SAN ANTONIO – In an effort to help service members, veterans and their families impacted by COVID-19, USAA has donated $30 million to address new challenges faced by military families during the pandemic.
The donation, the largest in company history, will be used to benefit 24 organizations assisting military families, according to a news release.
A large chunk of the money, $20 million, will be awarded to U.S. military aid societies and organizations to provide zero-interest loans and emergency grants to eligible service members and their families to assist with financial emergencies, virtual schooling costs and college educational expenses.
Another $10 million has been committed to nonprofit organizations that enhance veteran and spouse employment prospects, assist with childcare costs for junior enlisted military families, support virtual delivery of education and offer emotional support for children.
“This gift honors the resolve and sacrifice of our military community as well as the challenges they face by making sure they and their families have the support they need,” USAA President and CEO Wayne Peacock said. “Caring for military families is our passion, whether it’s through serving our members or supporting military-related causes. We hope this contribution provides vital, long-lasting support to the military community at a time when they are essential to our nation’s recovery efforts.”
Since the pandemic’s onset, military families have seen the emergence of new challenges unique to the community, including interrupted moves and associated expenses, extended deployments and domestic support, the news release said.
According to research from the COVID-19 Military Support Initiative, 25% of active military families were separated from their service member due to deployment or pandemic supporting activations during the first three months of the pandemic. In addition, 30% of military spouses are expected to experience unemployment, nearly three times the level of their civilian peers.
Prior to this donation, USAA has also returned more than $1 billion in dividends to policyholders and offering payment assistance programs for eligible members on credit cards, consumer loans, mortgages and home equity loans and lines of credit.
USAA and The USAA Foundation, Inc. previously contributed nearly $11 million to COVID-19 crisis relief causes.
Following is the list of companies that will be receiving funds from USAA:
- Army Emergency Relief
- Navy-Marine Corps Relief Society
- Air Force Aid Society
- Coast Guard Mutual Assistance
- Enlisted Association of the National Guard of the United States, We Care for America Foundation
- American Red Cross Service to the Armed Forces
- Bunker Labs NFP, Inc.
- Goodwill Industries
- Hire Heroes USA
- Hiring Our Heroes
- Institute for Veterans and Military Families
- SHRM Foundation
- USO National
- Armed Services YMCA
- Military Child Education Coalition | MCEC
- Sesame Workshop
- United Through Reading
- Elizabeth Dole Foundation
- Fisher House
- PsychArmor Institute
- Tragedy Assistance Program for Survivors
- Blue Star Families
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