Treasury Secretary, Yellen unveils $9 billion in fresh funds to aid low-earning communities
The treasure secretary in the USA has initiated plans to distribute $9 billion to some communities. This economic initiative aims to help those with low incomes.
The US hopes to share $9 billion among low-earning communities
Janet Yellen has shown the importance of a new scheme of $9 billion for citizens who want to borrow during this pandemic. This financial initiative is for communities with low income and will be administered via the emergency investment program. This scheme has $2 billion for volunteers who have assets lower than $450 million.
Also, another $2 billion for those with less than $1.5 billion. This economic imitative will aid loans and grants to people who need them. Treasury boss, Mrs. Yellen said getting people out of unemployment is key to getting the US back on its feet. The Biden administration has been trying to remove all manners of racial and other types of imbalance.
'' We want to get money to communities with poor people and where unemployment is high '' Yellen said.
Minority-owned firms complain of cash
Businesses owned by minorities have said that their financial conditions are dire and need more help. The Federal Reserve conducted a survey which showed that 89% of companies with 500 staffs have very low sales. These regions have asked for better funding from the government.
Also, minority-owned companies have said their survival depends a lot on the aid they Will get from the new schemes. President Biden bid to get $1.9 passed to boost on Wednesday as lawmakers have agreed to it, however, it remains the senators to pass it. Impediments to the passage of the stimulus funds are wage hikes and how the funds will be shared.
Although Republicans have argued that the amount is too, high, all democrats have supported it. However, some Democrats are objecting to some sections of the bill.