The Barstool Fund has so far raised $18m and will help at least 76 small businesses throughout the pandemic.
US.- Penn National Gaming has donated $1m to the Barstool Fund which supports small businesses economically struggling through the coronavirus pandemic.
The Barstool Fund was launched by Dave Portnoy, founder of Barstool Sports, on 17 December last year.
Penn National, the largest regional casino operator in the US, paid $163m for a 36 per cent stake in Barstool Sports just before the pandemic came into motion.
Portnoy began the relief fund with $500,000 of his own money, but the cause has now raised over $18m which will be used to help at least 76 local businesses in the Pennsylvania region and beyond.
The businessman has been openly critical about Covid-19 state-imposed restrictions and their effects on small businesses.
Speaking during the launch of the Barstool Fund in December, Portnoy said: “I’ve been ranting and raving about the plight of small businesses. How do you expect these people to survive? Nobody seems to care in the government. No plan, no relief, no bailout.”
Businesses must continue to pay their employees even throughout reduced or closed operations in order to qualify for Portnoy’s funding.
The state of Pennsylvania recently imposed a three-week lockdown on casinos after a spike in coronavirus cases. The properties were permitted to reopen this week, but at a 50 per cent reduced capacity amongst other restrictions.
With Penn National’s donation to the Barstool Fund, many more suffering businesses will be able to receive donations.