PCS Retirement and its affiliated companies Aspire Financial Services, The Advisor Lab, Advisor Trust, Fiduciary Advisors and Efficient Advisors created the PCS Community Cares Fund to help communities hurt by the COVID-19 pandemic.
The PCS stakeholder community — including the firm’s executive team, employees, business partners and investors, as well as its clients and industry partners including advisors, third-party administrators and plan sponsors — can contribute to the fund, the firm said.
“Contributions will be matched, dollar for dollar, up to $50,000” by the firm, it noted.
“Our mission has always been to protect the nest eggs and enhance the outcomes of hardworking Americans in saving for their retirement,” the company said in its announcement, adding: “The coronavirus pandemic has contributed to difficult economic circumstances for so many and we are compelled to do our part to assist.”
Black Business Advocacy Groups Partner With Chase
In an initiative designed to help Black-owned businesses harmed by the pandemic recover and move forward, a coalition of four business advocacy groups partnered with JPMorgan Chase to launch Advancing Black Entrepreneurs by Chase for Business.
Together with Chase Business Banking, the four organizations — the National Minority Supplier Development Council, U.S. Black Chambers, National Urban League and Black Enterprise— developed an educational curriculum “designed specifically for eligible Black entrepreneurs on key topics that are vital to business growth and sustainability,” JPMorgan Chase said.
“The effects of the economic downturn have been especially severe for Black-owned businesses— many of which entered this crisis undercapitalized,” the firm noted. Black-owned businesses saw a 26% decline in cash balances in March compared to the previous year, according to the JPMorgan Chase Institute, and they may require more recovery assistance than other companies due to “severe revenue shocks in recent months,” the firm said.
Experts from the four advocacy groups will administer a series of 90-minute virtual sessions to participating entrepreneurs at no cost. Participating entrepreneurs will receive free instruction on topics including how to protect cash flow, reduce expenses, maintain vendor relationships, collect outstanding revenues, and manage inventory and other assets, the company said.
Participating entrepreneurs will also be instructed how to “reimagine” their businesses if needed — with “insights into how to build more flexibility into supply chains, develop an online presence, revisit staffing models, and a primer on accounting best practices for new grants or loans they may have recently received,” the company said. The course will also provide insights into how to manage banking relationships in this challenging environment, it added.
U.S. Capital Advisors Donates to United Way
U.S. Capital Advisors and its employees donated $101,000 to the United Way COVID-19 Relief & Recovery Fund.