As the spread of virus has severely impacted communities and cities around the globe, the number of infected continues grow and overwhelm many healthcare systems. With economies on the verge of crashing, the banking institution has made a $50 million philanthropic investment to help address immediate and long-term impacts of the viral outbreak.
In its plan, Chase will pledge $15 million in initial support for the communities and small businesses that have been severely impacted by the virus, $5 million to immediate healthcare, food, and global humanitarian relief, $2 million to worldwide nonprofit partners, $8 million to assist small businesses across the U.S, Europe, and China, and $35 million to leverage core areas of expertise to help vulnerable groups facing hardships due to the virus.
The bank will lean into its areas of expertise that include financial health, jobs and skills, small business growth, and neighborhood development.
“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, JPMorgan’s head of corporate responsibility and chairman of the Mid-Atlantic region in a press statement. “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.”
In addition to the investment, the firm will match employee donations to these coronavirus relief efforts. Employees can contribute to the COVID-19 Solidarity Response Fund supporting the World Health Organization, Feeding America’s COVID-19 Response Fund, GlobalGiving Foundation’s COVID-19 European Response Fund, or the China Foundation for Poverty Alleviation.