Month: January 2021

2021-01-14T12:55:00

(BPT) – With the enactment of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, millions of eligible individuals will receive a second Economic Impact Payment (EIP). The Bureau of the Fiscal Service (Fiscal Service) is distributing these payments on behalf of the Internal Revenue Service (IRS). To speed delivery of payments, some individuals will receive their payment in the form of an EIP Card, which is a safe, convenient and secure prepaid debit card. EIP Cards were mailed beginning the week of Jan. 4, 2021.

Individuals receiving a second round of stimulus payments through an EIP Card will receive a new card. Funds will not be loaded onto previously issued EIP Cards. Some people who received a paper check last time will receive a debit card this time, and some people who received a debit card last time will receive a paper check. EIP Cards are sponsored by the U.S. Department of the Treasury’s Bureau of Fiscal Service, managed by Money Network Financial, LLC, and issued by MetaBank^®, N.A.

What Economic Impact Payment Cards look like and how they work

These prepaid Visa debit cards are sent in a white envelope that prominently displays the U.S. Department of the Treasury seal and enable individuals to directly access their EIP. EIP Cards can be used anywhere Visa is accepted.

EIP Cards offer an easy-to-use way for Americans to receive and access government and emergency relief benefits. These prepaid cards look and work like traditional debit cards.

Using an EIP Card is quick, easy and secure. It can be used to:

• Pay for purchases online, in-person or over the phone everywhere Visa is accepted
• Pay many bills and get cash back at participating merchants
• Withdraw cash from an ATM or a bank/credit union teller
• Transfer funds to a personal bank account

How to get started

The first step when you receive your EIP Card is to activate it by calling at 1-800-240-8100 or online at EIPCard.com.

During activation, you will be asked to input your card number, the last 6 digits of your Social Security number and the 3-digit security code from the back of your EIP Card. You could be asked to further validate your identity by providing, at minimum, your name and address, or answering identity verification questions. You will also be asked to create a 4-digit PIN required for ATM transactions, automated telephone assistance and to obtain your EIP Card balance. For your account security, do not use personal information as your PIN. For EIP Cards with more than one name listed, only the primary cardholder (listed first on the EIP Card) may activate the card.

Keep your PIN number handy for automated telephone assistance and secure future transactions. For example, when withdrawing cash from an ATM, enter your 4-digit PIN and select “Withdraw” from “Checking”. ATM withdrawals can be made surcharge-free at any ATM that carries the AllPoint^® brand.

Discarded or destroyed cards

If your EIP Card is accidently discarded or destroyed, you can call the Customer Service number at 1-800-240-8100 and report it “Lost/Stolen.” Your EIP Card will be deactivated to prevent anyone from using it and a new replacement card will be ordered. You do not need to know your card number and your reissued EIP card is free. Review the Fee Schedule and Cardholder Agreement at EIPCard.com for more information.

Protect yourself

It is important to know that the IRS, MetaBank^®, N.A., Money Network and Visa do not contact cardholders directly requesting their personal account information. That said, cybercriminals and fraudsters are constantly counting on individuals to be distracted and let their guard down. If successful, they can trick people into handing over personal or financial information using a tactic known as phishing.

Here are some common forms of phishing that one may encounter and warning signs to look out for:

Phone Call Phishing

• Consumers should look out for a phone call from “your credit card company” or “financial institution.” The caller will typically identify themselves as someone who works in the “Security and Fraud Department.”

• They will note that your card has been flagged for suspicious transactions and will ask for you to prove that the card is in your possession. You may then be asked to provide the three-digit security code on the back of your card, your PIN, or a verification code that was just sent to you.

Email Phishing

• Be on the lookout for spelling and grammar errors in the subject line or body of the email. It also may be a warning sign if the email does not address you by name or if the email address does not match the organization (e.g., irs.net).

• Scammers will also sometimes include deadlines or threaten account suspension to add urgency and override your normal sense of caution. If the sender does not provide contact information, or if something feels suspicious (e.g., asking you to click a hyperlink) please contact the card issuer at 1-800-240-8100.

Text Message Phishing

• Be aware if the sender sends a link rather than a phone number to call. Scammers may also ask that you log onto your account to verify a transaction by providing your PIN or three-digit CVV code.

Website Phishing

• It may also be a red flag if there is something slightly off about the website or the address or if there are misspelled words or odd logos.

• Look out for unusual pop-ups on the site that request you enter personal account information. Also be wary of HTML links that do not match their destination.

• If you are unsure about a link, you should manually enter the full website URL or address into your browser instead of clicking on a link provided to you.

Social Media Phishing

• Warning signs include friend requests from someone you do not know, or a post asking you to click on a link and provide personal information.

For more information on Economic Impact Payments, visit EIPcard.com.

2021-01-14T14:45:54

(BPT) – Quality smartphones come in all configurations and price points these days. Here are some of the key things you’ll want to look for to make sure you find one that works best for your needs. Happy shopping!

