PayPal offers $500 credit to workers affected by government shutdown

By Government SpendingFOXBusiness

Mounting concerns a prolonged partial government shutdown could bring US economic growth to a halt

Moody's Capital Markets Chief Economist John Lonski on the impact of the partial government shutdown on the U.S. economy.

PayPal said on Friday it will offer a credit line up to $500 to federal employees who are impacted by the partial government shutdown, which will stretch into its fifth week on Saturday.

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In order to qualify for the interest-free assistance, workers need to be a federal employee with a PayPal and PayPal credit account in good standing; otherwise, they can apply for a PayPal credit account, which is subject to credit approval.

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The online-payment company said it would take up to three business days to deposit the cash advance into workers’ accounts.

There’s still no end in sight to the 28-day shutdown, which began on Dec. 22. Although three-fourths of the government remains open, about 800,000 employees are feeling the effects; nearly half have been sent home on unpaid leave, while a little more than half are working without pay.

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PYPLPAYPAL HOLDINGS INC.118.63-1.24-1.03%

Employees who work through the shutdown will be paid back for their work, but it’s uncertain whether those who have been furloughed will be paid.

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Five federal institution regulators and state regulators have also urged banks to work with consumers impacted by the shutdown. Although effects are likely to be temporary, affected borrowers can face time-sensitive hardships, such as making payments on debts including mortgages, student loans, car loans, business loans or credit cards.

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