Racially minoritized women with limited socioeconomic resources are at increased risk for adverse psychological outcomes in response to the coronavirus disease 2019 (COVID‐19) pandemic. Disproportionate rates of trauma exposure and economic insecurity likely heighten risk for these outcomes among socioeconomically vulnerable individuals, but the unique contributions of these factors are poorly understood. As such, we examined trauma and economic factors as predictors of pandemic‐related psychological distress and symptoms. Ninety‐six women recruited for a trauma research study (91.7% Black, Mage = 38.3 years, SDage = 11.8 years) completed measures of trauma exposure, economic insecurity, and several items assessing psychological distress and symptoms related to the COVID‐19 pandemic. We examined concern for mental and physical health impacts of COVID‐19 as well as changes in self‐reported levels of anxiety and anhedonia from the 3 months before the pandemic to the previous 2 weeks. Linear regression analyses were used to assess contributions of trauma exposure and economic insecurity to COVID‐19‐related distress. Childhood maltreatment and lifetime trauma exposure did not predict COVID‐19‐related distress; however, financial concern significantly contributed to concern for the physical health impact of COVID‐19 (B = 0.30, p < 0.05). Food insecurity emerged as the only significant predictor of concern for the mental health impact of COVID‐19 (B = 0.91, p < 0.01). Housing instability was the only significant predictor of COVID‐19‐related increases in anhedonia (B = −0.30, p < 0.05). Economic insecurity, namely, self‐reported financial concern, food insecurity, and housing instability, was related to COVID‐19‐related psychological distress and symptoms in a sample of predominately Black American women living in under‐resourced communities. Findings may help identify populations at risk for COVID‐19‐related psychological distress and symptoms and appropriate interventions, such as expanding access to nutritious food sources and housing support, for minoritized community members.