1) Operating system (OS): There are two different operating systems to choose from. iOS works with iPhones, while Android operates with a wider variety of smartphones, like those from Samsung or Motorola. In general, iOS is considered easier to use, but you need to have an Apple device. Android gives you more options, plus the ability to customize it with third-party software and widgets.

2) Camera: Most people now use their phones as their primary camera, so the right selection here will be an especially important one. More and more smartphones boast cameras with at least 12 megapixels, so don’t go by only that stat. Instead, focus on individual camera specs and special features like dual lenses or the ability to edit and enhance photos.

3) Screen size: Get the right size screen for the things you’ll want to do. Buy a phone with a screen smaller than 5.5 inches if one-hand use is important to you or if you have smaller hands. Get a bigger-screen phone if you like to watch a lot of videos or play games, or simply want to have an easier time navigating on your touchscreen.

4) Display: You’re going to spend many hours gazing at the screen, so make sure it offers the viewing experience you’re after. If you plan to watch a lot of videos, look for a minimum of full HD (high definition), which is 1920 x 1080 pixels. You’ll also want to familiarize yourself with some of the underlying technologies: LCD, OLED, and AMOLED are all terms you’ll see used, and each offers a different range of advantages.

5) Design: Determining good smartphone design is purely subjective. Many people prefer a metal or glass design; others, plastic. If you’re concerned about durability, look for a phone that is water-resistant. A handful of phones also now feature a shatterproof glass display, and many include a Gorilla Glass display to protect it against short drops (a protective case will help with that, too).

6) Processor: Even midrange phones now offer satisfactory performance for nearly any user level or basic task. A good processor inside a phone will translate to faster open times for apps, smoother navigation and quicker photo editing.

7) Battery: Many factors, including the screen size, processor and operating system, determine how long a smartphone lasts on a charge. A decent benchmark is to look for a smartphone with a battery capacity of at least 3,000 mAh. Any phone that lasts longer than 9 hours of straight 4G LTE use is considered very good.

8) Storage: Go for as much internal storage as possible. Some apps and games can easily take up more than 1GB of storage, and most smartphone owners capture and store large numbers of high-res photos and videos. While some models offer just 8GB or 16GB, the minimum on premium handsets these days is usually anywhere from 32GB to 64GB. Adding a microSD card will also help expand your storage. It’s available on many Android phones, some of which can accommodate 1TB or more.

9) Price: Don’t pay for more than you need. The latest iPhone and premium Android phones start around $800, and can easily run $1,000 or more. But there are great options below $500, and even some solid choices for well under $200.

10) Carrier: A smartphone requires a wireless plan. Choose a service provider that offers what you’ll really use, and at a price that suits your budget. Consumer Cellular, for example, offers a wide variety of smartphone choices from entry level to top of the line, along with talk, text and data plans, with no contract.

Let today’s top technology work for you. It’s a very competitive marketplace, so by shopping wisely, you’re sure to find a smartphone that keeps you connected at a great price.

2021-01-14T14:59:01

(BPT) – COVID-19 has sparked unprecedented impact across industries and has changed the way almost every business operates. And while many of these businesses have probably sought funding in the past — whether business loans for expansion, venture capital to launch or otherwise — the concept of a Paycheck Protection Program (PPP) that so many businesses raced to apply for, and have since relied on — just to survive — is a first.

But in a matter of months the term “PPP” has not only become familiar to most, search data indicates the acronym has officially outpaced “SBA” (Small Business Administration), also known as the government agency that manages PPP.

In 2020, the SBA worked with private lenders to distribute a historic nine million loans worth $750 billion. And this week, they’ve opened the initial phase of a new $284 billion round of funding, which is intended to prioritize underserved borrowers who meet certain qualifications prior to opening up the PPP to all applicants next week.

These loans are providing a critical lifeline to businesses impacted by COVID-19 and are intended to help keep workers employed and safe, while also keeping businesses afloat. However, each round of funding is finite, making the process of obtaining a loan potentially competitive.

“For many of the 30+ million small businesses across the U.S., the ability to source and secure PPP funding will determine whether or not their organizations will continue to exist,” explains Anthony Noto, CEO at SoFi, a one-stop-shop digital personal finance company. “And while many assume their options are limited to the local bank they’ve always used, traditional banks are certainly not their only option. In many cases, they’re not the best option either — especially when it comes to PPP. Product comparison sites like Lantern by SoFi are free of cost to the borrower and offer added value by equipping business owners with the insights they need to make an informed decision, enabling choice and competition in the marketplace.”

