JPMorgan Chase makes $50 mln investment to help address impacts of COVID-19

$8 million to assist small businesses vulnerable to significant economic hardships in the US, 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 Advancing Cities.

“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 US 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 dollarfor-dollar. (Agencies)