The Bank of America said in a Tuesday announcement that it will commit $1 billion to help communities contend with the expanded economic and racial dissimilarity caused by the novel coronavirus.
The company clarified in a press release that the program will focus on “assisting people and communities of color that have experienced a greater impact from the health crisis.”
Bank of America CEO Brian Moynihan added that, “Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic.”
Moynihan went on to say, “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”
The $1 billion in funding will specifically benefit initiatives including virus testing, flu vaccine clinics, and support for minority-owned small businesses. Additionally, it will also go towards ventures for affordable housing and employment and retention of staff from low-to-moderate income communities.
To be implemented by the company’s 90 local U.S. market presidents, the bank said the programs will focus on hard-hit areas impacted by the spread of Covid-19.
The big announcement comes as precautionary rules have been put into place to slow the spread of Covid-19, which have affected many businesses across the country. This also comes amid the civil unrest across the country sparked by the death of George Floyd in Minneapolis last week.
