As the American economy wobbles under the outbreak of COVID-19, small businesses across the nation have a lifeline thanks to the Paycheck Protection Program (PPP). Despite this massive federal stimulus, however, private enterprise still faces slumped demand, reduced spending, and regulatory burdens. This has put a strain on wages and forced many long-standing local businesses to close their doors.

In light of these economic conditions, Wells Fargo has transformed its stated commitment to promoting small business into reality. Donating $400 million in PPP transfer fees “back to nonprofits serving the small business community,” Wells Fargo has led the industry in supporting job creators and workers alike.

Open for Business Fund

“Community Development Financial institutions (CDFIs), nonprofit lenders and special purpose funds formed by CDFIs with an emphasis on serving racially and ethnically diverse-owned businesses are encouraged” by the bank to apply for said funds. This is an integral part of Wells Fargo’s commitment to stimulating growth for all Americans, especially those who have been disproportionately excluded from economic opportunity in the past.

As the United States and the rest of the world continues to weather the Coronavirus pandemic, the future is still unclear. But Wells Fargo has assured its customers that “[a]dditional grant cycles around technical assistance and long-term resiliency and recovery” will be open in the  future.

PPP impact

Already, the PPP has benefited thousands of American small businesses directly. And many of those who have received assistance are loyal customers to the stagecoach lender. In fact, 84% of PPP loan recipients through Wells Fargo have been businesses with 10 employees or fewer.

The bipartisan stimulus has provided aid through lending institutions to over , totaling $511 billion. Small businesses employ nearly half of all American workers, thus providing them with the extra liquidity necessary to bridge this recession is viewed as a primary objective of lawmakers in Washington.

More information on the details of the CARES Act’s PPP can be found .

A recovery for all

As corporations and citizens across the United States reconsider their strategies to eliminate racism and foster equal opportunity, Wells Fargo has made sure that in keeping industry afloat, the most vulnerable communities’ needs are at the forefront of the process. 

In its statement on diversity and inclusion, Wells Fargo says it is  “committed to advancing diversity and inclusion by helping ensure that all people across our workforce, our communities, and our supply chain feel valued and respected and have equal access to resources, services, products, and opportunities to succeed.”

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To promote unity and diversity and inspire new leaders who are committed to both, the University of Phoenix (UOPX) is kicking off a free webinar series this week for the general public through its Office of Educational Equity. 

These live forums are meant to create a space to have “crucial conversations” to bring about real change, said Saray Lopez, director of student diversity and inclusion for the office.   

“The reason we want to make these conversations so diverse is because our students are truly diverse. We have more than 56 percent minority students and our students work across different industries so we want to look at how we are serving these students, how we are having these conversations, and how we are educating not only our students and our alumni but our community to actively contribute to a culturally complex society,” Lopez said.

As one of the largest for-profit universities in the United States, the Phoenix-based has a massive network of alliances with professional organizations, associations, councils, commissions, school districts and alumni to affect leadership thought and action.  

“We’re bringing together key individuals that are making a great impact in different spaces that would not technically come together otherwise, to engage in crucial conversations and discuss topics affecting our communities, industries and society at large,” Lopez said.   

Business involvement encouraged 

Ultimately, the goal of the new monthly webinars is to improve equity and inclusion from the classroom to the boardroom, said Lopez, who has been a force for diversity and inclusion in Arizona.    

Lopez earned the 2019 Inclusive Leader Award by the in Phoenix for her work in building stronger relationships between the university and regional community groups, chambers of commerce and employers.

A holistic approach is what works best, she said. Corporate involvement is a key component. Lopez hopes the webinars can inspire employers and organizations to improve diversity through actions in their day-to-day practices, hiring procedures, and approaches to fostering an inclusive culture “because it impacts our key stakeholders which are our students.” 

Panelists are global leaders in equity and organizational change  

The first, entitled: Fostering Unity while Addressing Inequities, is Thursday, June 25 at 11 a.m. and will feature international experts on diversity. 

Among the speakers are Dr. Shawn C. Todd-Boone, of UOPX who has received international recognition for his research and work in community building, community policing, and violence prevention, and Jim Massey, a globally recognized expert on diversity and inclusion and organizational change.

Other panelists are Dr. Linda Groomes Walton, an expert on diversity management who founded Achieving My Purpose, Inc., of Scottsdale, that supports women to discover their life’s purpose; and Dr. Jeff McGee, founder and CEO of Cross-Cultural Dynamics in Mesa that provides diversity and cultural training for companies and organizations. 

The moderator is Dr. Jamal Watson, editor-at-large at Diverse: Issues In Higher Education and professor and director of graduate studies for the Strategic Communication and Public Relations program at Trinity Washington University in Washington, D.C. 

Â鶹´«Ă˝Ół»­ of discussion during the first webinar will be:

·      Systemic racism

·      The role of higher education

·      Allyship and advocacy

·      Leading inclusively in times of crisis

·      Equity and social justice

To register for the free webinar, go to:  

Public input wanted 

The university also is seeking input from the public about topics it wants to be educated on in the monthly webinars, said Tondra Richardson, director of student diversity and inclusion for the Office of Educational Equity. 

“We’re tying the webinar series to what’s going on in our society to provide a means of education for our students, faculty, other DEI (Diversity, Equity, Inclusion) practitioners and the general public,” Richardson said. “We’ve designed this around feedback we have received regarding what resources and education people are seeking and we’re pulling leaders both from within the university and other industries to bring that knowledge.”

Anyone interested in sharing a topic they would like to learn more can send an email to: content@phoenix.edu.

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As the United States embarks on the path to economic recovery, the nation’s banks are preparing for an unprecedented post-pandemic boom. Financial institutions are anxious to invest in job creators and workers alike to help fuel a hoped-for V-shaped recovery.

The is clear, according to economists eyeing a rapid recovery: as nations emerge from self-imposed lockdown, they will see tremendous growth.

Despite predictions of up to 20% national unemployment in May of 2020, the Bureau of Labor and Statistics earlier this month that the United States’ unemployment rate dropped from 14.7% in April to 13.3% in May. The economy a whopping 2.5 million  jobs within four weeks.

This all unfolds in the background of another glaring issue facing America. With the murder of George Floyd at the hands of now-charged Minneapolis police officers sparking national outrage, a movement to end police brutality and eradicate racism has swept across every corner of the United States.

Financial institutions and job creators are taking notice, seeking to make more opportunities available for people of color and aiming to be a part of the solution.

Wells Fargo

Wells Fargo CEO Charlie Scharf “commit that [Wells Fargo] will do all we can to support our diverse communities and foster a company culture that deeply values and respects diversity and inclusion.” 

Scharf says that Wells Fargo will take part in creating an “economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity.”

This is in addition to the bank’s “residential property foreclosure sales, evictions, and involuntary automobile repossessions.”

Bank of America

Bank of America has a $1 billion commitment to economic opportunity initiatives over the next four years. The comprehensive program will focus on four main areas: health, job training, small business support, and housing. 

“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” CEO Brian Moynihan said. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”

Recognizing the reality of racism and actively working to solve it, this initiative is focused towards empowering communities too often ignored.

Western Alliance

Western Alliance Bank its intentions to reinvest in America. They have pledged $2 million “to help mitigate the impact of the COVID-19 global pandemic on its local communities, and to strengthen those communities as they emerge from the crisis.”

The bank also $150,000 directly to Arizona’s Coronavirus Relief Fund.

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