Economic and business-related effects vastly outrank health outcomes when it comes to the impact of COVID-19 on low-to-moderate-income communities, according to a Federal Reserve survey today. Thirty-eight percent of respondents—financial institutions, nonprofits, government agencies and other organizations serving LMI individuals and neighborhoods—ranked income loss and unemployment as the COVID-19 result most affecting LMI communities, followed by effects on businesses at 24%. Thirteen percent cited effects on education as the top impact, and just 6% gave health the top ranking.
Nearly two-thirds of respondents said the coronavirus pandemic has created significant disruption and a difficult recovery for LMI communities. Fifty-six percent said they expect LMI individuals and neighborhoods to take at least a year to return to pre-COVID conditions.