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New Delhi, Apr 6 () Amid the coronavirus outbreak, India's major ports and PSUs under the Ministry of Shipping on Monday announced contributing Rs 52 crore to the PM-CARES Fund to fight the pandemic. India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V.O. Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia). "All major ports and public sector undertakings under the Ministry of Shipping have decided to contribute Rs 52 crore as CSR fund to the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund' (PM-CARES Fund) which has been created to provide relief to the coronavirus (COVID-19) pandemic-affected people," the Ministry of Shipping said in a statement. Apart from 12 major ports, other entities under the shipping ministry which contributed to the Fund include Cochin Shipyard Ltd, which contributed Rs 2.5 crore; Dredging Corporation and DGLL pledged Rs 1 crore each; IPRCL Rs 0.5 crore; Shipping Corporation of India Rs 0.37 crore; and SDCL Rs 0.094 crore. Among the major ports, Jawaharlal Nehru Port Trust contributed the highest Rs 16.40 crore from corporate social responsibility (CSR) to the PM-CARES Fund, followed by Rs 8 crore each by Deendayal Port Trust and Paradip Port Trust, and Rs 4 crore each by Kamarjar Port and New Mangalore Port Trust. V.O. Chidambaranar Port Trust gave Rs 2 crore to the Fund for fight against COVID-19, while Vishakhapatnam Port Trust, Kolkata Port Trust and Mumbai Port Trust contributed Rs 1 each crore each to the Fund. Among others, Cochin Port Trust contributed Rs 0.54 crore, Chennai Port Trust Rs 0.50 crore and Mormagao Port Trust Rs 0.25 crore. The death toll due to novel coronavirus in the country rose to 109 and the number of cases climbed to 4,067 on Monday, according to the Union Health Ministry. NAM NAM HRS

Major ports, PSUs under shipping ministry contribute Rs 52 cr to PM-CARES Fund

Mumbai, Apr 7 () Producer Sajid Nadiadwala on Tuesday announced that over 400 employees, including daily wage workers, of his Nadiadwala Grandson Entertainment (NGE) will be given a bonus and also pledged to donate to the PM-Cares Fund and the Chief Minister's relief fund. Nadiadwala said their employees will be given a bonus so as to empower them to participate and donate more to fight the coronavirus pandemic in the country.In addition to this, financial aid of Rs 10,000 plus a bonus will be given to every daily wager associated with NGE."We have announced a bonus for each of our employees, to strengthen their hands, so that they too can contribute. Hereby paying back to society and fulfilling their responsibilities towards our country and humanity, as compassionate global citizens," Nadiadwala said in a statement."It gives me immense pride to inform that each and every employee of NGE, working at various levels, has pledged to donate to the PM Cares Fund and the Chief Minister's Relief Fund," he added.According to the press release, Nadiadwala Grandson Entertainment and Nadiadwala Grandson Foundation have contributed towards PM-CARES fund, Maharashtra Chief Minister's relief fund, Motion Pictures and TV Producers Welfare Trust, Shree Bhairav Seva Samiti and Film Industry Welfare Trust. JUR SHDSHD

Sajid Nadiadwala announces bonus for employees; pledges to contribute to various relief funds

