Bank of America says they are making a donation of over $1 billion, a four-year commitment, to help communities address economic and racial inequality.
The bank says the programs will focus efforts on community programs and small businesses in communities of color that have been impacted by the ongoing coronavirus pandemic.
“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” CEO Brian Moynihan said in a press release. “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.”
Bank of America says the money will be focused on supporting four areas including health, jobs, small businesses and housing.
Access to virus testing and vaccinations, partnerships with historically black colleges and universities and career reskilling at local high schools and community colleges will all be part of the program, Bank of America says.
The announcement follows days of protests after the death of George Floyd, a black man who died while being arrested by Minneapolis police.
Prior to Floyd's death, communities were already dealing with hardships quickly brought on by the coronavirus pandemic, which has disproportionately affected communities of color.
According to the Centers for Disease Control and Prevention, 26 percent of coronavirus cases in the U.S. were in black communities, while according to the U.S. Census, black communities make up just 13% of the population.
The CDC says 30.1percent of cases were found in Latino communities, while according to the U.S. Census those communities make up only at least 18.3 percent of the population.