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Friday, April 3, 2020

Rev. Jesse Jackson Organizes Diverse Ministers To Ensure Fair Distribution of Stimulus Funds

Rev. Jesse Jackson

As the process begins on April 3 to access forgivable loans from the $2 trillion stimulus package, Rev. Jesse Jackson Sr., founder and president of the Rainbow PUSH Coalition, one of the nation’s leading civil rights organizations, has organized a group of ministers nationwide to ensure communities of color gain their fair share.

In a press call on Thursday, Jackson announced that scores of clergy leaders of all denominations have held a series of conference calls to voice grave concerns about the federal oversight of deployment of relief funds tied to the COVID-19 pandemic.

“The stimulus doesn’t address the most vulnerable. Historically, recovery programs tend to miss us,” asserts Jackson, who cited the alarming rate of black business failures and the massive decimation of black wealth during the Great Recession roughly a decade ago. This time around, he maintains, the devastation is expected to be worse as recent news reports revealed that a staggering 10 million workers have filed for unemployment benefits in the past two weeks.

“The CARES [Coronavirus Aid, Relief and Economic Security] Act has been signed by the President but not implemented,” Rainbow PUSH Senior Vice President Rev. S. Todd Yeary said on the call, maintaining that a range of execution issues had yet to be resolved by the Trump administration—especially given its inconsistent management of the publichealth crisis over the past month. He says they include:

— The approval and distribution process of the Small Business Administration’s Paycheck Protection Program in which institutional lenders will make available $350 billion in guaranteed-government loans to cover payroll and other expenses. They will also focus on the SBA’s Economic Injury Disaster Loan Program. Yeary said coalition members have raised concerns about black entrepreneurs as well as church-based organizations, which serve as “anchors of our communities,” will gain speedy access to funds or any financial assistance at all.

— The U.S. Treasury Department’s engagement in the regulation of mortgage forbearance during the crisis instead of leaving it up to the discretion of individual financial institutions. “We are facing another mortgage crisis,” Yeary says, making reference to the 2008 meltdown of the housing market.

Beyond financial concerns, Rainbow PUSH officials believe with governors taking jurisdictional control of measures to address the crisis that “a states rights agenda” will emerge with the potential for more pernicious forms of voter suppression during the 2020 presidential election as well as greater racial disparities in healthcare and education. In fact, Yeary believes “with the shutting down of society and the school system” driving online education large numbers of students in urban communities will be placed at a disadvantage due to lack of access to computers and broadband. He asserts: “The result will be further widening of the achievement gap.”

Participants on the call also cited the need to address the containment of the coronavirus among the prison population, impact on the crisis on the 2020 census count and rise of anti-Asian sentiment due to harmful, xenophobic rhetoric like President Trump characterizing the COVID-19 pandemic as the “Chinese virus.”

Jackson, who has talked with President Trump about crisis relief over the past week, has stressed next steps include outreach to legislators, including the Congressional Black Caucus, Rep. James Clyburn (D-S.C.), and House Speaker Nancy Pelosi about independent oversight of relief efforts. Moreover, he is calling on SBA officials to join coalition conference calls to spell out program details and provide much-needed education to members of their congregations.



from Black Enterprise https://ift.tt/2w9GfjC

Rev. Jesse Jackson Organizes Diverse Ministers To Ensure Fair Distribution of Stimulus Funds

Rev. Jesse Jackson

As the process begins on April 3 to access forgivable loans from the $2 trillion stimulus package, Rev. Jesse Jackson Sr., founder and president of the Rainbow PUSH Coalition, one of the nation’s leading civil rights organizations, has organized a group of ministers nationwide to ensure communities of color gain their fair share.

In a press call on Thursday, Jackson announced that scores of clergy leaders of all denominations have held a series of conference calls to voice grave concerns about the federal oversight of deployment of relief funds tied to the COVID-19 pandemic.

“The stimulus doesn’t address the most vulnerable. Historically, recovery programs tend to miss us,” asserts Jackson, who cited the alarming rate of black business failures and the massive decimation of black wealth during the Great Recession roughly a decade ago. This time around, he maintains, the devastation is expected to be worse as recent news reports revealed that a staggering 10 million workers have filed for unemployment benefits in the past two weeks.

