While stay-at-home advisories and the closing of nonessential businesses have focused recent attention on the hardships of small businesses, the coronavirus outbreak also highlights the financial situations of individuals with low- and moderate-incomes.

“Events are unfolding day by day, but we’re already seeing some people have almost overnight lost their income entirely, depending on the industry,” said Timothy Flacke, executive director of the nonprofit Commonwealth. “And by and large, people are just not in a position to absorb those kinds of shocks.”

Federal bank regulators last month encouraged financial institutions to offer responsible small-dollar lending to help individuals dealing with financial hardships related to the coronavirus, noting that institutions could receive Community Reinvestment Act credit for these loans.

Following the Great Recession, regulatory concerns kept many institutions from offering small-dollar lending, opening up opportunities for high-interest payday lenders.

In response to the current crisis, community banks, credit unions and community development financial institutions (CDFIs) have created unsecured personal loan products with low interest rates.

Eastern Bank last month launched a $2 million Consumer Impact Loan Fund, offering loans of up to $5,000 with no interest or payments due for the first three months.

The bank wanted to create the emergency fund to serve as a bridge for customers applying for unemployment benefits or waiting for funds from other government programs, said Quincy Miller, Eastern Bank’s president.

“We really tried to make this as flexible and affordable as possible to get them through that window,” Miller said. “Customers have a total of 27 months to repay the loan, so they don’t have to choose between paying this loan or a mortgage payment.”

Interest after the first three months is 3.99 percent, lower than the double-digit rates for credit cards and some unsecured loans.