Economic recovery will be 'very difficult' with COVID-19 threat: Rosengren - Business Insider

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification."As long as the virus poses significant threats to public health, a full economic recovery will be very difficult as individuals, often voluntarily, avoid activities that place their health at risk," Boston Federal Reserve Bank President Eric Rosengren said Wednesday in prepared comments he's scheduled to deliver to the South Shore Chamber of Commerce in Massachusetts.

"As long as the virus poses significant threats to public health, a full economic recovery will be very difficult as individuals, often voluntarily, avoid activities that place their health at risk," Rosengren saidHe added that the forecast for the US economy in the fall is "quite uncertain," but that it's likely that the slowdown seen recently in high-frequency indicators will continue.

The program, designed to send as much as $600 billion in loans to small and medium-sized businesses, had a slow rollout and rocky start,. Near the end of July, the program had allocated only about $77 million in loans to eight companies. "The numbers seem consistent with a gradual pace of initial activity that is more recently expanding as participants become familiar with the program parameters," Rosengren said Wednesday. "As borrowers and banks have become more familiar with the program, we have seen a steady increase in loans submitted to our portal."

Recently, the central bank has seen an increase in program activity, and currently has more than $856 million in active loans and more than $250 million either committed or settled, according to Rosengren. Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.Something is loading.

Define threat. Seasonal flu is a threat too. 😎

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