Economic Letter

Small Business Lending during COVID-19

Small businesses and farms were hit hard by restrictions during the COVID-19 crisis. Banks played an important supportive role, substantially expanding the loans available. Analyzing data for the first half of 2020 suggests that the Paycheck Protection Program (PPP) and the PPP Liquidity Facility were successful programs in supporting lending growth during the crisis, particularly among small banks.

Help Shape the Future of the Community Reinvestment Act

Systemic barriers to credit and financial services continue to hold many communities back. The Federal Reserve Board recently issued an Advance Notice of Proposed Rulemaking on how we can modernize the regulations that implement the CRA. Public comment on the proposal is now open—and it’s time to make your voice heard.

Work for the Fed

We like to say we work for the Fed, not at the Fed. That's because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.