Intuit (INTU) Takes Steps To Aid Coronavirus-Crippled Businesses

Intuit Inc. (NASDAQ:INTU) is taking strong steps in the face of the coronavirus pandemic, which has gripped the world currently.

It recently announced an investment of $8 million to help small businesses and other customers gain ground after being affected by the coronavirus outbreak. This move is part of the four structured steps that Intuit is taking to support affected companies.

The company has also partnered with Yelp Inc. (NYSE:YELP) and GoFundMe to set up a $1.5-million fund for COVID-19-affected small business campaigns. In another supportive move, Intuit also deferred loan repayment for eight weeks on business loans taken through the QuickBooks Capital program.

Moreover, the company is also planning to release a free version of its QuickBooks Instant Deposit program, which will make cash available on the same day, saving up to $3 million of customers’ fees.

Besides the above three steps, Intuit, through its We Care and Give Back Program, would match “employee donations 2:1 for 15 nonprofits” that are delivering funds and healthcare services to people in six countries around the world.

With its initiatives, Intuit aims to mitigate the challenges faced by consumers and enterprises due to disruptions related to the pandemic.

Notably, it is one of the fintech companies, sharing space with Stripe, PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) , to approach the U.S. Government to be included in any emergency funding required for businesses crippled by the coronavirus.

Tech Giants Reduce Coronavirus-Related Health and Financial Risks

Currently, donations from big tech companies are helping hospitals and businesses hold their heads above the water. Big tech firms, through material and financial donations, are doing their bit to flatten curves for both health and economic risk.

For instance, Western Digital (NASDAQ:WDC) donated 140,000 surgical masks and 4,000 surgical gloves to the Valley Medical Center Foundation.

Besides, Facebook (NASDAQ:FB) intends to contribute 720,000 masks and 1.5 million pairs of gloves to healthcare workers, globally. About 375,000 masks and 867,000 pairs of gloves from the social media giant have already been distributed across hospitals in the Bay Area.

Further, Intel (NASDAQ:INTC) is also contributing one million protective items from its factory stock and emergency supplies to health authorities in several states.

The crisis also led Amazon (NASDAQ:AMZN) to create a $25-million fund to help its delivery personnel and seasonal workers sail through the outbreak and a $5-million dollar fund to help affected small businesses in Seattle.

Intuit currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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