Mumbai, Apr 7 () State-run Ju Port Trust (JNPT) on Tuesday said it is contributing Rs 16.40 crore as CSR fund along with one-day salary of employees to Prime Minister's relief fund as a part of its contribution to the fight against COVID-19 pandemic. JNPT hospital also set up an 18-bed quarantine centre to cater to persons requiring to be observed for the disease, especially seamen, it said in a statement. Besides, JNPT officers' club has also been converted into a 20-bedded JNPT COVID-19 isolation facility."Coronavirus is one of the biggest challenges that our economy is facing. The perseverance of our employees and the support of all stakeholders over the last couple of weeks, shows our commitment towards ensuring that trade doesn't come to a standstill. We are contributing Rs 16.4 crore as CSR fund and employees' one day's salary to PM CARES fund," its chairman Sanjay Sethi said. The number of COVID-19 confirmed cases in the country has crossed 4700 and death toll as risen to more than 120.The port has also provided accommodation for the staff of terminals and drivers in its township, apart from free bus service for the staff of essential services stakeholders for movement in the port area and CFSs, empty yards along with the drivers being provided with meal packets and water at the parking plazas."JNPT has also taken some proactive measures at its container terminals and extended reliefs to the trade including not levying dwell time charges for all import containers moved by road which were discharged from March 22 till April 14, to support port users and end users," he said.JNPT has also waived shifting charges for import containers for which change of mode activity (from truck to rail) is performed to facilitate movement of CFS/DPD containers by rail and delivery of DPD containers will be allowed from terminals beyond the 48 hour period.The Port is also carrying out extensive community disinfectant spraying and sanitation drive in all its nearby villages too to help put a strong fight against COVID 19, Sethi said. PSK MR

JN Port Trust contributes Rs 16.4 cr, 1-day employee salary for COVID relief work

<ul class="summary-list"><li>Three lodging companies chaired by <keyword id="18966" type="ORGANIZATION" weightage="60" keywordseo="Hotel">hotel</keyword> executive Monty Bennett have received $59 million in <a href="https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program">Paycheck Protection Program</a> (<keyword id="6361580" type="ORGANIZATION" weightage="60" keywordseo="ppp">PPP</keyword>) <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> relief funds intended for small businesses, the Wall Street Journal <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">reported</a>, effectively <a href="https://www.bloomberg.com/news/articles/2020-04-23/luxury-hotel-executive-biggest-winner-of-small-business-relief">making Bennett the biggest winner</a> in the small-business bailout.</li><li>On April 16, <a href="https://www.businessinsider.com/ppp-funds-just-ran-out-heres-what-entrepreneurs-should-do-2020-4">the PPP's $349 billion fund dried up</a> with thousands of loan requests still pending.</li><li>A provision in the <a href="https://www.businessinsider.com/chaotic-launch-cares-ppp-federal-loan-program-for-small-businesses-2020-4">PPP</a> allows hospitality and restaurant companies with multiple locations to apply for loans as long as each location has 500 employees or less. </li><li>While the <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> and hospitality industries have been <a href="https://www.businessinsider.com/half-of-travel-supported-us-jobs-eliminated-by-april-coronavirus-2020-4">most impacted</a> by the coronavirus pandemic, larger companies have received backlash for accepting millions of dollars in loans before smaller, independent businesses could receive relief.</li><li>The House is expected to vote on a bill today that will provide an additional $320 billion for the PPP.