The star-studded show - which aired in the place of the iHeartRadio Music Awards - at the weekend, received $500,000 from consumer food group Procter & Gamble, and Fox Corporation matched the donation.
The hour-long production - a tribute to the health workers, first responders and local heroes who are trying to help others amid the coronavirus pandemic - encouraged viewers to support two organisations providing aid during the pandemic, Feeding America and First Responders Children's Foundation.
The likes of Backstreet Boys, Mariah Carey, Billie Eilish, Dave Grohl, Shawn Mendes and Camila Cabello, and Demi Lovato, to name a few, each performed a song from their homes.
At the end, Elton said: "Everyone out there fighting to keep us safe is such an inspiration."
The performances were filmed using the artists' own phones, cameras, and audio equipment to keep direct interaction with others to a minimum.
The 73-year-old music legend recently admitted he's having a "fantastic" time at home with his husband and sons, after cancelling tour dates due to the health crisis.
He said: "I don't think realistically speaking that we, artists, can expect to go back on the road [before summer].
"And so people are going to take solace in music. They're going to catch up on a lot of movies at home. They're going to get bored. We're playing every day, at 5:30 we play Snakes and Ladders, which in America is called Chutes and Ladders, and it's become a family routine now and it's fantastic.
"To be honest with you, it's great to be able to spend this much time with my boys because normally I don't, even though they've been on the road with us since November in Australia and New Zealand. It's, this is 24/7 with them and it's fantastic."
However, the 'Goodbye Yellow Brick Road' hitmaker joked his enjoyment of family time may change if they remain under lockdown for a long time.
He quipped: "I mean I'm saying that after a week, check on me in about three weeks."