PayPal has just earmarked $ 530 million to help combat systemic racial injustice and support companies owned by blacks and blacks and also minorities in the United States. As part of this investment, the company made financial commitments to strengthen its internal diversity and inclusion programs. The initiative includes short, medium and long term investments – the details of which are detailed at the end of this email. No action has been announced for Brazil.
The PayPal program includes short, medium and long-term investments. See the main points:
1. US $ 10 million will be earmarked for emergency grants to companies owned by black men and women impacted by Covid-19 or who have suffered vandalism and looting related to the recent civil protests.
2. Another $ 4.5 million will be made available as a program grant to our non-profit community partners who support black entrepreneurs by providing them with training, mentoring and access to digital solutions to accelerate their recovery.
3. PayPal created a $ 500 million economic opportunity fund to support investments in minority-led companies and minority-focused investment funds.
4. Internally, PayPal is committing $ 15 million to strengthen its diversity and inclusion programs, whose mission is to promote greater awareness, respect and inclusion.
5. And finally, the company has allocated $ 500,000 in incremental financing to its PayPal Give Employee Matching Gifts program. It works like this: the company will donate US $ 2 for every US $ 1 its employees donate to campaigns aimed at racial and economic justice in local communities.
