SAN ANTONIO, August 20, 2020 / PRNewswire / – The USAA today announced its commitment to a $ 30 million benefiting 24 organizations helping military families in these tough economic times. The donation is part of the USAA’s long-standing mission to support military and veteran families, and in recognition of the specific impact the COVID-19 health crisis has had on the military community.
the $ 30 million pledge marks largest single philanthropic contribution in nearly 100 years of USAA history and awards $ 20 million U.S. military aid companies and organizations, including:
- Army emergency relief
- Navy-Marine Corps Relief Society
- Air Force Aid Society
- Coast Guard Mutual Assistance
- Enlisted Association of the National Guard of United States, We Care for America Foundation
- American Red Cross Service to the Armed Forces
This funding will help military aid corporations provide zero-interest loans and emergency grants to eligible military personnel and their families to help them with financial emergencies, virtual tuition, and education expenses. collegial. This contribution gives military aid organizations a lasting advantage. As the interest-free loans are repaid, the funds can help new beneficiaries in the long run.
Another 10 million dollars engaged with non-profit organizations that improve employment prospects for veterans and spouses, help with child care costs for junior military families, support the virtual delivery of education, and provide emotional support for children.
“This gift honors the determination and sacrifice of our military community and the challenges they face in ensuring they and their families have the support they need,” USAA President and CEO Wayne peacock mentionned. “Caring for military families is our passion, whether it’s serving our members or supporting military-related causes. We hope this contribution will provide vital and lasting support to the military community at a time when it is essential to our nation’s recovery efforts. “
Since the start of the pandemic, military families have seen new challenges emerging that are unique to the community, including interrupted moves and associated expenses, extended deployments and domestic support, among others. According to research from the COVID-19 Military Support Initiative, 25% of serving military families have been separated from their military due to a deployment or pandemic support activations in the first three months of the military. pandemic. 30% of military spouses are expected to be unemployed, nearly three times the level of their civilian peers.
In addition to this historic donation, the USAA has taken a number of actions to provide financial assistance, including the return of over $ 1 billion in dividends to policyholders; and by offering payment assistance programs for eligible members on credit cards, consumer loans, mortgages and home equity loans and lines of credit. In addition, USAA and The USAA Foundation, Inc. have already contributed nearly $ 11 million to the causes of COVID-19 crisis relief. For more information on the USAA’s COVID-19 relief efforts, visit usaa.com/coronavirus.
To learn more about the unique challenges facing military families today, visit bluestarfam.org.
Founded in 1922 by a group of military officers, USAA is a leading provider of insurance, banking, and investment and retirement solutions to nearly 13 million U.S. military personnel, former fighters who served honorably and to their families. Based at San Antonio, Texas., USAA has offices in seven US cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofit organizations to support military families and the communities where employees live and work. For more information on USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.