Latest news with #NationalEmploymentLawProject
Yahoo
an hour ago
- Business
- Yahoo
Logan Finance Launches Open Road Series: Seven Non-QM Solutions Breaking Down Barriers to Homeownership
HAUPPAUGE, N.Y., June 9, 2025 /PRNewswire/ -- Logan Finance Corporation, a top-five Non-QM lender, today unveiled its Open Road product series: seven specialized mortgage solutions transforming how mortgage brokers and correspondent lenders approach challenging loan scenarios. The suite addresses the financing gap affecting millions of creditworthy borrowers who don't meet conventional lending requirements. With more than 16.75 million self-employed Americans, per the National Employment Law Project, the Open Road series arrives as traditional lending criteria become increasingly disconnected from modern borrower profiles. "Every day, mortgage brokers and mortgage lenders encounter talented entrepreneurs, successful investors, and international buyers who deserve homeownership but can't check the conventional boxes," said Don Pace, CEO at Logan Finance. "Our Open Road series recognizes that the path to homeownership has evolved, and our lending solutions need to as well." The Open Road series features: Asset Qualification (Beyond) –Turn retirement accounts into keys. Perfect for your affluent buyers. Bank Statement (Overland) – Because tax returns don't tell the whole story. 12-24 months of bank statements can help. Condotel (Horizon) – Resort properties. Condo-hotels. Up to 75% LTV financing. DSCR (Autobahn) – Airbnb-ready financing. DSCR for vacation rentals up to $1.5M at 70% LTV DSCR: No-Ratio (Accelerate) – Qualify on guarantor's FICO, property LTV and reserves. Experienced investors can use this as a ticket to portfolio growth. Full Doc (Roam) – Complex income, simple solution. Loan amounts up to $3M. P&L (Reach) – Smart businesses deserve smart loans. CPA-prepared P&Ls welcome. "We've built solutions that work in the real world," said Bobby Love, President at Logan Finance. "Our scenario desk handles income calculations within 24 hours, our underwriters specialize in each product type, and we provide white-label marketing materials brokers and correspondents can use immediately. We're not just offering products—we're offering a partnership." Key mortgage broker and correspondent advantages include: Same-day scenario analysis Dedicated condo review desk Private-label marketing materials Custom training programs Technology integration with major platforms The complete Open Road product suite is available immediately through Logan Finance's wholesale and correspondent channels. To learn more, email bizdev@ About Logan Finance Corporation Logan Finance Corporation (NMLS ID # 127722) is a leading Non-QM mortgage lender providing access to innovative home financing solutions. Through its Correspondent and Wholesale channels, Logan offers a full suite of Non-QM products, including DSCR, Bank Statement, Condotel, Full-Doc, P&L, DSCR No-Ratio, and Asset Qualification loans. With over 70 years of lending experience, Logan continues to grow by staying true to its founding principles: a commitment to excellence and a relentless focus on delivering an exceptional customer experience. Equal Housing Opportunity Lender. View original content to download multimedia: SOURCE Logan Finance Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
23-04-2025
- Business
- USA Today
'I'm alarmed': With recession fears rising, jobless benefits still fall short: Report
'I'm alarmed': With recession fears rising, jobless benefits still fall short: Report Show Caption Hide Caption Can you get unemployment if you quit? What to know about benefits. Being out of work doesn't mean you automatically qualify for unemployment benefits. Here's what to know before applying. During the COVID-19 recession, 22 million laid-off workers sought unemployment benefits, sparking chaos in the payment system and compounding the financial woes of jobless Americans. Five years later, with many forecasters predicting another downturn is likely in 2025, a far less burdened benefits system remains plagued by myriad problems that could hamper payments to Americans who lose their jobs in an economic slump, according to a new report. Nearly 1 in 5 unemployment insurance recipients say their benefits were inadequate, with a third complaining they've struggled with food insecurity despite the payments, according to a survey and study by the National Employment Law Project. Large shares of beneficiaries also lament delayed payments, jammed phone lines, hard-to-navigate websites and incorrectly denied benefits, among other issues, according to the survey, which was conducted in partnership with online polling firm YouGov in September. The firms surveyed 1,480 workers who were unemployed at some point from 2019 to 2024 and the results were provided exclusively to USA TODAY. 'I'm alarmed,' said Amy Traub, senior researcher and policy analyst for NELP and a co-author of the study. 