Boeing posts third annual loss in a row as Dreamliner prices hit $5.5 billion

Boeing a major milestone in its year-long 737 Max crisis deliveries jump helped generate cash in the fourth quarter for the first time in almost three years.

But now the company is facing mounting spending on its 787 Dreamliner program, which on Wednesday revealed $5.5 billion in costs related to manufacturing defects that have prevented Boeing from making these new ones over the past 15 months Handing over jets to customers.

Shares of the company fell more than 5% in afternoon trade, more than the broader market.

The manufacturer took a pre-tax charge of $3.5 billion for the Dreamliner in the fourth quarter. It expects an additional $2 billion in costs after cutting production of the planes, double its previous estimate.

“We can’t rush it”

Boeing first disclosed the flaws – tiny, improper clearances on some fuselages – in 2020. Defects were also found in other parts of some aircraft, and Boeing had to inspect the undelivered jets.

“While I don’t like any of the allegations, the progress has been significant,” CEO Dave Calhoun told CNBC.screeching in the streeton Wednesday about the 787. He declined to say when he expects regulators to grant approval and deliveries to resume. “We can’t rush it.”

Boeing reported free cash flow of $494 million for the fourth quarter, up from an outflow of $4.27 billion a year earlier, a milestone Boeing executives previously said they wouldn’t hit until 2022. It was spurred by a surge in 737 Max deliveries last year after regulators lifted bans on the jets following fatal crashes in 2018 and 2019.

China

China, a key customer for Boeing and the first country to ground the Max after the second crash, the last month was approaching lift its ban in the planes.

CFO Brian West told analysts on the quarterly conference call that shipments to China could resume “as early as the first quarter” of 2022, which could help the company generate more cash.

Here’s how Boeing compared to analyst estimates prepared by Refinitiv:

  • Adjusted Results: A loss of $7.69 per share versus an expected loss of 42 cents per share.
  • Revenue: $14.79 billion versus $16.59 billion expected.

Boeing lost $4.29 billion last year, its third consecutive annual loss Covid pandemic and production problems continued to affect the bottom line. That’s an improvement from 2020, when the company had a loss of $11.94 billion.

For the fourth quarter, Boeing reported a net loss of $4.16 billion, less than half the $8.44 billion it lost a year earlier. Revenue fell 3% year over year to $14.79 billion, down from $16.59 billion that analysts had expected.

‘renovation year’

“2021 was an important recovery year for us, and together we overcame significant hurdles,” Calhoun said in a note to employees on Wednesday. “While we still have work to do, I am confident that we are well positioned to accelerate our progress in 2022 and beyond.”

Chicago-based Boeing aircraft sales and deliveries increased last year, but deliveries of new planes to airlines still lagged behind European rival Airbus. The US company said it has increased production of the 737 Max to 26 a month, closer to the 31 a month it expects this year and up from the 19 a month it released in its last quarterly report.

But Boeing has been paralyzed for months by halting deliveries of its 787 Dreamliners for much of the past year due to a series of manufacturing defects that have left customers baffled American Airlines and Hawaiian Airlines.

American Airlines said last month it would be cutting its international flight schedule over 787 delivery delays. The airline’s CFO, Derek Kerr, said in an earnings call last week that Boeing is already paying penalties for the delays and “will compensate us for the losses” if there are more delays.

More delays

Kerr had said American expects to start deliveries of the Dreamliner again in mid-April, a timeframe Boeing CEO Calhoun did not confirm on Wednesday. “All I’m saying is that customers know everything we do,” Calhoun said, adding that airlines and Boeing “share the same regulator.”

“The company continues to perform follow-up work on 787 aircraft in inventory and is in detailed discussions with the FAA on the actions needed to resume deliveries,” Boeing said in a earnings release. “In the fourth quarter, the Company determined that these activities will take longer than previously anticipated, which will result in further delays in customer delivery dates and related customer considerations.”

CFO West referred to labor, material and supply chain shortages as “observation posts.”

Boeing’s large fleet of aircraft — 335 Max jets expected to be delivered by the end of 2023 — will provide a buffer, Calhoun said.

“When I think about the supply chain constraints that are out there, I hate that we got here this way, but having a stock of finished aircraft, particularly in relation to the Max, is at this moment beneficial,” Calhoun told CNBC.

recovery from travel

Calhoun said he expects the worst is behind the aviation sector after the pandemic crushed demand for air travel and new planes. Airline executives said in early January they expect international travel bookings to rebound this spring and summer after entry restrictions were lifted in recent months.

