Jack Dorsey’s Cash App Distributes Funds To Users During Coronavirus Pandemic

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Carré inc. (NYSE: SQ) subsidiary Cash App announced Wednesday that it is donating money to users.

“We want to help you. Send us your $ cashtag,” Cash App said on Twitter. The post was retweeted by Square CEO Jack Dorsey, who also runs Twitter Inc. (NYSE: TWTR).

Cash App’s move comes at a time when the novel coronavirus pandemic is having a significant impact on the global economy.

Businesses are taking massive losses, with authorities enforcing lockdowns, quarantines and advising people to practice social distancing. The travel, food and entertainment sectors are particularly affected.

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As Forbes reported, many Twitter users have used the platform to apply for financial assistance.

It is not known how many people will receive help from Cash App or how much the company gives.

Other companies, including Amazon.com Inc. (NASDAQ: AMZN), announced relief funds for other small businesses affected by the pandemic.

President Donald Trump on Wednesday signed a coronavirus aid law that aims to provide financial assistance to businesses and workers facing the repercussions of the pandemic.

Square shares closed down 11.69% at $ 39.50 in Wednesday’s regular session. The shares traded 5% higher at $ 41.50 during the after-hours session.

Photo courtesy of Square.

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