(ReliableNews.org) – The COVID-19 pandemic has ravaged the American economy for well over a year and counting, leaving an unprecedented number of workers out of work. However, the American spirit continued to soar despite alarming unemployment rates and the worst economy since the Great Depression of the 1930s.
The Giving USA Foundation released its “Annual Report on Philanthropy” for 2020 on Tuesday, June 15, 2021. The report estimated that Americans donated an estimated $471.44 billion to US-based charities in 2020. The sources of the donations included money from businesses, foundations, individuals and endowments.
U.S. charitable giving hit record $471.44 billion in 2020 amid pandemic, economic turmoil https://t.co/UAuR6D7SL5
— The Washington Times (@WashTimes) June 15, 2021
The report stated that charitable donations increased 5.1% in current dollars over the revised total contributed in 2019. Adjusted for inflation, that figure increased by 3.8%. Individual contributions increased by 2.2% to slightly more than $324 billion, the highest total dollar amount since Giving USA started tracking donations in 1956.
The Giving USA Foundation Chair, Laura MacDonald, told The Washington Times she was “pleasantly surprised by the strength of giving” last year. She attributes the rise in donations to the stock market’s rebound at the end of 2020.
She also said the Coronavirus Aid, Relief and Economic Security Act (CARE Act) signed into law last December by then-President Donald Trump created a “strong environment” for charitable giving at the end of the year.
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