The COVID-19 outbreak is disproportionately impacting African-Americans, from a public health standpoint and from an economic perspective too.
According to CDC data, Blacks represent 23% of all COVID-19 deaths in the United States, even though we make up only 13% of the country's population.
Likewise, the coronavirus pandemic is also taking a huge economic toll on Black America.
Unemployment in the Black community is now estimated at above 20% nationwide. From widespread layoffs among Black workers in low-wage services jobs to the inability of Black-owned business owners to access federal loans and grants, the COVID-19 emergency is now highlighting and exacerbating long-standing structural inequalities.
Even prior to COVID-19, African-Americans already suffered from income disparities and a wealth gap compared with our White counterparts. Census Bureau figures show that Blacks have the lowest median wage of any racial group in America, with Black households earning $41,361 annually, compared with $71,000 for White households.
Furthermore, Blacks have routinely experienced the slowest level of wage growth in America, the Economic Policy Institute has found.
Low wages explain, in part, why African-Americans have just 10% of the wealth that Whites do, on average. The typical Black family has $17,600 in net worth versus $171,000 for Whites, the Federal Reserve reports.
“Given these financial realities, it's vitally important that Blacks know how to qualify for, access, and receive every level of financial support available to them during the coronavirus pandemic,” says Lynnette Khalfani-Cox, The Money Coach, who is the CEO and co-founder with her husband, Earl Cox, of the free financial advice site, AskTheMoneyCoach.com, and the video-based financial coaching site, MoneyCoachUniversity.com.
Lynnette has read the entire 880-page CARES Act, and has broken it down to explain how you can tap into this $2 trillion stimulus measure and get the resources you need to survive during COVID-19.
From her articles on unemployment benefits and forgivable SBA loans to her videos on getting cash payments for sick leave, family medical leave, food benefits, and more, Lynnette offers expert advice and insights to economically empower AALBC’s audience.
You can find her COVID-19 financial articles on askthemoneycoash.com.
View More of Lynnette’s COVID-19 financial videos.