Small Business Funding

University of New Orleans will furlough some employees [Video]
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University of New Orleans will furlough some employees [Video]

The University of Louisiana System Board of Supervisors approved a request from the University of New Orleans for furloughs for the remainder of the 2024-25 fiscal year. According to UNO, the furloughs are necessary to help address the budget deficit the school is facing. All full-time teaching faculty, not just tenured faculty, are exempt from furloughs, according to UNO. Furloughs also do not affect those not in administrative roles, those on an H1B visa, those in positions fully funded by grants, those with athletic contracts, part-time employees and contract employees.That means that about 290 employees out of 575 full-time on-campus employees will be impacted by furloughs, according to UNO. Employees earning $100,000 or more will be required to take at least three furlough days each pay period, which is every two weeks. According to UNO, the amount of unpaid leave will be determined based on an employee’s salary. A spokesperson for UNO confirmed that the higher the employee’s salary, the more unpaid time will be required. University officials say the plan will save them about $1.7 million, though they admit this is far short of their $10 million budget deficit.The furloughs come after the university announced layoffs at the end of last year along with program and building consolidation. This is a difficult time for the University of New Orleans community, said UNO president Kathy Johnson in an issued statement. We deeply regret the impact these actions will have on our employees and their families. However, these steps are necessary to overcome our current financial challenges and secure the university’s future. We remain committed to transparency and to supporting those affected during this transition, and we believe that UNO will emerge from this.According to a statement issued by UNO, the universitys budget shortfall is driven by several factors, including declining enrollment and rising operational costs. UNO said the following measures have been implemented to address the budget shortfalls: Cost-Cutting Measures: UNO implemented a hiring freeze and spending freeze, eliminated vacant and nonessential positions, reduced the number of administrators and the amount of administrative expenses, and shrunk the campus physical footprint to reduce utility and maintenance expenses. New Revenue Streams: UNO is actively pursuing partnerships with local businesses and applying for additional federal, state and foundation grants to support research and workforce development initiatives. According to UNO, despite those efforts, the budget gap needed further action, which led to the decision for furloughs. Dr. Edwin Litolff, the Vice President of Finance and Administration at UNO, spoke to the University of Louisiana System Board of Supervisors where he painted a concerning picture regarding the challenges the university faces. “There’s no way we’re going to make it to the end of the year without doing furloughs,” said Litolff.According to Litolff, there is several more broken processes that are contributing to the budget shortfall. “In all honesty, I don’t think we had a deadline for when students had to pay. Scholarships are not posted, financial issues we have,” said Litolff. “We’ve got to draw the line. If you don’t pay, you can’t eat at the cafeteria, you can’t get your books. You can’t get grades at the end of the year.”Litolff said fixing the financial issues are going to take time. “There’s a lot involved and maybe I was naive in coming and saying we can do this pretty quickly, but we can’t,” said Litolff. UNO said temporary unpaid leave will begin for eligible full-time employees for at least the remainder of the fiscal year.The university also anticipates more layoffs in the Spring semester. While these actions are necessary, we are deeply sensitive to the hardship they undoubtedly will cause. We remain fully committed to supporting those who are affected through this transition, said Johnson in an issued statement. Our focus remains on protecting UNOs academic mission and its vital role in the New Orleans region. We are pursuing long-term strategies to increase enrollment, secure new funding, and enhance operational efficiency to avoid similar measures in the future.UNO said in an issued statement that it will continue to focus on recruitment and find new funding sources through grants and partnerships. We are confident that these difficult decisions will position the university for sustainable growth and success, Johnson said in an issued statement. UNO remains deeply committed to its mission and its role as a driver of economic development and cultural vibrancy in New Orleans. Together, with the ongoing support of our community and partners, we will secure UNOs future as a vital asset to New Orleans and beyond. For more information on UNO’s budget plan, click here.

