Airbnb creates fund for hosts

Airbnb said it will funnel $250
million toward helping its hosts cover costs related to Covid-19 cancellations.

The company created the fund to help hosts after allowing
customers to cancel and receive full refunds. They can get their money back for
bookings made between March 14 and May 31.

In a letter to hosts, Airbnb CEO Brian Chesky said, “While I
believe we did the right thing in prioritizing health and safety, I’m sorry
that we communicated this decision to guests without consulting you — like
partners should. We have heard from you and we know we could have been better

Under Airbnb’s $250 million aid initiative, the company will
pay hosts 25% of what they would have normally received on any coronavirus-related
cancellations. Payments to hosts were due to begin April 1. 

Airbnb has also established a $10 million Superhost Relief
Fund for the company’s top-rated and most experienced hosts. Airbnb co-founders
Brian Chesky, Joe Gebbia and Nathan Blecharczyk contributed $9 million to the
Superhost fund, with Airbnb employees donating the remaining $1 million.

Under the Superhost Relief Fund program, Airbnb Superhosts
can apply for grants for up to $5,000 that don’t need to be paid back.

According to Airbnb, hosts will also be eligible to apply
for small-business grants, small-business loans and unemployment assistance from
the federal government.

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