Behind GM, Ford’s new EV technique is old-time financing: Money

The cab to a Ford all-electric F-150 Lightning truck prototype is seen on an automated guided vehicle (AGV) at the Rouge Electric Vehicle Center in Dearborn, Michigan, September 16, 2021.

Rebecca Cook | Reuters

Detroit’s automakers have brought a surprisingly conservative financial strategy to making EVs the next vehicle of choice for American consumers.

They’re paying cash.

General Motors other ford are investing $65 billion between them – $35 billion at GM and $30 billion for Ford – and, so far, don’t propose to borrow any of it. Instead, the most radical change in auto products in a century is being paid for out of the companies’ operating cash flow – seriously reducing the risk to the companies over time, and, for now, boosting their stock prices.

“The short answer is that they are doing it because they can,” said Nishit Madlani, automotive sector lead at bond rating agency Standard and Poor’s. “The popularity of trucks [since the pandemic began] and strong pricing is giving them confidence.”

Detroit’s aggressive investment and conservative financing has been years in the making. It has been aided by $4 billion borrowed by GM in May 2020, and by Ford drawing down a revolving credit line by $15 billion around the same time, moves intended to cushion a feared sales implosion from Covid-19. As sales declined more modestly than feared in 2020 and then began to bounce back in 2021, cash flow remained strong, taking the companies’ stock prices higher and letting Ford repay high-interest debt.

At the same time, both companies held on to cash by suspending dividends and share repurchases. And the companies have cut billions in annual costs, by slashing whole lines of unprofitable sedans, withdrawing from unprofitable markets overseas, and focusing tightly on trucks, which remain the most profitable part of their business.

Put all of this together, and the two biggest native-born US automakers have the cash to take on the industry’s biggest technological transformation since its founding.

Record car profits, record car prices

“Auto manufacturers are expecting record profits once we get through supply chain issues and chip shortages, which we expect to last most of this year,” CFRA Research analyst Garrett Nelson said. “The existing business is good, and the driver is car prices at a record high.”

The Detroit 2’s financing strategy stands in stark contrast to how Tesla, then a start-up, financed its push into EVs over the last decade. The EV leader repeatedly raised money from the stock and bond markets to pay for its plans, filing paperwork with federal regulators for $10 billion in stock sales as recently as 2020. Tesla’s first EV factory in California was financed with a loan that was federally guaranteed in 2010, when the EV market was nascent, before the company went public or had material revenue.

GM and Ford are ready to spend even more.

“If anything, it will go up from there,” a Ford spokesman said.

The US car market’s bounce back to nearly 15 million units sold in 2021 provided the financial cushion Detroit needed to push forward aggressively, according to Nelson. The collapse was not nearly as large as the one that accompanied the 2008 financial crisis, when the US passenger vehicle market fell to slightly more than 10 million cars and trucks. The brief, shallow dip helped assure that the war chests of the two companies were big enough to meet the need for billions of dollars in new investment, Madlani said.

“We prepared for the known and the unknown,” said the Ford spokesman. “The unknown part was the pandemic. The known was that we needed to be a leader in electric vehicles.”

The sales rebound, while still well below pre-pandemic pace, has translated into $7.8 billion in free cash flow over the nine months that ended in September at Ford. At GM, where automotive operations barely broke even on operating cash flow in the first nine Months of 2020, liquidity was still strong enough to let the company spend more than $4 billion on capital expenditures. GM is due to report fourth-quarter results on Feb. 1, with Ford set to announce its results Feb. 3.

Analysts expect Ford to report profits of 42 cents a share on $35.8 billion of revenue, up 75% since the September quarter, according to Thomson Reuters data. GM is forecast to earn $1.11 a share, down from $1.52 in the third quarter. GM raised its own forecast for the full year in December, saying it will earn $14 billion in earnings before interest and taxes, up from $11.5 billion to $13.5 billion it had previously predicted.

Ford and GM profits have held up, even though US industry unit sales are off the 17 million-vehicle annual pace before Covid, because the companies aggressively cut costs to prepare for the transition, Nelson said. Ford got almost entirely out of the business of making sedans, for example, and GM laid off 4,000 salaried workers in 2019. That’s in addition to factory closings that included GM’s storied Lordstown, Ohio plan, later sold to EV start-up Lordstown Motors.

On top of that, the companies are holding plenty of extra cash as a reserve if their cash flow misses forecasts. As long ago as 2019, analysts who spoke warily of all the money Ford needed to invest in its business respectfully noted that it also had $37 billion in cash and short-term securities. Ford now has $46.4 billion, and generated more than $12 billion in operating cash in the first nine months of 2021.

Ford, GM EV forecasts

Both companies have had plenty to say about financing strategy, and EV planning, at investor conferences in the last year. The common theme: Building Ford’s EV strategy around existing model names like the Mustang and especially the F-150 pickup truck, for which the company has garnered 200,000 pre-orders, is paying off in both customer acceptance and cost containment.

“Within the next 24 months, based on the demand for these products, [we] would be the number two EV automaker, probably close to 600,000 EVs a year globally [from Ford’s current product lineup] and we don’t plan to stop there,” Ford’s North American chief operating officer Lisa Drake told a Goldman Sachs-sponsored investor conference in December. “The complexity of the product in EV space is much less than at [internal combustion engines]. …And that’s going to allow us to be more efficient with our capital and more efficient with the labor and the assembly plants.”

At GM, the EV strategy includes a wave of new vehicles using new and existing nameplates – most recently, the company unveiled a $42,000 electric version of its Chevrolet Silverado SUV – as well as its Cruise joint venture with Honda, Microsoft and other investors to build an EV-centered autonomous- car business.

That has meant manufacturing complexes devoted to EV production that are in progress – or in production – in two Michigan towns and in Spring Hill, Tennessee, with planned battery plants near the sold-off Lordstown plant and in Spring Hill. GM chief financial officer Paul Jacobson said in March the company saves $1 billion to $1.5 billion per plant by converting existing car factories rather than developing all-new ones, which will reach $20 billion to $30 billion by the time GM’s EV effort reaches its full scale .

For now, the challenge is that electric vehicles are much less profitable than the big pickups and SUVs that dominate the two companies’ business, Nelson says, but that isn’t likely to last. Nelson says that as battery costs continue to drop and Ford and GM build scale in their EV business, they can surpass the profitability of internal combustion powered vehicles – noting that Tesla is more profitable, per dollar of sales, than Ford or GM’s auto businesses. Ford says its Mustang Mach E is profitable even though it sold fewer than 30,000 units in 2021.

“We do eventually expect to match [internal combustion engine] profitability with EVs as battery cell costs decline and we scale our operations,” a GM spokesman wrote in an e-mail.

