JPMorgan Chase today announced a $50 million global philanthropic commitment to address the immediate public health and long-term economic challenges from the COVID-19 global pandemic.
Funds will support communities and people hit hardest by this public health crisis through an initial $15 million commitment, including:
- $5 million to provide immediate healthcare, food and other humanitarian relief globally;
- $2 million to existing nonprofit partners around the world that are responding to the COVID-19 crisis in their communities;
- $8 million to assist small businesses vulnerable to significant economic hardships in the U.S., China and Europe.
The remaining $35 million will be deployed over time to help the most vulnerable communities and people recover from the crisis and have an opportunity to benefit from future economic growth. The firm will lean into its core areas of expertise including financial health, jobs and skills, small business growth and neighborhood development and apply lessons learned from initiatives like AdvancingCities.
“We are mobilizing the firm’s resources to support customers, employees and communities—especially the most vulnerable—in this time of crisis,” said Peter Scher, Head of Corporate Responsibility and Chairman of the Mid-Atlantic region. “We are making immediate investments to help those most affected by humanitarian challenges and looking into sustainable and innovative solutions to help small businesses and underserved communities recover when the crisis subsides.”