Wells Fargo closes loan window for SBA relief program
26 MINS AGO - Wells Fargo said Sunday evening that it has exhausted its $10 billion capacity for lending under Expand
26 MINS AGO - Wells Fargo said Sunday evening that it has exhausted its $10 billion capacity for lending under the SBA’s Paycheck Protection Program as the bank operates under a regulatory asset cap.
In other words, amid the pandemic-induced downturn that has some talking of an impending economic depression, one of the nation’s largest lenders will largely be kept on the sidelines.
“Today, the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past… Collapse
If the NBA resumes its season, Suns will play in the Coliseum
14 HRS AGO - If the National Basketball Association is able to restart its season, the Phoenix Suns won’t be Expand
14 HRS AGO - If the National Basketball Association is able to restart its season, the Phoenix Suns won’t be able to play at Talking Stick Resort Arena. In a wide-ranging interview with the Business Journal, team CEO Jason Rowley spoke about those plans and how the team is trying to keep its brand relevant. Collapse
My View: Valley tech firms are responding to a call for action
1 DAY AGO - As we all work to make it through what could be called one of the most troubling periods in modern Expand
1 DAY AGO - As we all work to make it through what could be called one of the most troubling periods in modern history, there are those who walk among us that already are meeting these new challenges head on.
In particular, members of the Arizona Technology Council and others are rising to the occasion, even reinventing themselves in some cases to meet the needs of others struggling to deal with the effects of the COVID-19 crisis. From taking on the challenges of rapid coronavirus testing to helping determine… Collapse
Phoenix considers service cuts, layoffs as revenue dries up due to COVID-19
2 DAYS AGO - No matter when the city's economy turns around as the effects of the coronavirus eventually fade, Expand
2 DAYS AGO - No matter when the city's economy turns around as the effects of the coronavirus eventually fade, Phoenix is facing big deficits.
Deputy City Manager Jeff Barton outlined a brutal budget forecast for 2021 in a teleconferenced planning meeting on March 26 with Phoenix Mayor Kate Gallego and City Council members who sheltered in place.
With many businesses closed, the city's money stream from sales taxes has virtually dried up.
If COVID-19's impact lasts thru July, Phoenix is looking at a $26 million… Collapse
Abrazo Health's parent furloughs 500 health care workers nationwide
2 DAYS AGO - The parent company of the Abrazo Health system in the Valley is furloughing nonessential workers.
More than 75% of Phoenix hotel rooms empty, industry data shows
2 DAYS AGO - The coronavirus outbreak caused the worst March for the Valley’s hotel industry in recent Expand
2 DAYS AGO - The coronavirus outbreak caused the worst March for the Valley’s hotel industry in recent history.
The latest numbers from hospitality industry tracking company STR show that revenue, rates and occupancy all dropped as the month progressed.
For the week of March 22 to March 28, Phoenix-area hotels and resorts reported a 22.6% occupancy rate, which is down 71.6% from the occupancy levels the same week in 2019.
The average daily rate charged by Phoenix hotels last week was $95.88, which is about… Collapse
The week in Valley bankruptcies: Kariscom, Waddell Water submit filings
2 DAYS AGO - Phoenix area bankruptcy courts recorded two business filings — including two with total debts Expand
2 DAYS AGO - Phoenix area bankruptcy courts recorded two business filings — including two with total debts above $1 million — during the week that ended March 27, 2020. Year to date through March 27, the court recorded 18 Chapter 7 or Chapter 11 business bankruptcy filings, a 33 percent decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure… Collapse
Cities, police consider how to enforce broad stay-home order
2 DAYS AGO - City officials and police departments are figuring out how to best enforce Gov. Doug Ducey’s Expand
2 DAYS AGO - City officials and police departments are figuring out how to best enforce Gov. Doug Ducey’s stay-at-home order and help clear up confusion about the order’s baby teeth enforcement provision that leaves cracking down discretionary and up to local police. Collapse
My View: Now's not the time for your business to back down
2 DAYS AGO - In this guest column, the co-owner of a Scottsdale company urges other businesses to think past Expand
2 DAYS AGO - In this guest column, the co-owner of a Scottsdale company urges other businesses to think past the slowdown and take advantage of this extra time to position yourself for new opportunities you didn't have time to consider before the coronavirus crisis. Collapse
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Three minority owners sue Arizona Diamondbacks' managing partner in ownership fight
2 HRS AGO - Three Arizona Diamondbacks' minority owners are suing the team's managing partner in what they say Expand
2 HRS AGO - Three Arizona Diamondbacks' minority owners are suing the team's managing partner in what they say is an attempt to get them to sell their stakes.
