At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
This story explores the experience of a small, minority-owned business in San Francisco that received a Paycheck Protection Program (PPP) loan through a community-based lender to keep paying its employees during the COVID-19 shutdown. It is the first in a series published by the New York Fed on behalf of Fed Communities, a project that connects the Fed’s data, tools, and expertise with community-serving audiences that can use them.
Whether they’re serving margaritas to go, providing accounting services on an IOU, or trying to maintain stock at a small market deep in the desert, small businesses are finding creative ways to stay open amid the COVID-19 pandemic.
On Thursday, July 16, New York Fed President John Williams spoke at the 16th Meeting of the Office of Financial Research’s Financial Research Advisory Committee about the Federal Reserve’s response to the current financial crisis.
On Monday, July 13, New York Fed President John Williams spoke at a webinar hosted by the Bank of England and the New York Fed about why the transition away from the London Interbank Offered Rate (LIBOR) is so important, and what still needs to be done between now and the end of next year.
On Tuesday, June 30, New York Fed President John Williams spoke to the Institute of International Finance about the current state of the U.S. economy and how the Fed is responding to the worst recession in living memory.
Editor’s note: In January, the New York Fed hosted “Transforming Community Development Through Arts & Culture,” a forum focused on an evolving era in community development that infuses art and cultural practice. This guest column was contributed by one of the New York Fed’s community development partners as a follow-on to that program. The views presented are the author’s alone and are offered to contribute to discussions on this topic.
In recent years, the New York Fed’s community development team has focused on solutions for equitable growth — or economic development that aims to maximize resources for underserved neighborhoods, residents, and institutions. The goal has been to identify ways to raise living standards and create shared prosperity in Second District communities. With the coronavirus pandemic, that focus has now shifted.
In response to the coronavirus pandemic, the Federal Reserve has taken extraordinary actions to support the economic and financial stability of the nation, including the establishment of a number of lending facilities to improve access to credit and liquidity for affected businesses and communities. At the same time, community engagement remains critical to informing the Fed’s work, and a major area of concern is how the COVID-19 crisis is affecting low-income communities and people of color. To spotlight this critical issue, which is deeply influenced by existing financial and economic disparities, the New York Fed launched a new event series called “The Fed and Main Street,” which convenes business, community development, nonprofit, and policy leaders to focus on the effects of the COVID-19 crisis and efforts to support the recovery.
On Thursday, May 21, New York Fed President John Williams spoke to three Chambers of Commerce in Upstate New York about the U.S. economy during the coronavirus pandemic.
During this time of extreme economic shock, community development financial institutions — commonly known as CDFIs — have demonstrated their ability to deliver capital to underserved communities, many of which are reported to be taking the brunt of the coronavirus pandemic’s impacts. Many CDFIs acted early in infusing much-needed capital to address financing gaps resulting from the pandemic, and their expertise could help ease the tension between timely delivery of capital and accountability to ensure responsible lending. They would benefit from a broad set of partners to continue in that role.
