TYSONS, Va.— The PenFed Foundation has announced a partnership with Army Emergency Relief (AER) to assist approximately 480 US Army Active, Reserve, and National Guard Soldiers through the Foundation’s COVID-19 Emergency Financial Relief Program.
The partnership will result in the distribution of approximately $500,000 in grants to those with an increased financial burden as a direct result of the COVID-19 pandemic to assist with rent, mortgage, auto loans and utilities payments.
“We are extremely grateful for the partnership of Army Emergency Relief as we continue to support the military community through these difficult times,” said PenFed President and retired U.S. Army Gen. John “Mick” Nicholson, Jr. “The PenFed Foundation is proud to be the first national Veterans Service Organization to launch a COVID-19 relief program for emergency financial assistance. The need for such a program was apparent as we received over 6,000 applications in the first four days. Support from organizations like Army Emergency Relief is crucial to allow us to continue meeting the needs of those who have already reached out to us and qualified for assistance.”
Founded in 1942, Army Emergency Relief (AER) supports Soldier readiness by providing 0% loans, grants, and scholarships to Soldiers and families. AER has provided nearly four-million Soldiers with $2 billion in assistance, including $1 billion since Sept. 11, 2001.
“This partnership with the PenFed Foundation is the first of its kind. AER is positioned and resourced to help disburse the grants that Soldiers and their families need during these tumultuous times, just as we’ve done for the last 78 years.” said Army Emergency Relief Director and retired U.S. Army Lt. Gen. Ray Mason.
The PenFed Foundation was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.
Separately, the PenFed Foundation has been recognized as a “Nonprofit Champion of the Year” by Military Spouse magazine. Members of the military spouse community were asked to share the names of nonprofits and nonprofit leaders who have made an immense difference in their lives, and PenFed Foundation received high marks for its work empowering military service members, veterans and their communities with the skills and resources needed to realize financial stability.
Editors said they were particularly impressed with the testimonial of Becca P. on the work of the Foundation:
“It stands alone as one of the only nonprofits that works to support veteran home ownership and entrepreneurship. Additionally, they have multiple support programs for family members caring for wounded warriors,” the publication said.