'The unemployment insurance system is really falling far short in its function of supporting unemployed workers.' The gaps exist even though Congress provided $1 billion in the American Rescue Plan of 2021 to shore up jobless benefits. Traub said the money did foster more timely payments and website improvements but there are still shortcomings in those and other areas. States finance unemployment payments themselves while the federal government bankrolls the system's technology and infrastructure. Both are funded by payroll taxes that are generally paid by employers. Why do we have unemployment insurance? Besides helping workers make ends meet when they lose their jobs, jobless benefits bolster consumer demand, helping avoid – or dig the economy out of – a recession, the NELP report says. And the payments ensure that workers have enough time to find a job that best suits their skills, improving the efficiency of the labor market and economy. Economists surveyed say there's a nearly 50% chance of a recession because of President Donald Trump's sweeping tariffs on imported goods, according to a survey by Wolters Kluwer Blue Chip Economic Indicators. JPMorgan Chase has put the odds at 60%. Among the lingering trouble spots with the system: Benefits fall short Nineteen percent of the unemployment recipients polled said the money they received wasn't enough to meet their financial needs, the survey showed. To be sure, the checks go a long way toward helping laid-off workers stay afloat. Of unemployment applicants who didn't receive benefits, 51% experienced hunger, 40% struggled to pay their rent or mortgage and 37% had a hard time paying medical bills, according to the survey. By contrast, among those obtaining payments, 33% went hungry at times, 29% had issues with housing payments and 30% couldn't pay medical costs. Yet it's troubling that about a third of beneficiaries still had difficulty covering basic expenses, Traub said. 'During the next recession, if we have large numbers of workers who lose their jobs, we want to be sure they're not going hungry or losing their homes,' she said. A big reason many recipients can't cover such necessities is the wide disparities among states in their benefit disbursements, Traub said. In early 2024, for example, Alabama workers received an average benefit of $252 a week, replacing 29% of their prior wage on average, while workers in Washington state got an average $721 a week, or 49% of their previous pay. On average across the U.S., unemployment covered 36% of a worker's previous pay. Also, most states provide up to 26 weeks of benefits – a standard that's typically expanded in a recession – but 13 states dole out checks for 12 to 21 weeks, including Arkansas, Iowa, Michigan, Oklahoma, South Carolina, Alabama, Kansas and Florida, according to the Center on Budget and Policy Priorities. Jammed phone lines, uncooperative websites, late payments During the COVID-19 pandemic, an unprecedented surge of applicants struggled to obtain payments. Surprisingly, freshly laid-off workers nowadays, numbering about 200,000 each week, still face obstacles. From 2022 to 2024, about 22% of applicants said they couldn't reach their state unemployment office by phone, the same share as during the pandemic (2020-2021); 20% complained of hard-to-navigate websites vs. 23% during the health crisis; and 17% pointed to delays receiving payments, compared to 21% during the crisis. Many states beefed up staffing during the COVID-19 pandemic, shifting workers from other parts of state unemployment agencies to customer service, but moved them back to their old positions as the spike in applications ebbed, Traub said. In many cases, that left a reduced but still sizable share of workers struggling to access benefits. Employers discourage workers from applying Nearly 1 in 5 workers said an employer tried to deter them from applying for benefits, with 14% saying such steps included telling them they weren't eligible and 5% threatening retaliation if they applied. Employers may have the incentive to dissuade staffers from filing for unemployment because the taxes they pay to support the benefits system are based on the number of their workers who successfully file claims. 'It's not really up to the employer who's eligible and who's not,' Traub said. Incorrectly denied benefits About 17% of applicants polled said they were improperly denied benefits since the pandemic. The question of whether applicants are entitled to payments can get thorny, hinging on whether they were laid off or fired for cause, and whether they met thresholds for the number of hours they worked and the wages they earned in previous months, Traub said Discrimination About 7% of applicants said they faced discrimination because of race or other reasons when they sought benefits, the survey showed. In a related issue, a growing number of states are using new ID verification systems to detect fraud, according to the report, which was coauthored by researchers Alexander Hertel-Fernandez and Sanjay Pinto. Twelve percent of Black workers report trouble verifying their identity, more than twice the share of white employees, according to NELP's survey. The NELP report pointed to facial recognition technology that's less accurate for people with darker skin and questions that rely on data from credit bureaus. Black workers are less likely to have substantial credit histories on file, the report said. Workers in Southern states face more hurdles Broadly, workers in Southern states are far more likely than those in other regions to complain of discrimination, delayed payments, low payment levels and inadequate duration of payments, the report said. It cited racism and a 'lack of adequate support for social infrastructure' that may more prevalent in the South. Among NELP's recommendations to bolster the system:
USA Today
22-04-2025
- Business
- USA Today
Where is minimum wage increasing in 2025? These states and cities are due for hikes
