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

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

The largest U.S. bank is initially giving $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 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)