Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Small Business News Highlights for August 17:
- USPS delays could cause problems for stimulus check delivery
- Closing the retirement race gap
- Rule change allows banks to hire more people with criminal records
USPS delays could cause problems for 2nd stimulus checks
“Stimulus checks are one more important item that could be affected by any sort of mail delay. And those delays affect people in all 50 states and D.C., so this is a pretty universal concern.”
Never mind that the checks are purely imaginary at this point. Public officials are pointing to brewing trouble with the United Postal System as a potential cause of delay for the delivery for the next round of stimulus checks.
Congress left Washington, D.C. last week without agreeing to another round of economic aid. They will come back to vote this week on operational changes for the USPS, however.
Closing the retirement race gap
“When you lengthen the retirement age to get the full benefit, you’re putting a cut on the people who are going to die younger.”
Social scientists and policy analysts are discussing another income gap in this country — the retirement race gap.
While much has been said about the systemic inequalities faced by Black and minority businesses owners and workers, fewer conversations have extended to all the ways that Black and minority Americans are impacted by unjust retirement systems.
Furthermore, as many older Americans are forced out of work or into early retirement due to COVID-19, economists and social scientists worry that elderly people from Black and minority communities will be disproportionately impacted. In fact, in 2016, research showed that “a Black household approaching retirement had 46% of the retirement wealth of the typical White household, while the typical Hispanic household had 49%.”
Other critics point to the Social Security system, a lack of generational wealth, and inequalities within the healthcare system as factors that perpetuate the retirement race gap.
Rule change allows banks to hire more people with criminal records
“Many FDIC-member banks are likely to be pleased with the further loosening of Section 19 restrictions on hiring employees with criminal records.”
The Federal Deposit Insurance Corporation (FDIC) issued a new rule that makes it easier for banks to hire people with minor criminal records. The change will supposedly help reduce the compliance burden placed on banks. The new rule changes the waiting period of de minimis offenses and bumps up the threshold for small theft crimes from $500 to $1,000.
The FBI reports that over 77 million people in the United States have a criminal record, making it very difficult for many of them to get a job. Loosening restrictions like this help put second-chance hiring policies in place.