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PayPal CEO offers $25m in cash advances for federal employees

PayPal CEO Dan Schulman. Photo: John Lamparski/Getty Images

PayPal CEO Dan Schulman announced in a USA Today op-ed Friday that the company would be committing $25 million in interest-free cash advances to federal employees impacted by the government shutdown.

Details: Schulman writes that 40% of all Americans aren't able to cover a $400 emergency expense, and that nearly 80% of full-time workers live paycheck to paycheck. Because many in the private sector are "in a position to help," Schulman writes, PayPal will offer up to $500 in interest-free cash advances to "any existing or new PayPal Credit customers who are federal employees and are struggling to make ends meet."

Go deeper: All the ways Americans are feeling the effects of the shutdown

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