Airbnb Sets Aside $250M For Hosts To Help With Cancellations

Airbnb has set aside $250 million to help hosts dealing with missed or canceled bookings due to the coronavirus pandemic.

The company said the aid applies to reservations booked on or before March 14 with a check-in date between March 14 and May 31.

If a booking is covered, guests will be able to cancel for a full refund under coronavirus-related circumstances. Airbnb will pay 25% of what hosts would've received for a cancellation so they can get back at least some of that lost money. 

Airbnb has been hit hard by the ongoing coronavirus outbreak, since the company is dependent on tourism and travel. And relief isn't exactly around the corner as many areas around the world continue to issue or extend social distancing guidelines.

Airbnb says it will begin issuing payments to hosts in April.