In September 2020, the Art Van Employee COVID-19 Short-Term Disaster Relief Fund (the “Fund”) was established to provide financial aid to former employees of Art Van Furniture in need as a result of the Company’s sudden shutdown due to the COVID-19 pandemic. The COVID-19 pandemic is a presidentially declared disaster in all fifty states, the District of Columbia, and Puerto Rico, and constitutes a “qualified disaster” under Section 139 of the Internal Revenue Code.
The Fund is intended to assist former employees who are in financial need in meeting short-term basic necessities as a result of the termination of your employment due to the COVID-19 pandemic.
The Fund was established with an initial donation from Thomas H. Lee Partners (“THL”) of $1 million, and the Fund is being administered by an independent third party charity, Philanthropi. THL has committed to match dollar-for-dollar additional donations up to $1 million (i.e., up to $1 million additional from THL for every dollar others donate to the Fund up to $1 million). Since the establishment of the Fund, additional donations have been received totaling $50,000, and THL has matched that amount. Therefore, the current distribution of the Fund will be $1.1 million.
Eligible recipients of the Fund are former full-time Art Van Furniture employees with annual pay of $99,000 or less, and part-time employees who were receiving healthcare benefits as of March 1, 2020. Approved Fund recipients are to receive a check for $400.00 to assist recipients in meeting short-term basic needs.
If there are additional donations in the future, those amounts will be distributed at a later date in a subsequent check. The Fund will remain open for additional donations until December 31, 2020.
Former employees are eligible to receive aid for short-term relief for basic necessities based upon financial need. Checks will not be issued unless approved by Philanthropi Charitable based upon its determination that criteria established is met.