“The CARES [Coronavirus Aid, Relief and Economic Security] Act has been signed by the President but not implemented,” Rainbow PUSH Senior Vice President Rev. S. Todd Yeary said on the call, maintaining that a range of execution issues had yet to be resolved by the Trump administration—especially given its inconsistent management of the publichealth crisis over the past month. He says they include:

— The approval and distribution process of the Small Business Administration’s Paycheck Protection Program in which institutional lenders will make available $350 billion in guaranteed-government loans to cover payroll and other expenses. They will also focus on the SBA’s Economic Injury Disaster Loan Program. Yeary said coalition members have raised concerns about black entrepreneurs as well as church-based organizations, which serve as “anchors of our communities,” will gain speedy access to funds or any financial assistance at all.

— The U.S. Treasury Department’s engagement in the regulation of mortgage forbearance during the crisis instead of leaving it up to the discretion of individual financial institutions. “We are facing another mortgage crisis,” Yeary says, making reference to the 2008 meltdown of the housing market.

Beyond financial concerns, Rainbow PUSH officials believe with governors taking jurisdictional control of measures to address the crisis that “a states rights agenda” will emerge with the potential for more pernicious forms of voter suppression during the 2020 presidential election as well as greater racial disparities in healthcare and education. In fact, Yeary believes “with the shutting down of society and the school system” driving online education large numbers of students in urban communities will be placed at a disadvantage due to lack of access to computers and broadband. He asserts: “The result will be further widening of the achievement gap.”

Participants on the call also cited the need to address the containment of the coronavirus among the prison population, impact on the crisis on the 2020 census count and rise of anti-Asian sentiment due to harmful, xenophobic rhetoric like President Trump characterizing the COVID-19 pandemic as the “Chinese virus.”

Jackson, who has talked with President Trump about crisis relief over the past week, has stressed next steps include outreach to legislators, including the Congressional Black Caucus, Rep. James Clyburn (D-S.C.), and House Speaker Nancy Pelosi about independent oversight of relief efforts. Moreover, he is calling on SBA officials to join coalition conference calls to spell out program details and provide much-needed education to members of their congregations.



from Black Enterprise https://ift.tt/2w9GfjC

Employers Could Drop 401(k) Matches As Companies Look To Save Money

401(k)

As the coronavirus outbreak wreaks havoc on financial markets across the world, employers are searching for ways to cut expenses and one target is 401(k) obligations.

Almost 95% of employers offer either a company match or another type of contribution. The average amount employers kick in is 4.3% of a participant’s salary.

According to CNBC, employers are searching for ways to legally trim their 401(k) obligations. Sponsors “have been calling regarding how they might legally reduce their contributions to plans to preserve their cash positions,” said Marcia Wagner, founder of The Wagner Law Group

Wagner added that since the outbreak started she has heard from both privately held and publicly traded companies. La-Z-Boy, Amtrak, and Marriott International have already begun scaling back 401(k) contributions, though they won’t go into effect until later this year.

During the 2008 housing crisis, nearly 20% of companies that offered a match pulled back, either through suspending or reducing the amount, according to a report from the Plan Sponsor Council of America. Some companies that offered non-matching 401(k) contributions suspended or lowered those amounts.

However, 4.5% of companies actually increased the amount they contributed. Experts are now concerned this economic situation could lead to more companies cutting their contributions.

“The crisis we have now is different … there’s been a rapid pace of layoffs and furloughs, and companies have had to suddenly shut down,” Will Hansen, executive director of the PSCA told CNBC.

Hansen added that in places such as Seattle and New York where the outbreak has been a presence for more than a month, companies have already sought to cut contributions. The good news is the plans seeking relief are safe harbor plans, in which an employer agrees to certain contribution requirements in order to escape others.

Financial advisers are recommending employees who can afford to continue to make contributions do so even if the company stops making contributions.

“In times like these … it’s okay to temporarily suspend your 401(k) contributions if you’re feeling really insecure about the amount of cash you have available,” said Doug Boneparth, president of Bone Fide Wealth in New York. “During bad times, cash is lifeblood. It puts food on the table. If the worst doesn’t happen and you don’t lose your job, you could make up contributions later in the year.”

