Schwab Creates Program to Boost Employee Giving: Coronavirus Aid Roundup

The fund purchased its first loans in July after pre-applications opened on May 26. A total of $100 million is expected to be available through NYFLF, which Wells Fargo is supporting along with other financial institutions and partners.

Separately, Wells Fargo said it was launching a Drive-Up Food Bank program to help families facing food insecurity during the pandemic. Working with Feeding America and its network of member food banks, Wells Fargo said it "will turn many of its locations across the country into mobile food distribution centers with the goal of providing 50 million meals to individuals and families." The Wells Fargo Drive-Up Food Bank program will run through September, it said.

The firm previously 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.

Other recent Wells Fargo initiatives included efforts to help Americans stay in their homes as part of the Wells Fargo Foundation's $175 million commitment to help people and communities in response to COVID-19.

Prudential Adds Post-Lockdown Financial Wellness Program

Prudential Financial created a new workplace insurance offering it said was "designed specifically for concerned employees and time-strapped human resources teams."

The firm pointed to its own recent research that showed about half of Americans were worried about their financial future following the COVID-19 crisis. Many workers recognize the need to manage their finances differently now and employers play a major role in providing the right education and tools to do so, the firm said.

Prudential's new "The Way Forward: Financial Life After Lockdown" packages financial wellness content, online tools and virtual and in-person programs intended to provide the "educational foundation employees need to manage day-to-day finances, safeguard against financial disruptions and develop a plan for meeting specific financial goals," it said.

Included are new seminars tailored to address key obstacles faced during the pandemic and timely education and assistance for transitioning employees. Workplace benefits are integrated to teach employees how they can optimally use them for their specific financial situations, Prudential said. The new financial wellness package will be offered through Prudential Group Insurance.

Comerica Aids Small Businesses

Comerica Bank continued its response to support local communities hurt by COVID-19 with investments totaling $2 million to Community Development Financial Institutions assisting small businesses hurt by the COVID-19 crisis.

New investments of $1.5 million to Lendistry and $500,000 to California FarmLink are part of Comerica Bank and the Comerica Charitable Foundation's $8 million investment in community programming support for businesses impacted by COVID-19, it said. The investments will provide needed funding to small businesses across Comerica's five-state footprint that includes Arizona, California, Florida, Michigan and Texas, it said.

Previously, the company announced initiatives that included a $1 million commitment to the National Business League to launch the Black Capital Access Program, and access to capital to assist black businesses across the country.

The company also said it had processed and submitted about 13,000 PPP loan applications as of May 7, all of which it said were approved by the U.S. Small Business Administration.