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.
Comerica also announced another $4 million investment into the communities it serves via contributions to Community Development Financial Institutions and other nonprofits that support micro-sized businesses, as well as community programs supporting those impacted by COVID-19, the bank said. Comerica and the Comerica Charitable Foundation announced an initial $4 million community investment on March 24.
Regarding the federal Economic Impact Payment program, Comerica waived its customers’ overdraft balances to ensure they received the full amount of their payment from the IRS and U.S. Department of the Treasury, the bank also said. Comerica will not attempt to collect the forgiven overdraft amount at any time in the future, it said.
U.S. Bancorp Finances $50M in Capital to CDFIs
U.S. Bank’s U.S. Bancorp Community Development Corp. tax credit and community investment subsidiary facilitated $50 million in capital to seven community development financial institution customers, helping them provide loans via the SBA’s PPP.
Each of the CDFIs are receiving $5 million to $10 million in low interest rate loans to support their ability to fund small businesses impacted by the COVID-19 pandemic, the bank’s subsidiary said.
U.S. Bank also recently announced a shift in its approach to community giving in response to the COVID-19 pandemic. In April, the company announced a $30 million philanthropic commitment focused on short-term relief and long-term recovery. U.S. Bank donated $4 million to three national nonprofits (United Way, LISC and Operation HOPE), transformed and expedited its annual $1 million Market Impact Fund, and announced its remaining $25 million in grants planned for this year could be used by nonprofits for general operating expenses rather than for specific programming.
U.S. Bank is also doubling employee matching gift contributions to support organizations working toward long-term recovery and established a virtual volunteer network enabling employees to assist nonprofits, it said. In addition to those investments, U.S. Bank responded to COVID-19 by instituting a premium pay program for front-line employees, modifying personal and small business products for customers and making it easier for customers to bank digitally from home among other changes, it said.
Bank of America Received Approval for 266K PPP Loans
Bank of America received SBA loan approvals for 265,500 small businesses under the PPP, which will provide $24.9 billion in needed relief for small businesses, the bank said.
More than 256,000 of those small businesses received a loan number since the SBA reopened the PPP funding April 27, BofA said. Of the SBA applications submitted to date, 98% are for companies with fewer than 100 employees; 76% are for companies with less than 10 employees; 93% are for less than $350,000; 78% are for less than $100,000; and 23% are from low- to moderate-income neighborhoods, the bank said.
Since April 27, BofA sent 213,000 promissory notes to small businesses indicating SBA loan approval and was the top SBA lender in the second round of funding, the bank said. Meanwhile, it announced that net proceeds related to PPP fees will be dedicated to support small businesses and the communities and nonprofits it serves.
In addition to lending via the PPP, BofA is providing support to customers including:
- 1.3 million deferrals of mortgages, credit card and auto loans, including 160,000 mortgage deferrals, while foreclosure sales have been paused;
- clients can request refunds for late fees, overdraft fees, non-sufficient fund fees and CD early withdrawal fees;
- 10.5 million Economic Impact Payments were processed by it as of May 4, totaling $18 billion;
- $2.4 billion in credit was extended to small-business clients in the first quarter of 2020, up 11% from a year ago, in addition to the government’s lending program.
BofA is also supporting communities where its clients live and work, it said. That has included a $100 million commitment to local communities to buy medical supplies, food and other priorities, as well as $250 million in capital and $10 million in philanthropic grants to CDFIs, it said.