Walmart announced it would be giving out nearly $550 million in early bonuses to its hourly employees amid the coronavirus outbreak.

"Walmart associates have gone above and beyond the call of duty in serving our customers during these unprecedented times," Walmart's CEO Doug McMillon told the Hill on Thursday. "We want to reward our associates for their hard work and recognize them for the work that is in front of us."

The company is giving full-time hourly employees a bonus of $300, while part-time workers will get $150. The store is also planning on moving up its quarterly bonuses to April for its associates.

The company also said it would be hiring another 150,000 people through May. "Millions of Americans who are usually employed at this time are temporarily out of work, and at the same time we’re currently seeing strong demand in our stores," McMillon said. "We’re looking for people who see Walmart as a chance to earn some extra money and perform a vital service to their community."

The coronavirus is likely to make a strong impact on the U.S. labor market. Officials in the Trump administration asked states not to reveal the total number of unemployed for now in order to keep the stock market from tanking more.