At Morgan Stanley, analyst Adam Jonas – a longstanding EV bull – says Ford’s surge which led its stock to outperform Tesla last year, suggests that its EV-focused businesses are now worth about $50 billion, with every 100,000 sales of EVs likely to add $2 to its stock price. But he warned in a Jan. 13 report that hard-to-avoid bumps in the rollout of the electric F-150 and other vehicles will likely cause the stock to dip temporarily later this year.

“From a $25 level, we believe expectations for Ford’s success in EVs, while possible to achieve, are difficult to exceed,” Jonas wrote.

Massive E Claims He’ll Money in Cash within the Financial institution on Tonight’s WWE Uncooked

This week’s edition of Monday Night Raw could be the most eventful of recent if Big E’s latest claim proves to be true. It was announced late last week that instead of meeting at Extreme Rules pay-per-view later this month, Bobby Lashley and Randy Orton would be fighting for the WWE Championship on tonight’s episode. Big E, who annoyed during a SmackDown promotion last week about finally using his money-in-the-bank contract, took to Twitter to openly announce that he was cashing in.

“Let’s get this cat out of the bag … I intend to redeem and redeem my Money-in-the-Bank contract tonight to become WWE Champion,” wrote E.

Let’s get this cat out of the bag … I intend to redeem my money-in-the-bank contract tonight and become the WWE Champion.

– Ettore “Big E” Ewen (@WWEBigE) September 13, 2021

It is entirely possible that E is lying, despite the fact that Sean Ross Sapp reported it Combative selection prior to E’s tweet, the New Day member was expected to be on Raw tonight anyway. Sapp described the role of E as “all over the show”.

While E initially stated in interviews that he only wanted to use the money-in-the-bank briefcase for Roman Reigns, he has recently changed his mind. When asked about targeting Lashley late last month, E said Sports Illustrated“The story of Bobby, Kofi and Woods has history, so it’s all there,” said E. “That would be our chance for retaliation, and it just feels right. I loved The Hurt Business. I loved seeing what they could do and the fact that their whole hurt business era wasn’t in front of the fans it was before the ThunderDome which is amazing. Maybe there is a chance they could put all the arguments aside and get back together, then with The New Day and Hurt Business you would have so many options and choices, even six men.

“Bobby is on his best run,” he continued. “He wears like a champion; he looks like a champion. When I was first signed to WWE in 2009, I remember seeing him and Cena match up over and over again. He was someone I wanted to work one day so it’s an honor to have Bobby talk about us like that. It has an incredible run and there is definitely a lot of meat to chew on. “

Why little one tax credit score cash is not identical to extra stimulus money

School sales should get a boost after millions of families paid their first monthly child tax credit advance in July. Another monthly payment is also just around the corner on August 13th.

But before you add an extra pair of sneakers or a high-end backpack to the shopping cart, pay attention to the fine print.

For example, did you know that if they get more than they are actually due every month from July to December, some people have to pay back the money next year? Others might consider a much smaller tax refund than they would normally expect.

We have heard from many angry taxpayers as soon as the 2022 tax filing season begins, when those expecting extra high tax refunds end up with a much smaller payout – or even owe money.

The tax regime for the child credit is different from the last three stimulus payouts, where some individuals may have received extra money and not had to pay it back if they no longer qualify due to income or other factors.

“The IRS has made it clear that it is an upfront payment and if you are no longer eligible it will be repaid on your 2021 tax return,” said James O’Rilley, CPA and Tax Director of Doeren Mayhew in Troy.

The monthly cash outlay is an “advance payment” of what the Internal Revenue Service estimates based on your 2019 or 2020 income tax return, depending on which return has been processed by the IRS so far.

However, how much you can claim for the child tax credit will ultimately be calculated based on your income and your situation for 2021 when you file a return next year. Some Repayment protection are there for some who have limited income.

Now it’s important that people keep accurate records of what they received and when, said O’Rilley.

In January 2022, the IRS will send what is called a letter 6419 to indicate the total amount of advance child tax credit payments that have been paid to you that year.

Similar to the incentive payments that applied to returns in 2020, you need to match what you have already received against what you are entitled to.

Failure to reconcile prepayments, O’Rilley warned, could delay processing your tax return after it was filed in the next year, delay refunds, or convert a refund to a balance due.

While the message is out there, we all know that a lot of people just don’t focus on next year’s taxes in July and August. But some will regret it if they don’t.

As of July, millions of eligible families received up to $ 300 per month for each eligible child ages 5 and under and $ 250 per month for children ages 6-17. The monthly payouts run from July to December.

If your child no longer reaches credit in 2021, the IRS is likely to make some adjustments on their own. But tax experts say you may want to pursue that too. The IRS does not include a child who will turn 18 in 2021 towards your prepayment. And the IRS is expected to adjust the payment for a child turning 6 this year to $ 250 per month instead of $ 300.

Thanks to an expanded child tax credit, those who qualify and have an eligible child aged 5 and under could increase their credit from $ 2,000 to up to $ 3,600. About half of that money is slated to be paid out in 2021, the rest on tax returns in 2022. Income limits will keep some from receiving the credit.

You can stop the August payment if you meet the IRS August 2 deadline. If you miss this, you can opt out of payment in September as long as you meet the August 30th deadline.

You can opt out of future payments with the IRS, but the final deadline is November 29th. If you wait that long, you will only decline the December prepayment.

Who would like to unsubscribe?

Alison Flores, lead researcher at The Tax Institute at H&R Block, said there were essentially two reasons someone would turn down a chance at hundreds of dollars a month this year.

First, you rely on a huge tax refund every year and don’t want any upfront cash. You may be more concerned about getting the highest possible tax refund for the next year rather than getting extra cash now.

Second, your situation is no longer exactly the same as it was last year – and you may have to repay some of that prepayment or face a smaller refund in the next year.

“Depending on your situation, deregistering could help you avoid payments that may have to be paid back,” said Flores.

Families, of course, need to review their own finances and speak to their tax advisor to decide whether to continue receiving monthly child tax deduction payments or to decline future payments.

H&R block created an online resource that includes: Calculator to estimate payments. The IRS did Child tax credit information at IRS.gov.

The IRS notes that families may also want to get out if their primary residence was outside of the United States for more than half of 2021 – and they would no longer qualify for the loan.

How can you unsubscribe?

Go to IRS.gov and click on Advance Child Tax Credit Details. Then take a look “Manage Payments” Tool.

They would use what the IRS calls theirs Child tax credit update portal refuse to receive monthly payments.

