USAA plans to provide $30 million in grants, no-interest loans, and other financial means to military families and veterans that have been impacted by the coronavirus through the Military Family Relief Initiative. As the cadence of the world has continued at a slow pace due to the coronavirus and all the health and safety restrictions required, many citizen’s problems have not slowed. It’s no secret that the economy has been hit hard and many are suffering because of it. This does not exclude those in the military or veterans of the service. So, USAA has decided to help.
The Military Family Relief Initiative was formed in hopes of helping families and veterans survive during this difficult economic, social, and medical time. This beneficiary act will equip over 24 military and general aiding non-profits that will benefit all five branches of the military. The $30 million donated should help strengthen veteran and spouse job prospects, help deter costs of child care, bolster virtual education for students while also providing them with emotional support.
This $30 million donation is the largest philanthropic donation in the financial and insurance company’s history. The 98-year-old history of USAA has never until now, included a donated amount that is so large. USAA has also announced that it committed $20 million to U.S. military aid nonprofits and societies. This generous donation will allow the organizations to make no-interest loans while also awarding grants to help in times of financial emergencies, schooling costs, and also collegiate expenses.
USAA also reports that as loans are repaid, those funds will make way for the organizations to help and support others. Finally, USAA has organized the last $10 million for nonprofit organizations that assist veterans and military families and spouses to find jobs. Hopefully, this generous loan will accomplish all those things while establishing a strong precedent of generous giving amongst companies who are able to during hard times. Details to qualify for USAA’s initiative can be found here.