Where is minimum wage increasing in 2025? These states and cities are due for hikes While workers across many jurisdictions have already seen minimum wage increases this year, some Americans are still due for a bump in 2025. Jan. 1, 2025 marked a popular day for pay increases across the U.S., as 21 states and 48 cities raised their minimum wage rates. Meanwhile, planned hikes are in place for at least four states and more than a dozen cities through the end of 2025, according to a report by the worker advocacy group National Employment Law Project. At the federal level, Sen. Bernie Sanders, I-Vt., and Rep. Bobby Scott, D-Va. introduced on April 8 the Raise the Wage Act, proposing to raise the federal minimum wage from $7.25 to $17 per hour and gradually end the "subminimum" wage for tipped workers. However, it faces a Republican trifecta across Congress and the White House. Here is what to know about minimum wage increases going into effect across the country in 2025. States with minimum wage changes after Jan. 1, 2025 According to data compiled by the National Employment Law Project, the following states have enacted minimum wage increases after the New Year or are set for increases later this year: Michigan: $12.48 per hour became the new minimum wage as of Feb. 21 $12.48 per hour became the new minimum wage as of Feb. 21 Alaska : $13.00 will be the new minimum wage as of July 1 : $13.00 will be the new minimum wage as of July 1 California : $18.63-$24 will be the new minimum wage for healthcare, depending on the type of facility, as of July 1 : $18.63-$24 will be the new minimum wage for healthcare, depending on the type of facility, as of July 1 Oregon : $15.05 will be the new standard minimum wage as of July 1. The minimum rate is $16.30 for the Portland metro area and $14.05 for nonurban communities. : $15.05 will be the new standard minimum wage as of July 1. The minimum rate is $16.30 for the Portland metro area and $14.05 for nonurban communities. Florida: Minimum wage will increase to $14 and $10.98 for tipped employees on Sept. 30 These cities see minimum wage hikes throughout 2025 Here are some of the cities and jurisdictions seeing minimum wage hikes this year, according to data compiled by the National Employment Law Project: Santa Fe, New Mexico: Minimum wage increased to $15 per hour, effective March 1 Minimum wage increased to $15 per hour, effective March 1 Los Angeles County, California: Minimum wage increases to $17.81, effective July 1 Minimum wage increases to $17.81, effective July 1 San Francisco : Minimum wage increases to $19.18, effective July 1 : Minimum wage increases to $19.18, effective July 1 Washington, D.C.: Minimum wage increases to $17.95, effective July 1 Minimum wage increases to $17.95, effective July 1 St. Paul, Minnesota: Small and micro businesses will see an increase to $15 and $13.25, respectively, effective July 1 Minimum wage debates moving through state legislatures Virginia : Gov. Glenn Youngkin vetoed a bill in March that would have raised the minimum wage to $13.50 per hour by Jan. 1, 2026 and $15 per hour on Jan. 1, 2027. : Gov. Glenn Youngkin vetoed a bill in March that would have raised the minimum wage to $13.50 per hour by Jan. 1, 2026 and $15 per hour on Jan. 1, 2027. Tennessee : A 2025 bill to raise the minimum wage to $20 per hour has stalled, reported the Tennessean, part of the USA TODAY Network. : A 2025 bill to raise the minimum wage to $20 per hour has stalled, reported the Tennessean, part of the USA TODAY Network. North Carolina : The wage floor in North Carolina is set by the federal rate, $7.25. A bill proposing a $22 per hour minimum wage was referred to a committee on March 11, while a separate measure to increase the wage annually until it reached $18 per hour in 2030 was also referred to a committee. : The wage floor in North Carolina is set by the federal rate, $7.25. A bill proposing a $22 per hour minimum wage was referred to a committee on March 11, while a separate measure to increase the wage annually until it reached $18 per hour in 2030 was also referred to a committee. Michigan : Gov. Gretchen Whitmer signed a bill in February that will increase the minimum wage to $15 per hour by 2027. It will also increase wages for tipped workers incrementally. : Gov. Gretchen Whitmer signed a bill in February that will increase the minimum wage to $15 per hour by 2027. It will also increase wages for tipped workers incrementally. Florida: While Florida's minimum wage gets increased every year due to a prior law, bills under consideration in the state legislature, SB 676 and HB 541, would carve out exemptions for apprenticeships, internships or work-study programs to be able to work for less, according to the Daytona Beach News-Journal, part of the USA TODAY Network. Minimum wage increased as inflation persisted; advocates say it's not enough Minimum wage increases throughout the entirety of 2025 will directly impact 3 million workers earning minimum wage, and can also help bump up wages for another 6.2 million workers as companies adjust to the new minimum, USA TODAY previously reported. Wage jumps in recent years have helped some Americans try to keep up with inflation, which hit a 40-year high of 9.1% in mid-2022 before falling to 2.4% in March. However, some of the trade policies pursued by the Trump administration have experts concerned that inflation rates could rise again. Economists: Trump's sweeping tariffs could mean a US recession, much higher inflation Advocates have pointed out that some minimum wages are below what they call the "living wage" threshold for the cost of living in the area. Others argue that raising the minimum wage is associated with higher prices and job loss. Contributing: Paul Davidson, Diana Leyva, C. A. Bridges, USA TODAY Network Kinsey Crowley is a trending news reporter at USA TODAY. Reach her at kcrowley@ Follow her on X and TikTok @kinseycrowley or Bluesky at @
Time of India
21-04-2025
- Business
- Time of India
Minimum Wage Hikes 2025: Which states and cities are raising pay—and by how much?