“The IRS was pretty clear. In addition to being active, the opt-out portal is being used,” said Mark Steber, Jackson Hewitt’s chief tax information officer.

This is not a one-step, easy-to-use process. And honestly, you don’t want it so easy for the crooks to find a way to get their hands on your child tax deduction.

At the same time, however, there is concern that some people may not be able to simply opt out or give up after they hit the first roadblock or two. Take the time to understand the process.

Lots of people may need to create one new account via ID.me if they cannot log in with an existing IRS username.

The third-party system ID.me is now also used by dozens of countries to verify identity when applying for unemployment benefits to combat fraud.

You need a Phone with an account in your own name – not another person’s name. A smartphone, according to Steber, will make it easier for the third-party provider ID.me to send an SMS directly to you and speed up the process.

You’ll also need things like an email address, your social security number, and photo identification (driver’s license, passport, passport, or government ID).

Flores advises that both spouses must de-register separately when using joint registration status as spouses. If only one spouse signs out, you will receive half the payment.

You can’t log in again right now, she said, but the IRS expects this functionality to be ready by the end of September 2021.

Tax experts also point out that some people can adjust their tax withholding on their paychecks if they find the opt-out tool too overwhelming. Or others warn that you may want to set aside some of the prepayments – and not spend all of the money now – to fix possible tax problems in April.

What could lead to major tax problems?

Do you share custody? For example, let’s say you have two dependent children in 2020, but your ex-spouse will claim the children on the 2021 federal income tax return under your divorce settlement.

If so, one parent could pocket the prepayments now but will have to return all that money to the IRS next year – unless that parent refuses. If you have two children, ages 10 and 12, you might consider $ 500 a month – or $ 3,000 for six months – as prepayments.

If you are not the parent claiming the children to be dependent for 2021, you are not entitled to the child tax credit or any of the prepayments and you want to repay that money.

The risk of having to repay this money is higher if there are storage problems, said Steber.

More:So now you won’t receive any more money for the child tax credit and other tips

More:“Perfect Storm” causes delays in tax refunds and causes some problems

More:Big Bucks Should Arrive In July For Families: Here’s How To Get It

More:What to do now to avoid a nasty tax surprise next year

Will you make more money in 2021?

If you’ve made more money this year than you did last year, you may qualify for a much smaller loan. And it is possible that you will start receiving too much money at the start of the game.

Those who are gig workers or the self-employed often have a harder time estimating their tax bills – and many make estimated payments over the year. You may now want to reconsider taking the child tax prepayments. It can be even more important to discuss the situation here with a tax professional to avoid problems.

For example, to receive full credit as a single parent, you must qualify for tax return as a householder and your income can be US $ 112,500 or less.

If you are single and do not meet the requirements to be a Head of Household, your income must be $ 75,000 or less.

If you are married and file a joint statement, you are entitled to Full Benefit if your combined income is $ 150,000 or less.

For many families with higher incomes, smaller child tax credits will be available.

The base child tax credit of $ 2,000 per child remains in place and begins to expire at a modified gross adjusted income of $ 400,000 for spouse enrollment and $ 200,000 for other applicants.

The extended loan for 2021 adds the extra cash to the $ 2,000 for many families with more modest incomes.

Steber said it helps that the IRS only pays out up to half the possible loan, which essentially sets a cap on how much tax refunds could be reduced and how much money might have to be paid back by some.

ContactSusanne Tompor: stompor@freepress.com. Follow her on Twitter@tompor. To subscribe, please go to freep.com/specialoffer. R.Continue reading business and sign up for ours Business newsletter.

Cash, not flour – donors flip to money help programmes – World

When you think of humanitarian aid, you tend to think of distributing tents and flour, but often other things are also needed – children’s shoes or mattresses. Germany is therefore increasingly relying on cash payments to strengthen local markets and give people more freedom.

How does the cash assistance work?

Over 230 million people worldwide are dependent on humanitarian aid. This is due to disasters or conflicts that lead to crises when the national authorities are unable or unwilling to provide the necessary assistance. In order to be able to provide quick and efficient aid, donors, including Germany, are increasingly concentrating on cash-based humanitarian aid. These can be physical cash spend, prepaid card payments, or mobile money transfers that can be stored on devices such as smartphones. There are significant advantages to this approach.

On the one hand, the recipients can buy what they need most urgently – food, clothing, medication – in their area. Second, it gives the recipients decisive freedom of choice and restores their ability to act and saves them long waiting times at overcrowded distribution points.

In recent years it has been shown that cash-based humanitarian aid is also particularly efficient. The procurement of bulky goods, which then have to be transported and distributed and cause additional costs, is no longer necessary. Donations in kind can also often have a negative impact on local market prices, for example if grain or grain products suddenly become available in large quantities free of charge. Cash payments, on the other hand, can do a lot to maintain the local economy or give it new impetus.

For this form of humanitarian aid to be possible, the markets in the affected regions must of course function and sufficient goods must be available. This is checked in advance before cash payments are made.

More than 200 studies have now observed the remarkable efficiency and positive effects of cash-based humanitarian aid; this is an example Impact assessment of multipurpose cash assistance to Syrian refugees in Lebanon.

Another specific example is Somalia. Six million people in the country are dependent on humanitarian aid – a third of the population. The 2017 drought pushed many smallholders and ranchers into poverty. The Norwegian Refugee Council (NRC) currently provides many families there with cash. This includes Ayan Mohamed Said’s family of four. For the equivalent of 70 euros a month, she can buy bread, milk, vegetables, medicines and clothing for herself and her children.

Germany will continue to expand cash aid

In 2016, Germany joined other donors and aid organizations to volunteer Huge bargain to support a major international reform process aimed at making humanitarian aid more effective overall. A central pillar of this process is the targeted use of cash assistance. The Federal Foreign Office currently provides 20 percent of its humanitarian aid in the form of cash payments and plans to increase this proportion further in the coming years.

Helicopters, money funds and a brand new public well being lab: How state businesses suggest spending Virginia’s rescue fund cash

The Virginia Capitol at sunrise. (Ned Oliver/ Virginia Mercury)

Virginia has $4.3 billion in federal aid to spend and no shortage of ideas.

State agencies hoping to tap into American Rescue Plan funds have submitted wish lists that top more than $18 billion, floating proposals ranging from new helicopters for Virginia State Police to $1,000 cash payments for essential workers. 

Gov. Ralph Northam’s administration hasn’t committed to specific line items, but lawmakers are scheduled to convene next month for a special legislative session to decide how to spend the money. 

Discussions are ongoing over whether some of the requests are or aren’t eligible for the federal dollars, which are supposed to have a direct link to the negative effects of the pandemic.