The company reiterated on Wednesday that it expects passenger traffic to return to 2019 levels next year or 2024.

Suppliers to Boeing and Airbus General Electric on Tuesday forecast a 20% increase in sales this year at its main aerospace division, which manufactures and repairs aircraft engines.

However, the recovery was bumpy. airlines incl delta, United and American earlier this month predicted the rapid spread of the Omicron variant, which began late last year delay a rebound travel demand by about two months. Executives at those airlines said they expect a strong spring and summer travel season.

On Tuesday, the Transportation Security Administration screened 1.06 million people, the fewest since April 2021.

Listed here are the 10 finest cities, from prices to security, for ringing in 2022

Times Square, New York

Jason Dean | Moment | Getty Images

Of the Big apple In the Bay Area, cities and towns across the country await solemn crowds on Friday as a pandemic-weary population tries to deliver a good relief in 2021.

Amidst the latest, Delta and Omicron waves from Covid-19 Infections would suggest that more people than usual would usher in the New Year at home, but finance website WalletHub claims it isn’t.

“Surprisingly no,” said WalletHub analyst Jill Gonzalez. “The proportion of people who spend New Year’s Eve at home is actually the same as in 2019.” Sixty percent of Americans plan to greet the year 2022 with family or friends, compared to 24% who attend public events or parties, according to the website Best cities for New Years Eve Report – as it was two years ago, before the pandemic hit the US

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During the Christmas weekend, there were widespread reports of vacation travel as airlines were buckled up by workers Thousands of flights canceled Since more employees reported with Covid, but before the Omicron wave, bookings for vacation trips at the end of the year had increased massively compared to the previous year and even more strongly than in 2019.

TripIt from Concur found that domestic bookings increased 304% compared to 2020 and 53% increased compared to 2019. Accommodation reservations rose 271% and 61%, respectively; and vacation rentals, 182% and 56%.

Still, many of these plans are tentative, said Jen Moyse, senior director of product at TripIt, in a statement. “Some travelers may be concerned as Covid-19 cases rise and news of the spread of omicrons spread,” she said. “We heard in a current survey that more than a quarter (26 percent) of travelers have plans they are willing to cancel or change. “

Top 10 US cities for New Years Eve

Finance site WalletHub rated 100 U.S. cities for New Years Eve appeal, rated each for total cost, safety and accessibility, entertainment and dining options, and then averaged to give a final rating. Here’s a look at the 10 best urban spots to hit in 2022 and their total score (out of 100).

  1. New York – 67.50
  2. Las Vegas – 67.39
  3. Orlando, Florida – 66.50
  4. Atlanta – 66.03
  5. Miami – 65.47
  6. Washington, DC – 63.32
  7. San Francisco – 62.73
  8. Denver – 62.21
  9. Louisville, Kentucky – 61.83
  10. Houston – 61.29

Source: WalletHub

Most of us, at 65%, are spending at least $ 50 to welcome 2022, WalletHub found. The website had no data for the last year, but it found that 83% of Americans were spending less than $ 200 in 2019. “While the statistics are not exactly apples for apples, we can estimate that the budget has decreased compared to 2019,” said Gonzalez.

Whether you have plans for a New Year’s Eve trip or are lucky enough to live in or near a location with lots of party opportunities, WalletHub has some recommendations. It has ranked the 100 largest US cities based on several factors including safety, accessibility, cost, and entertainment and dining options. They were then averaged to give a total score to each location.

The usual suspects in big city tourism – such as New York, Las Vegas and Orlando, Florida – topped the WalletHub list. There were some surprises, however, such as Louisville, Kentucky, which ended up at number 9, beating places like Philadelphia, Los Angeles, and Chicago for a top 10 spot.

“Louisville is a popular New Year’s Eve destination because it allows fireworks and has restaurants that are ranked among the top 100 restaurants in the country,” said Gonzalez. “The city also has the seventh largest number of beer, wine and liquor stores per capita, and you can find affordable gourmet food here.”

Bottom of the New Year celebrations this year were WalletHub’s ten weakest cities: Garland, Texas, with a score of 41.03 out of 100; Aurora, Colorado, at 40.95; Chesapeake, Virginia, 40.94; Hialeah, Florida, 40.85; Cleveland, 40.63; Glendale, Arizona, 40.08; Newark, New Jersey, 39.23; Anchorage, Alaska, 38.93; Fremont, Calif., 38.07; and – next to the No. 2 Place Sin City – North Las Vegas, Nevada at 31:56.

