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Federal Reserve System Report: COVID-19’s Impact on Communities

Perspectives from Main Street: The Impact of COVID-19 on Communities and the Entities Serving Them,” (CLICK HERE) summarizes a nationwide survey of nonprofit organizations, financial institutions, government agencies and other community organizations. The survey was conducted in April 2020 with nearly 3,900 respondents serving rural, suburban and urban communities.

Key findings include:

• Nearly 7 out of 10 respondents indicated that COVID-19 was a significant disruption to the economic conditions of the communities they serve and that recovery is expected to be difficult.

• The most frequently cited impacts of COVID-19 were income loss, business impacts, health concerns and basic consumer needs.

• Over one-third of respondents indicated it will take longer than 12 months for their communities to return to the conditions prior to the disruption from COVID-19.

Click here: “Perspectives from Main Street: The Impact of COVID-19 on Communities and the Entities Serving Them”

Compliments of the Federal Reserve Bank of New York.