Furthermore, the federal government has earmarked certain funds for specific purposes, such as combating student learning loss due to schools going virtual during the pandemic. And because the state can spend the funds over several years, policymakers may choose to set some money aside to adapt to future needs. Federal dollars put toward some initiatives may also free up state dollars for others not eligible for relief funding.

Most of the spending proposals put forward, from vaccine outreach and utility assistance to fixing the unemployment system and broadband investment, won’t come as a surprise. 

Other spending suggestions are a little less intuitive — or show agencies trying to use the sudden influx of funds to advance efforts that may have been back-burnered in tighter budget years. 

Here’s a sampling of the proposals that caught Mercury reporters’ eyes.  

Compensation for essential workers
Price tag: $800 million

Labor proposals include a suggestion to give $1,000 “hero grants” to low-wage essential workers who stayed on the job during the pandemic.

The funding request for $700 million doesn’t specify exactly which types of workers might qualify, but notes that “premium pay” for essential workers is an explicitly authorized use of the funds.

Higher education officials have also requested up to $100 million for “hero scholarships” to help essential workers who want to further their education. The proposal suggests giving up to $5,000 per year to assist essential workers with getting a GED or college degree.

Jason Chadwick, left, who has worked for Kroger for 20 years, leads other workers in a chant demanding the reinstatement of hazard pay during a protest outside of the Kroger on Lombardy in Richmond, Va., September 3, 2020. (Parker Michels-Boye / For the Virginia Mercury)

COVID resources for non-native English speakers
Price tag: $21 million

A persistent complaint throughout the pandemic has been the state’s dependence on automatic (and often shoddy) translations to provide information about the spread of COVID-19 and roll out of vaccines to non-English speakers.

The approach at one point led the Virginia Department of Health to inform Spanish speakers that “the vaccine is not necessary” where English speakers were informed that it is not required.

Northam’s Office of Diversity, Equity and Inclusion proposes setting aside $5 million a year to pay for translation services, as well as hiring a coordinator to create a statewide language access plan for translation needs for state agencies. The office also proposes hiring two full time American Sign Language interpreters and a coordinator dedicated to “incorporating people with disabilities and other access and functional needs” into the state’s emergency and recovery plans.

The rescue fund money would cover four years of work.

A bailout for the state’s unemployment trust fund
Price tag: $1.3 billion

One of the biggest single requests comes by way of the Virginia Employment Commission, which wants $1.3 billion to restore the state’s unemployment trust fund to pre-pandemic levels.

The state relies on the fund to pay for unemployment benefits, which saw an unprecedented 1.3 million initial claims last year and another 300,000 already this year — more than double the applications for assistance the state saw in all of 2019.

The fund would otherwise be rebuilt through a series of hefty payroll tax increases on businesses. And state leaders and the business community have already called heading that off a top priority.

A parking lot outside a UVA dorm was filled with hundreds of state police cruisers in advance of the one year anniversary of the Unite the Right rally in 2017. (Ned Oliver/Virginia Mercury – Aug. 8, 2018)

Body cameras and helicopters for state police
Price tag: $40 million

In one of the more tangentially pandemic-related requests, Virginia State Police asked for $19 million to roll out body cameras to their officers.

The department argued that “vulnerable social populations” have seen some of the biggest impacts from COVID and have some of the lowest rates of vaccine acceptance “due to fears and skepticism towards government resulting from systemic marginalization.”

The agency proposes that body cameras will help because they foster transparency that in turn “will establish trust in government and mitigate future spread of COVID-19.”

Their justification for requesting two new helicopters at a cost of $21 million was more clear cut. The agency says they will replace two older units currently used for medical evacuation flights that were “experiencing unacceptable downtime” and “impacting the department’s ability to provide air ambulance services during the COVID-19 public health emergency.”

Highway improvements between Richmond and Williamsburg
Price tag: $100 million

The only major road project included in the funding requests is the continued widening of Interstate 64 between Richmond and Williamsburg.

Specifically, transportation planners are suggesting $100 million to help with the costs of widening the interstate in a 29-mile stretch between New Kent County and Williamsburg.

Mitigating congestion on I-64 has been a top priority for Hampton Roads-area leaders.

The request specifies that the new improvements would begin around Exit 205 in New Kent, where a previous widening project between Richmond and New Kent ended in 2019, and continue to exit 234 near Williamsburg.

Capital projects unrelated to COVID-19 generally aren’t intended to be funded through the American Rescue Plan, but the act gives states leeway to spend money on things like roads if the pandemic affected government revenue sources that would typically pay for them.

Mapping overlaps between historic inequities and urban green spaces
Price tag: $500,000

In 2020, a study co-authored by Science Museum of Virginia chief scientist Jeremy Hoffman made national headlines when it found that neighborhoods federal housing officials historically classified as “hazardous” because of their high proportion of low-income and minority residents are hotter than other neighborhoods

The classification, known as redlining, was used by the federal Home Owners’ Loan Corporation between the 1930s and 1968 to guide banks on granting mortgages to homebuyers and led to wide racial gaps in homeownership. 

It also contributed to higher temperatures today in historically minority or disadvantaged neighborhoods, where shade-providing trees are in short supply and large swathes of land have been paved. 

Now the Virginia Department of Forestry wants to use $500,000 to develop heat island maps that pinpoint where higher temperatures overlap with formerly redlined neighborhoods. 

The agency says that “federal guidance aligns funding” with projects such as those that aim to create green infrastructure and improve water quality, both of which can be achieved by planting trees and other flora. 

An electric vehicle charges at a public station in Henrico County, July 2020. (Sarah Vogelsong/Virginia Mercury)

Electric vehicle infrastructure
Price tag: $33.3 million

With federal guidelines allowing funds to be used to replace lost public sector revenues for services including infrastructure, the Department of Transportation is proposing a hefty investment of $33.3 million in electric vehicle infrastructure. 

Democrats in the General Assembly and the Northam administration spent the last legislative session pushing electric vehicles as a way to reduce transportation emissions, Virginia’s largest contributor to carbon emissions. 

Money was a sticking point, though. Lawmakers acknowledged that infrastructure is lacking in many rural areas. And although the General Assembly signed off on an electric vehicle rebate program, legislators left it unfunded, a situation the law’s sponsor attributed to tight pandemic budgets. 

A tour of the construction of the new Highland Springs High School in Henrico, estimated to cost about $80 million. (Henrico County Public Schools)

School construction and improvements
Price tag: $2.6 billion

Even before the pandemic, school construction was a major issue in Virginia. A recent survey from the state’s Department of Education found that more than half of public school buildings are more than 50 years old. Replacing those aging structures is estimated to cost the state more than $24.7 billion.