Scott Bessent faces US Treasury confirmation hearing [Video]
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Scott Bessent faces US Treasury confirmation hearing [Video]

U.S. Treasury nominee Scott Bessent on Thursday faced sharp questions from both Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the future of an IRS tax filing system that Republicans have called to be cut.And in turn, Bessent defended of President-elect Donald Trump’s economic policies and proposals.Bessent sat in front of the Senate Finance Committee for his confirmation hearing, where he told lawmakers that the U.S. faces economic calamity if Congress does not renew provisions of Trump’s Tax Cuts and Jobs Act. He also asserted the Federal Reserve should remain independent from the president’s influence and U.S. sanctions on Russian oil should be more aggressive.He was introduced by a fellow South Carolinian, Republican Sen. Lindsey Graham, who said the U.S. needs a treasury secretary who knows what hes doing, has the trust of the president and loves his country. Graham added: Your ship came in with this guy.But Democrats, including Sens. Ron Wyden of Oregon and Michael Bennet of Colorado, expressed frustration that Trump’s promise to extend provisions of his 2017 tax cuts would benefit the wealthiest taxpayers and add to the growing national debt that has surpassed $36 trillion.Bennet assailed Bessent for shedding crocodile tears over the debt and spending, while the Tax Cuts and Jobs Act drove up the debt. There’s so many things I think you owe the American people after we have seen the catastrophe” from the tax cuts.Bessent is a billionaire who, before becoming a Trump donor and adviser, donated to various Democratic causes in the early 2000s, notably Al Gores presidential run. He also worked for George Soros, a major supporter of Democrats.Video below: Scott Bessent sounds alarm on deficit during Treasury Secretary confirmation hearingRepublican Sen. Ron Johnson of Wisconsin also probed Bessent with questions about bringing national spending down to pre-pandemic levels.In his testimony, Bessent committed to maintaining the IRS’ Direct File program which allows taxpayers to file their returns directly to the IRS for free at least for the 2025 tax season, which begins Jan. 27. Republican lawmakers say the program is a waste of money because free filing programs already exist, although they are not popular.He also called for stronger sanctions on Russia, saying the Biden administrations sanctions regime isnt muscular enough. I believe the previous administration was worried about raising U.S. energy prices during an election season,” he said.Bessent was one of several people Trump considered for the position. Trump took his time before settling on Bessent as his nominee. He also mulled over billionaire investors John Paulson and Howard Lutnick, whom Trump tapped as his nominee for commerce secretary.The treasury secretary is responsible for serving as the presidents fiscal policy adviser and managing the public debt. He would also be a member of the presidents National Economic Council.If confirmed, Bessent will oversee massive agencies within the Treasury Department, including the Internal Revenue Service. The IRS received a massive boost in funding from Democrats Inflation Reduction Act, though that money has been in constant threat of being cut.Trump expects him to help reset the global trade order, enable trillions of dollars in tax cuts, ensure inflation stays in check, manage a ballooning national debt and still keep the financial markets confident.Productive investment that grows the economy must be prioritized over wasteful spending that drives inflation, Bessent testified.Senators questioned the money manager for more than three hours on his views on the Trump-era tax cuts, tariffs, China and potential conflicts of interest.Sen. Elizabeth Warren, D-Mass., a member of the finance committee, sent Bessent more than 100 written questions in advance, interrogating him on such topics as agency independence, housing, treasury workforce issues and financial stability oversight.In addition, Democrats on the Senate Finance Committee have circulated a document that alleges Bessent has avoided paying roughly $1 million in taxes related to his hedge fund. During the hearing, Bessent said he is up to date on his taxes and litigating the portion of his taxes in controversy. He also committed to shuttering his firm if confirmed to be treasury secretary.Bessent has backed extending provisions of the 2017 Tax Cuts and Jobs Act, which Trump signed into law in his first year in office. Estimates from various economic analyses of the costs of the various tax cuts range from nearly $6 trillion to $10 trillion over 10 years.He calls for spending cuts and shifts in existing taxes to offset the costs that extending the tax cuts would add to the federal deficit.