The owners — Jim Weber, Alfred Molina and Carlise Investments — allege Managing Partner Ken Kendrick is trying to push them out at a lower price than their shares are worth, according to The Athletic.
An attorney for the owners said the three minority shareholders weren't required to increase their stake. At the same time, Kendrick and the Diamondbacks… Collapse
Arizona coronavirus cases exceed 2,000 as deaths top 50
1 DAY AGO - Arizona has a total of over 2,000 cases of the new coronavirus, and the state's death toll from Expand
1 DAY AGO - Arizona has a total of over 2,000 cases of the new coronavirus, and the state's death toll from the disease has topped 50, state health officials reported Saturday as President Donald Trump approved Gov. Doug Ducey's request for a major disaster declaration . Collapse
ViaWest adds former Vereit exec as new COO
1 DAY AGO - Phoenix-based ViaWest Group has hired Todd Weiss to serve as the commercial real estate investment Expand
1 DAY AGO - Phoenix-based ViaWest Group has hired Todd Weiss to serve as the commercial real estate investment firm's first chief operating officer.
“We are very excited to welcome Todd to the team,” said Steven Schwarz, founding partner of ViaWest Group, in a statement. “The industry experience and unique set of abilities he brings will allow us to strengthen the structure of our organization.”
Weiss previously served as general counsel for real estate for Phoenix-based Vereit Inc., a publicly traded… Collapse
Brnovich wants court to punt to Ducey on question of signature gathering
2 DAYS AGO - Attorney General Mark Brnovich says it's up to Gov. Doug Ducey to make the first decision on Expand
2 DAYS AGO - Attorney General Mark Brnovich says it's up to Gov. Doug Ducey to make the first decision on whether to let initiative circulators gather signatures online despite a state law to the contrary. Collapse
Ducey clarifies “essential services” order following criticism, contradiction
2 DAYS AGO - Gov. Doug Ducey is telling barber shops, salons, spas and businesses that offer tattoos and Expand
2 DAYS AGO - Gov. Doug Ducey is telling barber shops, salons, spas and businesses that offer tattoos and massage to close by Saturday at 5 p.m.. Collapse
Arizona needs leaders to stand tall, remain independent during crisis
2 DAYS AGO - When Martha McSally was appointed to the U.S. Senate, she promised to “devote all of my energies Expand
2 DAYS AGO - When Martha McSally was appointed to the U.S. Senate, she promised to “devote all of my energies to ensuring that all Arizonans have a voice.” As we face the devastating effects of coronavirus, now is McSally’s chance to follow through on those words. Collapse
Will the governor's COVID-19 executive order protecting renters hurt Valley apartment owners?