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>A real-estate investment firm that invests in luxury hotel properties — <a href="https://www.bloomberg.com/news/articles/2020-04-23/luxury-hotel-executive-biggest-winner-of-small-business-relief">including the Ritz-Carlton in St. Thomas</a> — is one of three companies chaired by Dallas hotel executive Monty Bennett that received a collective $59 million in federal aid intended for small businesses, the Wall Street Journal <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">reported</a>.The companies — <a href="https://www.ashfordinc.com/">Ashford Inc</a>., a Dallas-based asset management firm, and the two real estate investment trusts it manages, <a href="https://www.bhrreit.com/">Braemar Hotels &amp; Resorts</a> and <a href="https://www.ahtreit.com/">Ashford Hospitality Trust </a>— represent over <a href="https://www.ashfordinc.com/advised-reits.htm">130 hotel properties</a>. In its review of public filings this week, the Wall Street Journal <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">found</a> that Ashford Inc. has received $12.8 million in loans; Braemar has been granted $15.8 million; and Ashford Hospitality Trust has received $30 million for its subsidiaries. While other large corporations have received millions, this trio of companies has collectively benefited the most — the $30 million granted to Ashford Hospitality Trust's subsidiaries was about eight times the average amount other public companies received, <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">the Journal's analysis shows</a>.Due to a <a href="https://www.businessinsider.com/coronavirus-stimulus-loan-restaurant-loophole-explained-2020-4">provision</a> in the $349 billion Paycheck Protection Program (PPP) — part of the $2 trillion federal <a href="https://home.treasury.gov/policy-issues/cares">CARES Act</a> — hospitality and restaurant companies with multiple locations are able to apply for loans <a href="https://www.bloomberg.com/news/articles/2020-04-23/luxury-hotel-executive-biggest-winner-of-small-business-relief">as long as each location has 500 employees or less</a>.Last month, as the small-business bailout package was being negotiated, <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">Bennett's companies hired two Trump-connected lobbyists</a>, and Bennett made a $50,000 donation to Trump's joint fundraising committee, Business Insider's Tom LoBianco previously reported. (Representatives for Bennett did not return LoBianco's multiple requests for comment.)<h2>Companies have been facing backlash for keeping coronavirus relief funds meant for struggling small businesses</h2>Despite rightfully qualifying for aid within these parameters, large corporations such as Ruth's Chris Steakhouse have experienced <a href="https://www.businessinsider.com/petition-demands-ruths-chris-return-coronavirus-stimulus-loan-2020-4">backlash</a> for holding onto the funds while <a href="https://apnews.com/dded8ead64598a3893f4046bbe857d2e">thousands of small businesses</a> that applied for loans did not receive funding. Bennett's companies <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">secured more than Shake Shack (which returned its $10 million coronavirus stimulus loan) and Ruth's Chris Steak House combined</a>.The PPP <a href="https://www.businessinsider.com/ppp-funds-just-ran-out-heres-what-entrepreneurs-should-do-2020-4">ran out of funds</a> on April 16, less than two weeks after launch. On Tuesday, the Senate passed a bill approving an <a href="https://www.washingtonpost.com/us-policy/2020/04/21/congress-coronavirus-small-business/">additional $320 billion</a> for the PPP. The House is expected to vote on the bill today. In a White House briefing on Tuesday, Treasury Secretary Steven Mnuchin warned these companies of "severe consequences" if they take advantage of the program going forward, Business Insider's Graham Rapier <a href="https://www.businessinsider.com/treasury-mnuchin-consequences-big-companies-taking-ppp-small-business-loans-2020-4">reported</a>."We want to make sure this money is available to small businesses that need it, people who have invested their entire <keyword id="6360041" type="UNKNOWN" weightage="100" keywordseo="life">life</keyword> savings," Mnuchin said.Read the original article on <a href="https://www.businessinsider.com/three-affiliated-hotel-companies-received-59-million-in-ppp-loans-2020-4">Business Insider</a>

