From the Federal Reserve Bank of Atlanta:
“Perspectives from Main Street: The Impact of COVID-19 on Communities and the Entities Serving Them,” summarizes a nationwide survey by the Federal Reserve System 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.
- 47% of entities serving low-income communities are experiencing increased demand for services, at the same time 36% have less ability to serve their communities.
Atlanta Fed President Raphael Bostic discussed the findings from this report during a Enterprise Community Partners webinar held recently. This is an example of one way this information is being shared with policy makers and funders to inform how they craft response strategies. The Fed invites partners to do the same.
The Atlanta Fed is using this information as well as insights gained from interviews to also create new resources for community partners — from online seminars, to data tools (Unemployment Claims Monitor, childcare needs of first responders), to explanations of how the new policies impact low-income individuals (how the assistance offered in the CARES Act supplement the preexisting social safety net to financially support a hypothetical displaced American workers).
Click here for the report.