Nearly every sector in the U.S. has been hit hard by the coronavirus pandemic. Several companies have begun laying off their staff as the economy keeps crumbling. This has triggered a record-setting number of Americans filing for unemployment benefits.
The pandemic has also caused a shortage of protective gear for health workers.
Many U.S. companies are stepping in to help combat the crisis.
On April 2, Goldman Sachs (GDAFX) - Get Report announced that it is committing $300 million to support communities and small businesses. The company said that $250 million will be used to provide emergency loans to small businesses across the country.
"COVID-19 has created an extraordinary global health and economic crisis and the urgency and scope of our actions must reflect this reality," said David M. Solomon, CEO of the company. "We are deploying our capital and expertise to help small businesses navigate the incredible burdens they face, while ensuring that health providers and relief organizations have the funds they need to fulfill their mission."
Pepsi (PEP) - Get Report has also committed more than $45 million to the effort. The company says that it will be providing protective gear for healthcare workers and funding testing and screening services. The company is also in the process of distributing more than 50 million nutritious meals worldwide.
"Food is at the heart of what PepsiCo does, and we believe the best way we can support communities during this difficult time is by leveraging our expertise and capabilities, along with help from our partners, to bring food to our neighbors who need it most," said Pepsico CEO Ramon Laguarta. "We're activating our global resources to do this now and provide other essential relief, and we will continue to do so as the world unites to tackle COVID-19."
Apple (APPL) and 7-Eleven have donated masks to medical workers.
To know more about how other companies are helping, watch the video above.
Catch up on the Latest Videos on TheStreet!