Zhao notes that state revenues from individual income taxes and sales taxes will decrease substantially because so many people lost their jobs and so many retail businesses shut down due to the pandemic. States also are collecting less on gasoline taxes, hotel taxes, and meals taxes due to restrictions on travel and restaurants. Although the New England states have been steadily lifting the shutdown restrictions, economic activity is generally not expected to return quickly to the pre-pandemic level in the absence of a successful coronavirus vaccine.

“States need reliable and up-to-date revenue forecasts to make financially sound policy decisions during this public health and economic crisis,” Zhao writes. “With the knowledge of how much tax revenue they can expect, governments can plan accordingly to minimize the disruption of crucial public services and balance their budgets as required by state law.”

These briefs offer insights about HUD’s regulations and procedures concerning mortgages near foreclosure/end-stage default following the Great Recession. They were written just before the coronavirus hit the U.S. With many people unable to make their mortgage payments due to COVID-19-related income loss, loan defaults and foreclosures will likely increase. This analysis may be of value as policymakers craft responses to this latest economic crisis.

On July 17, 2020, the Federal Reserve announced an expansion of the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. This webinar is an opportunity for lenders to learn about the new lending facilities for nonprofits. The session will provide an overview of the program including terms, conditions and eligibility requirements of the two new nonprofit loan options. The webinar is also an opportunity for lenders to get answers to questions from senior officials from the Federal Reserve.

The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and nonprofit organizations during this period of financial strain by giving these businesses and nonprofit organizations access to additional credit. The program is intended to help businesses and nonprofits that were in sound financial condition prior...

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On July 17, 2020, the Federal Reserve announced an expansion of the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. This webinar is an opportunity for lenders to learn about the new lending facilities for nonprofits. The session will provide an overview of the program including terms, conditions and eligibility requirements of the two new nonprofit loan options. The webinar is also an opportunity for lenders to get answers to questions from senior officials from the Federal Reserve.

The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and nonprofit organizations during this period of financial strain by giving these businesses and nonprofit organizations access to additional credit. The program is intended to help businesses and nonprofits that were in sound financial condition prior...

Update: Details follow on new legislation, which authorized the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through August 8, 2020. This is an extension from the SBA's original deadline of June 30, 2020. Additionally, legislation passed in June 2020 also provides borrowers with more control over the use of funds and makes it easier to obtain loan forgiveness.

Across the country, people are feeling the effects of the coronavirus pandemic, and here in New England, it’s no different. Although we are all affected in some way by the sudden and severe economic consequences of this virus, we are seeing that those who were already most vulnerable are suffering the worst outcomes.

In response to the undue economic stress caused by the pandemic, Congress passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March 2020. The Act provides financial assistance for individuals and...

Zhao notes that state revenues from individual income taxes and sales taxes will decrease substantially because so many people lost their jobs and so many retail businesses shut down due to the pandemic. States also are collecting less on gasoline taxes, hotel taxes, and meals taxes due to restrictions on travel and restaurants. Although the New England states have been steadily lifting the shutdown restrictions, economic activity is generally not expected to return quickly to the pre-pandemic level in the absence of a successful coronavirus vaccine.

“States need reliable and up-to-date revenue forecasts to make financially sound policy decisions during this public health and economic crisis,” Zhao writes. “With the knowledge of how much tax revenue they can expect, governments can plan accordingly to minimize the disruption of crucial public services and balance their budgets as required by state law.”

These briefs offer insights about HUD’s regulations and procedures concerning mortgages near foreclosure/end-stage default following the Great Recession. They were written just before the coronavirus hit the U.S. With many people unable to make their mortgage payments due to COVID-19-related income loss, loan defaults and foreclosures will likely increase. This analysis may be of value as policymakers craft responses to this latest economic crisis.

The Federal Reserve Bank of Boston works with leaders in New England’s smaller cities, regions, and towns to build local economies that give all residents more opportunity to prosper.

Update: Details follow on new legislation, which authorized the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through August 8, 2020. This is an extension from the SBA's original deadline of June 30, 2020. Additionally, legislation passed in June 2020 also provides borrowers with more control over the use of funds and makes it easier to obtain loan forgiveness.

Across the country, people are feeling the effects of the coronavirus pandemic, and here in New England, it’s no different. Although we are all affected in some way by the sudden and severe economic consequences of this virus, we are seeing that those who were already most vulnerable are suffering the worst outcomes.

