Advertisement

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

Intuit Inc. 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. 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.

Intuit Inc. Price and Consensus

Intuit Inc. Price and Consensus
Intuit Inc. Price and Consensus

Intuit Inc. price-consensus-chart | Intuit Inc. Quote

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 PYPL and Square 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 donated 140,000 surgical masks and 4,000 surgical gloves to the Valley Medical Center Foundation.

Besides, Facebook 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 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 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.

The Hottest Tech Mega-Trend of All                

Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Intuit Inc. (INTU) : Free Stock Analysis Report
 
Yelp Inc. (YELP) : Free Stock Analysis Report
 
PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report
 
Square, Inc. (SQ) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.