Treasury Department

Treasury Department @USTreasury

The COVID economic crisis has hit communities of color & rural communities especially hard— but this has been true of econ crises in the past. The ECIP program is another effort to address this longstanding inequity + help small businesses rebuild in the wake of current crisis. — PolitiTweet.org

Treasury Department @USTreasury

CDFIs & MDIs work by creating distinct streams of capital & services to community banks, financial services in rural areas & to organizations that serve communities and businesses who, for many reasons, are not connected to the traditional banking system. This is about access. — PolitiTweet.org

Treasury Department @USTreasury

The program will ultimately put $9 billion in Community Dev’t Financial Institutions (learn more at @CDFIFund) and Minority Depository Institutions, proving needed capital NOW to small-businesses that need funding + sustaining them for the long term expansion. — PolitiTweet.org

Treasury Department @USTreasury

ECIP is designed to support areas of the economy that have struggled disproportionately during the COVID crisis, and strengthen areas of small-business financing that serve important inclusionary functions to level the playing field for small-businesses. — PolitiTweet.org

Treasury Department @USTreasury

Today we’re announcing the Emergency Capital Investment Program (ECIP) to further aid small businesses and communities traditionally underserved by financial services, minority-owned businesses and rural communities. Read more: https://t.co/8JBPWhD3RF — PolitiTweet.org

Treasury Department @USTreasury

Sec. @JanetYellen continued: "In fact, I think there’s a chance we might emerge from the pandemic on track towards higher wealth & wages for everyone. This isn't going to happen by itself. It will take big, ambitious action–including by us at Treasury.” — PolitiTweet.org

Treasury Department @USTreasury

With this in mind, Sec. @JanetYellen has commented: “Will this pandemic be yet another generational setback for people of color? That is certainly a risk, but I do not think it is a given... — PolitiTweet.org

Treasury Department @USTreasury

Small businesses – & particularly black-owned ones – found it hard to get their hands on relief during the early days of the pandemic. Why? Parts of the PPP program were difficult to navigate without a bank’s help. Efforts continue to be made to address this fact. — PolitiTweet.org

Treasury Department @USTreasury

Douglass’ biographer David Blight called this “one of the great aspirations, & also one the great tragedies, of Reconstruction.” The COVID crisis hit 146 years after the Bank’s collapse, but still we saw widespread evidence that African Americans lack access to financial services — PolitiTweet.org

Treasury Department @USTreasury

Frederick Douglass (you know him), who had agreed to be the bank’s president, tried to save it by depositing $10,000 as show of confidence, but it was to no avail. The bank failed. More than 61,000 African Americans lost some or all of their savings. — PolitiTweet.org

Treasury Department @USTreasury

Today, the site is home of the Treasury Dept. Annex, the Freedman's Bank Building. Despite its magnificent stonework & good intentions, by 1874, the Bank’s finances were a shambles – in large part due to poor oversight by a Congress that had waning interest in Reconstruction. — PolitiTweet.org

Treasury Department @USTreasury

March 3, 1865-- President Lincoln established the Bank for newly freed slaves & Black veterans of the Civil War. Deposits were as little as $1, but for many it was all they had. The bank eventually came to inhabit a well-appointed building on Pennsylvania Avenue. https://t.co/256Nj6KDsa — PolitiTweet.org

Treasury Department @USTreasury

Economists have no shortage of bank failings & financial crises to study, but today it’s worth remembering the story of the Freedman’s Savings an d Trust Company – otherwise known as the Freedmen’s Bank. Today marks the 156th legacy anniversary of the Bank. Thread -- https://t.co/kIIqo9zcpd — PolitiTweet.org

Treasury Department @USTreasury

Today is the 156th anniversary of the founding of the Freedman's Bank, the first bank created to serve African-Americans. The Bank- founded on March 3, 1865- is an integral part of Treasury history. Watch a mini-documentary and learn more on our website: https://t.co/Ac0OgL5Lav — PolitiTweet.org

