The Barstool Fund raises millions to support small business
January 27, 2021
Unprecedented times call for unprecedented measures. Dave Portnoy, CEO and founder of Barstool Sports, has stepped up to the challenge for small businesses struggling due to COVID-19.
Currently, the Barstool Fund has raised nearly $30 million and helped 177 small businesses nationwide. Portnoy started the Barstool Fund in response to what he judged as an inadequate response by the U.S. government to help small businesses struggling because of regulations and restrictions put in place to stop the spread of COVID-19.
After having called out the government, Portnoy put his money where his mouth is. Donating $500,000 of his own money, Portnoy jump-started the Barstool Fund by leading by example. He then used the massive following of Barstool Sports and his personal Twitter account to spread the word about the Barstool Fund and its mission. One night later, $20 million had been donated to the fund.
Despite minimal media coverage, Portnoy was able to rally the die-hard supporters of Barstool Sports, also known as “stoolies”, to help save small businesses. Portnoy used his celebrity status to get people like Aaron Rodgers, and companies like Penn Gaming to donate and promote the fund themselves. As a result, the Barstool Fund was able to raise millions in a matter of weeks.
To qualify for the fund a business needs to only prove two things. First, that they still have employees on payroll. Second, that they are a small business. Simple as that. Portnoy made an emphasis on his Twitter that requiring companies to continue to pay their employees is putting much-needed money into the pockets of everyday Americans.
Besides paying employeesBusinesses helped by the fund are encouraged to do something useful with the money. Borrelli’s, a restaurant helped by the fund, used the money to cook meals for homeless people. Using the Barstool Fund money, Borrelli’s was able to put their employees to work and feed hungry people. All while being safe from going out of business because of COVID-19.
Portnoy’s final requirement is that the Barstool Fund will continue to give money to the businesses they help monthly until COVID-19 restrictions are lifted and businesses are able to return to normal.
Going forward Portnoy and Barstool Sports have made it clear that the Barstool Fund is here to stay. Once again taking to Twitter, Portnoy continues to rally stoolies and harass celebrities for donations and publicity. Even tagging CNN and other major news networks for their blatant lack of reporting on the fund, despite its massive publicity.
The Barstool Fund is a great example of how the American people can still unite to help one another. Portnoy and Barstool Sports had no reason to do what they are doing and they did it anyway. Portnoy saw a problem and did something about it. The greed of corporate America and lack of government help for those who truly need it triggered Portnoy to rise to the challenge. Showcasing the heart of a typical American and the desire to help each other, The Barstool Fund is saving lives.