(WalletHub compared the 100 most populous US cities in three dimensions – entertainment and food, cost, and safety and accessibility – using 28 relevant metrics. Each metric was rated on a 100-point scale, with 100 representing the cheapest New Year’s party, WalletHub then determined takes each city’s weighted average across all metrics to compute a total score and uses the resulting scores to rank the sample.)

Boeing (BA) 3Q 2021 loss as Dreamliner flaws drive up prices

An employee works on the tail of a Boeing Co. Dreamliner 787 aircraft on the production line at the company’s final assembly facility in North Charleston, South Carolina.

Travis Dove | Bloomberg | Getty Images

Boeing said Wednesday that defects in its 787 Dreamliners would result in abnormal costs of $ 1 billion and that production would be reduced to about two of the planes per month as it struggles to address quality issues. These issues resulted in deliveries being suspended for most of the past year.

Of this, the manufacturer wrote off $ 183 million in the third quarter.

However, sales improved thanks to higher Aircraft sales and supplies. Boeing said its revenue rose to $ 15.28 billion in the third quarter, an 8% increase from $ 14.14 billion last year. That was below the $ 16.3 billion forecast by analysts. The company reported a net loss of $ 132 million for the quarter, despite being less than the $ 466 million it lost a year earlier.

“Our commercial market is showing improved signs of recovery with the opening up of vaccine distribution and border protocols,” said CEO Dave Calhoun in an employee statement following the results. “When demand returns, supply chain capacity and world trade will be the main drivers of our industry and the recovery of the world economy.”

Boeing’s cash flow from operations improved to minus $ 232 million from $ 4.8 billion a year ago. The company’s share rose 1.4% in pre-market trading.

This is how the company has developed compared to the analyst estimates carried out by Refinitiv:

  • Adjusted results: A loss of 60 cents per share versus an expected loss of 20 cents per share.
  • Revenue: $ 15.28 billion versus $ 16.3 billion, expected.

Last year, Boeing first disclosed quality problems with seams on the hulls of some of its 787s. The problems led to inspections that caused Boeing to suspend deliveries of the aircraft to airline customers, thereby draining the company’s cash.

Deliveries resumed briefly this year, but were suspended again in May due to further inspections. Analysts estimate that Boeing has around 100 of the aircraft in its fleet. The company has repeatedly lowered the production rate for the jetliners. Over the summer, Boeing announced it was producing fewer than five 787s a month.

“The company expects to continue at this rate until deliveries resume and then return to five per month over time,” the statement said.

Boeing has been in successive crises since the first of two fatal crashes of its 737 Max three years ago. While it was a 20-month aircraft lockdown, the pandemic decimated the demand for travel and airplanes.

The company shipped 62,737 in the quarter, the most since Q1 2019, Calhoun said. It manufactures 19 Max aircraft per month, up from 16 in July. The forecast was to increase production to 31 per month in early 2022.

The company’s shares had lost 2% so far this year as of Tuesday’s close of trading, compared to a 22% gain for the S&P 500.

Boeing executives will face analyst questions on Wednesday at 10:30 a.m. ET.

Peloton buyers face new actuality as bike maker’s prices damage income

Jen Van Santvoord rides her Peloton exercise bike home on April 7, 2020 in San Anselmo, California.

Ezra Shaw | Getty Images

Peloton Investors threatened a rude awakening on Thursday.

Many expected the connected fitness equipment maker to report a decline in sales. Gyms reopened, and outdoor runs and vacations were popular in the summer months. What investors weren’t expecting was a 20% price cut into the company’s top-selling product and an increase in marketing spend.

The growth is slowing down and it is less profitable.

About $ 2.9 billion of Peloton’s market cap was cut off on Friday, the day after the company’s price announcement and report an unexpectedly high loss in the fourth fiscal quarter.

For most of 2020, the company rode a wave of home-based consumers willing to spend thousands of dollars burning calories when gyms closed due to the pandemic. Such an increase in demand led to problems in the supply chain, Forcing peloton to spend more money Expedite deliveries. Nonetheless, the growth came about a lot easier than anyone could have imagined. Pelotons Quarterly sales rose to more than $ 1 billion for the first time when the year ended.

Two years ago, Peloton had 511,000 affiliated fitness subscribers. Now the company has 2.33 million. These are people who are spending $ 39 a month to access Peloton’s digital workout content in addition to owning one of the company’s home fitness equipment.