A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program

New Delhi, Mar 28 () Tata Trusts on Saturday pledged Rs 500 crore for prevention and relief activities of the coronavirus pandemic.The philanthropic organisation, which hold 66 per cent in the holding firm of the Tata Group, Tata Sons, said the fund has been earmarked for personal protective equipment for medical personnel on the front lines, respiratory systems for treating increasing cases and testing kits to increase per capita testing.Besides, it would also be used for setting up modular treatment facilities for infected patients, knowledge management and training of health workers and the general public, Tata Trusts said in a statement.Commenting on the initiative, Tata Trusts Chairman Ratan Tata said, "The current situation in India and across the world is of grave concern and needs immediate action...At this moment, the need of the hour is greater than any other time."In this exceptionally difficult period, I believe that urgent emergency resources need to be deployed to cope with the needs of fighting the COVID 19 crisis, which is one of the toughest challenges the human race will face."Tata Trusts and the Tata group's companies have in the past risen to the needs of the nation, he added.Tata Trusts, Tata Sons and the Tata group companies are joined by committed local and global partners as well as the government to fight this crisis on a united public health collaboration platform, which will strive to reach out to sections that are underprivileged and deprived, he added."We are deeply grateful and have immense respect for every person of member organizations who have risked their life and safety to fight this pandemic," Tata said. RKL BALBAL

