研究 的 First 100 Days and Beyond

的 新型冠状病毒肺炎。 pandemic has caused unprecedented health and economic consequences. Existing structural barriers in the U.S., made worse by the current crisis, 造成了深刻的种族不平等——使家庭的经济流动性受到限制，并限制了美国的经济发展.S. 经济.  随着决策者继续制定政策和项目，支持面临经济困难的家庭和小企业，努力实现公平的复苏, we highlight research from JP摩根 追逐 研究所 and the work of the JP摩根 追逐 政策Center 描述数据驱动的恢复策略，为受影响最大的人提供即时支持, 以及长期政策，以增加家庭和小企业的财务健康和稳定.

Support continued economic relief to address the immediate impacts of 新型冠状病毒肺炎。 on households, small businesses, and communities. 

政策制定者目前正在考虑大流行的持续影响和额外的救济措施, including the appropriate level and calibration, they should incorporate the following solutions in the relief package:

• 政策制定者应继续延长和补充失业救济金，以支持失业工人的金融稳定. JP摩根 追逐 研究所 research 发现失业救济金在维持家庭支出和宏观经济稳定方面发挥了重要作用 found little evidence 失业救济金水平的提高阻碍了失业工人重返工作岗位.
• 政策制定者应考虑灵活的小企业计划，以解决非工资支出减少的问题.  的 研究所 found that Paycheck Protection Program proceeds were typically enough to cover 3.8 weeks of typical expenses.  While these efforts provided much-needed support to small businesses, 2020年9月，整个行业的支出仍大幅低于去年同期, 这表明小企业可能正在推迟付款以保持现金流动性，并且可能不像财务健康措施所显示的那样，在复苏中处于有利地位. 可能需要额外的小企业援助，以支持受新型冠状病毒肺炎。影响严重的企业，这些企业已经推迟了支出，但随着付款到期，它们面临着迫在眉睫的挑战.    
•  Depending on the pace of recovery, 政策制定者应考虑增加租金援助资金，以稳定面临持续经济困难的家庭. 研究所的研究发现，即使考虑到扩大失业保险(UI)和刺激支票形式的政府收入支持, almost one in four renters experienced a greater than 10 percent drop in total income, larger than the fraction experiencing a drop of this magnitude pre-COVID. 抵押贷款持有人也有类似的可能性经历这样的下降，但他们有抵押贷款延期作为额外的安全网.

支持家庭和小企业的长期财务健康和韧性，确保公平的经济复苏.

• 支持增加现金缓冲以抵御金融波动的政策和方案可以改善家庭的整体财务健康和抵御能力.  家庭需要 roughly six weeks of take-home income in liquid assets to weather a simultaneous income dip and expenditure spike. 65%的不同年龄和收入群体的家庭在大流行前没有足够的支票或储蓄账户来抵御这种事件.
• Policies and programs that reform Unemployment Insurance programs, expand benefits for workers, 提高工资对于支持不断变化的经济状况和不断发展的劳动力市场是必要的.  研究所 research finds that in normal times, UI mitigates the drop in spending families exhibit when they experience job loss, especially those with limited liquid assets prior to job loss.  However, growth in the Online Platform Economy and contingent work more broadly 强调在大流行期间和今后扩大失业保险的重要性.
• 提高收入和流动资产的政策和项目，以及解决黑人和拉丁裔家庭在劳动力市场中面临的潜在挑战，可以帮助缩小财务结果上的种族差距.  For every dollar the median White family earns, the median Black family earns just 71 cents拉丁裔家庭平均收入为74美分，流动资产的种族差距是这个数字的两倍. 的 研究所 estimates that a liquid asset buffer of roughly $5,000 to $6,000, considerably more than the $1,000 to $1,500 than the median Black and Latinx family has, 可能会使黑人和拉丁裔家庭在失业或重大现金流事件中维持其典型的消费水平.
• 促进公平劳动和财务结果的政策和项目有助于缩小性别财富差距.  Compared to White men, Black and Latinx women earn just 58 and 59 cents on the dollar, respectively. For every dollar held by White men in liquid assets, Black women have just 26 cents and Latinx women have 37 cents.  Additionally, women-owned businesses represent only 18 percent of small businesses that rely substantially on external financing.  
• 扩大服务不足社区获得经济适用房和住房所有权的政策和项目，为抵御经济不确定性提供必要的支持，为负担沉重的有色人种家庭提供重要支持.  研究所的研究发现，在新型冠状病毒肺炎。大流行期间，租房者比房主更有可能失业. 同时, homeowners in forbearance 他们不仅劳动收入较低，流动资产水平也比那些没有忍耐的人低得多，而且他们的收入下降幅度更大，更有可能领取失业救济金. 
• 针对学生贷款债务负担最重的学生的政策和项目仍然是学生贷款政策解决方案的关键组成部分.  One in four families is obligated to pay 7 percent of more of their take-home income on student loans, more than what families typically spend on key categories of necessities, like out-of-pocket healthcare expenses and fuel.  Compared to White and Latinx student loan borrowers, 黑人借款人不太可能在贷款上取得进展，更有可能面临学生债务的“陷阱”,” exhibiting larger payment shortfalls and an increase in their loan balances over time.
• 提高现金流动性和支持小企业建立和维持现金缓冲的政策和项目将使企业更好地抵御金融冲击.  Prior to the pandemic, half of small businesses 在资金流入中断的情况下，是否有足够的现金流动性来支付大约两周或更短时间的费用，而且许多公司的现金流不正常.