In response to COVID-19, or the novel coronavirus, many private companies and financial institutions are doing what they can to provide relief for those impacted by the viral outbreak. The global pandemic has caused massive economic fallout and political tensions amid the race for more effective treatments, and ultimately a vaccine.
The virus has triggered state governments in the U.S. to issue mandatory stay-at-home orders, closing all non-essential businesses until the disease can be contained. Over 700,000 jobs have been lost since the pandemic started with another 3 million filing for unemployment in the first weeks, the largest number claims ever recorded in a single week.
Bank of America is one of the major companies looking to help individuals impacted by COVID-19 by committing $100 million to support local communities in need. The funds will be used to help improve medical response capacity, food insecurity, increase access to remote learning amid school closures, and provide financial support to the country’s most vulnerable populations. In addition to the pledge, the banking institution will also be offering deferrals on credit cards along with home and auto loans to current customers.
“Bank of America is deferring mortgage payments for up to 90 days or until the crisis is over,” Bank of America representative Bill Halden told Business Insider. The company will also increase funding to several national and global organizations that are on the front lines, tackling the most pressing issues in local communities.
Uber is also stepping up, providing support by teaming up with healthcare union 1199SEIU, which represents over 450,000 first responders in the country, to deliver free meals and discounted rides to healthcare professionals.
“Each and every day 1199SEIU members put aside their own fears and go to work on the front lines, helping to save lives in the face of a global pandemic,” says George Gresham, president of 1199SEIU to USA Today. The $2 million partnership will serve healthcare workers in New York, Florida, Massachusetts, New Jersey, and Maryland.