What can we do to ease Economic Disparities among African Americans?
Do you have any ideas? Let us know!
During the COVID-19 pandemic, African Americans have battled severe economic disparities that have only fed the many other issues they experience. Here are the facts:
- The African American unemployment rate is 16.7% due to COVID-19
- 73% of African American families don't have emergency funds saved
- 58% of Black Owned Businesses are at Risk of failing due to COVID-19
- 95% of Black Owned Businesses have a slim chance of receiving PPP loans
- 12% of Black and Brown Businesses actually received funding
With all the issues now on the table, what can we do to fix this? As African Americans hold a bulk of "essential jobs" such as fast-food and retail jobs, it is critical we treat them as essential. This includes:
- Hazard pay for working during a global pandemic responsible for the deaths of over 112,000 Americans.
- Essential workers receiving paid leave
- Essential workers receiving a living wage.
- Expanding affordable healthcare is critical to the mission.
Furthermore, to support Black Business Owners:
- We should earmark PPP funds exclusively for minority businesses
- Route PPP funding from banks to the Government to ensure quotas are enforced
- Consume. Consume. Consume. Find a black business and support them!
To read more about African American COVID-19 and Economic disparities, read our Memo: https://www.futuremajority.org/articles/549-memo-unforgivable-disparity-black-americans-covid-19
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