JPMorgan Chase has announced a $50 million commitment to address immediate public health needs and long-term economic challenges resulting from the COVID-19 global pandemic.
The global financial services company will support communities and people most affected by the crisis with an initial commitment of $15 million that includes $5 million to address immediate healthcare, food, and humanitarian relief needs; $2 million in support of nonprofit partners that are responding to the crisis in their communities; and $8 million to assist small businesses vulnerable to significant economic disruption in the United States, China, and Europe.
The remaining $35 million will be deployed over time to help the most vulnerable communities and populations recover from the crisis and have an opportunity to benefit from future economic growth.
"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."