Morgan Stanley will make an investment of $10 million to support the New York Forward Loan Fund, part of Gov. Andrew M. Cuomo’s initiative to reinvigorate New York’s small businesses and critical nonprofits, the firm said.
The New York Forward Loan Fund will provide sustainable capital to Community Development Financial Institutions to make low cost recovery loans in communities that have been hit hard by the COVID-19 health and economic crisis, Morgan Stanley said.
The contribution follows Morgan Stanley’s previously announced commitment of $25 million in grants to support COVID-19 relief, it said. Those grants have been given to organizations that are fighting hunger, as well as organizations focused on disease control, caring for the sick and financial support for those who are struggling with economic loss, it said.
Also, as part of the $25 million commitment, the firm launched the Morgan Stanley COVID-19 Hunger Relief Campaign that it said “incentivizes employees globally to contribute to local feeding programs.”
Schwab, PGA Tour Introduce Charitable Initiative
Charles Schwab and the PGA Tour on Monday announced a new charitable platform, “Rise to the Challenge,” that the firm said will raise money to benefit the Tour’s COVID-19 Relief Fund nationally and the tournament’s Birdies for Charity fund in the Dallas-Fort Worth area of Texas.
The PGA Tour is also set to return with the 2020 Charles Schwab Challenge, held at the Colonial Country Club from June 11-14 in Fort Worth.
As previously announced by the PGA Tour, the rescheduled Charles Schwab Challenge will be the first tournament to be played since March, and will restart the 2020 PGA Tour schedule. The event will be held without spectators on site, but will be broadcast nationally on the Golf Channel and CBS Sports.
Starting June 8, golf fans can go to schwabgolf.com to make a monetary donation and be entered into a raffle to win prizes — including autographed memorabilia and “unique once-in-a-lifetime golf experiences,” Schwab said. Winners will be announced online during the tournament and PGA Tour players will support the program with special digital and social media content from Colonial throughout the week, it said.
All donations from the program aid the Tour’s COVID-19 relief efforts and the 33 local charities the tournament traditionally helps benefit through Birdies for Charity, Schwab said.
It’s not Schwab’s first COVID-19-related relief initiative. The Foundation for Financial Planning recently launched a COVID-19 Financial Resilience Fund, driven by a $500,000 matching commitment from Charles Schwab Foundation.
Jefferies Contributes $9.25M to Charities
Jefferies announced it donated $9.25 million for COVID-19 relief to more than 85 charities as a result of a firmwide global effort to raise money to honor the memory of its late chief financial officer, Peg Broadbent, who died of the virus.
Through the firm’s Global Coronavirus Relief Charity Day held May 27, Jefferies’ clients helped to generate $7.65 million in donated net trading commissions, it said. Also, Jefferies as a firm will donate $1 million directly, while voluntary donations from Jefferies’ 3,822 employees totaled $600,000, it said.
“The charities selected are both big and small and represent everything from food banks, child care services, assistance with PPE and other medical supplies, support for front line medical workers, assistance for afflicted military personnel, local teen centers, support for police and fire, workforce training and re-training and many other worthy areas that are most in need,” the firm said.
Citi to Buy PPP Loans From Minority-Owned Banks
Citi announced a partnership program with the National Banking Association in which Citi has created a purchasing facility allowing it to buy loans in the secondary market from Minority-Owned Depository Institutions originated under the Small Business Administration Paycheck Protection Program.
As part of the program, Citi will purchase up to $50 million of existing SBA approved PPP loans from MDI member banks, including Unity National Bank, with the expectation that other MDI member banks will participate, Citi said.
Citi also recently announced its decision to donate its net profits earned through its own participation in the PPP to the Citi Foundation. Citi and the Citi Foundation had committed more than $65 million 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 in April.