According to the Federal Reserve, 47 million people are expected to lose their job.



from Black Enterprise https://ift.tt/3dXd70j

Employers Could Drop 401(k) Matches As Companies Look To Save Money

401(k)

As the coronavirus outbreak wreaks havoc on financial markets across the world, employers are searching for ways to cut expenses and one target is 401(k) obligations.

Almost 95% of employers offer either a company match or another type of contribution. The average amount employers kick in is 4.3% of a participant’s salary.

According to CNBC, employers are searching for ways to legally trim their 401(k) obligations. Sponsors “have been calling regarding how they might legally reduce their contributions to plans to preserve their cash positions,” said Marcia Wagner, founder of The Wagner Law Group

Wagner added that since the outbreak started she has heard from both privately held and publicly traded companies. La-Z-Boy, Amtrak, and Marriott International have already begun scaling back 401(k) contributions, though they won’t go into effect until later this year.

During the 2008 housing crisis, nearly 20% of companies that offered a match pulled back, either through suspending or reducing the amount, according to a report from the Plan Sponsor Council of America. Some companies that offered non-matching 401(k) contributions suspended or lowered those amounts.

However, 4.5% of companies actually increased the amount they contributed. Experts are now concerned this economic situation could lead to more companies cutting their contributions.

“The crisis we have now is different … there’s been a rapid pace of layoffs and furloughs, and companies have had to suddenly shut down,” Will Hansen, executive director of the PSCA told CNBC.

Hansen added that in places such as Seattle and New York where the outbreak has been a presence for more than a month, companies have already sought to cut contributions. The good news is the plans seeking relief are safe harbor plans, in which an employer agrees to certain contribution requirements in order to escape others.

Financial advisers are recommending employees who can afford to continue to make contributions do so even if the company stops making contributions.

“In times like these … it’s okay to temporarily suspend your 401(k) contributions if you’re feeling really insecure about the amount of cash you have available,” said Doug Boneparth, president of Bone Fide Wealth in New York. “During bad times, cash is lifeblood. It puts food on the table. If the worst doesn’t happen and you don’t lose your job, you could make up contributions later in the year.”

According to the Federal Reserve, 47 million people are expected to lose their job.



from Black Enterprise https://ift.tt/3dXd70j

Thursday, April 2, 2020

Tekashi 6ix9ine granted early release from prison due to coronavirus fears

Tekashi 6ix9ine has been released from prison.

The controversial rapper (Daniel Hernandez) who was serving a two-year sentence for racketeering convictions while under protective custody at a private prison in Queens, NY was released because his asthma puts him at high risk for contracting COVID-19.

“The judge granted the motion basically because of the virus that’s ravaging our nation,” an attorney for the Brooklyn-born emcee told the LA Times. “In prison, you can’t practice isolation or containment; it’s just not feasible.”

READ MORE: Tekashi 6ix9ine, sullen and sorry in court, handed two-year sentence on multiple charges

The 23-year-old will serve the remaining four months of his sentence from home and will wear an ankle monitoring device.

“The COVID-19 pandemic is extraordinary and unprecedented in modern times in this nation. It presents a clear and present danger to free society for reasons that need no elaboration. COVID-19 presents a heightened risk for incarcerated defendants like Mr. Hernandez with respiratory ailments such as asthma,” Judge Engelmayer wrote of his decision.

READ MORE: Tekashi 6ix9ine to stay locked up, judge denies home confinement request

“The Centers for Disease Control warns that persons with asthma are at high risk of serious illness if they contract the disease. Further, the crowded nature of municipal jails such as the facility in which Mr. Hernandez is housed present an outsize risk that the COVID-19 contagion, once it gains entry, will spread. And, realistically, a high-risk inmate who contracts the virus while in prison will face challenges in caring for himself.”

In January, the same judge denied the Tekashi’s request for home confinement and ruled that it is “necessary in this case” for the rapper to remain behind bars to “reflect the seriousness of his crimes.”

At the time, attorneys fro Tekashi 6ix9ine insisted he was in danger and feared for his life after testifying against several known gang members.

The post Tekashi 6ix9ine granted early release from prison due to coronavirus fears appeared first on TheGrio.



from TheGrio https://ift.tt/2UWEhvs

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