Tatas pledge Rs 500 crore support in fight against Covid-19

New Delhi, Mar 30 () The Economic Advisory Council to the Prime Minister (EAC-PM) on Monday said its officers will contribute one-day salary for two months to help the country fight the coronavirus outbreak. "Officers of the Economic Advisory Council to the Prime Minister (EAC-PM) will be contributing their one-day salary for two months to the Prime Minister's Citizen Assistance and Relief in Emergency Situation Fund (PM-CARES Fund) in their bid to join the fight against the COVID-19 pandemic," the EAC-PM said in a tweet. "Their one-day salary for the month of April and May 2020 will be contributed to the PM-CARES Fund," it added. The Union government has set up a public charitable trust under the name of the PM-CARES Fund in the wake of the coronavirus outbreak. Prime Minister Narendra Modi is the chairman of the trust and its members include the defence minister, home minister and finance minister. BKS HRS

EAC-PM officers to contribute 1-day salary for 2 months towards PM-CARES

There are so many things that one can learn from <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword>, and the art of keeping employees motivated is one of them. On Friday, the <a href="http://www.businessinsider.in/ratan-tata-is-not-stepping-down-from-tata-trusts-rubbishes-reports/articleshow/56018782.cms">chairman of Tata Trusts</a> called all employees of the Tata group "inheritors and custodians of the Trusts" and of its "belief in making a sustainable change" in society. 
 The <keyword id="123235" type="COMPANY" weightage="100" keywordseo="Charitable-Trust">charitable trust</keyword> owns 66% of <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>, which is the holding entity of all companies controlled by the conglomerate that deals in a variety of interests, ranging from salt, cars, technology and steel. 
 
Also read: <a href="http://www.businessinsider.in/jlr-unveils-range-rover-velar-thanks-ratan-tata-for-showing-faith/articleshow/57430509.cms">JLR unveils Range Rover Velar, thanks Ratan Tata for showing faith</a> 
 
"You bring your zeal, your vigor, your integrity and most importantly your hard work. It is because of you that we can derive and obtain the opportunity and the privilege to serve our community and through that, our nation," Tata wrote in a letter on the occasion of the 178th birth anniversary of Tata Trusts founder Jamsetji Nusserwanji Tata. It’s also the 125th year of the philanthropic organization. 
 
It was in 1892 that Tata Trusts was set up, in the form of the JN Tata Endowment, followed by Sir Ratan Tata trust in 1919, Sir Dorabji Tata Trust in 1932, the JRD Tata Trust in 1944, the Navajbai Ratan Tata Trust Jamsetji Tata Trust in 1974 and lastly, the Tata Education and Development Trust in 2008. 
 
The trust deals in healthcare, water, rural upliftment, energy, education, relief, rehabilitation and individual grants, and boasts of the creation of institutes such as the Indian Institute of Science, Tata Memorial Hospital, Tata Institute of Social Sciences and the National Centre for the Performing Arts, all reputed names in their respective fields. 
 However, only recently it was in the news because of former Tata Sons chairman <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> <a href="http://www.businessinsider.in/war-intensifies-cyrus-mistry-is-going-to-challenge-chandrasekarans-appointment-as-tata-sons-chairman/articleshow/56642005.cms">questioning its governance structure</a> and ambit of power. It was October 24, 2016 that Mystry was <a href="http://www.businessinsider.in/cyrus-mistry-removed-as-tata-sons-director/articleshow/57003221.cms">ousted from his post</a>, which led to the feud. 
 
Four months later, on February 21 2017, <a href="http://www.businessinsider.in/this-is-how-new-chairman-chandrasekaran-is-going-to-enhance-operational-expertise-at-tata/articleshow/57307123.cms">N. Chandrasekaran</a> was appointed the <a href="http://www.businessinsider.in/N-Chandrasekaran-takes-charge-as-Tata-Group-Chairman-this-is-what-he-said-after-taking-over-the-reins/articleshow/57267209.cms">new chairman</a> of the Tata group. Chandrasekaran had earlier served as the <a href="http://www.businessinsider.in/chandrasekaran-moving-out-of-tcs-may-be-alarming-for-most-profitable-it-company/articleshow/56564074.cms">CEO of TCS</a>. 
 