Enter the American Rescue Plan. The federal government set aside specific funds for pandemic-related improvements, including new HVAC systems, but VDOE proposes dedicating an additional $2 billion for more general renovation projects. That money would be delivered to local school divisions through a competitive grant fund, according to the agency’s request.

The department is also requesting an additional $600 million for improvements in early and higher education. The majority of that — $500 million over the next three years — would go toward capital improvements for “successful” child care operators, “allowing them to serve additional children and help more parents get back to work.” 

Another $100 million is proposed for modernization efforts at the state’s public colleges and universities, from updated heating systems to new equipment and technology.

A new public health lab
Price tag: $275 million

Virginia’s public health laboratory — once mostly a site for specialized testing and tracking rare diseases — has taken on a whole new importance throughout the pandemic. 

For the first critical weeks, it was the only lab in the state that could test for COVID-19. And over the past year and a half, its responsibilities have expanded dramatically, from sequencing samples of the virus to rapidly detecting new variants.

The Virginia Department of General Services wants to expand those capabilities even further. The agency is asking for $275 million to replace the state’s aging site in downtown Richmond with a “state-of-the-art” new laboratory in Petersburg. The proposed location is on the same campus as Central State Hospital, a state-run psychiatric facility that’s currently undergoing a major renovation. And it would boost capacity for complex and high-volume testing, which is already “nearing its limit” at the existing lab, according to DGS.

A public health emergency fund
Price tag: $10 million

The scramble to respond to the COVID-19 pandemic can be traced, in large part, to decades of underfunding in public health. As Virginia was recording its first cases, some health departments in low-income counties were abruptly closing their doors. And across the state, employees were pulled from critical services like maternal health and environmental monitoring to serve as case investigators or contract tracers.

In those early days, the Virginia Department of Health said it lacked the funding to “quickly ramp up an appropriate operational response.” Now, the agency is requesting $10 million for a public health emergency fund. The money might not be used immediately, but leaders say it would give the department more agility to respond to future pandemics.

Eastern State Hospital in James City County (Virginia Department of Behavioral Health and Developmental Services)

Staffing at state mental hospitals
Price tag: $335.5 million

Virginia’s state-run mental hospitals have been struggling for years with rising admissions. But the COVID-19 pandemic pushed them into crisis mode, with outbreaks making it even more challenging to discharge patients and free up bed space. 

That high patient volume, combined with chronic staffing shortages, have made the facilities “tremendously unsafe,” according to Alison Land, commissioner of the state’s Department of Behavioral Health and Developmental Services. The agency is requesting more than $300 million over the next several years to boost employment, the majority of which would go to salary increases for essential frontline workers. Another $24 million would be dedicated to security guards and safety improvements at aging facilities.

The department is also requesting millions for community mental health services — part of an ongoing effort to reduce admissions through better front-end treatment. But staffing needs have often been framed as one of the most urgent challenges facing Virginia’s beleaguered mental hospitals.

The sun sets over the James River in Richmond. (Ned Oliver/Virginia Mercury)

Septic and sewer overflow repairs and replacements
Price tag: $230 million

One of the biggest-ticket items Virginia’s Department of Environmental Quality has on its wish list is $230 million to help repair and replace failing septic systems, pipes that send waste directly into waterways and “combined sewer overflow” systems that can lead to sewage releases during heavy rainfall.

The federal rescue plan “specifically lists water and wastewater infrastructure as an eligible use,” DEQ says in its justification for the request. 

Of the $230 million, DEQ wants to see $30 million go to Richmond to speed up its ongoing overhaul of the city’s combined sewer overflow system. The agency has also identified $35 million worth of sewage system fixes in Southwest Virginia, as well as millions of dollars of investment in wastewater connections for underserved communities in Surry, Middlesex, Northampton and Accomack counties.

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Colorado Comeback Money winner Pete Vegas has sustainable agriculture plan for cash

By Alex Edwards

Boulder has new comeback cash winners in Colorado’s seed lottery. Pete Vegas received $ 1 million in prize money and Levi received a $ 50,000 scholarship as part of ongoing efforts to mitigate the economic impact of the COVID-19 pandemic.

The winners were announced at a press conference held by Governor Jared Polis on Friday, streamed on Facebook. See below bit.ly/3vzGJs9. Since Levi is only 13 years old, his last name has not been disclosed.

Vegas owns Sage V (pronounced Sage Five) Foods, which specializes in making rice-based ingredients for processed foods. As a private individual, Vegas didn’t want to talk about its profits.

However, he was more than happy to talk about his plans for the money. Vegas is passionate about the environment and as a professional farmer he recognizes the negative impact modern agriculture can have on it.

“I plowed the land I had at least five times a year,” he said. “People are still following these practices and have reduced the organic matter in the soil over time.”

Organic matter contains a lot, which brings with it two problems: Plants need carbon to grow, among other things, but plowing the land disrupts and displaces the carbon that is then released into the atmosphere.

According to the Organization for Economic Co-operation and Development, agriculture can cause up to 31% of greenhouse gas emissions. Vegas plans to use some of the money won to subsidize regenerative farming for some of the farms growing for its business to help reduce that impact.

“It (regenerative agriculture) is trying to restore the soil, and it is trying to pull carbon out of the air and put it back into the ground,” he said.

And it’s not just a fad: Regenerative agriculture works.

However, widespread adoption could be an uphill battle due to government funding and policies favoring other crops like corn and soybeans. In addition, the cost of adopting regenerative agriculture will be high, simply because there is no one-size-fits-all approach.

“If you go south, where you have a lot more moisture, you have a much larger weed population, a population of insects,” he said. “Whoever does it first will lose money because we don’t know how to do it. It’s going to be an experiment. “

This is where the Colorado Comeback Cash Money comes in. Vegas said he plans to work with farmers who grow for him to test regenerative agriculture using rice crops. He plans to pay them whatever they lose during the experimental cultivation.

“It doesn’t get any government aid,” he said. “If you are interested in regenerative ag, you are on your own.”

While members of Vegas’ own older generation are more skeptical of the practice, he said that young members are open to the opportunities the practice offers.

On vaccines and public health, Vegas expressed its frustration at how superficial concerns about the vaccine appear to be. In his opinion, vaccines are viewed as something to prevent an individual from getting sick rather than for the good of the nation and the world.

“It’s not just about protecting yourself,” he said. “It’s a really selfish attitude. This is a situation where people have to think about the whole thing; You have to think of other people and what we can all do together to eradicate such a disease. “

Smallpox was eradicated by vaccination and declared eradicated in 1980 by the World Health Organization.

