PayPal to give up $30M after DOJ accusations of bias in favor of minority-owned businesses
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PayPal will waive processing fees on $1 billion in transactions, totaling $30 million, following a settlement with the Justice Department over accusations of bias in favor of minority-owned businesses. The DOJ deemed PayPal's Economic Opportunity Fund, aimed at supporting Black- and minority-owned businesses, as discriminatory. In response, PayPal will launch a Small Business Initiative to assist veteran-owned and other small businesses, while denying any wrongdoing. The company will also report annually on the initiative's progress, emphasizing its commitment to supporting American small businesses.
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