Business
Marvell Supports Global Communities Impacted by COVID-19 Pandemic
SANTA CLARA, Calif., April 2, 2020 /PRNewswire/ -- Marvell (Nasdaq: MRVL) today announced multiple efforts to support those impacted by the COVID-19 pandemic,
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[{"type":"text","content":"SANTA CLARA, Calif., April 2, 2020 /PRNewswire/ -- Marvell (Nasdaq: MRVL) today announced multiple efforts to support those impacted by the COVID-19 pandemic, including the creation of a $1.5 million Community Relief Fund to support local programs in the communities where the company has a significant presence. As a part of this allocation, Marvell will support a special match opportunity for its employees, encouraging them to give what they can to help their local communities. In addition to the fund, Marvell has pledged to donate the entirety of its cafeteria grocery budget from its Santa Clara, California headquarters, a sum of approximately $250,000 per month, to the Second Harvest Food Bank of Silicon Valley. Marvell is also accelerating payments to small vendors, many of which are struggling with cash flow.\n\n \n \n \n \n \n \n\n \n\"We are experiencing a crisis of extraordinary magnitude and global impact, and the toll it is inflicting upon the communities we all hold dear is immeasurable and yet to be truly understood,\" said Matt Murphy, CEO of Marvell. \"In times like this, it is incumbent upon all of us to show leadership and support those being disproportionately affected. Marvell is committed to helping the communities we call home.\" \n$1.5 million Community Relief Fund: While the COVID-19 crisis is affecting everyone, low-income and hourly-wage workers are finding it harder to earn income as events are cancelled, workplaces are closed, classes are suspended, consumers and companies curtail discretionary spending, and more people are forced home to take care of themselves and their loved ones.\nIn Santa Clara county, home to Marvell's largest site, the company will make an initial donation of $250,000 from the relief fund to Destination: Home through the Silicon Valley Strong Fund in conjunction the Silicon Valley Community Foundation. As a part of the Santa Clara County Homelessness Prevention System, Destination: Home is providing temporary financial assistance to low income residents who have lost income as a result of COVID-19. These funds will cover rent and other basic needs to help our most vulnerable residents in this crisis.\nBeyond Silicon Valley, Marvell is identifying similar foundations near its other major offices in the United States, Europe, and Asia, and will allocate funds according to need and e...