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The bill, dubbed the Save Hotel Jobs Act, would be the first to give targeted relief to hotels. Businesses in the industry thus far have been relying on relief from Payroll Protection Program (PPP) loans and other provisions from COVID-19 relief packages.
The legislation would direct payroll grants to be utilized for payroll and benefit expenses for workers and require hotels that receive grants to give laid-off workers recall rights to get back to work.
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It also would provide a personal protective equipment tax credit, which would allow a payroll tax credit for 50 percent of the costs of personal protective equipment, technology to reduce the impact of the pandemic, testing for employees and enhanced cleaning.
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PRESTON, Md., April 28, 2021 /PRNewswire/ PSB Holding Corp. (OTC-QX: PSBP), the parent company of Provident State Bank, Inc. ( Provident ), reported net income of $1.21 million ($.79 per diluted common share) for the first quarter ended March 31, 2021, compared to $1.44 million ($.94 per diluted common share) for the fourth quarter 2020 and $940,000 ($.61 per diluted common share) for the first quarter 2020.
When comparing net income for the first quarter 2021 to the fourth quarter 2020, net income decreased $229,000 primarily as a result of a decrease in mortgage banking activity driven by increasing long-term rates during the first quarter 2021. Specifically, gain on sale of loans decreased $242,000 on a linked-quarter basis.
On Tuesday April 27 the Brownwood Area Chamber of Commerce will host a webinar for information on the new Restaurant Revitalization Fund program. The program is part of the American Rescue Plan Act, recently passed by the U.S. Congress and signed by President Biden.
The program basically provides a tax-free federal grant to restaurants equal to the amount of its “pandemic-related revenue loss,” calculated by subtracting its 2020 gross receipts from its 2019 gross receipts. Any PPP (Payroll Protection Program) funds received by the restaurant will be deducted from the Revitalization Fund grant.
A webinar with all the details of the program, and how to apply, will be held on Tuesday, April 27, at 2:30 p.m. Interested parties can register here: https://nwtsbdc.ecenterdirect.com/events/15400
WesBanco Announces First Quarter 2021 Financial Results
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WHEELING, W.Va., April 27, 2021 /PRNewswire/ WesBanco, Inc. ( WesBanco ) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended March 31, 2021. Net income available to common shareholders for the period was $70.6 million, with diluted earnings per share of $1.05, compared to $23.4 million and $0.35 per diluted share, respectively, for the first quarter of 2020. Net income available to common shareholders excluding after-tax restructuring and merger-related expenses for the three months ended March 31, 2021, was $71.3 million, or $1.06 per diluted share, as compared to $27.5 million and $0.41 per diluted share, respectively, in the prior year quarter (non-GAAP measures).