-profits with turnover below $50 million will receive payments of up to $100,000 to pay bills and retain staff.

That will cost $31.9 billion.

A loan guarantee scheme will underwrite 50 per cent of new small business loans up to a value of $20 billion, which would support $40 billion of loans. 

There’s also a big regulatory change which will increase the threshold for creditors issuing statutory demands, and will provide relief for directors trading while insolvent.

Direct payments to households will include a $550 per fortnight Coronavirus supplement as an addition to existing JobSeeker, Youth Allowance

Insolvency law a ‘Swachhata drive’ against non-performing asset: IBBI chief

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The “evolving” insolvency law is a kind of “Swachhata drive” to clean up non-performing assets as well as put companies in the hands of capable and credible people, according to chief M S Sahoo. Around 3,600 companies have been admitted under the (IBC) so far.


While acknowledging that the Code is still evolving, Sahoo said authorities are conscious of the emerging needs.



“As and when they find a problem, they try to address it as expeditiously as possible. The insolvency professionals, creditors, NCLT, — all are on a steep learning curve. The Supreme Court has been settling matters at a quick pace. I believe the road to success is always under construction,” he told PTI in a recent interview.


Sahoo is the chairperson of the Insolvency and the Bankruptcy Board of India (IBBI), a key authority in implementing the Code. A case is taken up under the Code only after approval from the National Company Law Tribunal (NCLT).


When asked about the enduring benefits of the Code, which came into force in 2016, the chairperson said, “This is another kind

Reduce video quality to ease network pressure: COAI to streaming platforms

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With the government suspending train, metro services, and locks down several districts of the country, Cellular Operators Association of India (COAI) has anticipated a spike in online video streaming demand amid lockdown and quarantine measures to contain the spread of The association has also urged the government to issue immediate instructions to streaming platforms like Netflix, Amazon Prime and others to take measures that will ease pressure on network infrastructure. It has also approached the streaming platforms cautioning them about the possible surge in digital use that would strain network infrastructure of telecom operators.

It also urged to take urgent steps like temporarily switching to SD (standard definition) from HD (hi definition) streaming, removing high bandwidth-consuming advertisements and pop-ups, and replacing them with public announcements on awareness regarding the virus — much in line with what did in Europe. COAI has written to a dozen streaming platform including Amazon Prime Video, YouTube, Hotstar, Zee5, Alt Balaji, Voot, Sony Liv, Viuclip, Hoichoi, Netflix, SunNXT and seeking their “cooperation for joint action to facilitate smooth functioning of data communications services in this critical period”.


In a letter to Telecom Secretary Anshu Prakash, COAI has

How to become financially independent

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We all want to be able to spend on luxuries and holidays to enjoy, but in order to be able to spend money, we must first have money.

Starting off on the career ladder can be daunting and confusing and when all you want to do is become financially independent and have your own livingspace to enjoy life in; it can be frustrating to navigate.

Loans, such as Bad Credit Payday Loans products, are for financial emergencies only, so we need to find other ways in which to save our money so we can stand on our own two feet financially.

We have handpicked our top 5 ideas which we think could help you with your financial independence. 

Budget

Although we would love to be able to immediately spend our hard-earned money on a nice meal or a new outfit, we know that we mustn’t ‘splash our cash’ if we want to eventually become financially independent. In order to prevent spending out on things you don’t need, you should think about budgeting your money instead. Give yourself a set amount of money you can spend on certain monthly outgoings until payday, such as limiting the amount that you spend on

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