JPMorgan Chase Makes $50 Million Philanthropic Investment to Help Address Immediate and Long-Term Impacts of COVID-19
19 March 2020 - 12:00AM
Business Wire
Helps address humanitarian and economic
challenges, supporting vulnerable and underrepresented communities,
small businesses and existing nonprofit partners
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.”
Providing humanitarian community relief
To address the immediate humanitarian and healthcare crisis, the
firm is providing $5 million to the following organizations focused
on providing emergency medical supplies, food, and other critical
health-related essentials:
- $2 million to the COVID-19 Solidarity Response Fund
supporting the World Health Organization, to provide essential
supplies such as protective equipment to frontline healthcare
workers, enabling countries to track and detect the disease by
boosting laboratory capacity, and accelerating efforts to
fast-track the discovery and development of lifesaving
vaccines;
- $1 million to Feeding America’s COVID-19 Response Fund
to help U.S. communities in need of critical food security through
a network of 200+ food banks;
- $1 million to the GlobalGiving Foundation’s COVID-19
European Response Fund to assist vulnerable populations across
Europe, focusing on communities where we do business;
- $1 million to the China Foundation for Poverty
Alleviation to provide immediate and mid-to-long-term
healthcare and small business support, including the distribution
of medical supplies in impacted communities across China.
The firm is also matching employee donations to these COVID-19
relief efforts dollar-for-dollar. Employees have an opportunity to
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.
Supporting small businesses and nonprofit partners
JPMorgan Chase Institute research shows that 50 percent of small
businesses have less than 15 cash buffer days, meaning the small
business economy could be majorly disrupted by the current climate.
The firm will promptly deploy $8 million, including $5 million in
the U.S. and $3 million in international markets to support
vulnerable and underserved small businesses in the following
ways:
- Helping Black, Hispanic and Asian Pacific Islander owned
businesses that may struggle to access capital and keep their doors
open. This includes entrepreneurs that have participated in the
firm’s Entrepreneurs of Color Fund and Ascend in places such as
Seattle, California and New York. Support will include working with
local Community Development Financial Institutions that will
provide low or zero interest loans and interest rate buydowns to
help offset the costs of business slow-downs and unexpected
challenges, as well as technical assistance support for issues like
remote working capabilities;
- Supporting vulnerable, underserved and underrepresented
entrepreneurs and small businesses across Europe and China to
navigate and access available and emerging financial and
non-financial support.
The firm will also provide $2 million to existing nonprofit
partners who are facing new challenges supporting vulnerable
populations in response to COVID-19. The funds will go towards
helping these partners maintain operational capacity as they adjust
their programming and provide resources to support their remote
working capabilities, resiliency planning, fundraising and
communications.
Long-term commitment
Working closely with government, business and community
partners, JPMorgan Chase will commit $35 million towards
medium-to-long term challenges communities are likely to face as
the COVID-19 crisis continues to unfold. The firm will lean into
its core areas of expertise to support the most vulnerable
individuals, small businesses and communities as they face
financial hardship and uncertain work opportunities, the shifting
business landscape and increased pressure to access or maintain
affordable housing. Existing nonprofit partners may need additional
flexibility and support to meet the evolving needs of their
clients, and the firm will continue working with them over the
long-term to advance an inclusive economy.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.7 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of customers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200318005152/en/
Media: Parita Shah, parita.shah@jpmorgan.com
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Apr 2024 to May 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From May 2023 to May 2024