We are four months in our new pandemic-changing reality, and as companies (again) close the line between reopening and closing, many Americans are finding that their jobs no longer exist. Last week, 1.3 million Americans applied for unemployment insurance for the first time. Self-employed, independent contractors and gig economy employees – an important and emerging contingent of today's workforce – are still particularly affected.
Is there a light at the end of the tunnel? It depends on who you ask and how you approach it.
Nearly 13 million Americans receive unemployment benefit through the Pandemic Unemployment Assistance (PUA) program, which is designed to help gig-economy workers and workers who have traditionally not been entitled to unemployment benefits. PUA recipients make up 41% of the 31.5 million unemployment benefit recipients nationwide as of June 13. according to current statistics from the Ministry of Labor.
Not everyone benefits even with these guard rails.
The problem of the workforce with racial inequality
Long-term racial inequalities have made the financial impact of COVID-19 even more extreme for black Americans. According to the Pew Research Center44% of black Americans reported that they or someone in their household had a job or wage loss as a result of COVID-19, compared to 38% of white Americans. More than two-thirds of black adults (73%) said they had no emergency funds to cover their expenses for three months, while only 47% of white adults said so.
What's more An analysis of the Department of Labor's data by the University of California at Santa Cruz revealed that more than 2 in 5 black small businesses and the self-employed were forced to close the shop during the pandemic – far more than twice as many as white businesses.
At Steady we have one platform This helps people find jobs with high demand, increase their income and plan financially more stable futures. Due to the pandemic, we recently launched an emergency cash grant program. So far, 46.5% of our applicants were black.
Navigating the new job market and how we help workers
It is devastating to see how American workers are injured and to see so clearly how racial inequalities exacerbate this pain. Steady recognizes how challenging life is right now, and we want to serve as an immediate resource for those who need work and / or additional income.
Mint has long supported people in managing and optimizing their finances. Given the difficulties that COVID-19 presents, it made sense to team up with Steady to promote the personal financial support of all Americans. On average, steady members earn more than $ 4,000 per year in additional income and in response to COVID-19 we offer Emergency money grants, telemedical support and quick ACH cash deposits.
What will the future bring?
Before the pandemic, we lived in a world where there were more jobs than job seekers, or at least a healthy 1: 1 ratio. Now workers are fighting in a world where there may be 1 job per 4 job seekers.
Steady is here with Mint to help everyone Navigate through these difficult times. We are committed to empowering workers and helping them find jobs that are still in demand and right for them. Download the free steady app to get started and see the work available near you. Here.
Adam Roseman (1 items)
Adam Roseman is co-founder and CEO of Steady. The Steady app enables people to find work quickly, seek financial advice and save money by submitting quotes for everything from health plans to tax relief.