The COVID-19 pandemic has significantly impacted the securities industry in New York City, affecting both operations and profitability.

The average bonus paid to employees in New York City’s securities industry increased by 3 percent in 2019 to $164,100, but it is likely to fall sharply in 2020 as the coronavirus crisis strains industry profitability.

On January 16, 2020, the City of New York released a four-year financial plan for fiscal years 2020 through 2024 (the “January Plan”). The January Plan reflects the strength in the local economy, which has helped fuel personal and business tax collections; new agency needs; and an expansion in the citywide savings program.

The economic, social and budgetary fallout from the COVID-19 pandemic on New York City has been unprecedented, while the loss of life has been unimaginable. Restrictions put in place to slow the spread of the disease triggered a national recession. In New York City, job losses in March and April were the largest since the Great Depression.

New York City has been the epicenter of the novel coronavirus pandemic in the United States. The economic, social and budgetary impacts have been unprecedented, while the loss of life has been unimaginable.

Inadequate capital funding and poor management practices have contributed to a marked deterioration in the mass transit system operated by the Metropolitan Transportation Authority (MTA). In addition, the MTA’s operating budget faces significant challenges.

In March and April 2020, Congress passed four stimulus bills to address the COVID-19 pandemic’s impact on the public health system and the economy. As Congress debates additional relief measures, it is worth reviewing the targeting of the initial funding in order to inform new policy to counter the virus and its economic effects.

The restaurant industry is essential to New York City’s social and economic fabric. From small, family-owned restaurants and food carts to four-star world-famous establishments, the City abounds with restaurants that offer cuisines from every corner of the globe.

The COVID-19 pandemic has created a fiscal emergency for the City of New York, creating significant revenue shortfalls and increased costs associated with managing the public health crisis.

New York City is benefiting from the longest and largest job expansion since the end of World War II.