A number of different financial technology groups, including PayPal, Intuit and Square were recently approved to join a CODI-19 relief effort named the Paycheck Protection Program, which is run by the U.S. Small Business Administration. The COVID-19 relief effort will provide loans for small businesses in order to maintain payroll for their employees.
PayPal also announced that it was approved, and it is also one of the first organizations to be added to the project that is not a bank. Dan Schulman, the President, and CEO of PayPal spoke about joining the relief efforts, "We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period."
Small Business Protection Groups
PayPal and Others Joined Financial COVID-19 Relief Efforts
Trend Themes
1. Financial Technology Relief Efforts - Financial technology groups have recently been approved to join COVID-19 relief efforts for small businesses, providing disruptive innovation opportunities to create new financial solutions for struggling small businesses.
2. Non-bank Participants in Paycheck Protection Program - PayPal being one of the first non-bank participants to be added to the Paycheck Protection Program offers disruptive innovation opportunities to expand the reach and scope of the program.
3. COVID-19 Relief Loans for Small Businesses - The deployment of COVID-19 relief loans for small businesses provides disruptive innovation opportunities to create innovative financial solutions for historically underserved small businesses.
Industry Implications
1. Financial Services - Financial services can take advantage of the COVID-19 relief efforts by creating innovative financial solutions for struggling small businesses.
2. Small Business - Small business industry can take advantage of the recently approved COVID-19 relief efforts by accessing the loans and using them to maintain and grow their business.
3. Technology - Technology industry can take advantage of the COVID-19 relief efforts to create and optimize financial solutions for small businesses.