The supply went with me too. Peloton was one of the biggest winners of the Nasdaq 100 last year, with stocks rising 434% in 2020. However, this year the stock has fallen nearly 30% so far, closing at $ 104.34 on Friday as investors stare at a new reality.

Wall Street has mixed opinions about where the stock could go next. According to FactSet, the analysts’ average target price is $ 133.40. That’s solid above its 52-week low of $ 68.06 last August. But a good deal below its all-time high of $ 171.09 in January.

However, many agree that Peloton’s path to profitability is changing.

“If you had told me yesterday that Peloton would hit 1.3 million net networked fitness additions in fiscal 2022, I would have said the stock would rise 10%,” JP Morgan analyst Doug Anmuth said in a press release to customers. “But the composition of how Peloton gets there is different than expected. The reduction [in the Bike price] is bigger and earlier than expected. “

Anmuth has a target price of $ 138 on Peloton stock. He continues to anticipate international expansion and future product launches, including a purported rowing machine, will fuel growth.

However, Peloton is forecasting an adjusted loss of $ 325 million before interest, taxes, depreciation and amortization for fiscal 2022, which has just begun. The company does not expect to be profitable again until 2023.

In the final quarter that ended June 30, total gross margin fell from nearly 48% in the year-ago quarter to 27% as the costs associated with a treadmill recall and additional shipping costs weighed on profits.

“In the last year and a half [Peloton] Didn’t really have to pull levers, “Wedbush analyst James Hardiman said in an interview with CNBC’s Tech Check on Friday.” And now they have to play so they can continue this growth story. “Their cards are just right, so that current rating sticks. “

Higher marketing spend

Not only is Peloton lowering the price of its bike, it will also significantly increase marketing spending in the coming months. It faces tougher competition in the connected fitness space from Hydrow, Tonal, and Lululemon-own mirror.

Peloton hasn’t revealed exactly how much it plans to spend, but sales and marketing expenses rose 172% year over year in the most recent quarter.

In a phone interview with CNBC, Peloton President William Lynch said the company plans to use a series of paid media advertisements to specifically draw attention to its tread. The cheaper version of the two treadmill machines from Peloton is Start next week in the US, after a month-long delay due to a recall.

“We believe it will allow us to grow faster and it will counter the drop in bike prices,” said Lynch.

Peloton previously stated that it sees opportunities to reach around 15 million households worldwide and sell 20 million devices, compared to 2.33 million it has sold to date.

According to Simeon Siegel, an analyst for BMO Capital Markets, Peloton’s stock has essentially risen as if the company had already met those budget and equipment goals. Peloton is still a long way from that. And lowering the price of bicycles might not be enough of a catalyst to get it there, he said.

Siegel has the lowest price target among Wall Street analysts for Peloton stocks at $ 45, according to FactSet. That would mean Peloton’s value is more than half its current retail value.

“Lowering the cost of the bike can attract new customers, but it shouldn’t extend its lifespan,” said Siegel. “And if anything, one can hypothesize that the lower the acquisition costs, the lower the migration barrier [or drop the service]. “

“If the competition stays high, which we think will be, we will take care of the marketing [costs] will continue to grow and not the other way around, “added Siegel.

Reach a new audience

Management said that Peloton is cutting prices on the cheapest product in order to reach more customers who might otherwise not be able to afford the company’s devices. The company also said that it has built enough manufacturing capacity in recent months to afford the price cut as it achieves greater production efficiency.

When asked by analysts, Chief Executive John Foley commented on a conference call on the results that Peloton is on the offensive – not the defensive.

“When we think about the competitive landscape, we think about democratizing access to great fitness, which has always been in our playbook,” he said.

Foley also said that Peloton believes that one day their treadmill business will be two to three times the size of their bicycle business today. The company does not currently break any revenue from bikes versus treadmills.

Peloton’s growth in the treadmill category was paused after the company recalled from his Tread and Tread + machines due to reported injuries and the death of a child. In particular, the company is facing several related lawsuits. And on Friday It revealed that the US Department of Justice and the Department of Homeland Security had subpoenaed Peloton for more information on this.

With Peloton resuming sales of the Tread – the cheaper of the two machines – analysts should be able to gain more insight into consumer reaction. (It’s unclear when Tread + sales will resume.)

Bank of America has upgraded the fitness company’s stock on Friday, buying from neutral, raising its target price by $ 3 to $ 138 per share. The Wall Street company said it would be most optimistic if Peloton had an opportunity to grow its treadmill sales in the years to come.

