PayPal reaches $30 million DOJ settlement over 2020 program for Black-owned businesses

PayPal will waive $30 million in processing fees for $1 billion in small business transactions as part of a new settlement with the Department of Justice (DOJ) signed on May 12.

The settlement resolves a DOJ investigation into PayPal over a 2020 program that guaranteed a $530 million investment for Black and minority-owned businesses. The government claimed that the program was unlawful under the Equal Credit Opportunity Act, which bars credit discrimination based in part on race or ethnicity.

PayPal will launch a new program for veteran-owned small businesses or those in farming, manufacturing, or technology. However, the settlement stipulates that PayPal admits to no wrongdoing and will not pay a........

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