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The government’s small business lending program has benefited millions of companies, with the goal of minimizing the number of layoffs Americans have suffered in the face of the coronavirus pandemic. Yet the recipients include many you probably wouldn’t have expected.Kanye West’s clothing line. The sculptor Jeff Koons. Law firms and high-dollar hedge funds. The Girl Scouts. Political groups on both the left and right.All told, the Treasury Department’s Paycheck Protection Program authorized 0 billion for nearly 5 million mostly small businesses and nonprofits. On Monday, the government released the names and some other details of recipients who were approved for 0,000 or more.That amounted to fewer than 15% of all borrowers. The Associated Press and other news organizations are suing the government to obtain the names of the remaining recipients.Economists generally credit the program with preventing the job market meltdown this spring from becoming even worse. More than 22 million jobs were lost in March and April. But roughly one-third of them were regained in May and June — a faster rebound than many analysts had expected.The government acted quickly in early April, with Treasury lending the first 9 billion in just two weeks. The program got off to a rocky start, one marked by confusion and difficulty for many companies that sought loans.“The process was messy, and they couldn’t target it as much,” Diane Swonk, chief economist at accounting firm Grant Thornton, said of Treasury.Here are seven unlikely recipients of the PPP loans:___JEFF KOONSKoons, a modernist sculptor, is known best for his work with large, metallic balloon-like animals. His “Rabbit” sculpture fetched million at auction last year.Koons’ studio was approved for million to million, the government’s data shows. (The data shows only ranges for the amounts of approved loans.) His studio said it employed 53 people before the pandemic. The PPP loans can be forgiven if employers use most of the money to keep their workers on the payroll.___WALL STREET AND PRIVATE EQUITYNearly 600 asset management companies and private equity firms were approved for money from the PPP, according to government data.Financial firms were generally not badly hurt by the coronavirus pandemic. Their employees were largely able to keep working, and they weren’t among the industries that had to be shut down by government orders. In addition, of course, investment managers and private equity employees tend to be exceedingly well-paid occupations.ADVERTISEMENTAccording to the data, those 583 companies reported supporting roughly 14,800 jobs collectively with the money from the program. That’s an average of 25 employees per company.One other notable financial company that borrowed from the program: Rosenblatt Securities, which commands one of the largest physical presences on the floor of the New York Stock Exchange. Rosenblatt borrowed between million and million.___KANYE WEST’S CLOTHING LINEKanye West’s clothing-and-sneaker brand Yeezy received a loan of between million and million, according to the data released by Treasury. The company employed 106 people in mid-February before the pandemic struck.Yeezy, best known for its 0 sneakers, just announced a major deal with Gap that will have the rap superstar designing hoodies and T-shirts to be sold in the chain’s 1,100 stores around the world. (A representative for Yeezy didn’t immediately respond to a request for comment.)Last weekend, West, a notable fan of President Donald Trump, tweeted that he was running for president.Some other well-known fashion and retail names whose businesses were pummeled by store shutdowns were also approved for loans. The list included high-end designers Oscar de la Renta and Vera Wang and suit maker Hickey Freeman. All their loans were in the -million-to- million range.___POLITICAL GROUPSThe Americans for Tax Reform Foundation, the nonprofit arm of the anti-tax lobbying group Americans for Tax Reform, was approved for a loan of up to 0,000. ATR, led by the anti-tax activist Grover Norquist, who has long supported a smaller federal government, said it didn’t oppose the PPP. It described the program “as compensation for a government taking during the shutdown.”The Center for Law and Social Policy, a research and advocacy group focused on policies supporting low-income Americans, was authorized for a loan of up to million, according to government data.___THE GIRL SCOUTSMore than 30 Girl Scout chapters across the country received PPP loans, the Treasury said. The Girl Scouts of Montana and Wyoming were approved for between 0,000 and million.___JIM JUSTICE, BILLIONAIRE GOVERNORWest Virginia Gov. Jim Justice’s family companies received at least .3 million from the program.Justice, a Republican, is considered to be West Virginia’s richest person through his ownership of dozens of coal and agricultural businesses, many of which have been sued for unpaid debts. At least six Justice family businesses were approved for loans, including The Greenbrier Sporting Club, an exclusive club attached to a lavish resort that Justice owns called The Greenbrier.Justice, a billionaire, acknowledged last week that his private companies received money from the program but said he didn’t know the dollar amounts. A representative for the governor’s family companies didn’t immediately return emails seeking comment.___RESTAURANT CHAINSTGI Fridays and P.F. Chang’s China Bistro were among the major restaurant chains that were approved for loans.Dallas-based TGI Fridays, which has around 500 restaurants nationwide, obtained between million and million in loans from the program. In 2014, TGI Fridays was bought by the the New York private equity firm TriArtisan Capital Advisors. That firm also owns P.F. Chang’s China Bistro, which was also approved for a loan.Though the PPP program was designed to help small businesses, big hotel and restaurant chains were also allowed to apply. A message seeking comment was left with TGI Fridays.P.F. Chang’s China Bistro says a PPP loan helped it keep 12,000 workers employed and transition its restaurants to carry-out-only during the coronavirus pandemic. Scottsdale, Arizona-based P.F. Chang’s, which has more than 210 restaurants around the country, was approved for between million and million from the PPP program, according to the government data. 6458