In response to the undue economic stress caused by the pandemic, Congress passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March 2020. The Act provides financial assistance for individuals and...

The Supplemental Nutrition Assistance Program (SNAP) provides lower-income households with resources to purchase food. Early evidence from New England shows SNAP applications have increased dramatically since the onset of COVID-19. Data reveal that the participation rate in the SNAP program across New England ranges from 100 percent of eligible individuals in Vermont and Rhode Island to 80 percent in New Hampshire. The Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act, both passed in March, provide some authority and flexibility to states to expand and streamline assistance during the pandemic, and provide some additional funds for the program. These adjustments mean that SNAP program regulations and uses may vary across states. While demand for SNAP will likely remain elevated during the pandemic-induced recession, by addressing food insecurity, SNAP can help alleviate some of the negative effects of this crisis. FRB...

Zhao notes that state revenues from individual income taxes and sales taxes will decrease substantially because so many people lost their jobs and so many retail businesses shut down due to the pandemic. States also are collecting less on gasoline taxes, hotel taxes, and meals taxes due to restrictions on travel and restaurants. Although the New England states have been steadily lifting the shutdown restrictions, economic activity is generally not expected to return quickly to the pre-pandemic level in the absence of a successful coronavirus vaccine.

“States need reliable and up-to-date revenue forecasts to make financially sound policy decisions during this public health and economic crisis,” Zhao writes. “With the knowledge of how much tax revenue they can expect, governments can plan accordingly to minimize the disruption of crucial public services and balance their budgets as required by state law.”

Business revenues in New England and across the country plummeted with the onset of the COVID-19 pandemic, as entire sectors shut down or limited their operations to slow the spread of the disease, and consumers changed their behavior. The lost revenues have led to layoffs and pay cuts, especially for employees classified as nonessential. These job losses and wage reductions have also produced what New England Public Policy Center Senior Economist Osborne Jackson refers to as indirect effects on the labor market: reduced product demand from those workers who have lost their jobs or had their wages cut, which further reduces sales revenues and potentially leads to additional earnings losses.

In a new report for the Boston Fed’s Research department, Jackson examines the regional labor market effects of an economic shock. The analysis focuses on his predictions for layoffs and unemployment in New England and the rest of the country...

The Supplemental Nutrition Assistance Program (SNAP) provides lower-income households with resources to purchase food. Early evidence from New England shows SNAP applications have increased dramatically since the onset of COVID-19. Data reveal that the participation rate in the SNAP program across New England ranges from 100 percent of eligible individuals in Vermont and Rhode Island to 80 percent in New Hampshire. The Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act, both passed in March, provide some authority and flexibility to states to expand and streamline assistance during the pandemic, and provide some additional funds for the program. These adjustments mean that SNAP program regulations and uses may vary across states. While demand for SNAP will likely remain elevated during the pandemic-induced recession, by addressing food insecurity, SNAP can help alleviate some of the negative effects of this crisis. FRB...

Since 2013, the Working Cities Challenge has helped cities in southern New England tackle chronic problems like poverty and crime. And last year, its success inspired the launch of the Working Communities Challenge to serve rural northern New England, starting in Vermont.

Now, the efforts are merging under the banner of Working Places to combine the strengths of both initiatives. The Federal Reserve Bank of Boston’s communications team spoke with the program’s head, Tamar Kotelchuck, about Working Places, its new website, and its work in a time of pandemic: 

How does the launch of Working Places impact the future of the Working Cities/Working Communities initiatives?

Well, our model is based on bringing together people from different community sectors to work on solving chronic problems. And over the years, we’ve learned the model is relevant to small cities as well as rural areas. But as we get to know communities in...

Zhao notes that state revenues from individual income taxes and sales taxes will decrease substantially because so many people lost their jobs and so many retail businesses shut down due to the pandemic. States also are collecting less on gasoline taxes, hotel taxes, and meals taxes due to restrictions on travel and restaurants. Although the New England states have been steadily lifting the shutdown restrictions, economic activity is generally not expected to return quickly to the pre-pandemic level in the absence of a successful coronavirus vaccine.

“States need reliable and up-to-date revenue forecasts to make financially sound policy decisions during this public health and economic crisis,” Zhao writes. “With the knowledge of how much tax revenue they can expect, governments can plan accordingly to minimize the disruption of crucial public services and balance their budgets as required by state law.”