The rate of expansion and breadth of COVID‐19 caught the world by surprise. From the perspective of nonprofit and public entities responsible for service provision, this pandemic is also unprecedented. We offer a RISE framework for navigating the fiscal effects of COVID‐19 and rely on recent surveys to assess local governments’ and nonprofit organizations’ response strategies. We find that many nonprofits were hit the fastest and hardest by the pandemic and that local governments are, essentially, trying to figure out their financial condition moving into the next budget cycle.
Fiscal Responses to COVID‐19: Evidence from Local Governments and Nonprofits