Chandrasekaran also wrote a letter of encouragement to his employees, saying that higher shareholder value and business performance can be achieved if the conglomerate focuses relentlessly on customers and use innovation to reinvent its businesses. 
 
(Image source: Garavi Gujarat)

Ratan Tata calls Tata employees inheritors and custodians of Tata Trusts

New Delhi, Apr 15 () Government think-tank NITI Aayog Vice-Chairman Rajiv Kumar and its members have decided to take a salary cut of 30 per cent for a year in the wake of the coronavirus pandemic, an official statement said on Wednesday. Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister, has also decided to take a 30 per cent salary cut for a year. "In the wake of the COVID-19 pandemic and to shore up the government's efforts to battle the national crisis, vice-chairman and members of NITI Aayog and chairman of the EAC-PM have voluntarily decided to take a salary cut of 30 per cent for a year," the statement said. The money will be contributed to the PM Citizens' Assistance and Relief in Emergency Situation (PM-CARES) fund, it added. The Union government has set up a public charitable trust under the name of the PM-CARES Fund in the wake of the coronavirus outbreak. Prime Minister Narendra Modi is chairman of the trust and its members include defence, home and finance ministers. BKS HRS

COVID-19 pandemic: NITI vice-chairman, members, EAC-PM chairman take 30 pc salary cut for a year

<ul class="summary-list"><li>President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> vowed on Saturday to scrap the <keyword id="932876" type="PERSON" weightage="60" keywordseo="payroll-tax">payroll tax</keyword>, a funding mechanism for <keyword id="6379493" type="ORGANIZATION" weightage="60" keywordseo="social-security">Social Security</keyword> and <keyword id="6467162" type="ORGANIZATION" weightage="60" keywordseo="medicare">Medicare</keyword>, if he wins re-election.</li><li>"If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference announcing executive actions on coronavirus relief.</li><li>Experts say the move to cut payroll taxes would further erode the shaky finances of both programs.</li></ul>President Donald Trump pledged on Saturday to scrap the payroll tax, a key mechanism that's used to fund Social Security and Medicare."If I'm victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax," Trump said at a press conference. "I'm going to make them all permanent."He later said: "In other words, I'll extend it beyond the end of the year and terminate the tax. So we'll see what happens."<h2>The payroll tax funds Medicare and Social Security</h2>The federal government imposes <a href="https://www.cbpp.org/research/federal-tax/policy-basics-federal-payroll-taxes">a 15.3% levy on wages</a> known as the payroll tax. It's evenly divided between employers and workers, and most of it goes to fund Social Security. It also helps to finance Medicare, the federal health insurance program for people over the age of 65 and for younger Americans with disabilities.In an <a href="https://news.gallup.com/poll/1693/social-security.aspx">April 2020 Gallup poll</a>, 58% of retirees said they relied on Social Security for a "major source" of their income.Trump's unexpected comments on Saturday came as he signed an <a href="https://www.businessinsider.com/trump-executive-orders-actions-coronavirus-economic-relief-unemployment-2020-8">array of executive actions aimed at providing relief</a> to Americans during the pandemic. Among them was a <a href="https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/">deferral in the collection of payroll taxes</a>, which he is waiving from September through the end of the year for workers earning below $104,000 a year.But it doesn't forgive workers' payments outright since the power to eliminate taxes or change the tax code rests with Congress. As workers and employers are still legally on the hook to make those payments next year, <a href="https://www.businessinsider.com/trump-payroll-tax-cut-threatening-executive-action-workers-extra-cash-2020-8">experts say it's unlikely</a> that workers will see a bump in their wages anytime soon. Companies are more likely to continue withholding the money from paychecks.Read more: <a href="https://www.businessinsider.com/next-stock-market-crash-new-record-high-risk-historic-trap-2020-8" target="_blank" rel="noopener">A Wall Street investment chief warns new stock-market highs could be setting up a 'historic trap' for investors — one that also appeared just before the dot-com crash</a>Plus, lawmakers from both parties roundly rejected including a <keyword id="841566" type="PERSON" weightage="60" keywordseo="PAYROLL-TAX-CUT">payroll tax cut</keyword> in their stimulus proposals. Many economists say <a href="https://www.businessinsider.com/trump-payroll-tax-cut-gop-economy-congress-jobless-americans-stimulus-2020-7">it would not benefit</a> the 31 million unemployed Americans, either.Congressional action to eliminate the tax entirely is also improbable, and may instead set off a fraught debate over the federal programs' fiscal futures.<h2>Medicare and Social Security's finances are already shaky</h2>Economists from the left-leaning Center for American Progress <a href="https://www.businessinsider.com/trump-executive-order-payroll-tax-cut-social-security-medicare-weakened-2020-8">warned on Thursday</a> that Trump's push to enact a payroll tax cut could further erode their shaky finances."Trump's scheme would weaken the Social Security and Medicare trust funds by diverting the revenue from the employee portion of Social Security and Medicare taxes, and potentially the employer's share of Medicare taxes, from the programs' trust funds," <a href="https://twitter.com/JesseCharlesLee/status/1291438619337658368?s=20">a memo</a> from the organization said.Around $500 billion in payroll taxes went into the trust funds of both programs from August to December of last year, the Center for American Progress said.The trust funds for both programs are scheduled to be depleted in this decade. <a href="https://bipartisanpolicy.org/blog/covid-19-may-deplete-social-security-trust-funds-this-decade/">The Bipartisan Policy Center projects</a> that if economic damage was similar to the Great Recession a decade ago, the Social Security trust funds could be depleted in 2029. That could prompt a 31% cut in retirement benefits, the organization said.The Medicare trust fund is in worse shape. <a href="https://fas.org/sgp/crs/misc/RS20946.pdf">Its trustees said the program</a> would run out of money in 2026 — also without accounting for the pandemic.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-small-mid-cap-companies-jpmorgan-2020-8" target="_blank" rel="noopener">JPMorgan says buy these 19 'diamond in the rough' stocks that have plunged from yearly highs, but are spring-loaded for huge gains ahead</a>

