Urban Leagues start NexLevel training
The Urban League of Chattanooga and Knoxville Area Urban League will soon begin a joint session of NextLevel, a business development program offered through a partnership between the Tennessee Valley Authority, Interise and Tennessee Urban League Affiliates. The purpose of the seven-month program, scheduled to start August 18, is to support established small business owners who wish to create an impactful plan to grow his or her business.
“NextLevel is a fantastic opportunity for business owners in the area to build a strategic roadmap to success through research-driven tactics and collaboration with experienced industry professionals,” said Candy Johnson, president and CEO of the Urban League of Greater Chattanooga.
The program utilizes nationally recognized curriculum to help business owners develop three-year strategic growth plans and a customized guide for sustaining growth. Class members will participate in 13 virtual sessions over the course of the program and will graduate with renewed mindsets and fresh perspectives on business growth, development, marketing, balancing cash flow and connecting with local and national resources that support small businesses.
“By connecting two Urban League affiliates and offering a joint program, we can multiply networking opportunities for NextLevel participants and help each of them take advantage of the support and resources available across Tennessee,” said Vickye Bone, vice president and director of programs of the Urban League of Greater Chattanooga.
Second child tax credit pumps $15B in families
The U.S. Department of Treasury says the second monthly child tax credit payment has begun to be disbursed.
More than $15 billion will be paid out to families of about 61 million children.
The first round of the payment went out in July. The payments stem from the Child Tax Credit from the $1.9 trillion coronavirus relief package passed by Congress in March.
Under the plan, eligible families receive up to $300 a month per each child under 6 and up to $250 per month for children ages 6 to 17. The payments are set to lapse after a year, but Biden is pushing to extend them through at least 2025.
The August payments cover about 1.6 million more children than last month. The uptick indicates that more families who don’t file taxes are signing up for the credit. The IRS has been trying to raise awareness that all families should apply. It also announced a a new, mobile-friendly, bilingual sign-up tool to help enrollment that will launch in the next few weeks.
RAM pickups issue recall for air bags
Stellantis is recalling more than 266,000 pickup trucks mainly in North America because the side air bags can explode without warning and hurl shrapnel into the cabin.
It’s the second major recall of pickup trucks in the past two months for the same problem.
Stellantis, formerly Fiat Chrysler, says the recall covers covers certain Ram 2500 and 3500 heavy-duty pickups from the 2015 through 2020 model years. Also included are some previous-generation Ram 1500 pickups known as the Classic, from 2015 through 2020. The latest version of the Ram 1500 is not affected.
Stellantis says in a statement Friday that the air bag inflators in the pickups were contaminated with moisture during a supplier’s manufacturing process. Metal canisters holding the inflator can rupture, even if the air bags are not deployed in a crash.
One inflator ruptured, but Stellantis says there have been no injuries.
Consumer sentiment declines in August
U.S. consumer sentiment fell in early August to the lowest level in nearly a decade as Americans grew more concerned about the economy’s prospects, inflation and the recent surge in coronavirus cases.
The University of Michigan’s preliminary sentiment index fell by 11 points to 70.2, the lowest since December 2011, data released Friday showed. The figure fell well short of all estimates in a Bloomberg survey of economists.
The slump in confidence risks a more pronounced slowing in economic growth in coming months should consumers rein in spending. The recent deterioration in sentiment highlights how rising prices and concerns about the delta variant’s potential impact on the economy are weighing on Americans.
“Consumers have correctly reasoned that the economy’s performance will be diminished over the next several months, but the extraordinary surge in negative economic assessments also reflects an emotional response, mainly from dashed hopes that the pandemic would soon end,” Richard Curtin, director of the survey, said in the report.
– Compiled by Dave Flessner