DOJ Extracts $30m Settlement From PayPal Over Minority-Owned Business Program
The Department of Justice has reached a settlement with PayPal after targeting the payments platform for a business program aimed at supporting Black- and minority-owned small businesses. Under the $30 million agreement, PayPal will launch a new Small Business Initiative that doesn't include a whiff of the diversity, equity and inclusion language so despised by the current administration.
The program in the DOJ took umbrage with was the Economic Opportunity Fund, which PayPal launchedin 2020. The endeavor planned to invest $530 million into Black- and minority-owned businesses, particularly those struggling during the COVID-19 pandemic. "For far too long, Black people in America have faced deep-seated injustice and systemic economic inequality," PayPal CEO and President Dan Schulman said at the time. "PayPal is uniquely positioned to help in this area, and we are committed to doing our part to address the unacceptable racial divide by advancing a more just economy...
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