Report

Airlines Used Cares Act Funds To Pay Workers. Airline Contractors Took Funds And Let Workers Go, Report Says

In the months after Congress allocated of hundreds of millions of dollars to keep airline industry employees working, passenger airlines applied for shares of that money and then then laid off less than 1% of their workers, until the funding ran out.

Airline contractors similarly applied for money and then laid off about 58,000 people, about 35% of their workers, a new report says.

“Contrary to congressional intent, Treasury permitted aviation contractors to lay off thousands of workers and receive full payroll support calculated based on the companies’ pre-pandemic workforce,” according to a report, released Friday by the House Select Subcommittee on the Coronavirus Crisis.

The report, “Unnecessary Costs: How the Trump Administration Allowed Thousands of Aviation Workers to Lose Their Jobs,” was issued by the House Select Subcommittee on the Coronavirus Crisis.

It blasted both the slow pace of work by the Treasury Department and airport contractors’ allocation of the funds they received.

“This staff report documents how the Department of the Treasury’s implementation of the Payroll Support Program (PSP) caused thousands of workers at aviation contractors to lose their jobs,” said the introduction to the report.

“Documents uncovered during the Select Subcommittee’s investigation show that aviation contractors sought to avoid ‘unnecessary costs’ by terminating employees before executing PSP agreements,” the introduction continued.

In comparison with passenger airlines, “Aviation contractors reported conducting 57,833 layoffs and furloughs prior to applying for PSP assistance—more than 17 times the number reported by passenger air carriers,” the report said.

The Cares Act was approved by Congress on March 27. The report makes a distinction between the 57,833 layoffs and furloughs before PSP applications were filed under the act, and the16,655 layoffs between

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Hawaii real estate agents report selling more homes sight-unseen than ever before

As a real estate agent, Catherine Pennell is used to taking a lot of phone calls. But since April, her phone has been ringing more often than during a typical year — she’s fielding two to three phone calls every day from people looking to move from the mainland U.S. to Hawaii.

“I think people are saying, ‘Life is short.’ It’s a lot of talk because they’re not here yet and they can’t get here yet, but I’ve done more sight-unseen sales than I’ve ever done during the pandemic,” said Pennell, who represents Kauai for KW Kauai Keller Williams. “I’ve done three in the last three months.”

Julie Peters, an agent with Island Boutique Realty on the island of Hawaii, said when wildfire season began in August, she was fielding at least one call each day from California residents wanting to escape the area due to smoke and fire danger. “One person wanted to come over immediately and rent in the meantime because she was so done with smoke,” Peters said. “The last five closings I did were sight-unseen. I had rarely done that before.”

Peters said many of her buyers this year were from the Bay Area and the bulk of them hail from the West Coast. From January to June 2020, California residents bought $587.6 million worth of Hawaii property, making up 41% of total sales during that period coming from the U.S., according to Title Guaranty, which owns and maintains the largest real estate database in Hawaii.

“Demand for Hawaii is always there. Everyone wants to invest, retire or vacation here, but it’s just grown exponentially this year,” Peters said. “A lot of people that were already looking toward retirement here sped it up, or people found out they could work from home. We got a rush

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MPS Building Report Details Air Quality Improvements, Challenges

MEDFORD, MA — A report compiled late last month and released by the Medford Public Schools Friday shows the improvements done to the HVAC systems in school buildings, as well as some of the air quality challenges the district faced. Workers were onsite last week addressing what the district called “long overdue” repairs to the HVAC systems at its schools. There were enough areas within each school that met, or exceeded, the increased air quality standards to accommodate the return of high needs and kindergarten students.

The MPS report specifically pertained to Cohort A, or the district’s high-needs student population. The district measured air exchanges per hour (ACH) and deemed rooms underneath that threshold unfavorable.

Medford High School

Data showed favorable air quality in the third floor of the B building, or the science labs wing, which was extensively renovated over the last several years. Students in Cohort A, who would ordinarily have been located elsewhere, were temporarily relocated to that area.

Three rooms were temporarily closed:

  • Lecture Hall 2 (1.67 ACH)
  • Room 314 (3.82 ACH) (in proximity to other rooms but not currently passing, HVAC vendors are inspecting)
  • A206 Mock apartment room (2.76 ACH)

Testing is ongoing at Medford High School.

Curtis Tufts High School

CTHS does not have an HVAC system and is an outlier among the air quality reports. The actual ACH noted in the report is 0.0 as the only method of circulating fresh air possible at

CTHS is through open windows. Windows in each CTHS classroom have been opened (with new screens installed in the last several weeks).

In addition, on the advice of the engineering experts, two fans have been installed in each classroom, which are pointed both in and out of separate windows. This method of air circulation is estimated to create an

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KBRA Releases Report Assigning Rating to the Narragansett Bay Commission Bucklin Point Resiliency Improvements Project WIFIA Loan

On September 30, 2020, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA with a Stable Outlook to the Narragansett Bay Commission Bucklin Point Resiliency Improvements Project WIFIA Loan. At the same time, KBRA affirmed the long-term rating of AA with a Stable Outlook on the Combined Sewer Overflow (CSO) Phase III Facilities WIFIA Loan.

Click here to view the report. To access ratings and relevant documents, click here.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency

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Two Toronto nursing homes are the hardest hit LTC facilities by COVID-19 in Ontario, according to latest report

Two nursing homes in Toronto appear to be among the hardest hit long-term-care facilities by a COVID-19 outbreak, in the latest numbers released by the province Saturday morning.

The 108-bed Fairview Nursing Home, near Dufferin Street and Dundas Street West, reported 42 residents and 12 staff members testing positive, making it Ontario’s largest active outbreak at an LTC home. Less than five deaths have been reported, although it’s not clear why there isn’t a more exact figure.

The 130-bed Vermont Square nursing home on Bathurst Street, north of Bloor Street West, reported an active outbreak with 35 confirmed cases — 25 residents and 10 staff. No deaths have been reported there.

The province has a total of 45 LTC homes with active coronavirus outbreaks, according to its latest data Saturday morning.

An active COVID-19 outbreak indicates that the home has at least one lab confirmed case of COVID-19 (in resident or staff) and the local public health unit or the home has declared an outbreak.

Other homes with major outbreaks in the province include the 242-bed Extendicare West End Villa in Ottawa with 18 residents infected, 19 deaths and 32 staff testing positive; the 60-bed Norwood Nursing Home in Toronto (12 infected residents; less than five deaths and six staff); and 200-bed Yee Hong Centre in Markham (seven residents, less than five deaths and less than five staff).

Akrit Michael

Source Article

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