"In communicating with Team USA athletes and their families, we have learned of the profound impact many are facing as the world navigates the COVID-19 pandemic and the Tokyo Games postponement," USOPC chief executive Sarah Hirshland said. 

"We have heard loud and clear there is a heightened need to help alleviate the financial burdens many are facing, and it is an opportunity for us to help and further support athletes during this unprecedented time."

A survey carried out by the USOPC and its Athletes' Advisory Council (AAC) found that 75 per cent of American athletes have seen their earnings impacted by the health crisis, with 26 per cent saying they have lost more than half.

The lack of international and national competition in most sports, economic hardship impacting sponsors, anti-virus measures needing to be taken to train safely and the postponement of Tokyo 2020 have all contributed to income drying up for many.

The USOPC has launched this fund, in partnership with national governing bodies and the USOPC AAC, as a flagship initiative to support athletes.

Its fundraising arm, the United States Olympic and Paralympic Foundation (USOPF), has been instructed to work with donors to raise funds which will in turn be directed towards eligible athletes in training for Tokyo 2020 and Beijing 2022.

One anonymous donor has already contributed $500,000 (£392,000/€430,000) for the fund, while Ralph Lauren has pledged to donate 25 per cent of the purchase price from each item in its "Team USA One-Year-Out Collection".

Public donations can also be made online.

Athletes eligible for the one-time stipend are those who have represented the US at an "elite competition" in 2019 or 2020 - or are an "elite national team member" - and are still in contention qualify for Tokyo 2020 or Beijing 2022, or have already done so.

The USOPC anticipates that athletes with be able to submit requests for relief in October, although an exact window is yet to be determined.