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."
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