LPL Financial and its charitable foundation, the LPL Financial Foundation, have provided a combined $1 million in financial support to national and local U.S. organizations serving those in need during the COVID-19 crisis, the firm said.
LPL funded 1 million meals via a donation to Feeding America. Also, to fight hunger in LPL’s home office locations of San Diego and Fort Mill, South Carolina, the foundation provided donations to the Jacobs & Cushman San Diego Food Bank and Second Harvest Food Bank of Metrolina in the Carolinas, both of which have benefited from LPL volunteers over the years, the firm said. The donations stand to impact as many as 400,000 individuals in need, LPL said.
Meanwhile, in recognition of the challenges that families face to provide resources for home-schooling, LPL partnered with two organizations that it said are helping to prevent learning loss. Carolinas-based partner Promising Pages works with the school system to provide free books to students at daily meal distribution locations, LPL said. In San Diego, Computers 2 Kids is addressing the digital divide by providing refurbished computers to families in need, according to LPL.
The LPL Financial Foundation also accelerated grants to its 16 existing community partners so they could quickly act to address the needs of their clients due to the disruption, the firm said. In addition to those direct donations, the LPL Financial Foundation offers a Matching Gifts program that the firm said can double the impact of any charitable contribution made by an LPL advisor or employee.
Captrust Employees Raised More Than $137K
In honor of Giving Tuesday Now on May 5, Captrust’s employees raised more than $137,000 in three weeks to fuel the Captrust Community Foundation’s ability to provide emergency funding to nonprofits that are on the front lines of the COVID-19 fight, the RIA said.
On April 14, Captrust CEO Fielding Miller challenged the firm to come together to raise $100,000 to fuel CCF’s ability to provide emergency funding to nonprofits that are on the front lines of the COVID-19 fight. One hundred seventy-five of the company’s employees came through, the firm said.
As of May 5, more than $95,000 of the money raised had been distributed to 50 nonprofits in the form of emergency crisis grants and other small grants, ranging in size from $1,000 to $5,000, Captrust said. The grants benefit organizations with a range of goals, from programs feeding students who are no longer receiving meals at school to groups distributing personal protective equipment and teams providing child care to the families of first responders, the firm said.
In addition to monetary donations, Captrust employees volunteered for hundreds of hours within their local communities, it said. Their efforts included hosting food drives for local food pantries, providing meals to doctors and nurses, and buying gift cards for grocery store workers, Captrust said. Although the initial challenge goal was exceeded, the CCF will continue to raise funds throughout the pandemic and is encouraging employees to give back however possible, the firm said.
Comerica Has Processed About 13,000 PPP Loan Applications
Comerica Bank had processed and submitted about 13,000 Paycheck Protection Program loan applications as of Thursday, all of which it said were approved by the U.S. Small Business Administration.
Currently, the total Comerica loans expected to be funded stands at $4.1 billion, with 63% of loans being for under $100,000 and 56% of loans going to companies with less than 10 employees, it said. Based on the applications received, that funding will impact about 250,000 employees, it said, adding more than 1,000 Comerica colleagues are supporting the PPP project.