The United States Olympic and Paralympic Foundation (USOPF) raised more than $1.42 million (£1.09 million/€1.2 million) for the COVID-19 Athlete Assistance Fund.
In partnership with its Athletes’ Advisory Council and national governing bodies, the United States Olympic and Paralympic Committee (USOPC) announced the sum raised.
The fund was established in July to assist athletes who have endured financial hardship due to the coronavirus pandemic and resulting postponement of the Tokyo 2020 Olympic and Paralympic Games.
In total, 1,220 American athletes will now receive a one-time stipend of $1,163 (£888/€981).
"The COVID-19 pandemic, and the postponement of the Tokyo Games and other events, acutely impacted Team USA athletes at a critical time in their preparations," USOPC chief executive Sarah Hirshland said.
"We heard directly from so many athletes and, with our incredible donors, recognised the opportunity to step in to help alleviate the financial burdens many Olympic and Paralympic athletes are facing."
While fundraising for the COVID-19 Athlete Assistance Fund ended in September, the USOPF continues to raise money for the Team USA Fund, which supports US athletes through financial aid, high-performance programmes and services.
"Team USA athletes have it in their blood to give their best effort every single day, so it’s only right that the foundation brought forth that same level of commitment and drive," said USOPF President Christine Walshe.
"Our generous donors are passionate about Team USA athletes, and we cannot thank them enough for finding it in their hearts to go above and beyond in helping athletes during these unique times."
Following the postponement of Tokyo 2020, the USOPC and the Athletes' Advisory Council designed and deployed a COVID-19 athlete impact survey to better understand the disruption facing the American athlete community.
In response to the athlete feedback on financial well-being during the pandemic, the fund was one of several initiatives the USOPC implemented to enhance athlete support.
Others included the hiring of a mental health director, the addition of three independent mental health officers and the creation of mental health ambassadors.