“Peloton indicated that Tread’s leads were ‘incredibly strong’ and we trust that enthusiasm at the launch is not unfounded,” said analyst Justin Post in a research note. “We think in six months [subscription] Adds will be more important to the stock than margins. “

—CNBCs Michael Bloom and Crystal Mercedes contributed to this report.

Deep discounters like Greenback Tree get hit by soar provide chain prices

A man enters a Dollar Tree discount store in Garden City, New York.

Shannon Stapleton | Reuters

When a chartered ship for Money tree Arrived in China to load goods, a single crew member’s positive Covid-19 test forced the ship to turn back. The trip was delayed by two months.

CEO Mike Witynski shared this story and other shipping problems during a phone call on Thursday. He spoke bluntly about supply chain confusion and labor shortages. And he said they made it harder for the retailer, who sells most of their items for a dollar. And they are expected to continue into next year.

“The Dollar Tree banner is more freight sensitive than others in the industry,” he said.

Dollar Tree said Thursday that rising freight costs will push its earnings $ 1.50 to $ 1.60 per share – more than double the 60 cents forecast in May to 65 cents. Estimated earnings per share for the fiscal year will be between $ 5.40 and $ 5.60, which was lower than analysts expected.

The company’s shares closed 12.08% to $ 93.48 on Thursday.

Deep discounters are feeling the pain as Covid outbreaks and congested ports drive up the cost of shipping goods around the world. Dealers like Dick’s sporting goods, Best buy and Williams-Sonomareported higher gains this week. These companies found that fewer promotions did not dampen their customers’ willingness to buy. Some said they pay more to move goods quickly – such as flying goods on airplanes – and buyers are still buying.

However, at low cost retailers, buyers cannot afford to pay more or will walk away if the item doesn’t look like a bargain. This puts retailers in a bind as they have to decide when to raise prices and when to absorb higher costs.

“I would tell you that we were very careful in passing on prices because we know that our core customers find it difficult to afford many price increases.” Dollar general CEO Todd Vasos said on a conference call on Thursday.

Shares in the rival dollar store chain closed 3.77% to $ 225.90 on Thursday.

The off-price retailers – who also appeal to price-conscious shoppers – all fell on Thursday. Ross Stores, TJ Maxx and Burlington Stores closed by about 4%, 3% and 9%, respectively, early Thursday afternoon. Nordstrom, which also includes Nordstrom Rack, closed around 8%.

Some have detailed how to deal with the headwind.

Dollar General’s Vasos said the retailer is negotiating with vendors and has swapped some items for similar ones over the past few quarters to keep prices down.

Dollar Tree’s Witynski said the retailer had reserved its own spot on charter ships for the first time – including signing a three-year contract for a large ship. More U.S. goods were being purchased, so the Dollar Tree and Family Dollar stores were well stocked for the back-to-school season. And it prioritizes shipping containers depending on which goods are in season or in demand.

It will also continue to order seasonal purchases 30 days earlier than usual and monitor shipping availability in ports in China and the US

On the conference call, the company’s executives pointed to the predictions of industry experts that maritime shipping capacity will normalize no later than 2023 as more ships become available.

However, CFO Kevin Wampler admitted the rapidly changing environment during the pandemic – and said it made it difficult to estimate future freight costs.

“There could be another Covid outbreak,” he said. “There could be a lot of different things that could affect this. I think you have to keep in mind that it is probably the most dynamic thing we have ever seen in relation to this market. “

—CNBCs Robert Hum contributed to this report.

ON THE MONEY: chop reworking prices when wooden costs are excessive | Enterprise

Timber costs have skyrocketed in the last year, giving budding home renovators a choice of whether to wait in the price purgatory or move forward and possibly overpay.

Lumberjacks falsely predicted that the housing market would collapse under the weight of the pandemic instead of booming as before, says David Logan, senior economist with the National Association of Home Builders.

This “fatal mistake,” as Logan calls it, created a mismatch between supply and demand, which, according to data from Fastmarkets Random Lengths, a specialist publication for the timber industry.

By mid-July, timber prices had only dropped to double their spring 2020 levels, but whether the decline will continue and when lower prices will hit homeowners is not yet clear, Logan says.

Here are tips to navigate a home remodeling when the wood costs are going through the roof.

CREATING ROOM FOR VARIABILITY

The recent drop in prices may seem like a positive sign, but Logan compares the dilemma of home remodeling to that of a homebuyer: There’s no telling when the time will be right.

