PayPal, Inc. - Our Response to COVID-19

The coronavirus pandemic has presented all of us with unique challenges that will likely change our lives for good. But, in many ways, it has only reinforced the way we think about our business and our stakeholders. Our products and services are perhaps more important and more relevant than ever before, and we remain steadfast in our mission.

Supporting our employees

We believe that it's important to all our stakeholders that we put our employees first. We are focused on protecting both the health and financial security of our employees, and in turn, they are focused on doing everything they can to support our customers. We've been carefully monitoring medical and governmental guidance to make decisions that prioritize the well-being of our employees and the wider communities in which we live. We've supported our employees during this uncertain time by offering work flexibility, a crisis leave program, global wellness days, counseling support, as well as new tools and resources for parents. In 2021, we began a global COVID-19 testing and a vaccine reimbursement program and on-site vaccination clinic. And because the situation is constantly evolving, we're also taking measures to stay close with our employees to understand their changing needs and how PayPal can help.

Paycheck Protection Program by the numbers

PayPal was one of the very first non-bank lenders approved to distribute Paycheck Protection Program loans to the small businesses we serve. An analysis of lending data and transaction data shows that PayPal's facilitation of loans under the Paycheck Protection Program helped provide much needed capital for business continuity for small businesses and was over-indexed to underserved communities.

$3.2B

in Paycheck Protection Program loans

97,500

small businesses received funds

$26,000

average loan amount

308,000

jobs impacted

Supporting our customers and communities

Our customers need us now more than ever, and we continue to act quickly to ensure we meet their rapidly changing needs and expectations. We took a series of important actions early in the pandemic, including allowing small business customers to defer payments on their business loans, increasing protections with regard to refund and chargebacks, waiving instant fund transfer fees and doubling cashback rewards for the PayPal Business Debit Mastercard.

We are using our capabilities and resources to make a real difference, and working to do our part to help those who are most vulnerable. In 2021, we partnered with Uber and Walgreens to introduce the Vaccine Access Fund, allowing customers to donate to connect people without transportation to COVID-19 vaccination sites. As part of the coalition, we collectively donated $11 million, helping provide free rides for people in underserved communities.

The need for touch-free payments is more important than ever. We moved quickly to develop and introduce PayPal QR code technology in 28 markets around the world, from Australia to Sweden, to help our merchants reopen and accept payments safely and conveniently. We also introduced Buy Now, Pay Later to give consumers more flexibility and choice in how and when they can pay.

The pandemic has only further exposed the growing economic disparities and the shortfalls of our financial system. In 2020, we announced a comprehensive $535 million commitment to support Black and minority-owned businesses and fight economic inequality. In 2021, we completed the allocation of those funds. We felt it was critical to step up, live our values and commit to doing the necessary work over the long-term to help create a more equitable society.

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Supporting Our Customers and Communities

Supporting charities fighting COVID-19

We're empowering global generosity by enabling our employees, customers and partners to help others, whether through contributing to charitable relief organizations, matching programs for employee donations or facilitating other corporate initiatives and campaigns that are supporting relief and recovery efforts. PayPal and Venmo users are leveraging our platform to virtually tip service providers, bartenders, musicians, artists and small businesses, as well as to send contributions to schools, places of worship and hospitals. And we are helping other companies — such as Facebook, Verizon, Google, Airbnb and Spotify — raise money for those in need through our giving platform capabilities.

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Our Response to COVID-19