While the whole race entered in 2020, there came many unwanted guests as well as diseases among which the coronavirus ranks number one. This virus came and caused much destruction among which many businesses were drastically affected. Many countries faced a drop in the economy as well as currency. Among these businesses, one of the most affected businesses is the U.S. bail business which is worth around $2 billion at the current time. This business is a huge stake and can be blown if not dealt with intelligence and plan. Many people believe that the coronavirus has the ability to kill the U.S. bail bond business. This article will cover and guide you through how the coronavirus could possibly kill the U.S. bail bond business.
Impact of COVID-19
As discussed earlier, jails and prisons are at huge risk due to the coronavirus outbreak. The main reason is that all the prisoners sharing the same bathing space as well as eating and living in the same space. The $2 billion business mainly relies upon the whole system of money bail. It has been said that roughly around 20,000 prisoners have been declared positive for the virus. Due to this outbreak and an increasing number of cases the U.S jail authority was left with no other option but to release most of them. Around 16,000 prisoners have been released from imprisonment.
It has been stated that out of 631,000 people roughly around 74% are not even declared of a crime they have committed by the Prison Policy. Keeping this in mind, many are imprisoned before their final trial and they can’t even set themselves free due to lack of money.
It is noted that there are roughly around 14,000 bail agents all together in the U.S. Whereas California has roughly around 3,200 bail agents that are licensed. Though Bail bonds in Los Angeles are quite low as compared to other areas. The largest bail bond markets mainly include Texas, California, and Florida. It has also been said by the Empire Bond’s CEO that fewer arrests would only lead to this business being suffered. He also added that those individuals who had committed crimes with humans not being the victims should be granted release without the need for bail.
Budget and its reforms
Keeping these things in mind, the April budget came out with a twist in which it was seen that New York was rolled back from the previous year bail reform. They also allowed around 90% of the upcoming new defendants that they could stay out of jail if they were previously waiting for trial. Though it received loads of backlashed and criticism due to which it was reversed from the authorities and politicians of the law-enforcement. They believed that this reform mainly threatened the safety of the public living nearby.
According to the study, in 2015 people who were detained even before the trial had four times more chance of being sentenced to imprisonment as compared to those who were released before the trial. According to Sandra Mayson, many people forget that putting someone in jail is nothing but a very dangerous and threatening situation. She also believes that the jail and its inside is in critical danger. The imprisonment of people before their trial costs roughly around $38 million per day which makes a lump sum of $14 billion annually.