The Padres 0 million signing of All-Star infielder Manny Machado is bringing new hope for both longtime fans and businesses trying to survive near Petco Park. 'We got a big name star," said lifelong Padres fan Luke Peet. "We got a household name that's on our ballpark."News of Machado's signing broke Tuesday morning. Fans like Ernesto Ramirez came to Petco Park to buy tickets for opening day shortly after the box office opened. "Friends are excited," he said. "It's all over social media so I think it's going to be a big deal for the Padres this season."If the excitement over the Padres translates into more fans coming into the Petco Park gates, it could also help businesses in the East Village stay afloat. That's been a challenge these last few years in the high-rent area. There are vacant restaurants just steps from the ballpark's entrance. The Padres finishing in last place two of the last three seasons has also led to a dropoff in foot traffic. The team averaged nearly 27,000 fans per game in 2018, good for 18th in Major League Baseball, according to ESPN. "As the year goes on and they struggle, you definitely see a slowdown in the crowd and energy," said Erik Tesmer, a co-owner and manager of Basic Pizza, which has been in the East Village for 14 years. The Machado signing was already paying off for Basic. Tesmer said the Padres ordered 17 pies for delivery Tuesday because there was no time to go out for lunch. "The energy of a big name person - we've had them in the past over the years and you can definitely tell the difference," Tesmer said. Whether the difference lasts beyonds April and May will all depend on how the Padres perform on the field. 1692
The Miami Marlins announced Friday that they had hired Kim Ng as their new general manager, making Ng the first female GM in MLB history.According to ESPN, Ng is now the highest-ranking woman employed by any of the 30 MLB teams and is likely the first woman to hold the title of general manager for any major pro sports team — though other women, like former Oakland Raiders CEO Amy Trask and Los Angeles Lakers President Jeanie Buss have held executive roles with pro sports teams.Ng is also the second person of Asian descent to lead the baseball operations of an MLB team, following in the footsteps of Giants president of baseball operations Farhan Zaidi."This challenge is one I don't take lightly. When I got into this business, it seemed unlikely a woman would lead a Major League team, but I am dogged in the pursuit of my goals," Ng said in a statement. "My goal is now to bring championship baseball to Miami. I am both humbled and eager to continue building the winning culture our fans expect and deserve."Ng has worked in the MLB commissioner's office since 2011. Prior to that, she served as the assistant general manager of the Los Angeles Dodgers (2002-2011) and the New York Yankees (1998-2001). She also was a longtime staffer for the Chicago White Sox (1990-1996).During her years with the Yankees, Ng oversaw a roster that included shortstop Derek Jeter, who is now a part of the Marlins' ownership group. 1433
The leaders of North and South Korea met Saturday for a second time, South Korea's presidency announced.North Korean leader Kim Jong Un and South Korean President Moon Jae-in held a surprise meeting at the Demilitarized Zone, the South Korean presidency said in a statement.The two leaders "exchanged their opinions" on among other things successfully carrying out a future US-North Korea summit, according to the statement. President Donald Trump canceled a June 12 summit with Kim this week, then told reporters Friday he's still open to a meeting. 558
The Louisville police detective that Kentucky Attorney General Daniel Cameron said appeared to have fired the fatal shot at Breonna Taylor back in March is reportedly seeking ,000 through an online fundraiser so he can retire.According to the Louisville Courier-Journal, Det. Myles Cosgrove, one of three Louisville police officers who shot into Taylor's apartment, is seeking funds on the crowdfunding site GiveSendGo.Cosgrove's attorney, Jarrod Beck, confirmed to CNN that Cosgrove's family members set up the page.According to the fundraiser's description, the page was set up to ensure Cosgrove can "purchase the remainder of his service time so that he can retire.""Myles’ reputation has been completely dismantled and the psychological trauma is something that he will have to cope with for the rest of his life," the fundraiser description reads. "Every day, the threats seem more legitimate and scarier; his family has been doxed and harassed, while the threats remain unrelenting. Although Myles may never feel completely safe again, if you can help us reach our goal, we can at least get him on a path to security and allow him to focus on his main objective: the safety of his family."The fundraiser's goal was set to ,000 and, as of Thursday afternoon, had raised over ,000.A grand jury announced Monday that Cosgrove and Jonathan Mattingly were "justified" in using lethal force because they were fired upon first. 1444