JP Morgan commits $86m to COVID-19 crisis

JP Morgan Chase & Co has committed $86 million (US$50 million) to address global public health and long-term economic challenges from the spreading COVID-19 pandemic.

It comes as the World Health Organisation reports 786 new coronavirus-related deaths overnight, bringing the total death count to 7807. Currently, there are 191,127 people infected by the virus.

Australia's death count has lifted to six (one in WA, five in NSW), while the country's total number of COVID-19 cases approaches 600.

JP Morgan will initially commit US$15 million to support small businesses and those immediately affected by the crisis.

Of this US$15 million, US$5 million will help to provide healthcare, food and other humanitarian relief around the world, US$2 million will help the firm's existing not-for-profit partners responding to the COVID-19 crisis, and US$8 million will assist small businesses in the US, China and Europe, vulnerable to economic hardships during the developing crisis.

The remaining US$35 million will be deployed to help vulnerable communities recover from the crisis, JP Morgan Chase head of corporate responsibility and chair of the mid-Atlantic region, Peter Scher said.

"We are mobilising the firm's resources to support customers, employees and communities—especially the most vulnerable—in this time of crisis," he said.

"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."

JP Morgan Chase said the remaining US$35 million will help address COVID-19's medium-to-long term impacts.

"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," it said.

"Existing non-profit 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."

JP Morgan Chase has US$2.7 trillion in AUM and has operations globally. The US$50 million donation accounts for 0.002% of the firm's total assets.

Read our full COVID-19 news coverage and analysis here.

Read more: COVID-19JP Morgan ChaseAustraliaChinaCoronavirusEuropePeter ScherWorld Health Organisation
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