The physical and economic impact of COVID-19 on the world is now massive, and JPMorgan Chase seeks to lessen some of the impact with a philanthropic investment. They are committing $50 million in total to this cause, of which $8 million is dedicated to vulnerable and underserved small businesses in the US and internationally.
In addition to the $8 million towards small businesses, $2 million is dedicated to nonprofit partners responding to COVID-19 in communities around the world, and a further $5 million towards providing immediate humanitarian relief. The other $35 million of the $50 million total will be slowly deployed as the fight against COVID-19 continues, helping those recovering to have opportunities for future economic growth.
JPMorgan Chase also plans to leverage their expertise in neighborhood development, financial health, and small business growth to further assist affected local communities. As the situation evolves nonprofits may need further flexibility to meet the needs of the populace, so JPMorgan Chase remains prepared to work with them in achieving an inclusive economy.
Peter Scher, the Head of Corporate Responsibility and Chairman of the Mid-Atlantic region of JPMorgan Chase, said, “We are mobilizing the firm’s resources to support customers, employees and communities – especially the most vulnerable – in this time of crisis. 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.”
