PayPal has agreed to end a loan program for black and minority-owned businesses as part of a settlement agreement with the U.S. Department of Justice (DOJ), which accused the program of discriminating against white people.
PayPal had launched its $530 million Economic Opportunity Fund in 2020 to boost investment in black and minority-owned businesses. The Trump administration accused PayPal’s program of violating the federal Equal Credit Opportunity Act (ECOA), according to the settlement agreement.
