Jack Dorsey's Cash App Gives Away Funds To Users During Coronavirus Pandemic

Square Inc. SQ subsidiary Cash App on Wednesday announced that it is donating money to users.

"We want to help. Send us your $cashtag," Cash App said on Twitter. The message was retweeted by Square CEO Jack Dorsey, who also heads Twitter Inc. TWTR.

Sending cash out to folks. Drop your cashtag https://t.co/foX5IYVtEe

— jack (@jack) March 18, 2020

Cash App's decision comes at a time when the novel coronavirus pandemic is significantly impacting the global economy.

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

Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.

As reported by Forbes, many Twitter users have been using the platform to ask for financial aid.

I work in the service industry and we just closed our doors for an indefinite amount of time. Have been doing some Postmates but it has been very slow. Have a dog I gotta get food for, and some bills to pay until my next check comes in. Anything will help. Cash app $kylesaidthis

— Kyle Harris (@itskyleharris) March 16, 2020

It's unknown how many people will receive help from Cash App or how much the company is giving away.

Other companies, including Amazon.com Inc. AMZN, have announced relief funds for other smaller businesses impacted by the pandemic.

President Donald Trump on Wednesday signed coronavirus relief legislation into law that's aimed at providing financial aid to businesses and workers facing repercussions from the pandemic.

Square's shares closed 11.69% lower at $39.50 in the regular session on Wednesday. The shares traded 5% higher to $41.50 in the after-hours session.

Photo courtesy of Square.