U.S. Bank has expanded its Employee Assistance Fund program to help employees whose families are navigating financial challenges amid the COVID-19 pandemic. The program, which was established in 2008, helps employees with financial emergencies, such as unexpected medical expenses, natural disasters and more.
Now, employees facing financial hardship due to a partner or spouse losing their job may also be eligible for a grant of up to $5,000 for essential living expenses, an expansion announced as a direct response to the ongoing coronavirus pandemic.
It frequently takes individuals who have lost their job several weeks to begin receiving unemployment funds. These EAF grants can get out the door and to employees quickly. The grants are specifically designed to help recipients and their partner navigate the time between job loss and when unemployment benefits begin.
The company is also contributing $640,000 to the fund in addition to the $1 million it contributed earlier this year. The program is funded by both corporate contributions and individual contributions from fellow employees. Since its inception, the fund has provided more than $12 million in assistance to thousands of employees.
“It is our privilege to support those who need it most, when they go above and beyond for us all every day,” said Andy Cecere, chairman, president and CEO of U.S. Bank. “We also appreciate the ongoing support many employees provide to the EAF to allow it to continue to thrive. It is a great example of our culture coming to life every day.”