The spread of COVID-19 is impacting communities nationwide, particularly low- to moderate-income and underserved households. To best respond to this crisis, information is needed about the scope and scale of the pandemic’s challenges. Throughout 2020, all 12 Federal Reserve Banks and the Federal Reserve Board of Governors surveyed 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. Here are the results of those surveys.
In the survey conducted October 7-16, 2020, 1,127 respondents participated. At that time, 59 percent anticipated a difficult economic recovery due to COVID-19. Almost half (48 percent) indicated the pandemic was having a significant disruption on the low- to moderate-income entities they represent.
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.
In the survey conducted between August 5–12, 2020, 1,465 respondents participated. More than half of respondents (56 percent) noted that it will take longer than 12 months for their communities to return to pre-pandemic conditions.
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.
In the survey conducted April 8–10, 2020, nearly 3,900 respondents participated. 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.
San Francisco Fed President Mary C. Daly and Stuart Andreason, Director of the Center for Workforce and Economic Opportunity at the Atlanta Fed highlight findings from the August 2020 survey while discussing challenges and opportunities in the labor force.
Philadelphia Fed president Patrick T. Harker and Claire Kramer Mills, assistant vice president at the Federal Reserve Bank of New York, discuss key findings of the of the June 2020 nationwide survey of nonprofit organizations, financial institutions, government agencies, and other community organizations.
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.
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.