These are the emergency funds that are distributed in the event of an unexpected, unforeseen loss or break-up of a partnership, corporation, or business agreement.
Hardship funds are funded by the business. They help to alleviate any potential financial loss to the business or its employees by offsetting any unanticipated charges or debts that the business might incur as a result of the business closing or merger. Some hardship funds are funded by private sources. You need to prove that the shortfall in your business is the result of an unexpected event and in order to get a hardship fund you’ll need to get help from a business partner.
How to get a hardship fund?
The National Basketball Association has given Charlotte its first of three chances to host an NBA franchise, according to the league’s commissioner, Adam Silver.
“We hope we get that chance,” said Commissioner Silver. “This is our franchise and we’re going to continue the efforts to make sure we host one of the team in Charlotte.
“We hope. We continue, until we get to that point.”
When Silver first mentioned this possibility to the Charlotte mayor, Michael R. Adams, he was hoping for a chance at an NBA franchise in the city. During a press conference at the league’s headquarters in New York City, Adams said he would welcome an NBA franchise in his city, and then expressed a willingness to move forward on a project that had been on the table for years and that the Hornets had been considering for a number of years.
Adams said he believes that the NBA’s decision to give Charlotte its chance came when the City Council passed an ordinance to allow the city to pay $3.25 million for the project, which was to be paid back with tax revenue generated from the new arena and the Charlotte Hornets’ practice facility, as well as to allow the city to increase its taxes on sports-related activities like tickets and other merchandise sales.
“I was convinced it was the right thing, the right time,” Adams said of the city’s actions to raise the money. He said that he hoped that the mayor’s efforts to move past the city council and onto the local ballot to get an NBA franchise would prove to be successful.
“We’re hoping we can move forward here,” Jackson said. “Obviously there’s things about this city, the business community and the other stakeholders that we need to figure out. We’re going to continue to work together to do that, and we’re going to do that
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