Minimum wage earners across the United States are set to receive additional pay bumps in 2025, as states and cities enact phased increases aimed at addressing economic inequality and cost-of-living concerns. According to recent data released by the National Employment Law Project, several jurisdictions are implementing mid-year revisions to wage floors, building on a wave of increases introduced at the start of the year. While 21 states and 48 localities raised their minimum wage rates on January 1, additional upward revisions are expected through the remainder of 2025. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Boumerdes - Watch What Happens Happy in Shape Undo These adjustments are viewed as vital in an economic environment still adjusting to the inflationary spikes witnessed since 2022. States Preparing for New Increases Several states are scheduled to revise their minimum wage rates beyond the start of the year, many with targeted increases depending on industry or geographic area, as mentioned in a report by USA Today. Live Events Michigan implemented a wage hike to $12.48 per hour on February 21. Alaska is slated to raise its minimum wage to $13.00 beginning July 1. California, known for industry-specific pay rates, will raise wages for healthcare workers to between $18.63 and $24 per hour starting July 1, depending on facility type. Oregon will set its new standard minimum wage at $15.05 from July 1. Rates in the Portland metro area will rise to $16.30, while nonurban regions will see a $14.05 floor. Florida will increase its statewide rate to $14 on September 30, alongside a rise for tipped workers to $10.98. City-Level Adjustments Also Underway Urban centers, where living costs often outpace state averages, are also pushing forward with tailored minimum wage hikes in 2025, as per the report by USA Today. Santa Fe, New Mexico moved to $15 per hour effective March 1. Los Angeles County, California will increase the rate to $17.81 beginning July 1. San Francisco will raise its minimum to $19.18, also on July 1. Washington, D.C. is preparing for a hike to $17.95 on the same date. In St. Paul, Minnesota, small and micro businesses will transition to $15 and $13.25 respectively starting July 1. Legislative Developments Around the Country Minimum wage debates continue in state legislatures, reflecting a divide in policy priorities. In Virginia, Gov. Glenn Youngkin vetoed legislation to raise the rate to $13.50 in 2026 and $15 in 2027. Tennessee's proposed $20 minimum wage has stalled in committee. North Carolina remains aligned with the federal minimum of $7.25, though competing bills propose increases to either $18 by 2030 or $22 outright. Michigan has passed legislation aiming for a $15 minimum wage by 2027, including incremental increases for tipped workers. Florida lawmakers are considering bills that would exempt certain roles, such as interns and apprentices, from full wage guarantees. Broader Economic Context The wage increases come as inflation, which peaked at 9.1% in mid-2022, has receded to 2.4% as of March. Nonetheless, advocates argue that prevailing minimum wage levels in many areas remain insufficient to meet living costs. They estimate the 2025 adjustments will directly benefit around 3 million minimum wage workers and could indirectly lift earnings for an additional 6.2 million employees as employers adjust pay scales. However, opposition persists. Critics claim that higher minimum wages could result in job losses and price hikes, a tension that continues to shape wage policy at both the state and federal levels. Despite the introduction of the Raise the Wage Act by Senator Bernie Sanders and Representative Bobby Scott to set the federal minimum at $17 per hour, the measure faces stiff resistance under a Republican-controlled government. As economic challenges persist, minimum wage policies remain a key focus in debates over worker equity and fiscal sustainability across the United States. FAQs Are there new minimum wage increases happening in 2025? Yes. In addition to the 21 states and 48 localities that raised wages on January 1, several others are implementing mid-year hikes throughout 2025 to address inflation and cost-of-living pressures. Why are these changes happening now? Despite inflation dropping to 2.4% in March 2025 (from a peak of 9.1% in 2022), many workers still struggle with living costs. Lawmakers and advocates argue that higher wages are essential for economic equity and sustainability.
