How much stimulus money is left?

Which bank donated a billion, and where we are on unemployment payouts

Jun 05, 2020 | Current events | The economy
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When it comes to stimulus relief, funds are running low

Nearly 70% of coronavirus-relief funds have already been distributed, according to a Wall Street Journal analysis of data from the Committee for a Responsible Federal Budget. Roughly $1.12 trillion out of the $1.6 trillion earmarked as direct federal assistance has already been spent or committed nine weeks after Congress' initial approval, more than half of which is headed to the Paycheck Protection Program (PPP).

While a big chunk of unemployment payouts have yet to arrive

Recent data from Bloomberg estimates that roughly 1/3rd of unemployment payments currently owed to Americans have yet to be distributed, an estimated $67 billion gap. Some possible reasons for the delay include the sheer volume of unemployment claims (over 42 million), complex and sometimes archaic state unemployment systems, and difficulty gathering information: even the Labor Department stated they don't track which claims haven't been paid.

But the Labor Department does have data on one unequal trend

The coronavirus-induced surge in unemployment has hit black Americans much harder, as fewer than half of all black adults are currently employed. While this is partly because the industries that employ the most black workers (service, administrative, and hospitality) have had the most layoffs, even when the unemployment rate was as low as 3% nationally it was still twice as high for black people in the workforce.

Bank of America pledges 1 billion to help people of color

Of the many donations made towards organizations that fight systemic racism this past week, the single largest thus far may come from Bank of America Corp., who pledged $1 billion towards helping communities address racial and economic inequality. The money will be spent over the course of a four-year commitment, including programs for health services in minority communities, support for minority-owned businesses, and partnerships with historically black educational institutions.


Albert

Albert

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