More Americans are using banks than ever. The Covid-19 pandemic is a big reason why.
The Covid-19 pandemic — and the trillions in relief dollars that came with it — pushed the number of Americans using banks to its highest level in recent memory.. Just 4.5% of U.S. households were unbanked, the lowest rate since the FDIC began tracking it in 2009.Why? Nearly half of those newly-banked households said government payments issued during the pandemic contributed to their decision to open an insured bank or credit union account.
For business owners, the Paycheck Protection Program, which ultimately paid out $785.7 billion across 11.3 million forgivable loans made in 2020 and 2021, was a catalyst. Many of the earliest recipients were businesses that had an existing relationship with a bank. Minorities are more likely to be unbanked, according to the study. Just 2.1% of white households were unbanked, compared to 11.3% of Black households and 9.9% of Hispanic households. Early reports on the PPP also showed theBut the unbanked rate approved across the board compared to 2019, when 2.5% of white households, 13.8% of Black households and 12.2% of Hispanic households were unbanked.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Biggest Protests in Decades - The Journal. - WSJ PodcastsAfter years of strict Covid restrictions, people are taking to the streets in cities across China. But they’re not just protesting zero-Covid, they’re voicing displeasure with Xi Jinping himself. WSJ’s Brian Spegele gives us an inside view of the protests rocking China. Further Reading: -China’s Surveillance State Pushes Deeper Into Citizens’ Lives -Much of China Locks Down With No End to Zero Covid in Sight -Chinese Protests Spread Over Government’s Covid Restrictions Further Listening: -How Xi Jinping's Dream Slowed China's Economy
Read more »
NFL announces acts for Phoenix Super Bowl concert series - Phoenix Business JournalThe NFL announced Tuesday the lineup for its concert series in Phoenix leading up to the Super Bowl in February.
Read more »
Spot the symptoms: Doctors decode the differences between RSV, flu and COVIDFlu, COVID and RSV are all viruses that may all seem like the common cold at first, but there are slight differences that can help parents get a sense of what is going on.
Read more »
Twitter quietly removed its ban on COVID-19 misinformation last weekWith moderation efforts gutted, reports also indicate the team tackling child sexual assault materials is down to a 'skeleton crew.'
Read more »
A Growing List of Musicians Sidelined Due to Long COVIDFor many entertainers, it's the elephant in the room they don't want to talk about in an industry that depends on people being around one another.
Read more »
Twitter ends enforcement of COVID misinformation policyTwitter will no longer enforce its policy against COVID-19 misinformation, raising concerns among public health experts and social media researchers that the change could have serious consequences …
Read more »