The City University of New York announced it has launched a Chancellor’s Emergency Relief Fund to help students facing financial hardship during the coronavirus pandemic.

The Chancellor’s Emergency Relief Fund will distribute grants of $500 to thousands of CUNY students in economic need.

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According to CUNY, the university system serves 275,000 degree-seeking students whose median household income is $40,000 a year.

Both the Dimon Foundation and the Petrie Foundation each announced initial gifts of $1 million to establish the Chancellor’s Emergency Relief Fund, the first university-wide student assistance program of its kind.

In addition, the fund launched with another $1.25 million in contributions from corporate and philanthropic donors including $500,000 from Robin Hood and $750,000 from JPMorgan Chase, Deutsche Bank, Goldman Sachs, Jeffrey H. and Shari L. Aronson Family Foundation, The Pinkerton Foundation, The Solon E. Summerfield Foundation and the Harman Family Foundation.

CUNY’s goal is to raise $10 million in the coming months.

Students will begin receiving emergency grants of $500 a week starting April 20.

The recipients will be chosen by lottery from a group of about 14,000 students who have identified as meeting financial need and academic criteria.