PenFed Foundation Announces Additional Support for Military Families on One-Year Anniversary of COVID-19 Relief Fund Launch

ALEXANDRIA, Va., March 17, 2021 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today proudly announced an expansion of its Military Heroes Emergency Financial Assistance program as a result of data collected from its COVID-19 Relief Program. Changes to the program include extended assistance for rent and utilities for military families, as well as assistance with late fees.

On March 17, 2020, the PenFed Foundation became the first organization to launch a COVID-19 relief program for service members and veterans. In the first four days of the program, the PenFed Foundation received over 3,700 applications. To help meet this need, the COVID-19 relief program provided more than $540,000 in assistance to 932 qualifying military families. The Foundation's COVID-19 relief work resulted in national media coverage and recognition as Northern Virginia Chamber of Commerce's Nonprofit of the Year.

"The majority of applicants applied for assistance with housing costs during the pandemic," said PenFed Foundation Director of Programs Daria Teutonico. "This led us to re-evaluate our Emergency Financial Assistance Program to be able to provide more assistance to veterans experiencing a financial setback, in particular providing additional support related to rental assistance as the threat of evictions increased for military families throughout 2020."

The changes to the program include a one-month extension of rental and utility assistance, for a maximum of four months of past due payment. The Foundation also now includes late fees in the amount of assistance a veteran can receive towards rental or utilities assistance.

"We're proud to continue to help veterans during the pandemic through our Emergency Financial Assistance Program," said PenFed Foundation President and retired Army General John W. Nicholson, Jr. "Most of the applicants to our program mention COVID-19 as a factor in their financial setback."

For more information on the program and its updates, please visit https://penfedfoundation.org/apply-for-assistance/emergency-financial-assistance/.

About PenFed Foundation

Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. Equal Housing Opportunity. To learn more, visit www.penfedfoundation.org.

SOURCE PenFed Foundation