As ever, JPMorgan Chase is committed to supporting our communities, and in response to these unprecedented circumstances, today we’re announcing a $50 million philanthropic investment to address the immediate public health and long-term economic challenges from the COVID-19 global pandemic.
These funds will support vulnerable and underrepresented communities, small businesses and our nonprofit partners,
which take on even greater and more critical importance
in this environment. With these investments, we will continue to focus
on those areas where we can leverage our core business, pillars and
areas of expertise to make the biggest impact.
As appropriate, we are engaging with our existing partners undertaking
this important work.
An initial $15 million commitment will:
- Address the immediate humanitarian and healthcare crisis with $5 million globally
to support emergency medical supplies, food needs and other critical health-related essentials.
- Provide $8 million to assist small businesses vulnerable to significant economic hardships in the U.S., China and Europe. We
know that small businesses are facing unique and serious challenges. JPMorgan Chase Institute research
shows that 50 percent of them have less than 15 cash buffer days,
meaning the small business economy could be majorly disrupted by the
current climate.
- Support
our existing nonprofit partners around the world helping vulnerable
populations who are facing new challenges in response to COVID-19
with an additional $2 million. These
funds will be designed to help partners maintain operational capacity
through adjustments to remote working capabilities, resiliency planning,
fundraising and communications.
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. While
addressing immediate needs is critical, so too are sustainable,
innovative solutions to help small businesses and underserved
communities recover
long-term. Business has an important role to play in short and
long-term relief efforts, and today’s philanthropic investment is
in addition to the business resiliency measures we have already taken and shared last week.
That said, we can’t do it alone. We know from our work with terrific partners to help lift up communities through programs like
AdvancingCities that collaboration is key to driving long-term, scalable solutions.
These
are challenging times. I am thankful for each of you and your
partnership, support and collaboration as we come together to find
solutions in the weeks and months ahead. Please
stay healthy and safe.
Sincerely,
Peter L. Scher
Head of Corporate Responsibility
Chairman of the Mid-Atlantic Region
JPMorgan Chase & Co.
