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

Braintree still seeing strong growth as part of PayPal

The PayPal app on an iPhone.
Photo: Miguel Candela/SOPA Images/LightRocket via Getty Images

Although it's now just one part of PayPal, the once independent payment processor Braintree continues to see strong growth, with revenue up 54% in 2017.

By the numbers: The company is now handling more than 6 billion transactions a year, with more than $500 billion in payment volume handled since PayPal acquired it five years ago.

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