It has been revealed that a fund set up by musical superstar Beyoncé Knowles-Carter will work alongside the National Association for the Advancement of Colored People (NAACP). The initiative aims to provide financial assistance to people in the black community who have fallen on hard financial times as a result of the ongoing pandemic.
The BeyGOOD foundation, which was established by Beyonce in 2013, will seek to provide $500,000 in the form of grants to those people who are facing losing their homes due to the current economic climate. This will most likely take the form of giving grants of up to $5,000 to the individuals most in need.
In a statement, the organisation said:
"When we were faced with the pandemic caused by COVID-19, BeyGOOD created a plan to make a difference. We assisted organizations across the country that were providing people with basic needs like food, water, household supplies and COVID testing. We also provided mental health support… Beyoncé is continuing her heart of support and helping where needed most."
It continued:
"Phase Two of the BeyGOOD Impact Fund will now help those impacted by the housing crisis. The housing moratorium is set to end on December 26th, resulting in mortgage foreclosures and rental evictions. Many families are impacted, due to the pandemic that resulted in job loss, sickness and overall economy downturn. This holiday season, while many are stressed with what they will do next regarding their housing, we are proud to share some GOOD news. Beyoncé is giving $5k grants to individuals and families facing foreclosures or evictions."
A post shared by BeyGOOD (@beygood)
In July, the BeyGood foundation also stepped in to help black businesses facing foreclosure. Again, alongside the NAACP, the foundation donated $10,000 grants to 250 black-owned businesses across the country, saving many from closing their doors forever.
The NAACP said of the new project:
"The NAACP is committed to helping ensure African Americans maintain their wealth and financial security during this unprecedented time of COVID-19. We are honored to partner with BeyGOOD to provide financial support to families or individuals who are facing eviction and/or foreclosure. The BeyGOOD Impact Fund will provide one hundred grants up to $5,000 each to families who are delinquent in their home mortgage or rental payments."
As many as 51 million Americans were out of work in July, with those from black and Latin communities disproportionately affected by the economic downturn.
h/t: Global Citizen
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