PayPal settles DOJ case, offers $1B processing fee waiver
PayPal just wrapped up a settlement with the US Department of Justice over its $530 million Economic Opportunity Fund, which was meant to help Black and minority-owned businesses.
The fund, started in 2020 after George Floyd's death, was accused of violating anti-discrimination laws.
Now, instead of admitting fault, PayPal will launch a new Small Business Initiative that waives processing fees on $1 billion in transactions for eligible small businesses.
Trump administration targets race-based corporate programs
The new initiative opens doors for businesses in agriculture, manufacturing, tech, and veteran-owned sectors to save money on fees.
PayPal is waiving processing fees on $1 billion in transactions as part of the settlement but says this move is about supporting small business growth.
Meanwhile, the Trump administration has been cracking down on race-based corporate programs (calling them discriminatory) and says it will keep enforcing these policies aggressively.