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BOSTON – A New York Man was arrested today on charges arising from a scheme to fraudulently obtain business loans and unemployment pandemic relief funds made available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

This report examines the damage the pandemic has inflicted on the restaurant, retail, and recreation sectors, and considers the distribution of federal funds for businesses in the City, particularly for businesses in low- and moderate-income communities and in historically underutilized business zones. While approaches to targeting federal funding have improved, the City and the State have already recognized that they need to do more to assist the City’s disadvantaged businesses. The state of these sectors suggests support may be necessary for some time for them to fully recover.