Broadridge Financial Solutions introduced a series of community relief efforts it said Tuesday were intended to support people affected by the COVID-19 pandemic, including a commitment of $1.5 million to aid communities and individuals affected by the virus.
The fintech firm will donate an initial $1 million to support charities and schools across its 12 largest associate locations in the U.S. (including California, Colorado, Connecticut, Massachusetts, Missouri, New Jersey, New York and Pennsylvania), Canada, India, Ireland and the U.K., it said.
The funds will “focus on organizations targeting hunger relief for vulnerable populations, critical medical services and equipment, and school equipment needed for remote learning,” it said. They include Pronto, which provides food to vulnerable populations in Long Island, New York, and the Community Food Bank of New Jersey, which helps those at risk in multiple locations across the state, Broadridge said.
Broadridge will also invest up to $500,000 to “double-match associate donations to COVID-19 causes of their choosing,” it said.
Meanwhile, “in keeping with its commitment to volunteering to enable better financial lives, Broadridge is extending its volunteer program activities to support virtual learning via student mock trade shows, career coaching, mentoring, career advice and more,” the firm said.
“Aiding the communities where we work and live is a cornerstone of our culture, and I am so pleased with actions taken by Broadridge and our associates to support those impacted by the virus,” Broadridge CEO Tim Gokey said in a statement.
Wells Fargo Launches New Automation and Tech for PPP Loans
Wells Fargo is “doing everything we can to help our small business customers navigate this difficult and uncertain time,” the firm said Thursday.
“Over the past week we have mobilized hundreds of Wells Fargo employees and launched new automation and technology so we can process the extremely high volume of Paycheck Protection Program (PPP) applications,” it said in a statement, noting Wells Fargo was one of the “thousands of participating lenders” that PPP funds were allocated to by the Small Business Administration. Those funds ran out Thursday morning; Congress is working on a bill to add more funding to the program.
“We will continue to prepare applications in our existing pipeline from small and midsize businesses and will submit them to the SBA when funds become available,” Wells Fargo said, adding: “Given the magnitude of the crisis the country is facing, we are hopeful that Congress will approve additional funds for the PPP and we will continue accepting new applications so we will be ready to proceed if and when that happens. We stand ready to help the hundreds of thousands of customers waiting for this much needed assistance during these unprecedented times.”
Here are more details on how Wells Fargo is responding to the coronavirus crisis.
Citi’s COVID-19 Relief Efforts Reach More Than $65M
Citi and the Citi Foundation committed more than $65 million to date in support of COVID-19-related community relief efforts globally, including almost $36 million in charitable contributions from Citi and nearly $30 million in grants from the Citi Foundation, the company said Monday.
The efforts are helping to provide immediate relief to front-line workers and populations within communities most affected by the crisis, it said. They are also supporting longer-term investments in programs targeting economic recovery and financial stability, it noted, adding: “Relief is being provided in the form of medical equipment for frontline healthcare workers and meals for low-income families, as well as support and resources for small businesses and individuals, to help communities facing critical challenges.”
“Citi colleagues and businesses around the world have mobilized individually and collectively to help those most impacted by this global pandemic,” according to Citi CEO Michael Corbat. “These are our values in action and we will continue to complement our business activities with our philanthropy to support our communities in every way we can,” he said in a statement.
The Citi Foundation is committing $10 million to help Community Development Financial Institutions in the U.S. “serve small, diverse entrepreneurs who may not fully qualify for federal government stimulus funding,” the firm said. That commitment will also “help scale digital tax preparation services to help more than 50,000 families access remote digital tax prep services, financial counseling and assistance in filing for stimulus funds and Earned Income Tax Credits,” it said.
Efforts will support communities across the U.S., including those in Chicago, Los Angeles, Miami, New York City, San Francisco and Washington, D.C. Meanwhile, the Citi Foundation “redirected” $4.5 million in funding to the Local Initiatives Support Corporation and Cities for Financial Empowerment Fund to support financial counseling and supportive services, it said.
Those contributions are in addition to the Citi Foundation’s initial $15 million commitment that it noted included $5 million to support the COVID-19 Solidarity Response Fund, $5 million for emergency food distribution programs in the U.S. via No Kid Hungry, and $5 million for additional country-specific efforts outside the U.S. Citi also matched $2 million raised from clients and colleagues, boosting the total amount donated to No Kid Hungry to $9 million from Citi’s efforts, it said.
Citi is also launching a new employee donation campaign called Double the Good. For each dollar donated by a Citi employee in support of COVID-19 relief, Citi said it will donate $1 to one of four organizations picked by each of Citi’s regions to address unique challenges: United Nations Development Program (Asia Pacific), International Rescue Committee (Europe, Middle East and Africa), the International Organization for Migration (Latin America) and Direct Relief (North America). Donations made between January 1 and May 31 are eligible, and Citi will donate up to $500,000 to each organization, it said.
In addition, Citi “continues to take proactive measures to preserve the well-being of employees globally, including special compensation awards to 75,000 colleagues to help ease the financial burden of this situation,” it said.
The company is also offering assistance to affected customers via credit card payment deferrals, fee waivers, hardship programs and additional small-business support, it said.
BNB Bank Gets $700 Million in PPP Funding
BNB Bank secured $700 million in PPP funding for about 2,500 small businesses on Long Island and New York City, the Bridgehampton, New York-based independent community bank said Monday.
The firm “immediately mobilized over 100 employees, representing every part of the bank, to review, process and manually input applications into the SBA’s loan portal,” according to Kevin O’Connor, its CEO and president.
He added: “Our size gave us the advantage of being able to modify our processes in real time as SBA guidelines evolved. It also allowed us to focus all efforts on processing PPP loans, literally 24/7, right up until funds ran out” from the initial $349 billion that was made available as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
“Over a two-week period, we processed almost 2,500 applications and delivered $700 million in PPP loans to our small business customers,” O’Connor said. “These loans, of which 80% were for $350,000 and less, are keeping businesses open and saving between 40,000 – 50,000 jobs across our Long Island communities.”
BNB was continuing to accept PPP applications because “signs from Washington indicate an additional tranche of funding for the SBA will become available,” the bank said.