“Everyone’s talking about, ‘Oh, it’s safe,’ or, in this case, ‘If you get your vaccine, you might make some money,'” he said. “We’re all trying to come together and turn this disease off, and that can’t happen if some people hold back.”

July 15 baby tax credit score: Money profit calculator exhibits how a lot cash you may get per baby

Der Kindersteuergutschriftrechner von CNET zeigt Ihnen die Beträge, die Sie voraussichtlich ab dem 15. Juli jeden Monat erhalten.

Sarah Tew / CNET

Sie müssen nicht warten, bis Sie Ihre erste erhalten Steuergutschrift für Kinder im Juli, um zu sehen, wie viel Geld Sie und Ihre Familie qualifizieren sich für. Sie können jetzt mit dem CNET-Steuergutschriftrechner für Kinder unten einen Kostenvoranschlag erhalten, um zu sehen, was Sie in der zweiten Hälfte des Jahres 2021 und bis 2022 erwarten können. Der Taschenrechner kann Ihnen einen Kostenvoranschlag für Ihre monatlichen Zahlungen von bis zu 250 USD oder mehr geben 300 Dollar pro Kind und den Gesamtbetrag, für den Sie sich qualifizieren.

Neun von zehn Familien mit Kindern qualifizieren sich für diese Steuersenkung, Präsident Joe Biden sagte Dienstag. Ab Juli erhalten Sie die Hälfte Ihrer Zahlungen monatlich bis Dezember, der Rest kommt, wenn Sie Ihre Einkommensteuererklärung im Jahr 2022 einreichen zwei IRS-Portale Wenn dies bis zum 1. Juli verfügbar sein wird, können Sie den IRS über Änderungen Ihres Einkommens und der Anzahl der abhängigen Personen sowie darüber aktualisieren Deaktivieren Sie die monatlichen Zahlungen, um 2022 nur einen Scheck zu erhalten. Wenn Sie Ihre Steuern vor dem eingereicht haben Amerikanischer Rettungsplan wurde im März verabschiedet, sollten Sie keine einreichen müssen geändertes Steuerformular. (Hier ist, was wir darüber wissen, wie der IRS wird Liefern Sie Ihre Zahlungen.)

Biden sagte im April Er wird darauf drängen, dass die erweiterten Zahlungen für Kinderkredite in einem seiner Fälle bis 2025 verlängert werden nächste Stimulusvorschläge. Das IRS konzentriert sich nun auf Details zur Steuergutschrift für Kinder Stimulus-Checks senden und “Plus-Up” -Zahlungen. Die Steuerbehörde sendet auch Steuerrückerstattungen an bis zu 10 Millionen Personen, die diese erhalten haben Arbeitslosengeld letztes Jahr. Während Sie hier sind, finden Sie heraus, wie Sie könnten Sparen Sie in diesem Jahr bis zu 50.000 US-Dollar bei Ihren Steuern und wie du aufstehen kannst 16.000 US-Dollar zurück für Kinderbetreuungskosten. Folgendes wissen wir über eine mögliche vierte Prüfung und was passiert mit Arbeitslosenkontrollen. Diese Geschichte wird regelmäßig aktualisiert.


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Steuergutschrift für Kinder: Alles, was wir wissen

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Berechnen Sie den Steuergutschriftbetrag Ihres Kindes für 2021 und 2022

Das erweiterte Steuergutschrift für Kinder erhöht die 2020-Grenze von bis zu 2.000 USD pro Kind auf maximal 3.600 USD – aber die Mathematik wird schnell kompliziert. Qualifizierte Kinder unter 5 Jahren zahlen 3.600 US-Dollar. Kinder zwischen 6 und 17 Jahren zahlen maximal 3.000 USD pro Kind. 18-Jährige und Vollzeitstudenten unter 24 Jahren können Eltern eine einmalige Zahlung in Höhe von 500 USD leisten.

Geben Sie unten Ihre Daten ein, einschließlich Ihrer bereinigtes Bruttoeinkommen oder AGI, um Ihre Zahlungsaufschlüsselung zu sehen. Dieser Rechner speichert oder verwendet Ihre Daten nicht. Die Ergebnisse basieren auf unseren aktuellen Rechtskenntnissen und sollten nur als allgemeine Schätzungen behandelt werden (der IRS bestimmt den endgültigen Betrag). Wir empfehlen, einen Finanzfachmann zu konsultieren, um einen individuelleren Kostenvoranschlag zu erhalten.

Steuergutschrift für Kinder für 2021

Verwenden Sie Details aus Ihrer Steuererklärung für 2019 oder 2020.

1. Wählen Sie unten Ihren Anmeldestatus.

SingleMarriedHead of Household

Hinweis: Wenn Ihre AGI als Einzelanmelder 75.000 USD oder weniger, als Haushaltsvorstand 112.500 USD oder als gemeinsame Anmeldung 150.000 USD beträgt, erhalten Sie den vollen Betrag. Bei Einkommen über 150.000 US-Dollar laufen Ihre Steuergutschriften für Kinder um 50 US-Dollar pro 1.000 US-Dollar Einkommen über dem Schwellenwert aus.

Wie der IRS-Zahlungsplan jeden Monat und im nächsten Jahr aussehen wird

So kommen die Steuergutschriften für Kinder vom 15. Juli bis 2022 an.

Zeitplan für die Steuergutschrift für Kinder

Monatlich

Zahlung im Alter von 5 Jahren und jünger

Zahlung im Alter von 6 bis 17 Jahren

15. Juli 2021: Erste Zahlung des Jahres

300 Dollar

250 $

16. August 2021

300 Dollar

250 $

15. September 2021

300 Dollar

250 $

15. Oktober 2021

300 Dollar

250 $

15. November 2021

300 Dollar

250 $

15. Dezember 2021: Letzte Zahlung des Jahres

300 Dollar

250 $

April 2022: Zweite Hälfte der Zahlung

1.800 US-Dollar

1.500 US-Dollar

So deaktivieren Sie die Steuergutschrift für Kinder im Voraus

Wenn Sie Ihr Steuergutschrift für Kinder 2021 lieber als eine große Zahlung erhalten möchten, können Sie dies tun monatliche Zahlungen abbestellen einmal die IRS öffnet seine Online-Portale um Ihnen zu helfen, diese Entscheidung zu treffen und andere Informationen einzugeben, z Ihre AGI oder andere veränderte Umstände. Es wird das zweite separate Portal sein, über das Familien dem IRS mitteilen können, dass sie die Leistung zum Steuerzeitpunkt zum Jahresende und nicht monatlich vollständig erhalten möchten.

Das IRS wird voraussichtlich bis zum 1. Juli seine Website für Steuergutschriften für Kinder öffnen.

