The Impact of COVID-19 on Low- to Moderate-Income Communities
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.
National Survey Reports
In the survey conducted April 8–10, 2020, nearly 3,900 respondents participated. At that time, over one-third (35 percent) indicated it would take more than 12 months for their communities to return to the economic conditions experienced before the COVID-19 pandemic.
About the Survey
The spread of the coronavirus (COVID-19) and the many efforts to slow it is affecting communities across the nation. In order to best respond to this crisis, information is needed about the scope and scale of challenges in various communities. Survey responses were collected through a convenience sampling method that relied on Reserve Bank and Board of Governors stakeholder contact databases to identify representatives of nonprofit organizations, financial institutions, government agencies, and other community organizations. These representatives were invited by email to participate in an online survey.
COVID-19 Community Impact Survey Webinar
On May 27, 2020, Atlanta Fed president Raphael Bostic participated in a webinar discussing the results of the April 2020 nationwide survey of nonprofit organizations, financial institutions, government agencies, and other community organizations.
Leone de Nie Shares National Survey Results
On May 21, 2020, Karen Leone de Nie, vice president of community and economic development at the Atlanta Fed, shared insights from the April 2020 national Federal Reserve survey of nearly 4,000 organizations that work in low-income communities.