A relief fund has been set up in America to help get cash to consumers hardest hit by Coronavirus.
In Brief:
-
Project 100 aims to send 100,000 to Americans.
-
The effort is led by GiveDirectly which has partnered with FinTech Propel.
-
Google, Rihanna’s Clara Lionel Foundation and the Schusterman Family Foundation have all joined to help.
What does this mean?
GiveDirectly partnered with Propel to get the money to consumers since Propel already has an app that helps people manage food stamps and can use its data to target the poorest areas. So far, Project 100 has raised $55mn of a targeted $100mn. The idea is that those hit hardest by the virus need cash; cash recognizes that everyone’s needs will be unique and best known to themselves.
