Last year, McDonald's launched the Black & Positively Golden movement to uplift Black communities through empowerment, education and entrepreneurship.

A year later, the initiative has created a $500,000 scholarship fund for students attending historically Black colleges and universities.

The company announced its latest initiative on Thursday, saying the Black & Positively Golden scholarship is facilitated by the Thurgood Marshall College Fund (TMCF) and specifically created to help students continue their education in the fall amid the coronavirus pandemic.

TMCF CEO and President Harry L. Williams said HBCU students are not only dealing with a pandemic but Black inequality as well.

"That's why TMCF is excited to further our commitment with McDonald's to help keep more Black students in college."