A retro blue VW van miraculously survives deadly Los Angeles fire [Video]
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A retro blue VW van miraculously survives deadly Los Angeles fire [Video]

TRAGICALLY. THAT WAS LOLITA LOPEZ REPORTING. WE KNOW MANY VOLUNTEERS FROM THE AMERICAN RED CROSS ARE IN SOUTHERN CALIFORNIA RIGHT NOW, HELPING THOSE FIRE VICTIMS. THERES SO MANY OF THEM, TOO. LETS TALK WITH SOMEBODY WHO KNOWS FIRSTHAND HOW THIS IS ALL PLAYING OUT RIGHT NOW. ADAM MAESTAS WITH THE AMERICAN RED CROSS, GOLD COUNTRY REGION. ADAM, THANKS FOR BEING WITH US. HOW DO YOU EVEN BEGIN TO. I MEAN, SOMEONE SOMEONE WHOS JUST HAD THEIR LIFE FLIPPED UPSIDE DOWN AND EVERYTHINGS GONE. WHERE DO YOU START? ON THE ROAD TO RECOVERY? YEAH, THATS A LONG ROAD TO RECOVERY FOR JUST THOUSANDS OF PEOPLE IN SOUTHERN CALIFORNIA RIGHT NOW. OUR IMMEDIATE CONCERNS, OF COURSE, IS JUST SHELTERING AND FOOD AND KEEPING THESE PEOPLE SAFE. YOU KNOW, AS THESE FIRES CONTINUE TO BURN AND CONDITIONS CONTINUE TO GET WORSE THROUGHOUT THE WEEK. BUT RIGHT NOW, WE ARE FOCUSED ON SHELTERING AND HELPING THESE PEOPLE NAVIGATE THAT REBUILDING PROCESS. RIGHT. ITS JUST JUST NAVIGATING, YOU KNOW, BUREAUCRACY AND THE PROCESS OF WHERE TO APPLY FOR FINANCIAL ASSISTANCE, WHO MIGHT GET A GRANT. HOW DO I REPLACE THIS, THAT OR THE OTHER. SO ITS A VERY LONG ROAD TO RECOVERY. BUT OUR WORKERS ARE IN SHELTERS ACROSS EIGHT SHELTERS, HELPING ABOUT 8900 PEOPLE RIGHT NOW. WITH THAT PROCESS. ADAM, WHAT ARE THE LONG TERM NEEDS WHEN IT COMES TO THE RECOVERY PROCESS RIGHT NOW? LIKE I SAID, JUST ABOUT EVERYTHING IS TAKEN CARE OF ON THE GROUND FOR THE IMMEDIATE NEEDS. BUT THESE LONG TERM NEEDS ARE JUST GOING TO BE GETTING THESE PEOPLE ON THE ROAD TO RECOVERY AND INTO THE NEXT THING, THE NEXT STEP IN THEIR LIVES, WHATEVER THAT LOOKS LIKE. TO FACILITATE THAT, THE RED CROSS ALWAYS PLAYS A PART. WE CAN PLAY A PART WITH HELPING PEOPLE NAVIGATE THAT PROCESS, AS WELL AS FINANCIAL INDIVIDUAL ASSISTANCE GRANTS THAT GO OUT TO PEOPLE THAT ARE IN THAT FIRE PERIMETER THAT WEVE PRE-IDENTIFIED, AND IF THEY QUALIFY, THEY CAN GET A CHECK, YOU KNOW, USUALLY RIGHT AWAY. SO THAT PROCESS IS STARTING THIS WEEK. AND AGAIN, THE TWO DRIVERS THAT MAKE THE RED CROSS SO EFFECTIVE AND MOBILIZING QUICKLY IN RESPONDING TO DISASTERS LIKE THESE ARE VOLUNTEERS, RIGHT. AND CASH DONATIONS. SO ITS ALWAYS A GOOD TIME TO PICK UP THE PHONE OR GO TO RED CROSS.ORG AND START EITHER OF THOSE JOURNEYS. RIGHT. WE SUBSIST ALMOST ENTIRELY ON PEOPLE AND DONATIONS FROM EVERYDAY PEOPLE LIKE YOU AND I. ALL RIGHT, ADAM, THANK YOU SO MUCH FOR YOUR TIME