Latest news with #emergencyloan
Bloomberg
21 hours ago
- Business
- Bloomberg
California Pitches Emergency Loans for LA, Local Transit Systems
California lawmakers proposed a state-run emergency loan program for local governments around Los Angeles as well as Bay Area transit agencies that have struggled to regain ridership. The lending program would allow LA-area governments to borrow as much as $1 billion over the next two fiscal years, as the localities recover from January's historic wildfires. Transit agencies that serve residents in and around San Francisco would be able to borrow as much as $750 million. The initiative was proposed as part of a budget plan released Monday by lawmakers in the state senate and assembly.
CBS News
4 days ago
- Business
- CBS News
Maryland launches emergency loan program for federal workers impacted by mass layoffs
Maryland launched an emergency loan program Thursday for federal workers who were impacted by mass layoffs. The program, which was created under the state's new Protect Our Federal Workers Act, allows impacted federal employees to qualify for a no-interest loan. Resources for former federal workers in Maryland Maryland's Protect Our Federal Workers Act was signed into law in April. The law allocates funding to support workers who have been impacted by the Trump administration's cuts. The administration's workforce cuts aim to reduce federal spending and make the government run more efficiently, but the move has caused concerns across the country. In Maryland, the drastic number of layoffs prompted leaders to take action. Since layoffs picked up in February, Gov. Wes Moore has launched several resources for impacted federal workers, including partnerships to bolster hiring at state agencies. Maryland had about 269,000 residents who were employed by the federal government in 2023, according to the Department of Labor. Qualifying for Maryland's federal worker loan The $700 Federal Emergency loan has to be repaid within 180 days, though there is an option for a 90-day extension. Former federal employees can qualify for the loan if they meet the following criteria: A Maryland resident Terminated from a federal job due to mass layoffs, relocation or closure Termination occurred within six months before a loan application is completed or after January 1, 2025 Experiencing financial hardship impacting the ability to pay rent, mortgage, utilities, healthcare, childcare costs or other expenses "Let's be clear—these federal workers didn't lose their jobs because they failed us," said House Majority Whip Jazz M. Lewis. "They lost them because of reckless decisions in Washington that turned public servants into political targets. These are our neighbors, our veterans, our civil servants—people who dedicated their lives to this country." Find more information about Maryland's Federal Emergency Loan HERE.
The Independent
20-05-2025
- Business
- The Independent
Thames Water drops bonuses due for bosses after Government criticism
Thames Water has 'withdrawn' plans to pay senior bosses large bonuses linked to the water company securing a £3 billion emergency loan, Environment Secretary Steve Reed has said. Mr Reed confirmed the proposals had been dropped during an Environment, Food and Rural Affairs (Efra) committee session with MPs on Tuesday. Earlier in the day, Thames Water's chairman admitted to incorrectly stating that the so-called retention plan was 'insisted upon' by the company's lenders. This was set to amount to 50% of senior bosses' salaries, leading to them getting £1 million on top of their annual salaries and regular bonuses. The payments were linked to Thames Water securing a rescue loan earlier this year that could reach £3 billion to stave off collapse. Mr Reed told MPs that Thames Water had been 'trying to circumvent' upcoming rules that can ban water companies from paying bonuses, by 'calling their bonuses something different so they continue to pay them'. 'I'm very happy indeed that Thames have now dropped those proposals,' he said. 'It was the wrong thing to do. It offends against their own customers' sense of fair play. Asked if he was confirming Thames will not be making the retention payments, he said: 'They won't be doing that. 'The Government will take any action necessary to prevent them trying to circumvent the ban that we've now tried to put in law. They've now withdrawn their proposal to make those payments.' Thames' chairman Sir Adrian Montague said he may have 'misspoken' when he said the group's creditors 'insisted' upon the retention incentives, when quizzed on the struggling water firm's turnaround at an Efra committee session last week. In a letter to the committee, Sir Adrian wrote: 'I appreciate that in the heat of the moment I may have misspoken when I stated that the creditors insisted on the management retention plan.' Thames Water is England's biggest water firm and supplies around 16 million households across London and the South East. The company has been at the centre of growing public outrage over the extent of pollution, rising bills, high dividends, and executive pay and bonuses at the UK's privatised water firms. Downing Street said on Tuesday that Thames Water bosses should not be receiving bonuses. The Prime Minister's official spokesman said: 'Water bosses rewarding themselves for failure is clearly not acceptable and ministers are clear that, after presiding over years of mismanagement, Thames Water should not be handing itself bonuses. 'The new Ofwat powers that are set out in the Water Act and will be coming into effect shortly will be applied retrospectively, meaning that they apply to Thames Water, just as they will any other company.' The regulator's new rules mean it can ban bonus payments to water bosses if they fail to meet standards to protect the environment, their consumers, and their company's finances. It also means it could block payments funded not just by customer money, but also by lenders and shareholders. Thames Water has said the retention incentives are different to performance-related bonuses, so are not covered by the rules, and will be funded by lenders.
The Independent
20-05-2025
- Business
- The Independent
Thames Water chairman rows back on comments over bonuses for bosses
Thames Water's chairman has admitted to incorrectly stating the water firm's lenders insisted on top bosses receiving large bonuses as part of a recent £3 billion emergency loan. Sir Adrian Montague said he may have 'misspoken' during an Environment, Food and Rural Affairs (Efra) committee session with MPs last week. In a letter to the committee, published on Tuesday, Sir Adrian wrote: 'I appreciate that in the heat of the moment I may have misspoken when I stated that the creditors insisted on the management retention plan.' The executive had previously said lenders 'insisted' upon the so-called retention incentives when quizzed on the struggling water firm's turnaround. These could amount to 50% of senior bosses' salaries, leading to them getting £1 million on top of their annual salaries and regular bonuses. Rewarding executives was important to stop rivals from 'picking off' senior members of the team, the chairman said last week. The payments are linked to Thames Water securing a rescue loan earlier this year that could reach £3 billion to stave off collapse. In Tuesday's letter, Sir Adrian went on to suggest that creditors agreed to, rather than insisted upon, the bonus payments linked to the funding. 'It was agreed that a retention plan was important to retain the people best placed to deliver the improved outcomes our stakeholders rightly expect during this current period of uncertainty and this was reflected in the term sheet we agreed with our creditors,' he wrote. Thames Water is England's biggest water firm and supplies around 16 million households across London and the South East. The company has been at the centre of growing public outrage over the extent of pollution, rising bills, high dividends, and executive pay and bonuses at the UK's privatised water firms.
