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.

Interested businesses will work with an eligible lender to determine if they meet the program requirements, which are available online, as well as the lender’s own underwriting standards. The lender will determine whether a business is approved for a loan. The Fed will participate in the lending by purchasing a 95% interest in the loan. The lender retains 5% of the loan.

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.”

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.

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...

Through May 2020, both the New England region and the United States experienced sharp declines in economic conditions relative to the first months of 2020, trends impacted by the late winter arrival of the coronavirus and resultant policy actions that closed businesses and required residents to stay at home to support public health. Payroll employment dropped and unemployment rates have risen dramatically relative to one year prior, though the May 2020 rates have improved relative to April 2020. Leisure & hospitality employment is affected most among the supersectors, and in each of the New England states declined to greater degree than the national average. Through the first quarter of 2020, in both the region and the nation home prices appreciated compared to the same period in 2019.

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.

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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...

Through May 2020, both the New England region and the United States experienced sharp declines in economic conditions relative to the first months of 2020, trends impacted by the late winter arrival of the coronavirus and resultant policy actions that closed businesses and required residents to stay at home to support public health. Payroll employment dropped and unemployment rates have risen dramatically relative to one year prior, though the May 2020 rates have improved relative to April 2020. Leisure & hospitality employment is affected most among the supersectors, and in each of the New England states declined to greater degree than the national average. Through the first quarter of 2020, in both the region and the nation home prices appreciated compared to the same period in 2019.

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 webinar is an opportunity for lenders to learn about the Main Street Lending Program’s loan purchase process. The Federal Reserve will finance a Special Purpose Vehicle that will purchase 95 percent participations in qualified Main Street loans. The session will discuss, among other things, how lenders will navigate through the Main Street Lender Portal and required documentation for loan purchases. 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 their employees during this period of financial strain by giving these businesses access to additional credit. The program is intended to help businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain operations until conditions normalize. Small and medium-sized businesses are integral...

This page was updated on June 8, 2020 to reflect the Federal Reserve’s announcement to expand the Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support.

It has taken me a while to put my thoughts to paper because, like most Americans, the events of the past few weeks have left my thoughts reeling and my spirit in disarray. The tragic frequency with which Black people are unnecessarily and unjustly killed by those who are supposed to protect them cannot ever become easy to accept.