Principal Financial Group issued the following announcement on April 23.

Principal Financial Group® and the Principal® Foundation today launched respective community-based COVID-19 relief efforts to directly assist those experiencing financial hardship due to the pandemic by providing meals, family activity kits, and direct payments to those impacted in more than 30 locations around the world.

These two new programs—The Giving Chain led by Principal® and the Principal Foundation Relief Fund—build on previous support Principal has announced for customers accessing retirement funds, requesting payment extensions, and other adjustments to help manage financial challenges due to COVID-19. The combined efforts of Principal and the Principal Foundation to support customers, communities, and businesses financially impacted by COVID-19 are expected to total more than $25 million1.

“Principal and the Principal Foundation remain committed to helping families and businesses protect and build financial security,” said Dan Houston, chairman, president, and CEO of Principal and a Principal Foundation Board member. “The Giving Chain and the Principal Foundation Relief Fund are an extension of our commitment at a time when many of our local businesses and community members are experiencing financial distress and uncertainty as a result of the COVID-19 pandemic.”

The Giving Chain

The Giving Chain led by Principal aims to provide thousands of meals and activity kits—sourced from and in collaboration with local businesses and nonprofits—to individuals and families in more than 30 communities globally. This effort will not only benefit the recipients of the donations, but also local businesses from which the meals and products will be purchased. The purpose is to help those in need and to inspire others to join the effort by starting their own giving chain, by buying meals or products from local businesses and providing them to individuals, families and first responders in need in their communities.

“It will take all of us working together to make it through and to recover from COVID-19 and the many impacts on our lives, our communities, and our local businesses,” said Houston. “Like many of you, I’ve heard many heartfelt stories of individuals taking it upon themselves to make a difference in someone’s life during this pandemic. The Giving Chain provides another opportunity to support a local business and people in your community.”

Kicking off in Des Moines, Iowa, the global headquarters of Principal, the program will deliver more than 15,000 meals and nearly 3,000 activity kits sourced from 20 local businesses in the community. Principal has teamed up with local non-profit organizations to ensure these resources get to people struggling financially as a result of the crisis.

Principal will launch additional Giving Chains in more than 30 markets around the world in which they do business. Learn more about how to start a giving chain within your community.

The Principal Foundation Relief Fund

Throughout the COVID-19 health crisis, Principal employees asked for ways to help people, especially fellow coworkers and the workers who help clean, feed, and take care of Principal employees and facilities. In response, the Principal Foundation has established a hardship fund, the Principal Foundation Relief Fund, to provide grants to help Principal employees, employees of majority-owned member companies, and U.S. service staff providers (real estate, janitorial, wellness, childcare, food service, and security) who are experiencing financial hardship due to this crisis. The Principal Foundation Relief Fund will also accept outside donations from employees and others who wish to contribute to the cause.

Get more information about the Principal Foundation Relief Fund.

“The establishment of these Principal and Principal Foundation initiatives was primarily a result of listening to, and acting on, our employees’ desire to help others,” said Houston. “I am incredibly proud of their philanthropy and sense of communal responsibility.”

Original source: https://www.principal.com/about-us/news-room/news-releases/principal-and-principal-foundation-offer-more-25-million-combined-covid-19-relief