JPMorgan Chase Makes $50 Million Philanthropic Investment to Help Address Immediate and Long-Term Impacts of COVID-19
Helps address humanitarian and economic challenges, supporting vulnerable and underrepresented communities, small businesses and existing nonprofit partners
NEW YORK--(Business Wire / Korea Newswire) March 19, 2020 -- 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.
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/
JPMorgan Chase & Co.
This is a news release distributed by Korea Newswire on behalf of this company.