The Federal Reserve System
First published July 2020
The Federal Reserve’s community development function promotes the economic resilience and mobility of low- to moderate-income and underserved households and communities across the country. The spread of COVID-19 is having an impact on communities nationwide. To best respond to this crisis, information is needed about the scope and scale of the pandemic’s challenges. Throughout 2020, all 12 Reserve Banks and the Fed Board of Governors are surveying representatives of nonprofit organizations, financial institutions, government agencies, and other community organizations to understand the effects of COVID-19 on low- to moderate-income communities and the entities serving them. The results of each survey will be released as a downloadable report.
In the survey conducted June 3–12, 2020, 1,869 respondents participated. Sixty percent indicated that COVID-19 caused significant disruptions on the economic conditions of the communities they serve and expected recovery to be difficult. Meanwhile, 42 percent cited income loss, job loss, and unemployment as the top impacts of COVID-19 on the people and communities they serve.