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March 31, 2020Blog Posts

‘This is the right thing’ — PayPal is the latest company to take a no coronavirus-layoffs pledge and offer merchants more flexibility

CNBC

PayPal will not layoff any employees due to the coronavirus pandemic, CEO Dan Schulman said Tuesday, making the digital payments provider the latest company to make such a pledge.

“We don’t intend to do any layoffs as a result of COVID-19,” Schulman said on CNBC’s “Squawk on the Street.” “This is the right thing to step up, to make sure they know that we’ve got their back.”

In addition to its no-layoff pledge, PayPal has taken steps to assist its business customers who are struggling with the economy coming to a near halt, Schulman said. 

PayPal is allowing its business customers to push back repayments on business loans or cash advances at no additional cost. It also is doubling the window in which merchants can respond to a customer dispute and waiving fees for instant withdraws from business accounts.

“We’re basically trying to give small businesses the flexibility to deal with the issues they have right now,” Schulman said. “We’re one of the largest providers of working capital to small businesses, and we’re going to continue to provide that where we can.” 

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