Schwab Commits $500K Match to FFP's COVID-19 Fund: Coronavirus Aid Roundup

The most recent COVID-19 housing grants will provide 14 national nonprofit housing intermediaries with grant funding to support counseling and help keep people in stable housing, Wells Fargo said.

The company, meanwhile, continues to put measures in place to support the needs of homeowners affected by COVID-19. The company, for example, suspended all foreclosure activity and evictions for mortgage and home equity customers and is offering a three-month payment suspension for any Wells Fargo Home Lending mortgage or home equity customer who requests assistance, it said. That includes customers with owner-occupied homes and investors who own single-family or 2-4 unit rental properties. Customers who contact Wells Fargo and get a payment suspension won't have past-due status reported to the consumer reporting agencies and won't be charged late fees during the suspension period, it said.

Wells Fargo also stopped involuntary automobile repossessions and is offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, small-business and personal lending customers who contact it, the company said.

From early March to early April, the company also deferred payments and waived fees for more than 1.3 million consumer and small-business customers, it said. That included deferring more than 1 million payments for a total of about $3 billion in principal and interest.

The firm also said in April that it "mobilized hundreds of Wells Fargo employees and launched new automation and technology [to] process the extremely high volume" of Paycheck Protection Program applications.

HSBC Providing More Than $4M in COVID-19 Aid

HSBC Bank USA is providing more than $4 million to help fight the coronavirus pandemic in the U.S., including a $2 million grant to Feeding America to help combat food insecurity and ease increased demand on food banks across the country, it said Monday.

In addition, HSBC is providing:

1. $800,000 in grants to small businesses using Community Development Financial Institutions as partners to reach those who have been least likely to receive PPP loans
2. $500,000 to match HSBC USA employee donations in 2020
3. $415,000 to employee-led volunteer grants via Involve, the volunteer program for HSBC USA
4. $150,000 to the American Red Cross to specifically address COVID-19 operational needs at the nonprofit's New York City headquarters, in addition to supporting their response to other disasters
5. $128,000 to Junior Achievement USA to support JA Chapters in HSBC USA markets
6. $100,000+ from its Employee Resource Groups that have chosen to redirect funds to nonprofits helping with COVID-19 relief

These programs are part of HSBC USA's commitment to provide a total of $25 million in charitable donations to support COVID-19 relief and recovery efforts globally, it said.

Caring Cetera Offers Grants for Those Hit by Pandemic

The Caring Cetera 501(c)(3) nonprofit founded and led by Cetera Financial Group advisors started helping Cetera-affiliated advisors, staff and members of their households diagnosed with and directly impacted by COVID-19, it said.

The nonprofit also said it expedited the process for providing supportive grants and launched a special fundraising campaign via a GoFundMe campaign for those interested in supporting Caring Cetera's mission.

Information regarding Caring Cetera is available in the Advisor Resiliency Pack, a suite of services across the Cetera network that launched in March to support Cetera's community of advisors, institutions and their clients during the pandemic.

— Related on ThinkAdvisor:

• LPL Provides $1M in Financial Support: Coronavirus Aid Roundup
• Morgan Stanley Boosts Charitable Commitment: Coronavirus Aid Roundup