JPMorgan commits $50 million to businesses, people affected by coronavirus

FILE PHOTO: A woman passes by a JPMorgan Chase bank in Times Square in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) said on Wednesday that it committed $50 million to funds and community groups that are providing food, support and medical supplies for people hurt by the coronavirus in the United States, Europe and Asia.

The unprecedented pandemic has affected hundreds of millions of people worldwide, as more than 200,000 people are confirmed to have the flu-like virus, 8,500 have died, and tens of millions more are either not working because their workplaces have closed or are working from home.

The largest U.S. bank said it will initially give $15 million to groups coping with the disease’s impact on people, including donating $5 million to community development financial institutions in the United States that will provide low or zero-interest loans to vulnerable small businesses. The bank will also give $3 million to international groups that provide similar assistance.

In addition, the bank is giving $2 million to the United Nations and World Health Organization’s COVID-19 Solidarity Response Fund, and $1 million each to Feeding America’s response fund, GlobalGiving Foundation’s European response fund, and the China Foundation for Poverty Alleviation.

The remaining $2 million of the initial gift will go to nonprofits the bank has partnered with in the past to keep them running through the pandemic.

The bank said it is committing the remaining $35 million to “medium-to-long term challenges communities are likely to face as the COVID-19 crisis continues to unfold.”

Reporting By Elizabeth Dilts Marshall; Editing by Steve Orlofsky

Source: https://www.reuters.com/article/us-health-coronavirus-jpmorgan/jpmorgan-commits-50-million-to-businesses-people-affected-by-coronavirus-idUSKBN2152CE

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