If your business is in need of a PPP loan, remember that evaluating a few options is a smart way to make an important decision. After all, choice isn’t a “luxury” reserved for some organizations; it’s a best practice for any business. And as you pursue next steps, consider these tips to help ensure you’re well-positioned to have your loan approved, and to assist in choosing the lender that makes the most sense for you and your business:

Lean on lender networks to enable choice and competition

There’s no need to fill out multiple applications; instead, opt for one standard form to save time and help protect you and your privacy. An objective product comparison site can do the legwork of researching possible lenders and recommend options that have the capacity to provide you with timely support based on your circumstances. Look for sites that offer transparency, foster trust in the form of real lender reviews and explain the rationale for the selection you’re presented with.

Have your paperwork ready

Although the SBA provides a standardized form that’s intended to help streamline the application process, many banks will still incorporate their own processes. Expect to provide the following:

• 2019 tax returns (also include 2018 if you have available)
• Payroll reports that clearly explain the rationale for your requested loan amount
• Legal company formation documents or organization legal structure/setup, ownership, etc.
• Documentation that explains how COVID-19 has negatively impacted your business. If you’re not sure how to go about demonstrating this, review online tips for more in-depth guidance on how to get your finances together before applying for your PPP loan.

Follow up after you’ve submitted your application

This is your business’ livelihood — don’t be shy. Email, call and ask for information from your lender. You should be getting feedback and information in a timely manner. Keep in mind: Once your application goes through and the funds are allocated by the SBA, your lender has 10 business days to get your loan documents and fund your PPP loan.

Of course, finding a PPP lender that works for you is the most important first step. If you’re unsure which one makes sense for you and your business — or even if you simply want to see what options are out there, visit lanterncredit.com.

2021-01-14T09:01:00

(BPT) – Last year, record-breaking imports of Avocados From Mexico contributed a whopping $4 billion to the U.S. gross domestic product (GDP), generating $6.5 billion in U.S. economic output.

According to a new report from Texas A&M University^[1], imports of Mexican Hass avocados made substantial contributions to the U.S. economy during the 2019-2020 growing season. Over 2.1 billion pounds of avocados were imported into the U.S. from the Mexican state of Michoacán during that time, fueling consumers’ love of the healthy fruit while also positively benefiting and growing national and state economies in the United States.

Economic impacts of Mexican avocados

The economic analysis^[2] summarizes significant contributions from U.S. imports of Mexican Hass avocados to the U.S. economy, including:

• $6.5 billion in output or spending
• $4.0 billion to the U.S. GDP (value-added)
• 33,051 jobs for American workers
• $2.2 billion in labor income
• $1.1 billion in taxes

Comparing the results of this report to previous years reveals the increasing importance of Mexican avocados to the U.S. economy. The contribution of avocado imports to total U.S. output increased 273% — from $1.7 billion in 2012 to $6.5 billion in fiscal year 2019-20.

At the same time, the contribution of those imports to the U.S. GDP (value added) has increased by nearly 230%, from $1.2 billion to $3.99 billion. The contributions to U.S. labor income, tax revenues and employment have also registered dramatic increases (219%, 558% and 194%, respectively).

The report also showed that, as a result of the growing demand for avocados, domestic U.S. growers have benefited from higher price points and a larger market for their products.

This economic benefit also has a positive impact south of the border. Avocado farming continues to be a viable and sustainable business venture in Mexico. The Mexican avocado industry creates approximately 78,000 direct and permanent jobs, plus 310,000 indirect and seasonal jobs — providing a productive living in a region that was once one of the largest sources of migrant workers in the U.S.

“The numbers of the report show the expansive growth in economic benefits that avocado imports from Mexico have provided to the U.S.,” said Alvaro Luque, CEO of Avocados From Mexico. “Through our win-win partnership between the U.S. and Mexico, Avocados From Mexico has become an economic engine that supplies the growing demand for avocados in the U.S. and benefits the wholesale, retail and foodservice industries at both state and national levels. Despite the challenges rocking the foodservice industry this year, the avocado category has continued to grow in volume and economic value.”

Growing demand for the Mexican fruit

The record-breaking volume year for avocado imports is driven by the skyrocketing demand for avocados. Consumption of the fruit has grown over 600% between 1989-90 and 2019-20, an impressive 10% average annual growth rate over that period^[1]. The unique microclimate, volcanic soil and timely rainfall of Michoacán, Mexico, allows avocados to be grown year-round, which is why its orchards supply nearly 82% of U.S. avocado imports.

Avocados From Mexico (AFM) represents a unique collaboration between the two countries: AFM is a nonprofit marketing organization that brings together the Mexican Hass Avocado Importers Association (MHAIA) and the Mexican Avocado Producers and Packers (APEAM) to promote the consumption of Mexican avocados in the U.S. This partnership has helped fuel the United States’ love for avocados and builds a bond that benefits both countries economically — not to mention increasing awareness of the health attributes avocados provide to consumers.

For more information, the full report can be found at The Avocado Institute, a resource hub with facts, news and education on the avocado industry in Mexico.