(Reuters) – PayPal Holdings Inc said on Friday it will offer $ 25 million in interest-free loans to its users working with the US federal government. UU And that are affected by the closure.
Employees who use the PayPal credit can get an advance of up to $ 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 your website.
The partial closure, which reached the four-week mark on Friday, is the longest in US history. The closure means that 800,000 federal workers throughout the country will remain unpaid and some government functions will remain impaired.
The shutdown also tarnishes spending prospects, retailers and the economy in general because executives and policymakers weigh not only the direct impact of 800,000 federal workers who do not pay, but also how much the trust of employers can affect them. consumers and businesses.
PayPal said that it will take up to three business days to deposit the cash advance in users' accounts as of the date the company verifies its employment.
Reporting by Aparajita Saxena in Bengaluru; Edition by Shailesh Kuber