Dear Friends,

As the economy rebounds from the slump induced by the COVID-19 pandemic, it is critical to ensure that all communities fare equally. We should not be aiming simply for a “return to normal” but for a transformation to a more resilient economy that ensures financial stability for all Americans.

Building a Resilient Economy
To that end, I’m excited to share our latest Scorecard report on building a resilient economy post-pandemic and into the future. This guide highlights the structural barriers to financial stability and prosperity confronting the most vulnerable populations in the United States. It also provides an overview of the indicators of financial well-being (or lack thereof) for some populations prior to COVID-19, as well as select policy interventions to build the infrastructure that would help those communities. Check it out here!

Last Week of Camp Prosperity!
Next week, Prosperity Now will hold its last session of this year’s Camp Prosperity, our three-part virtual learning session aimed at local advocates, service providers and practitioners interested in engaging in advocacy to strengthen financial security for the communities they serve.

After two excellent sessions on how to successfully engage for change and advocacy at the grassroots level, next week’s session will focus on Advocating for Equity-centered Policies. There is still time to register for this event, and we’d love to see you there!

The Hill: For True American Prosperity, Make the Child Tax Credit Permanent, Gary Cunningham, President & CEO

CNBC: The First Child Tax Credit Payments are Out to 35.2 Million Families, Joanna Ain, Associate Director of Policy

Yahoo! Finance: Is the ID.me Verification Process A Nightmare for you too? You're Not Alone. Experts Weigh In, Rebecca Thompson, Director of Network Building

National Mortgage News, CFPB Allows Foreclosures to Resume, Doug Ryan, Senior Fellow & Interim Director of Policy

BNC The World Tonight: Child Tax Credit Benefits, Joanna Ain, Associate Director of Policy

There’s good news about the U.S. economy: recent forecasts predict we’re on the cusp of a major boom. But building a resilient, inclusive economy will require erecting pillars to ensure that future economic shocks don’t have the catastrophic impact that the COVID-19 crisis had on vulnerable households and small businesses.

Our new report, titled “Lessons Learned from the COVID-19 Pandemic: How to Build a Resilient Economy for Years to Come,” compiles ideas that policymakers should consider. These proposals call for reimagining how we conceive social safety nets and creating new institutions and institutional practices that create opportunities for all. Rather than offer an exhaustive list of policy solutions, this guide compiles ideas that can serve as a starting point to inform a forward-looking conversation.

Virtual VITA Technology Fund Supports 140,000 Low- to Moderate-Income Taxpayers

Volunteer Income Tax Assistance (VITA) sites across the country unquestionably felt the effects of the COVID-19 pandemic. In 2020, because of lockdowns, VITA sites had to shut their doors in the middle of the tax season and prepare to “reopen” virtually ahead of the July 15, 2020, deadline. That virtual work had to continue this year. The lockdowns made it imperative for VITA sites to implement alternative, virtual tax preparation services, recruit volunteers for virtual work and work across coalitions and communities to serve taxpayers. The use of the tax administration system to disburse economic stimulus payments made this work even more important. It also presented a new challenge, especially in underserved communities, where the digital divide may have prevented taxpayers from accessing VITA services or non-filers accessing stimulus payments. Read More.

Advance Monthly CTC Payments Begin—Let’s Make this Permanent!

For the first time, more than 35 million families started having access to a portion of their expanded Child Tax Credit (CTC) payment on July 15. These families will continue to get advance monthly payments until December 15 to help pay for expenses such as clothes for their kids, child care and school supplies for the new year. While this is an incredible victory for low-income households, especially households of color, this expansion is temporary and only effective for 2021. Prosperity Now is hard at work, alongside our partners, trying to make the expanded CTC as well as the Earned Income Tax Credit (EITC) permanent. Want to help us push this through? Support making the CTC and EITC expansions permanent by sending this pre-drafted email to your member of Congress TODAY!

Housing Bills Could Provide Relief for Vulnerable Communities

Prosperity Now is proud to support a housing package led by Financial Services Chairwoman Waters (CA-43), which includes three key housing pieces that would greatly benefit low- and moderate-income communities of all backgrounds. The three comprehensive and expansive housing bills will create and preserve housing that is affordable, put a stop to housing discrimination, address homelessness and help first-time, low-income families become homeowners by providing grants for downpayment assistance. We have long endorsed policies that alleviate housing cost burdens and were grateful to be a thought partner for this housing package. We urge more members of congress to sign-on to this transformative legislation.

UnidosUS 2021 Annual Conference | UnidosUS | July 26-27, 2021

Camp Prosperity 2021: Advocacy Summer Camp Series | Prosperity Now 

• July 27: Advocating for Equity-centered Policies

Did the Pandemic Deepen Racial and Ethnic Inequities among Small Business Owners? Data Limitations Make It Hard to Say | Urban Institute
The Urban Institute finds that existing data on racial inequities among small business owners during the pandemic is mixed but provides recommendations for policy makers on how to address already existing inequities.

The expanded Child Tax Credit: The CTC’s history, impact, and uncertain future | Brookings Institution
Brookings analyzes the expanded CTC’s impact on child poverty.

Child Tax Credit Expansion Q&A with Aidan Davis | Institute on Taxation and Economic Policy (ITEP)
This blog from ITEP answers some commonly asked questions about the CTC expansion.

Economic Security Programs Reduce Overall Poverty, Racial and Ethnic Inequities | Center on Budget and Policy Priorities (CBPP)
In this report from CBPP, experts find that the EITC and CTC have reduced racial inequity and the overall poverty rate since their inception.

Native Communities Face Sustained Challenges to Building Financial Resilience | Urban Institute
In this blog from the Urban Institute, experts find that during the pandemic, Native communities experienced high rates and levels of delinquent debt, subprime credit and high-cost predatory loans.

Why Care About Care? | Asset Funders Network
The Asset Funders Network has published new resources examining the care economy and promoting solutions such as universal paid leave, affordable child care and home- and community-based services.

Continuing Our Work with the Southern Partnership to Reduce Debt (SPRD), July 13