Coronavirus

PayPal’s Global Impact Report Highlights Its Response To COVID-19

PayPal

PayPal Holdings Inc., the California-based online payments system, on Monday (April 27) released its annual Global Impact Report, which typically highlights the firm’s progress on advancing profitability, promoting a diverse workforce, minimizing pollution and operating responsibly.

But this year the company, with more than 300 million consumers and merchants in more than 200 markets, said its many missions were overshadowed by its response to the coronavirus pandemic.

PayPal said it implemented measures to protect employees through remote working policies and increased paid time off through a crisis leave program. It helped 24 million merchants impacted by COVID-19, including waiving some fees and deferring repayment on select business loans.

Additionally, the Global Impact Report highlighted PayPal’s support of community relief efforts through a new employee giving program, global fundraising campaigns through PayPal’s Giving Fund and donations to relief efforts in impacted regions.

The company also said it worked with governments and regulatory agencies to efficiently provide loans to small businesses through the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) and distributed government stimulus payments to taxpayers.

“The responsibility of corporations has moved beyond simply delivering shareholder profits,” Dan Schulman, president and CEO of PayPal, said in a statement. “Given the challenges the world is facing as a result of the COVID-19 pandemic, we are committed to supporting the needs of our employees, customers, and communities and helping them navigate this unprecedented time.”

The 62-year-old chief executive said PayPal upped wages and benefits, reduced healthcare costs and gave every employee stock in the company.

PayPal said its efforts to build a diverse workforce resulted in a 6 percent increase in women in tech roles and a 12 percent increase in minorities at management levels since 2015.

Sixty-five percent of the energy in data centers was made with renewable energy as PayPal expects to meet a 100 percent goal by 2023.

PayPal said it has leveraged $16 billion in contributions, including more than $10 billion in contributions to charitable causes, from 40 million people worldwide in 2019.

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