PayPal to give up $30M after DOJ accusations of bias in favor of minority-owned businesses |
PayPal to give up $30M after DOJ accusations of bias in favor of minority-owned businesses
PayPal is expected to launch a new initiative waiving processing fees on $1 billion’s worth of transactions at the value of $30 million after signing a Tuesday settlement with the Justice Department to resolve concerns about its previous commitment to support minority-owned businesses.
In 2020, the company created the Economic Opportunity Fund with intentions to use $530 million to uplift Black- and minority-owned small businesses following the controversial killing of George Floyd, who was strangled by a police officer in Minneapolis, Minn.
The Justice Department said the program was “discriminatory” while PayPal has denied accusations of wrongdoing.
Under the Tuesday settlement, PayPal has agreed to create the Small Business Initiative to support companies that are veteran-owned or engaged in farming,........