News Summary

The Department of Justice (DOJ) has reached a $30 million settlement with PayPal concerning its program aimed at supporting Black- and minority-owned small businesses. The program, initially launched in 2020 as the Economic Opportunity Fund, aimed to invest $530 million into minority-owned businesses affected by the COVID-19 pandemic. Under the settlement, PayPal will shift its focus to a new Small Business Initiative, waiving processing fees for $1 billion in transactions for veteran-owned, farming, manufacturing, and technology companies. This settlement follows similar actions by the DOJ, including a recent $17 million settlement with IBM over diversity, equity, and inclusion (DEI) programs.