“If we’re going to build back up our economy, we’ve gotta get control of this,” Harris said of the virus Friday afternoon. “People have within their power the ability to save their lives, the lives of their family members, their community — but they’ve gotta get vaccinated.”
The Great Recession of 2008 had already widened inequality between Black and White America, and the current pandemic-fueled recession has made the gap even larger. “This pandemic has exacerbated all the problems that existed before,” Yellen said.
Much of the meeting was spent explaining how President Joe Biden’s $1.9 trillion stimulus plan will address specific Covid-19-related economic problems in the Black community.
The administration’s would set aside $400 billion for vaccine distribution, which Harris said is already being used to set up vaccine distributions centers in communities like her Oakland, California, hometown. The centers should be up and running by February 15, she added.
Yellen said that Biden plans to make better use of community depository financial institutions and minority depository institutions, which have better track records of lending to communities of color, to ensure they receive greater access to capital investment.”These are so important because they serve communities that [mainstream consumer banks] haven’t serviced as well,” she said.
This time, Harris said Biden’s team will have a team of trained “navigators” to help PPP applicants. “It is one of our highest priorities to fix the assistance piece of the PPP program,” she said.
Go to the news source: Harris, Yellen discuss Biden recovery plan with Black business leaders