“Trying to time the market is likely to cause more fear than knowing that you will get things going,” he says.

Logan says if he did a renovation, he would move on to a major renovation, like a kitchen upgrade or a room addition.

If a project requires months of planning and waiting, allow room for price and schedule changes in your contract, says Ethan Landis, principal at Landis Architects / Builders in Washington, DC. This way you won’t pay too much if prices drop before your contractor starts buying, but you can still hesitate if the project gets too expensive.

SEARCH FOR ALTERNATIVES, PLAN FOR SCARCE

If a little DIY or good to big update could wait a few months, Logan says he would take the risk and wait for wood to become more affordable.

“I know full well that by the time I do it, the prices could be higher,” he says.

In the meantime, look for recycled, reclaimed, or alternative materials.

Ty Lindgren, a shift supervisor at a food and beverage company in Olympia, Washington, brought back leftover wooden pallets from work to build a playhouse for his children.

He estimates the cost of the project was reduced from $ 1,000 to about $ 100 when the pallets were used in place of the high-priced two-by-four pallets.

If you don’t have access to additional unclaimed wood, you can buy it.

Habitat for Humanity’s ReStore has over 900 locations, many of which sell recycled wood or wood items that you can rehabilitate or turn into something like shelving. In some locations, you can search your inventory online.

Your local wood or flooring liquidator may have enough wood to renew the flooring in a small room or on a single floor of your home, says Rebekah Hernandez, a Dallas-based interior designer.

“You can’t be choosy because there aren’t many options, but they are out there,” she says.

Affordability first

If you decide to postpone the project to wait for lower prices or to save, Hernandez says small changes like a new rug, decorative pillows, and updated art may do for the time being.

“All of these things, while subtle and minor changes, ultimately help make you feel happier and better in your space,” she says.

A renovation out of pocket is always the cheapest way. But only fund the project if you can get a low interest rate and affordable monthly payments, says Larry Pershing, a Chicago-based certified financial planner.

Pershing says home equity lines of credit have low interest rates and you can typically withdraw the money over a 10 year period. That means you can borrow as much as you need, up to your limit, whenever you need it when a large project has unpredictable costs and schedules.

An FHA 203 (k) loan enables home buyers to combine the cost of a fixer upper and renovations into a single mortgage. Pershing recommends them for homebuyers who do not already have a lot of equity.

A home finance loan provides project funding quickly, and you can often pre-qualify to estimate your monthly payments and interest costs.

With a flat rate loan like a personal loan, try to keep an eye on a final price. If wood prices go up, you can’t go back and borrow again.

Over $7 Billion in State Cash is Accessible Now to Pay Previous Due Lease and Utility Prices for Santa Monica Renters and Landlords – santamonica.gov

Santa Monicans are urged to register today at Housing.ca.gov. to apply

August 4, 2021 2:35 pm

The nationwide program “CA COVID-19 Rent Relief” (also commonly known as “Housing is the Key”) is now open and is accepting applications to help income-earning households with 100% of the rent and ancillary costs, for both past and present future amounts owed. Santa Monica renters and owners are urged to verify eligibility for income and apply at today Housing approx. Gov or by phone at (833) 430-2122. This rental assistance program, along with the nationwide eviction moratorium, is designed to keep families in homes, protect tenants from evictions, and help both landlords and tenants recover from the economic effects of COVID-19.

Here’s what you need to know:

  • Qualified tenants and landlords should apply for the rental assistance program as soon as possible; Funds are available until the funds are used up.
  • Rent assistance is not automatic, tenants and landlords must submit an application for assistance.
  • The nationwide eviction moratorium to protect tenants from loss of rent expires on September 30, 2021.

“We want everyone in our community to be aware of the government funds available to tenants and landlords to pay 100% of the housing and operating costs for income-earning households affected by COVID-19,” said the mayor from Santa Monica, Sue. Himmelrich. “These funds will aid our recovery and ensure that Santa Claus Monicans can stay in their homes. Our city is obliged to pass this information on to all authorized landlords and tenants. Apply today, Santa Monica! “

Today the City of Santa Monica is launching an outreach program to ensure all home renters and landlords have the opportunity to receive a 5.2 billion rental subsidy. The outreach plan focuses on equal access for our most vulnerable community members and residents aims to reach tenants and landlords who are unfamiliar with the rental assistance program or who were unable to apply due to a disability or lack of access to technology or internet services. Efforts include print and digital public relations, including mailers, flyers, door hangers, social media, email, and more.