2 DAYS AGO - Apartment owners are worried how long they'll be able to absorb late rent payments from tenants Expand
2 DAYS AGO - Apartment owners are worried how long they'll be able to absorb late rent payments from tenants during the COVID-19 pandemic. Nonetheless, many are trying to work out agreements with renters while other landlords are looking at the impact of the F-word: forbearance. Collapse
Ducey, Hoffman form unlikely duo in face of virus crisis
2 DAYS AGO - As Arizona is reeling from the fallout of COVID-19 and people are sitting somewhere between Expand
2 DAYS AGO - As Arizona is reeling from the fallout of COVID-19 and people are sitting somewhere between preparation and panic, an unlikely duo has formed to put partisan politics aside during the pandemic. Collapse
Ducey could have sole discretion over a large pot of state, federal aid funds
2 DAYS AGO - The passage of a federal stimulus package to help state and local governments weather the COVID-19 Expand
2 DAYS AGO - The passage of a federal stimulus package to help state and local governments weather the COVID-19 pandemic gives Gov. Doug Ducey discretion over at least part of a $1.5 billion sum — adding to tens of millions he already had at his disposal as part of an emergency spending plan passed by the Legislature in March. Collapse
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Industrial sector could outperform other Valley real estate in wake of pandemic, expert says
4 HRS AGO - Demand for large warehouses and distribution centers remains high as consumers shift their buying Expand
4 HRS AGO - Demand for large warehouses and distribution centers remains high as consumers shift their buying to online platforms. Phoenix, in particular, could be poised to be at the forefront of deals in the space, according to an industrial investor. Collapse
Arizona Senate campaigns get creative amid virus scare
1 DAY AGO - The global pandemic that is shaking up the nation's way of life is also forcing Arizona's U.S. Expand
1 DAY AGO - The global pandemic that is shaking up the nation's way of life is also forcing Arizona's U.S. Senate candidates to reinvent the political playbook when rallies are verboten, door-to-door campaigning is off limits and voters are much more concerned about staying healthy and paying the bills than they are with politics. Collapse
Scottsdale developer completes virtual building inspection during COVID-19 shutdown
1 DAY AGO - The inspection allowed the coffee shop to get a certificate of occupancy and open drive-thru Expand
1 DAY AGO - The inspection allowed the coffee shop to get a certificate of occupancy and open drive-thru operations on time. Collapse
Ethics probe into Cook heats up
2 DAYS AGO - A fight over document discovery is brewing in a House ethics investigation into an embattled Expand
2 DAYS AGO - A fight over document discovery is brewing in a House ethics investigation into an embattled Republican lawmaker. Collapse
Ducey shortens list of 'essential' services forcing more businesses to close
2 DAYS AGO - Arizona Gov. Doug Ducey on Friday issued new guidance on which business services and recreational Expand
2 DAYS AGO - Arizona Gov. Doug Ducey on Friday issued new guidance on which business services and recreational activities are considered "essential," meaning businesses such as barber shops, nail salons and spas will have to close.
Ducey's order follows repeated calls from Arizona mayors and others who said his original list of essential services was too broad and didn't match calls for social distancing and other measures meant to slow the spread of COVID-19 in the state. The governor did not reference those… Collapse
We’re spending, now we have to pay for it – the coronavirus cent
2 DAYS AGO - As we’re ramping up the financial response to this crisis, we also need a plan to pay for it to Expand
2 DAYS AGO - As we’re ramping up the financial response to this crisis, we also need a plan to pay for it to keep our economic engine the strongest in the world. Collapse
New jobless claims shatter week-old records in Arizona, across nation
2 DAYS AGO - WASHINGTON – New jobless claims continued to soar to record heights in Arizona and the nation, Expand
2 DAYS AGO - WASHINGTON – New jobless claims continued to soar to record heights in Arizona and the nation, with state filings jumping from the then-record 29,333 claims two weeks ago to 88,592 last week.
They were among the 6.6 million unemployment claims nationwide last week, twice the 3.3 million of a week earlier. While the numbers are staggering, Arizona economists say they probably do not include all the people out of work and may be “just the top half of an iceberg which has still many claims to come.”
“Phone… Collapse
Coronavirus cools one of construction's hottest streaks in Phoenix. So what's next?
2 DAYS AGO - Construction companies and subcontractors around the Valley were coming off one of their busiest Expand
2 DAYS AGO - Construction companies and subcontractors around the Valley were coming off one of their busiest years ever, right into what was already shaping up to be another busy year. Coronavirus changed all that. Here's how the commercial real estate industry is reacting. Collapse
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