The SBA 504 loan program has reached its lending cap of $7.5 billion. The SBA will continue accepting, processing, and decisioning loan applications and communicating those decisions . However, the SBA will not be able to issue a loan number and authorization until funding authority is reset on October 1, 2021, unless Congress acts sooner to address this temporary pause. Fiscal year 2020-2021 has been a record-setting year for the SBA 504 loan program.
The United States Small Business Administration is expected to lift the cap on its Economic Injury Disaster Loans (EIDL) sometime after Labor Day. The cap was set at $500,000 in March 2021, after the SBA spent several months approving only loans of up to $150,000. Traditionally, the EIDL loan program–which has a 30-year maturity date–has a $2 million cap and loan interest terms that range from 2.75 % for nonprofits to 3.75 % for businesses. The amount for which you qualify now is based on your 2019 total revenue minus your cost of goods sold, less any EIDL already received. Additionally, it is expected that the SBA will widen the eligible expenses that may be paid for with an EIDL. Borrowers may be able to use the money to pay off any commercial debt, including credit cards and government-backed debt. Previously, using the proceeds to pay off commercial debt was off limits, and refinancing is not permitted.
The following was taken from a recent Politico article:
A record-breaking medal tally for Italy’s Olympic team in Tokyo has revived a debate on citizenship rights back home. Footage of Italy’s top athletes showed Italy’s racial and ethnic diversity.
Around 15 percent of Italy’s Olympic team were born abroad or have parents born abroad. On the team, which includes categories like track and field, that figure rises to almost 40 percent.
The United States and Italy are close Partners and Allies
Italy and the United States share a commitment to the same values – democracy, human rights, the rule of law, security, and prosperity. The United States represents Italy’s largest non-EU export market. The two-way trade in goods and services amounted to $80 billion last year. The relationship, which ranges from trade in consumer goods and agricultural products to cooperation in the defense industries, has spurred collaboration in fields outside the economic realm, including security and space technology. As of 2019, Italy’s direct investment in the United States totaled $32.8 billion, while U.S. direct investment in Italy was $34.9 billion. As of 2018, U.S. jobs tied to Italian direct investment in the United States totaled 93,700, while 250,000 Italian jobs were tied to U.S. direct investment in Italy. Italy is the second most popular destination for American study abroad students in the world, with more than 35,000 U.S. students studying there each year. Italian students are also increasingly attracted to education exchange programs in the United States. In the 2019/2020 academic year, more than 6,000 Italians chose to study at a U.S. college or university. Since the establishment of the U.S.-Italy Fulbright Commission in 1948, approximately 14,000 Italian and American students, teachers, lecturers, and researchers have participated in the Fulbright international exchange program, enhancing scholarship through educational exchange. The U.S.-Italy Fulbright Program has produced alumni who have had enduring impacts on their fields, including Italian Prime Ministers Giuliano Amato and Lamberto Dini, eight Nobel laureates, twelve Pulitzer Prize winners, and five MacArthur Foundation Fellows.
By U.S. Mission Italy | 27 June, 2021
If you are genuinely interested in getting Italian citizenship, it makes sense to collaborate with an Italian citizenship lawyer. Hiring an Italian lawyer may take some investment, but the benefits are worthwhile. Whether it is about assessing your eligibility, gathering the required paperwork, or appearance in Court, hiring an Italian citizenship lawyer to handle your application from start to end will ensure that the proper steps are taken. Do not hesitate to contact us if you have any questions or concerns, we would be happy to assist.
If you are a foreign citizen and wish to immigrate to Italy for investment purposes, you must look to obtain citizenship by investment, i.e., Golden Visa for Italy. This is a program launched by the Italian government to attract foreign investment. In this, foreign citizens can opt for permanent residence. Although it targets non-EU citizens, the idea is to attract investors with higher net worth who can possibly contribute to the Italian economy and community.
There are various ways to enter the country through investment. You can either opt for the Investor Visa Program (Also known as the golden visa for Italy) and the StartUp Program (This is further divided into Italia Startup Visa and StartUp Hub).
As per Decree-Law no. 34, the minimum amount was reduced by 50% for foreign investors. The change took place keeping in mind the urgent health measures, economic changes amidst the COVID-19 pandemic. So, here’s what you must have if you want to apply for the program.
Italy is slowly opening up to travelers from some select countries, and there is hope that one of the world’s most loved country for travelers might soon see a revival. Tourism is one of the main revenue sectors for Italy; pre-COVID, tourism brought in 13 per cent of Italy’s GDP.
The nation has formally reopened its borders to international travelers and has allowed restriction-free travel for visitors from some countries.
Italy opened up for travelers from EU member states, Israel and the UK. Travelers from these countries will need to provide COVID-19 negative certificates, vaccination certificate or proof of their recovery from COVID-19 in the past six months.
The benefits of being a dual citizen are immense as you have the rights from both countries, but everything boils down to the choice of countries. Here are some reasons why Italian second passports are trending in the US.
EU citizenship rights
Acquiring an Italian second passport opens you to EU citizenship rights, which means that you have the freedom to live and move across the territory of the Union. You can travel visa-free in the region, enjoy the right to vote, buy property, and work at jobs reserved only to Italians. You also get protection from the consular and diplomatic authorities of any EU Member State.
Additional 22,000 seasonal guest workers will be admitted over the annual cap
The Department of Homeland Security (DHS) announced April 20 that an additional 22,000 H-2B visas will be available for employers seeking seasonal foreign guest workers this summer.
Six thousand of the visas will be reserved for workers from El Salvador, Guatemala and Honduras, in support of President Joe Biden’s efforts to address an unauthorized migration surge from the Northern Triangle countries in Central America.
The proposal is to introduce a new principle into Italian law that would give a right to citizenship based on school attendance. It would apply to children who were born in Italy or moved there before the age of 12, and have completed more than five years of school.
The rationale for linking citizenship to school is that education is a naturalization process in itself. Such children typically do not differentiate themselves from their friends and it can be a surprise to them to discover they aren’t citizens.
School-based citizenship has been given the name “jus culturae”, or “cultural right” in Italy. It’s a new addition to the two traditional legal bases for citizenship: jus soli and jus sanguinis.