The money will be used to support art programs at Chicago public schools. Twenty schools will receive the donations. Each will get USD 100,000 over the course of three years, reported Rolling Stone.
"Quality education for public schools is the most important investment a community can make," he said at Harold Washington Cultural Center.
"So today, all of us at SocialWorks are excited to take our biggest, boldest step yet and announce our first-ever grants from the New Chance Fund. Today we're giving a new chance to kids in 20 more schools across our city."
He also announced the first-ever Twilight Awards to celebrate "teachers, parents, principals, and students that convey leadership."
It will take place in Chicago in June 2018 and featuring special guest performances. James Corden will serve as a host.