COVID-19 Response: Resources and Updates
Crises are not equalizers. People of color are likely to suffer the deepest economic impacts from the COVID-19 pandemic. The housing crisis of the Great Depression shows us how the greatest wealth losses occurred in Latino and African American households. We can expect the same during this crisis and must target our solutions and resources accordingly.
We are calling for a comprehensive response to COVID-19 to ensure America’s working families are able to withstand the economic shock that is just beginning and threatens to be long lasting.
CRC Calls On Governor Newsom To Take Action
On behalf of our 300 community based member organizations, we at the California Reinvestment Coalition (CRC) write to urge you to consider the following to protect the state’s most vulnerable, immigrants and communities of color from economic ruin brought on by the necessary lockdown in response to the spread of novel coronavirus, COVID-19. In a state that has experienced sudden devastation due to natural disasters such as fires and earthquakes, we recommend the following as both immediate stop gap measures to assist the hardest hit low wage workers and their families in this public health crisis, and as a way to ensure that in future climate and natural disasters working families are prepared to withstand economic impacts.
Bail Out the People Plan
CRC is calling for a comprehensive response to COVID19 to ensure America’s working families are able to withstand the economic shock that is just beginning and threatens to be long lasting.
A comprehensive and commensurate response to COVID19 will require that the nation’s wealthiest, largest institutions, those that have profited off the backs of working families, sacrifice the most during this time of greatest need.
Wells Fargo and JP Morgan Chase announced COVID19 relief that amounts to less than half their CEO pay and .00185% of their net assets respectively. So far, other banks have not made any commitments at all. If we are truly in this together, then banks are a part of the solution. They can do better and must do so immediately.
CRC’s demands for COVID19 for both government actors and the nation’s banking system. We are in this together.
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In The News
Study: Black-Owned Businesses Closed at 2X the Rate of Total COVID Closures
How the Fed Bailed Out the Investor Class Without Spending a Cent
Mortgage Relief That Comes With a $4,000 Bill
Poor Americans Hit Hardest by Job Losses Amid Lockdowns, Fed Says
High-powered Bay Area group aims to outdo DC in coronavirus help for small business
Up to 90% of minority and women owners shut out of Paycheck Protection Program, experts fear
Bailout money bypasses hard-hit New York, California for North Dakota, Nebraska
Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid
Supporting Small Businesses in a Time of COVID-19
Tax change in coronavirus package overwhelmingly benefits millionaires, congressional body finds
White Paper: Immediate Actions For CFPB To Address COVID-19 Crisis
Small Nonprofits Struggle to Get Payroll Loans in New Federal Program
LA Times Editorial: Hey, Gov. Newsom, give California renters a real eviction moratorium
Black Americans Face Alarming Rates of Coronavirus Infection in Some States
Early Data Shows African Americans Have Contracted and Died of Coronavirus at an Alarming Rate
What are Banks Doing to Address the Impacts of COVID-19 on LMI Communities?
Nonprofits Seek Dedicated COVID Funding Stream
Committee Democrats Call on Regulators to Suspend CRA and Other Rulemakings Unrelated to COVID-19