At the fire's peak about 100 people were helping douse the blaze reported at 641 Dana Ave. at around 2:40 p.m. One firefighter incurred a minor injury, but no other injuries were reported.
Investigators determined Thursday that the cause of the blaze was arson.
School officials said that classes are scheduled to begin on schedule Aug. 16 and will still be held at the school's campus.
A donation fund was established at the school district's office, located at 855 Lenzen Ave., and donations began pouring in soon afterwards.
Wells Fargo contributed $25,000, and various San Jose bookstores, nonprofits and other school districts have been offering support as well.
School officials said they are collecting for teachers' needs, classroom supplies, a library restoration and reaching a $100,000 insurance deductible.
On Monday, the Silicon Valley Community Foundation on behalf of the Kriens Family Fund, a donor advised fund at the Silicon Valley Foundation, announced that they would match donations up to $50,000.
"I'm sure everyone that has been personally touched by this school is saddened by the great loss," said Joanie Kriens in a prepared statement. "We can feel it ripple across the valley. Bringing our communities together to rebuild brick by brick will add strength and resilience to all of us."
Donations from individuals, community members and corporations to the Trace Elementary School Fire Fund at Silicon Valley Community Foundation will qualify for the match, according to school officials.
"Through the warmth and outreach of others, the healing process, both physically and emotionally, has begun as our teachers and students realize how much the community cares about them," said the San Jose Unified School District Superintendent, Vincent Matthews, in a prepared statement.