PayPal Top Executive Says No Layoffs During Coronavirus Outbreak

There’s one company that won’t be disappointing its employees during the coronavirus outbreak and that’s PayPal.

PayPal’s chief executive Dan Schulman has said the company would not be laying off any employees due to the coronavirus outbreak.

Schulman stated, “We don’t intend to do any layoffs as a result of Covid-19,” on CNBC this week.

He added, “This is the right thing to step up, to make sure they know that we’ve got their back. If they’re sick, we pay them. If an office closes, we pay them.”

Schulman said “we really need to be sure that we have their health and their finances at heart as we deal with this crisis right now.”

PayPal is also allowing its business customers to push back repayments on business loans or cash advances at no additional cost and 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.”

Bank of America, Morgan Stanley, Starbucks, and Citigroup also recently announced that it wouldn’t cut any jobs this year as a result of the coronavirus.

Disclaimer: We have no position in Paypal Holdings Inc. (NASDAQ: PYPL) and have not been compensated for this article.