PayPal's CEO president and CEO, Dan Schulman, has a message for CEOs in America: Doing good should be part of every company's mission. That's why he decided to set up a $25 million fund to provide interest-free cash advances to federal workers last week.
"These folks are really hurting right now," Schulman told Squawk Box at the World Economic Forum in Davos, Switzerland, on Wednesday. "Many of these workers are living paycheck to paycheck. They really need our help."
Employees who use PayPal Credit will be able to get an advance of up to $500 each, without having to pay interest, and the program will last until the government reopens and employees receive their first paycheck.
The partial shutdown, now in its 33rd day, is the longest in history. The shutdown means 800,000 federal workers nationwide are going unpaid and some government functions remain impaired.
It also clouds the outlook for spending and the economy at large, since it can hurt business and consumer confidence.