COVID-19

GoFundMe CEO: “We’re not yet seeing much around recovery”

Kai Ryssdal and Alli Fam Apr 28, 2020
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Tim Cadogan started as CEO of GoFundMe less than two months ago. Andrew Toth/Getty Images for AWXI
COVID-19

GoFundMe CEO: “We’re not yet seeing much around recovery”

Kai Ryssdal and Alli Fam Apr 28, 2020
Tim Cadogan started as CEO of GoFundMe less than two months ago. Andrew Toth/Getty Images for AWXI
HTML EMBED:
COPY

GoFundMe is an online crowdfunding platform. The site often sees a spike in activity amid events like natural disasters and humanitarian crises as users rally to provide financial aid to the affected communities.

But coronavirus is a pandemic, and the platform is witnessing unprecedented use.

Tim Cadogan is the CEO of GoFundMe, a position he started less than two months ago. He spoke to Marketplace host Kai Ryssdal about the experience, saying he had just “a week to meet my new company” before everyone began to work from home.

Cadogan also talked to Ryssdal about trends he is seeing on the platform and what those trends say about where communities are on the road to recovery.

“The first wave of activity is around medical workers, PPE and equipment,” he explained. “That then is shifting to small businesses, businesses and their employees. And that then is shifting deeper into the areas like food security, rent relief, and then starting to touch on the more hidden factors like mental health.”

He noted that “we’re not yet seeing much around recovery, which is the typical pattern for a disaster. We’re still very much in the middle of it.”

Click the audio player above to hear the interview.

COVID-19 Economy FAQs

What’s the latest on the extra COVID-19 unemployment benefits?

As of now, those $600-a-week payments will stop at the end of July. For many, unemployment payments have been a lifeline, but one that is about to end, if nothing changes. The debate over whether or not to extend these benefits continues among lawmakers.

With a spike in the number of COVID-19 cases, are restaurants and bars shutting back down?

The latest jobs report shows that 4.8 million Americans went back to work in June. More than 30% of those job gains were from bars and restaurants. But those industries are in trouble again. For example, because of the steep rise in COVID-19 cases in Texas, Gov. Greg Abbott, a Republican, increased restrictions on restaurant capacities and closed bars. It’s created a logistical nightmare.

Which businesses got Paycheck Protection Program loans?

The numbers are in — well, at least in part. The federal government has released the names of companies that received loans of $150,000 or more through the Paycheck Protection Program.

Some of the companies people are surprised got loans include Kanye West’s fashion line, Yeezy, TGI Fridays and P.F. Chang’s. The companies you might not recognize, particularly some smaller businesses, were able to hire back staff or partially reopen thanks to the loans.

You can find answers to more questions on unemployment benefits and COVID-19 here.

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