Trump pledged to permanently scrap the payroll taxes used to fund Social Security and Medicare if he wins re-election

<ul class="summary-list"><li>The application for student-loan forgiveness will become live in October.</li><li>The White House wants to ensure borrowers don't get tricked by scams during the process.</li></ul>Student-loan borrowers will be able to apply for debt cancellation this month — and President Joe Biden wants to ensure they don't get scammed in the process.Scams are not new to the student-loan industry. For years, fraudulent phone calls, emails, and texts have attempted to trick borrowers into giving money to a scammer under the guise of a credible loan servicer. While the Federal Trade Commission (FTC) has taken steps to prevent those scams, stakes are especially high for millions of borrowers right now. Biden <a href="https://www.businessinsider.com/biden-cancels-student-loan-debt-100000-people-making-125k-income-2022-5?esd">announced</a> up to $20,000 in debt relief for federal borrowers in August, and <a href="https://www.businessinsider.com/when-will-student-loan-forgiveness-application-be-available-october-biden-2022-8">this month</a>, the administration is planning to roll out an application that will allow borrowers to apply for, or opt out of, the loan forgiveness. On Wednesday, the White House and Education Department <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/05/fact-sheet-biden-harris-administration-boosts-administration-wide-efforts-to-protect-student-loan-borrowers-from-scammers/">released</a> a debt-relief update, specifically geared toward preventing scams during the application process. "One of the most critical ways to prevent scams and protect borrowers from being taken advantage of is developing a clear, simple, and secure site for borrowers to apply for debt relief and have the most up to date information from trusted sources, such as the Department of Education, Federal Student Aid, and other Administration agencies," a White House <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/05/fact-sheet-biden-harris-administration-boosts-administration-wide-efforts-to-protect-student-loan-borrowers-from-scammers/">fact sheet</a> said. "In addition to this work, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) have committed to working together to hold scammers accountable if they take advantage of borrowers."Here are five ways the administration aims to help protect borrowers from scams:<ol><li>Release a <a href="https://blog.ed.gov/2022/10/student-loan-debt-relief-dos-and-donts/">"Do's and Don'ts" list</a> to outline actions borrowers should and should not take as the application for relief becomes available </li><li>The Education Department will regularly provide complaint reports to states that identify scams to allow the attorneys general to quickly act on the scammers</li><li>Coordinate with multiple agencies, like the FTC and CFPB, to analyze and report scams in real time </li><li>Launch outreach and education campaigns to borrowers to provide accurate information on student loans and avoid scams</li><li>Increase social media usage to communicate with borrowers by engaging with influencers and content creators to help spread accurate information on student-loan relief.</li></ol>On Friday, the White House will also meet with leaders from the FTC, CFPB, and Education Department to discuss aggressive scam prevention strategies and encourages anyone contacted by scammers to report the incident to the FTC at reportfraud.ftc.gov.Along with scams, Biden's debt relief plan is <a href="https://www.businessinsider.com/wisconsin-conservative-group-suing-biden-student-loan-forgiveness-racial-equity-2022-10">facing challenges</a> from a number of conservative group that have filed lawsuits against the loan forgiveness, and the legal battles could push back the timeline for the application release and forgiveness. But the White House said it still plans to move forward with the process this month and has not publicly acknowledged any changes to its timeline.

5 ways Biden aims to protect student-loan borrowers from scams as the application for debt relief becomes live

New Delhi, Apr 3 () Cyber security watchdog CERT-In has alerted people about fake UPI IDs similar to that of PM-CARES Fund and appealed to all to check the authenticity of the original ID before donating. The IDs have been created on UPI handle of Indian banks including PNB, HDFC Bank, SBI, ICICI Bank, Yes Bank, to mislead people."CERT-In has received several reports about fake UPI IDs, which are similar to the UPI ID used by the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund," the cyber watchdog said. CERT-In said that pmcares@pnb, pmcares@hdfcbank, pmcare@yesbank, pmcare@ybl, pmcare@upi, pmcare@sbi and pmcare@icici are fake ids. "It may be noted that the genuine UPI Id is "pmcares@sbi" and registered account name is "PM CARES". It is advised that citizens may verify the UPI ID and registered name before making any donations," CERT-In said.The Prime Minister's Office had announced setting up of this fund on March 28 with the primary objective of dealing with any kind of emergency or distress situation, like posed by the coronavirus pandemic, and to provide relief to the affected, a public charitable trust. PRS MKJ

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Major ports, PSUs under shipping ministry contribute Rs 52 cr to PM-CARES Fund

PTI

Sajid Nadiadwala announces bonus for employees; pledges to contribute to various relief funds

PTI

JN Port Trust contributes Rs 16.4 cr, 1-day employee salary for COVID relief work

PTI

A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program

Melissa Wiley

Tatas pledge Rs 500 crore support in fight against Covid-19

PTI

EAC-PM officers to contribute 1-day salary for 2 months towards PM-CARES

PTI

Ratan Tata calls Tata employees inheritors and custodians of Tata Trusts

BI India Bureau

COVID-19 pandemic: NITI vice-chairman, members, EAC-PM chairman take 30 pc salary cut for a year

PTI

Trump pledged to permanently scrap the payroll taxes used to fund Social Security and Medicare if he wins re-election

Joseph Zeballos-Roig

5 ways Biden aims to protect student-loan borrowers from scams as the application for debt relief becomes live

Ayelet Sheffey

CERT-In alerts people about fake UPI IDs seeking donations towards PM-CARES Fund

PTI

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