What is the The Barstool Fund?
Portnoy launched the fundraising effort called “The Barstool Fund” in December of 2020 with the nonprofit 30-Day Fund for small businesses impacted by the pandemic and contributed $500,000 of his own money toward the effort. It has since raised more than $41 million for 443 local businesses.
The nonprofit 30 Day Fund was launched by Virginia technology entrepreneur Pete Snyder and his wife, Burson. Working with other business leaders throughout the nation, the Fund’s goal is to help save as many jobs as possible. Jeff Bartos co-founded the Pennsylvania 30 Day Fund with a group of local business leaders and worked with Barstool Sports to help save Reading Terminal Market. Since the first launch in Virginia, the 30 Day Fund launched in Pennsylvania, Georgia, Mississippi, Arkansas, and New Jersey.
The funds disbursed do not need to be repaid, but if businesses who receive the Fund’s assistance do, at a later date, wish to “pay it forward,” they may do so by directing those dollars back to the Fund, which will disburse them to another business in need. To date, the 30 Day Fund has raised more than $8 million and is on the way to funding more than 2,200 small businesses.
The Barstool Fund’s original intent was to provide financial aid to struggling restaurants amid the pandemic. But since then, the charity has stepped in to help numerous businesses in varying fields.
Bowling alleys, laundromats, salons, indoor sports facilities, mental health services, yoga and dance studios, and clothing manufacturers are just a few examples of the diverse businesses assisted.
To qualify for help, the small business must continue to pay their employees and refrain from reducing jobs. For those deemed qualified, the Barstool Fund typically issues a grant in the amount that will allow the business to survive another 30 days.