Yahoo
21-04-2025
- Business
- Yahoo
California among states due for minimum wage hikes in 2025; these workers to benefit the most
While workers across many jurisdictions have already seen minimum wage increases this year, some Americans are still due for a bump in 2025, including many workers in California. Jan. 1, 2025 marked a popular day for pay increases across the U.S., as 21 states and 48 cities raised their minimum wage rates. Meanwhile, planned hikes are in place for California and at least three other states and more than a dozen cities through the end of 2025, according to a report by the worker advocacy group National Employment Law Project. At the federal level, Sen. Bernie Sanders, I-Vt., and Rep. Bobby Scott, D-Va. introduced on April 8 the Raise the Wage Act, proposing to raise the federal minimum wage from $7.25 to $17 per hour and gradually end the "subminimum" wage for tipped workers. However, it faces a Republican trifecta across Congress and the White House. Here is what to know about minimum wage increases going into effect in California and across the country in 2025. According to data compiled by the National Employment Law Project, the following states have enacted minimum wage increases after the New Year or are set for increases later this year: Michigan: $12.48 per hour became the new minimum wage as of Feb. 21 Alaska: $13.00 will be the new minimum wage as of July 1 California: $18.63-$24 will be the new minimum wage for healthcare, depending on the type of facility, as of July 1 Oregon: $15.05 will be the new standard minimum wage as of July 1. The minimum rate is $16.30 for the Portland metro area and $14.05 for nonurban communities. Florida: Minimum wage will increase to $14 and $10.98 for tipped employees on Sept. 30 Here are some of the cities and jurisdictions seeing minimum wage hikes this year, according to data compiled by the National Employment Law Project: Santa Fe, New Mexico: Minimum wage increased to $15 per hour, effective March 1 Los Angeles County, California: Minimum wage increases to $17.81, effective July 1 San Francisco: Minimum wage increases to $19.18, effective July 1 Washington, D.C.: Minimum wage increases to $17.95, effective July 1 St. Paul, Minnesota: Small and micro businesses will see an increase to $15 and $13.25, respectively, effective July 1 Virginia: Gov. Glenn Youngkin vetoed a bill in March that would have raised the minimum wage to $13.50 per hour by Jan. 1, 2026 and $15 per hour on Jan. 1, 2027. Tennessee: A 2025 bill to raise the minimum wage to $20 per hour has stalled, reported the Tennessean, part of the USA TODAY Network. North Carolina: The wage floor in North Carolina is set by the federal rate, $7.25. A bill proposing a $22 per hour minimum wage was referred to a committee on March 11, while a separate measure to increase the wage annually until it reached $18 per hour in 2030 was also referred to a committee. Michigan: Gov. Gretchen Whitmer signed a bill in February that will increase the minimum wage to $15 per hour by 2027. It will also increase wages for tipped workers incrementally. Florida: While Florida's minimum wage gets increased every year due to a prior law, bills under consideration in the state legislature, SB 676 and HB 541, would carve out exemptions for apprenticeships, internships or work-study programs to be able to work for less, according to the Daytona Beach News-Journal, part of the USA TODAY Network. Minimum wage increases throughout the entirety of 2025 will directly impact 3 million workers earning minimum wage, and can also help bump up wages for another 6.2 million workers as companies adjust to the new minimum, USA TODAY previously reported. Wage jumps in recent years have helped some Americans try to keep up with inflation, which hit a 40-year high of 9.1% in mid-2022 before falling to 2.4% in March. However, some of the trade policies pursued by the Trump administration have experts concerned that inflation rates could rise again. Economists: Trump's sweeping tariffs could mean a US recession, much higher inflation Advocates have pointed out that some minimum wages are below what they call the "living wage" threshold for the cost of living in the area. Others argue that raising the minimum wage is associated with higher prices and job loss. Contributing: Paul Davidson, Diana Leyva, C. A. Bridges, USA TODAY Network Kinsey Crowley is a trending news reporter at USA TODAY. Reach her at kcrowley@ Follow her on X and TikTok @kinseycrowley or Bluesky at @ This article originally appeared on USA TODAY: Minimum wage increases 2025: Changes coming in California, SF, LA