This builds on previous COVID-19 housing assistance efforts. The City of Santa Monica has paid over $ 2.8 million in rental grants to over 640 Santa Monica families as of March 2020 by providing federal funding from Community Development Block grants and the CARES Act, as well as local funding from the City’s General Fund and community contributions the We are the Santa Monica Fund.

For more information on the CA COVID-19 Rent Relief program and how to apply, please visit Housing approx. Gov or call (833) 430-2122. If you need help applying, contact 3-1-1 or 311@santamonica.gov.

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Stimulus cash eases COVID prices for De Soto Colleges | Native Information

The coronavirus pandemic has cost school districts a lot over the past year and a half, but De Soto School District has some economic relief.

The district’s education committee recently decided to accept $ 1.7 million from the Elementary and Secondary Education Emergency Fund (ESSER II) provided in the federal Coronavirus Response and Relief Supplemental Appropriations Act, which was provided by the U.S. Congress was adopted in December 2020.

The De Soto School District will receive the funds from the Missouri Department of Elementary and Secondary Education and use them to cover COVID-19-related costs incurred in the 2020-2021 school year.

All but $ 7,511.50 of the $ 1.7 million will be used to cover employee salaries, benefits and insurance costs caused by the pandemic, Superintendent Josh Isaacson said.

He said the federal government agreed last year to reimburse school districts for up to 10 days of employee lost work time due to quarantine, either after a positive COVID-19 test or due to contact tracing.

That clause ended in 2020, but Isaacson said the board decided to extend the agreement to pay employees if they need to be quarantined in the second half of the 2020-2021 school year, and the district will be ESSER II – Use funds to reimburse the district for their payment.

“We were in class while many other companies were able to allow their employees to work from home,” he said.

The reimbursement concerned teachers and administrative staff as well as canteen workers, bus drivers, nurses, caretakers and other auxiliary staff.

The ESSER II funds will also be used to reimburse the district for consumables it has purchased, such as cases of medical gloves, masks, and food service items.

Isaacson said about $ 130,000 was used to cover the costs COVID-19 placed on the district’s self-insured health insurance program.

“Since we are self-insured, we could cover some of these costs,” he said. “We had vaccination clinics. While COVID tests and vaccinations were free, insurance was billed for administration costs of $ 10 or $ 11 per test or vaccination. That helped. “

De Soto District previously received $ 520,000 from Emergency Fund I for elementary and secondary schools provided under the state’s Coronavirus Aid, Relief and Economic Security (CARES) Act.

That money, administered by Jefferson County, was used to pay for hotspots and Chromebooks so students could study from home, Isaacson said.

He said the CARES law money also provided local grants for grants paid for plastic barriers and additional postage the district incurred for sending information to students and parents while the school was out of the way from March to May 2020 Operation was.

MILLENNIAL MONEY: ‘Again to regular’ boosts pandemic pup prices | Enterprise

Last summer, like millions of Americans, I brought home a 7-pound ball of fluff. Over the past year my mini Goldendoodle has turned into 23 pounds of sheer joy.

Almost 1 in 5 households has bought a dog or a cat since the beginning of the COVID-19 pandemic, according to a recent ASPCA survey. That’s roughly 23 million American households.

And the majority of these pet owners have no plans to house their pet in the near future – contrary to rumors that people are returning pandemic puppies. That means our furry friends will be with us as we tackle the challenges (and financial obligations) of getting back to work and resuming daily routines.

Here’s what you should know in order to afford a pandemic puppy – a year later.

JUMP INTO A ROUTINE

“Dog ownership is a journey,” said Brandi Hunter, vice president of public relations and communications for the American Kennel Club.

“Last year people got a different version of the trip. If you’ve either bought or rescued a puppy – or an adult dog – during the pandemic, you have a dog that is completely used to being at home for the most part. “

If you know you will be going back to the office in September, for example, you should adapt your four-legged companion to a new routine in August, recommends Hunter.

Start with practice runs. It can be so simple that you leave the house for a few minutes so your dog can get used to being away from you, says Nicole Ellis, certified professional dog trainer and pet lifestyle expert at Rover, a pet supplies marketplace .

You can also enlist help to keep your dog occupied and looked after while you are away. Pet sitters can check on your dog and refill food and water. Dog day care offers interaction with other dogs. Dog walkers give your dog exercise.

TAKE A BUDGET

But adding expenses like dog walkers and pet sitters to your financial equation can be costly. (After all, you can expect to pay anywhere from $ 15 to $ 45 per walk depending on where you live.)