Wenn Sie sich abmelden, erhalten Sie nicht 300 US-Dollar pro Monat für Ihren 3-Jährigen und beispielsweise den Rest Ihres Geldes im Jahr 2022, sondern können warten, bis Sie im nächsten Jahr Ihre Steuern einreichen, um den vollen Betrag von 3.600 US-Dollar zu erhalten.

Eltern, die Neugeborene oder ein neu adoptiertes Kind haben, haben Anspruch auf den höheren Scheckbetrag

Kinder, die 2021 geboren wurden, haben Anspruch auf die Steuergutschrift 2021 in Höhe von 3.600 USD pro Kind (das sind bis zu 7.200 USD für Zwillinge). Dies gilt zusätzlich zu den Zahlungen für alle anderen qualifizierten Kinder, die Sie in Anspruch nehmen. Hier ist unser Leitfaden für Eltern von 2021 Babys, einschließlich dessen, was Eltern von Adoptivkindern wissen sollten.

003-Cash-Stimulus-Kind-Steuergutschrift-3600-Rechner-cnet-2021-2020-Bundesregierung-Geld-Baby-Familie-Schnuller-Sippy

Wenn Sie 2021 ein neues Baby bekommen haben, können Sie bis zu 3.600 US-Dollar beanspruchen.

Sarah Tew / CNET

Abhängige müssen diese Zulassungsvoraussetzungen erfüllen

Es gibt einige spezifische Regeln bezüglich der Qualifikation nicht nur für Eltern und Betreuer, sondern auch für die Kinder. Hier ist was zu wissen abhängige Qualifikationen für die Steuergutschrift für Kinder. Sie sollten auch sehen, ob Sie sind Anspruch auf eine Steuergutschrift für die Kinderbetreuung wenn Sie für eine Kindertagesstätte, ein Programm nach der Schule oder einen Babysitter bezahlt haben.

Was passiert, wenn Ihre abhängigen Personen vor Jahresende nicht mehr in einer Zahlungsklasse sind?

Wenn Sie bis Ende des Jahres einen 5-Jährigen haben, der 6 Jahre alt wird, beträgt der Gesamtzahlungsbetrag, den Sie für dieses Kind erhalten können, 3.000 USD. Wenn Sie einen 17-Jährigen haben, der vor Jahresende 18 Jahre alt wird, erhalten Sie insgesamt 500 US-Dollar für diesen Abhängigen anstelle von 3.000 US-Dollar. Wenn Sie einen Abhängigen haben, der ein Vollzeitstudent ist und dieses Jahr 25 Jahre alt wird, erhalten Sie keine Zahlung dafür.

Ihre Steuern für 2020 bestimmen den Betrag Ihrer Steuergutschrift für dieses und das nächste Jahr

Sie müssen Ihre Datei einreichen 2020 Steuern um den Kredit zu bekommen wenn du ein Nonfiler bist. Das IRS wird automatisch die Zahlungen für diejenigen leisten, deren Steuern von der IRS eingereicht wurden 17. Mai Steuerfrist, der IRS-Kommissar Charles Rettig sagte. Wenn Sie Ihre Steuererklärung zu diesem Zeitpunkt noch nicht eingereicht haben, weiß der IRS nicht, ob er Ihnen eine Zahlung senden soll. Auch wenn Sie vorhaben, eine Datei einzureichen SteuererweiterungWahrscheinlich können Sie das IRS-Portal verwenden, auf dem Sie Ihre Informationen aktualisieren können, falls Sie seit der letzten Steuererklärung Angehörige gewonnen haben.

Informationen zu IRS-Überzahlungen: Informieren Sie sich über diese Details

Die Berechtigung Ihrer Familie wird zu einem großen Teil von Ihnen bestimmt bereinigtes Bruttoeinkommen. Was passiert also, wenn Sie einen neuen Job bekommen oder 2021 mehr Geld verdienen? Was passiert, wenn die Zahlungen bereits abgelaufen sind und Sie das Geld ausgegeben haben?

Das IRS hat einen Plan dafür, ein Kindersteuergutschriftportal, das die Agentur erstellen wird verfügbar bis 1. Juli So können Sie Ihre Informationen aktualisieren. Wenn Sie eine Anpassung vornehmen müssen, werden die Zahlungsbeträge gesenkt, die Sie bei Ihrem neuen Einkommen erhalten würden erreicht das AusstiegsniveauLaut Garrett Watson, Senior Policy Analyst bei Steuerstiftung.

Wenn Sie bis 2022 warten, um Ihre Informationen zu aktualisieren, wenn Sie Ihre Steuern einreichen, und weiterhin den vollen Betrag erhalten, der auf Ihrem niedrigeren Einkommen basiert, müssten Sie entweder das überschüssige Geld in Ihrer Steuererklärung für 2021 im nächsten Frühjahr zurückgeben, so Watson eine kleinere Rückerstattung 2021 oder mehr Steuern schulden.

Lernen Sie mit unseren unterhaltsamen und genialen Anleitungen Tipps und Tricks zu intelligenten Gadgets und zum Internet.

Golden Leisure’s 1Q earnings boosted by file adjusted money movement

Golden Entertainment Inc. executives believe the Strat Resort is in a good location.

With the new Circa and downtown arts districts that can direct traffic south and the upcoming Resorts World Las Vegas and new convention center amenities at the Las Vegas Convention Center that can direct traffic north, the Strat Positioned to catch two waves of companies that appear to have made great strides in the first quarter.

Golden reported a 15.7 percent increase in revenue for the quarter ended March 31, to hit the highest adjusted cash flow numbers in the company’s history.

“Our operating results for the first quarter reflect significantly improved sales, net income and quarterly adjusted cash flow,” said Blake Sartini, chairman and CEO of Golden. “These results highlight the strong demand for our properties coupled with a significant improvement in margins due to the adjustments we have made to our operations.”

Sartini said the company generated more than $ 40 million in its casino and distributed gaming segments during the quarter – the slot route it operates with its PT’s pub taverns and a Montana route.

“As the year progresses, we expect our free cash flow to allow us to reduce leverage and return capital to shareholders while providing additional financial flexibility to pursue potential strategic growth initiatives,” said Sartini.

Golden reported net income of $ 10.6 million, 35 cents per share, on revenue of $ 239.7 million for the quarter. A year ago, the company reported a net loss of $ 32.6 million ($ 1.17) on revenue of $ 207.2 million.

On a conference call with investors, Charles Protell, President and Chief Financial Officer of Golden, said the company is now focused on easing the burden on the company’s balance sheet and finding the best way to return capital to shareholders. Protell said the company is well positioned to capitalize on the return of conventions and trade shows. While the Strat doesn’t have the facilities to host large shows, it can host events related to its amenities.

