PayPal offers up to US$500 credit for US federal employees affected by shutdown

PayPal offers up to US$500 credit for US federal employees affected by shutdown

PayPal Holdings Inc said on Friday it will offer US$25 million in interest-free credit to its users who work with the U.S. federal government and are impacted by the shutdown.

Air Force bus meant to transport Speaker of the House Pelosi and other members of Congress to fligh
Air Force bus meant to transport Speaker of the House Pelosi and other members of Congress to flight to Afghanistan sits in front of Capitol in Washington

REUTERS: PayPal Holdings Inc said on Friday it will offer US$25 million in interest-free credit to its users who work with the U.S. federal government and are impacted by the shutdown.

Employees who use PayPal Credit will be able to avail an advance of up to US$500 each, without having to pay any interest, and the program will last until the government reopens and employees receive their first paycheck, the company said on its website http://bit.ly/2Cs7xAY.

The partial shutdown, which hit the four-week mark on Friday, is the longest in U.S. history. The shutdown means 800,000 federal workers nationwide would continue to go unpaid and some government functions would remain impaired.

The shutdown also clouds the outlook for spending, retailers and the economy at large because executives and policymakers weigh not just the direct impact of 800,000 federal workers going without pay, but also how much it can hurt consumer and business confidence.

PayPal said it will take up to three business days to deposit the cash advance into user's accounts from the date the company verifies their employment.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Shailesh Kuber)

Source: Reuters

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