KOHO is piloting a new Early Payroll feature that will help those under financial strain pay their bills and make ends meet.
KOHO’s Early Payroll pilot will grant users free access to $100 of their CERB payment before the scheduled payday. KOHO will not charge fees or interest.
In March, KOHO partnered with the Canada Revenue Agency to allow Canadians to receive their Canada Emergency Response Benefits (CERB) seamlessly through the KOHO app.
The company hopes this new option will provide a cushion that many Canadians could use right now to help pay bills and necessary expenses, and avoid harmful loan alternatives.
“The economic impact of COVID was not equally distributed,” said Daniel Eberhard, Founder and CEO of KOHO.
“A lot of lower and middle income Canadians are vulnerable right now. The KOHO team did an amazing job putting this together so quickly. We hope it helps.”
Now live in the latest version of the KOHO app, KOHO users who have their CERB benefits being directly deposited into their KOHO account will be eligible to receive $100 three days prior to their next scheduled government benefit.
The $100 will automatically be debited from the user’s account when they receive their next CERB direct deposit, making the process simple, adaptable, and with no strings attached.