Treasury Department @USTreasury

This is a big deal ⤵️ — PolitiTweet.org

Treasury Department @USTreasury

RT @SBAgov: 𝗨𝗣𝗗𝗔𝗧𝗘: More than 1️⃣,0️⃣0️⃣0️⃣ businesses have been certified to participate in the #WomanOwned Small Business federal contrac… — PolitiTweet.org

Treasury Department @USTreasury

Last week's expansion in PPP addresses inequities & provides pathways for many small businesses to get assistance. Find a lender, make a plan, and SEE IF YOUR BUSINESSES QUALIFIES at https://t.co/dWUGIYXcur And find more info about community lenders at https://t.co/bGSRdQByZf — PolitiTweet.org

Treasury Department @USTreasury

But the racial impact is stark. The share of Black businesses that don't expect to survive the year is +2x White businesses (23% to 11%) <1/2 of Black & Hispanic business owners said the pandemic has been "catastrophic" or "very bad" compared to 1/3rd of White-owned businesses — PolitiTweet.org

Treasury Department @USTreasury

15% of the small businesses said they don't think they'll make it to the end of the year +25% of businesses said they've lost half of their revenue this past year More than 2/3rds of these businesses supply most of the income for their household Small businesses need relief. — PolitiTweet.org

Treasury Department @USTreasury

- Small businesses across the board need relief. Period. - Existing racial inequities shape how businesses are affected, and how they need capital. - Expansions to the Paycheck Protection Program last week offer some needed help and target specific issues. — PolitiTweet.org

Treasury Department @USTreasury

REMINDER: Last week the application period for PPP loans was reopened to small businesses. Why does this matter? Today, Reimagine MainStreet released key findings from a January survey of +2,200 small businesses, & the results confirm what we've seen over the past months... — PolitiTweet.org

Treasury Department @USTreasury

RT @JanetYellen: As an economist— and an American— I applaud the House’s favorable vote on the American Rescue Plan. There’s a broad conse… — PolitiTweet.org

Treasury Department @USTreasury

The Financial Action Task Force (FATF) concluded its 2nd plenary meeting today, which focused on finalizing guidance on proliferation financing risks & combatting terrorist financing. Treasury leads the US delegation to FATF. Read more: https://t.co/8OSFFjvL0f — PolitiTweet.org

Treasury Department @USTreasury

Sec. @JanetYellen joined the @leagueofcities & a bipartisan group of mayors from small cities (under 80,000 residents) today to discuss equitable growth across geographies, small business support, municipal needs, & the American Rescue Plan. Read more: https://t.co/BrGpiBPc4R https://t.co/Lh128zSUwn — PolitiTweet.org

Treasury Department @USTreasury

Economic impacts of the COVID crisis have left millions of Main Street small businesses -- especially Black & Brown-owned & rural businesses -- struggling. CDFIs can help, and the RRP can help fast. This program will help us build back better financial access for all businesses. — PolitiTweet.org

Treasury Department @USTreasury

Since 1994, the @CDFIFund has deployed more than $3.9 billion to organizations that meet needs of communities underserved by traditional financial institutions. Today's historic $1.25 billion investment is designed to meet the crisis of the moment. — PolitiTweet.org

Treasury Department @USTreasury

The 2021 @CDFIFund Rapid Response Program opened today! The RRP is designed to quickly & broadly deploy capital to certified organizations that provide financial services to low income communities & those with limited access to financing. More here: https://t.co/k30QF3HpCW https://t.co/BiDAzzH0yM — PolitiTweet.org

Treasury Department @USTreasury

RT @leagueofcities: Thank you Secretary @JanetYellen for taking the time today to connect with NLC! We look forward to continue to work alo… — PolitiTweet.org

Treasury Department @USTreasury

The G20 was created out of the need for international cooperation in the face of deep, extraordinary economic crisis. We have come together to face great challenges in the past. We must do so again. Read Sec. @JanetYellen’s statement to #G20 colleagues: https://t.co/LVhS8NJwil — PolitiTweet.org

Treasury Department @USTreasury

A 14-day special application period for PPP loans opened today for small and micro businesses with fewer than 20 employees. Changes to the program aim to increase equity & access, lift previous restrictions, & prevent abuse. Visit https://t.co/dWUGIYXcur for more info. — PolitiTweet.org