A number of concerts and special events scheduled for the coming months should be beneficial to Goldens Showcase Resort. In April, Sartini said the Strat sold out its eligible hotel rooms every weekend.

Golden is also well positioned to generate income from its Laughlin activities.

Brad Goldberg, Golden’s senior vice president of marketing, said a series of concerts at the Laughlin Event Center should fill spaces in Golden’s Aquarius and Edgewater properties. Live music is planned for the summer calendar with America, Darci Lynne, the Little River Band, Lynyrd Skynyrd, Miranda Lambert and Toby Keith throughout the summer.

Golden Entertainment stock, traded on the Nasdaq exchange, closed Thursday at 50 cents per share, 1.4 percent, to $ 35.75 per share, with trading roughly twice the daily average volume.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. consequences @ RickVelotta on twitter.

Renting out your pool for money

Along with Clorox wipes and toilet paper, the demand for backyard swimming pools has skyrocketed since the pandemic began.

Across the country, swimming pool and hot tub suppliers have struggled to cope with a sudden surge in demand. But creating a pool is an expensive proposition, and not everyone who wanted to swim could build their own backyard oasis.

That gave Ned Gilardino an idea.

He has a pool his three older children seldom use. In 2019 he listed it on Swimply – like a Airbnb for swimming pools – so families near his home in Aurora, Colorado can rent the space for an hour or two.

Ned Gilardino rents his heated saltwater pool in Aurora, Colorado for $ 60 an hour during the summer months.

Source: Swimply

There weren’t too many bites at first. Then it is Coronavirus crisis closed public swimming pools along with everything else. “All of a sudden around this time last year I got emails,” Gilardino said.

Gilardino’s backyard was fully booked until June when families looked for Covid-friendly activities. He even started a waiting list that grew to 90 names. “It was absolutely wild,” he said.

As a retired teacher, Gilardino was on hand to greet the guests and tidy up between appointments. He even walled in the lower floor so guests could use the bathroom and basement to change clothes without accessing the main part of the house. He also added backyard games like bocce ball and extolled his fire pit.

By the end of the season, Gilardino had made around $ 50,000, he said.

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Making money moves during an economic recovery

“”There was a pent-up demand for what we were offering, “said Asher Weinberger, Co-Founder and Chief Operating Officer of Swimply.” We did it in a way because Covid made us a more relevant story.“”

Weinberger estimates that the business grew by more than 4,000% in the past year. Swimply is now active in every state in the country.

There are currently more than 3,000 pools listed on the website, many of which cost less than $ 100 an hour. (Gilardino charges $ 60 an hour for up to five people on weekends and $ 45 an hour on weekdays. However, discounts are available for multiple bookings.)

Swimply co-founder Asher Weinberger next to his rental pool in Valley Stream, New York.

Leroy Jackson | CNBC

Swimply’s web platform simplifies the booking and payment process and charges hosts and tenants a fee.

Admittedly, according to Weinberger, insurance was an issue that also rents out its own pool on the platform. The company is now using a third party insurer to insure the hosts, and tenants are required to sign a waiver to compensate the pool owner in the event of accidents.

“It may not cover all of the loopholes,” warned Eric Kollevoll, owner of Kollevoll & Associates, an independent insurance agency in Pennington, New Jersey.

Kollevoll advises the hosts to carefully check this policy with their own insurance company and to check whether it covers accidental damage as well as property damage. “Make sure they include medical payments in case someone gets injured,” he added.

It is one thing to have good insurance and it is another thing not to get sued.

Pierson Backes

Partner at Backes and Backes

“There are different scenarios in which losses can occur, and they are more common in pools.”

Buy extra coverage where you can, he suggested. “The homeowner should be aware that there are significant risks.”

“It’s one thing to have good insurance and another thing not to be sued,” said Pierson Backes, partner at Backes and Backes law firm, also based in Pennington.

Beyond insurance, “pools are scary even from a legal standpoint,” he said.

There is cause for concern that this could change the name from a family backyard pool to a semi-public pool, according to Backes. This brings a new level of liability that may dictate certain signage, self-closing gates, or rescue equipment – in addition to complying with Covid-related restrictions, he said.

Also, depending on the municipality, there may be a regulation that restricts renting part of your home or property as a convenience.

“I would like to see more shared resources,” Backes said. “But from a liability perspective, I just can’t imagine steering it.

“You’re safe in a minefield.”

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‘Not concerning the cash’ says Isner after Miami money criticism

Issued on: 25/03/2021 – 01:00Modified: 03/25/2021 – 00:58

Miami (AFP)

American veteran John Isner eased his criticism of the ATP Tour on Wednesday after beating the organization last month after confirming at the Miami Open earlier this week that the prize money had been cut.

The world number 28 called the ATP a “broken system” in February after it became known that the pandemic-stricken tournament had increased prize money for individual winners from $ 1.35 million in 2019 to just over $ 300,000 that year had decreased.

The 35-year-old called for a “real test” of the tournament to see how much money was available and berated tennis for “a lack of transparency”.

On Wednesday, Isner returned to the topic, insisting that reducing the prize money was not his main concern.

“I think for some players it’s not so much about the prize money,” said Isner. “We don’t really want to make it.

“Maybe the tour structure is about the fact that the players want to know better why decisions are made and what went into each decision.”

Tennis finances have taken a hit since the pandemic. The season has been suspended for much of 2020, and tournaments like the Miami Open last year and two editions of the Indian Wells Masters have been completely canceled.

Isner acknowledged that the players understood that revenue had dropped due to the loss of ticket sales.

“Again, it’s really not about the money,” added Isner. “Of course we would prefer to play for a bigger wallet.

“There’s just a little bit of uncertainty about how those numbers came into play and why the prize money is what it is.

“Of course we’d love to gamble for more, but we understand that as we lose ticketing revenue, our wallets will go down,” he said.

“But there are some players who have questions about why it was so bad. The tour implemented a strategy that keeps the lower rounds pretty similar.

“The prize money in the quarters, semi-finals and finals has been cut quite severely. The top players in our game have had a great deal of success in terms of prize money lately.”

However, Isner said the ATP Tour has been more open with the players in recent meetings.

“Look, there will always be some things that players are unhappy about,” he said.

“I think lately the players have felt that the tour was more transparent for them. We’re trying to understand the process a little better.”

Isner added that the new Professional Tennis Players Association, led by World Number 1 Novak Djokovic, whom he joined last year, would address some of the players’ concerns.

“I think it could ultimately be healthy for the tour,” said Isner. “Some people would definitely disagree with me.”