Make arrangements that fit your budget. For example, it may be cheaper to hire a dog walker to walk more than one dog at a time than a solo walk. Taking your dog to daycare three days a week is less expensive than five days.

Hunter also says looking around for dog daycare, much like any human service. You may be able to find a lower fare if you’re ready to drive to a location outside of your immediate area.

Rover and Wag are two examples of platforms that connect dog owners with dog walkers, boarders, sitters, and more. Some even provide pictures and videos of your dog so you can see what’s going on throughout the day.

USE YOUR EXPENDITURE

Aside from wading back into the world, you’ve probably realized by the last year that dogs are an investment.

For one, I’ve placed more online orders for treats and toys than I can count.

“Pet owners can spend anywhere from a few hundred dollars to several thousand dollars in the first year of owning a new pet,” Christa Chadwick, vice president of Shelter Services at ASPCA, said in an email.

So I also asked the experts how you can save money on all kinds of dog utensils. Reducing costs in one or more of these areas can help offset the new expenses you will soon face.

– TOYS. If your tough chewer (like mine!) Searches toys like candy, Hunter says you can give him bones instead. Bones are meant to be chewed and last longer than plush toys. Another option? Mental stimulation games. Place a treat on a puzzle to keep your pup occupied longer.

– TRAINING. Professional dog training can vary in price, so Ellis recommends watching YouTube videos for trick training techniques that you can use at home.

– TREATMENTS. Check back on the internet for dog treat recipes to take home. Ellis says you can mix dry food with treats to help keep supplies last longer and get your dog excited about training.

– SUPPLIES. “Make friends in your community,” says Ellis. Sites like Nextdoor and Facebook Marketplace can facilitate the exchange of offers. You could get equipment from people who want to give away things their dogs have outgrown.

– INSURANCE. “When the cost of an emergency vet visit or serious

Illness would be a financial burden, so consider investing in pet health insurance while your pet is healthy or saving money in a separate account specifically for these costs, “said Chadwick.

– EVERYTHING ELSE. Consider the cost of pets tied to human life events, advises Chadwick. For example, if you travel to hotels (for cleaning fees) or move into some apartments (for pet deposit fees), plan ahead of time before you bring your dog with you.

SpaceX is shedding cash on its Starlink terminals, however sees decrease prices forward – TechCrunch

It may take a while for Starlink to reach profitability. The SpaceX project, which aims to deliver global high-speed broadband over a satellite network, sells its beta kits to customers for around $ 500, although it is much more expensive to manufacture, CEO Elon Musk said in an interview on Tuesday.

The kit contains a user terminal, a type of dish that connects the customer to the satellites and enables broadband access. “To be completely honest, we’re losing money at this terminal,” he said. “This terminal costs us more than $ 1,000, so of course I’m subsidizing the cost of the terminal.” He added that SpaceX is working on a next-generation terminal that can provide the same functionality but at a lower cost.

SpaceX’s total investment in the project could be anywhere from $ 5 billion to $ 10 billion initially and up to $ 30 billion over time as the company continues to make improvements and remain competitive with cellular technology improvements, he said.

Musk, who made these comments during a virtual keynote at the Mobile World Congress in Barcelona on Tuesday, also shared more details on the current status of Starlink. The project is well on its way to having over half a million users in the next 12 months, he said, and is operating in about 12 countries, with “more added every month”.

SpaceX is also about to launch version 1.5 of the satellite, which will feature laser intersatellite links to ensure continuous connectivity over high latitudes and polar regions. Next year the company will be releasing version 2, “which will be significantly more powerful,” noted Musk.

Starlink satellites roam the observations of a telescope. Photo credits: SpaceX

The project has entered into two partnerships with major telecommunications companies in the country, but Musk refused to mention their names.

Starlink is hard to imagine without SpaceX’s breakthrough in rocket reusability. “But we have to take that to another level [ … ] the Starship development, ”said Musk. This rocket will be designed for quick reusability – the ability to restart between flights with little or no time on the ground, similar to the capabilities of an airplane today.

Spaceships are key to Musk’s vision of building a base on the moon or a city on Mars. He said the company hopes to make its first orbital launch attempt with Starship in the next few months. SpaceX submitted an application for approval with the Federal Communications Commission (FCC) to fly Starlink terminals on the new spacecraft to demonstrate “high data rate communications” between the Starship launch system and the ground throughout the mission.