USAA commits $30 million to COVID-19 relief for military families

USAA commits $30 million to COVID-19 relief for military families

Financial and insurance services firm USAA has announced commitments totaling $30 million in support of twenty-four organizations assisting military service members, veterans, and families who have been impacted by COVID-19.

The largest one-time commitment in USAA's 98-year history includes $20 million to U.S. military aid societies and organizations, including Army Emergency Relief ($5.75 million), the Navy-Marine Corps Relief Society ($4.5 million), the Air Force Aid SocietyCoast Guard Mutual Assistance, the We Care for America Foundation of the Enlisted Association of the National Guard of the United States ($750,000), and American Red Cross Service to the Armed Forces. The funding will be used to provide zero-interest loans and emergency grants to eligible service members and their families to help cover the cost  of financial emergencies, remote schooling costs, and college expenses.

the organization also awarded grants totaling $10 million to nonprofits working to enhance employment opportunities for veterans and their spouses, assist with childcare costs for junior enlisted military families, support online education, and provide emotional support to children. 

According to the COVID-19 Military Support Initiative, 25 percent of active military families were separated from their service member during the first three months of the pandemic due to deployment or pandemic-supporting activations, while 30 percent of military spouses are expected to experience unemployment, nearly three times the rate for civilians.

USAA and the USAA Foundation previously contributed $11 million in support of COVID-19 relief efforts, including $6.3 million in grants awarded in May in support of military members, their families, and local communities impacted by the virus.

"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," said USAA president and CEO Wayne Peacock. "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."

(Photo credit: Army Emergency Relief)

"USAA commits $30 million to assist servicemembers, veterans and their families impacted by COVID-19 pandemic." USAA press release 08/20/2020. "AER receives $5.75 million from USAA." Army Emergency Relief press release 08/20/2020. "NMCRS receives $4.5 million from USAA TO ASSIST SEA SERVICE FAMILIES IMPACTED BY COVID-19." 08/20/2020. "EANGUS WCFA receives $750k from USAA to assist those impacted by COVID-19 pandemic." Enlisted Association of the National Guard of the United States, We Care for America Foundation press release 08/20/2020.