PayPal Grant giving fund helps people support their favorite charities online. We receive donations through PayPal grant, eBay and other technology platforms and provide grants to charities recommended by our donors. PayPal Grant is a 501(c)(3) public charity registered with the IRS (federal tax number: 45-0931286).
In partnership with PayPal, we are pleased to announce the PayPal Empowerment Grants for Black Businesses program, which will award up to $10,000 to more than 1,000 Black-owned businesses that have been impacted by COVID-19 and the unrest civilians.
Money From PayPal Grant
PayPal Holdings, Inc. announced an additional $5 million grant program that will bolster the company’s support for Black business owners in the United States, which have been disproportionately impacted by the economic impacts of the coronavirus pandemic. COVID-19.
The new grant program is an extension of the $10 million PayPal Grant program for Black-owned businesses that PayPal announced in June as part of the company’s $530 million commitment to support people. black-owned businesses, strengthen minority communities and address economic inequality.
“When we made our initial commitment, we understood that decisive action was needed to move toward economic equality and close the racial wealth gap that has persisted for far too long in this country,” said Dan Schulman, President. and CEO of PayPal.
“As we witnessed the disproportionate and devastating impact of COVID-19 on Black businesses and communities, we knew we had to do our part to increase their chances of surviving and thriving.
With the rise in COVID-19 cases and the uncertain timing of a recovery, we are stepping up this support, which is critical to supporting these businesses and paving the way for an inclusive recovery.
PayPal Grant For Black Business Owners In USA
In August, PayPal, in partnership with the Association for Enterprise Opportunity (AEO), awarded $10 million in grants to 1,167 Black-owned businesses across the country to help them stabilize and reopen. These businesses will be eligible to receive additional grants, along with approximately 250 other Black-owned businesses that have qualified for funding.
The new grant program comes at a time when small businesses are struggling to stay afloat. A recent study found that nearly 40% of Black small business owners who received Paycheck Protection Program (PPP) loans have already been forced to lay off employees or cut wages due to the depletion of their PPP loans.
“Small businesses continue to face extreme hardship and uncertainty during this time, and PayPal is doubling down on support for the most vulnerable businesses,” said Connie Evans, president and CEO of AEO. “We are proud to remain their partner in this important work of creating access to both capital and resources that will help Black-owned businesses through this crisis and support their long-term success.”
In addition to the grant, PayPal and AEO have partnered with Deloitte, Facebook, Guidehouse, Mastercard and Qualtrics to provide all award winners with a capacity-building program that includes business training webinars, coaching and story-building opportunities. network designed to give business owners the tools they need to not only support, but grow their business.
Funding Sectors Where PayPal Offers Grants
Since June, PayPal has continued to fulfill its $530 million pledge that was designed to provide immediate relief to Black-owned businesses, while laying the foundation for sustained commitment and progress toward economic equality and social justice.
Most recently, PayPal invested $50 million in the Local Initiatives Support Corporation’s (LISC Small Business Aid) Black Economic Development Fund. It is the largest single investment in the fund designed to support Black-led banks, institutions and businesses and expand economic opportunity in the communities they serve. Other actions include:
- Supporting Black-Owned Businesses: PayPal grant awarded $5 million in grants to 20 nonprofit community partners to support their work supporting Black-Owned Businesses across the United States in their post-impact recovery of the COVID-19 pandemic.
- Investing in Community Banks and Credit Unions: PayPal deposited $50 million in Optus Bank, a black-owned bank based in South Carolina dedicated to providing equal access to capital and financial services for the back warded Minority communities.
- Invest in Minority-Focused Investment Funds: PayPal is investing $50 million in eight early-stage venture capital funds, led by Black and Latinx, to bring more equity to the fundraising process .
PayPal Grants Continue To Help Small Business Owners
PayPal Empowerment Grants have helped many small business owners in Chicago support themselves during the COVID-19 pandemic. In June this year, PayPal announced a $530 million commitment to support small businesses and Black-owned communities across the country that have suffered setbacks due to COVID-19.
Since the announcement, PayPal grant has awarded $10 million in grants to more than 1,100 businesses, with Chicago ranking among the top five cities to apply for and receive funds.
Paypal Small Business Chicago Defender One of the recipients, Desiree (Desi) O’Kelley-Smith, a small business owner of Desi’s Full Service Salon in the south end of the city, said that after 33 years of activity, it had been forced to close for three years. months due to COVID abruptly.
During its closure, Desi sought grants and other sources of funding to help pay rent and continue to pay its staff, but had no luck. She said: “The city had funding programs but unfortunately I was not selected for any of them.
And when it comes to federal funding, primarily the Paycheck Protection Plan (PPP), all of that money was sent in the first round to big business. In the next round of PPP loans, Desi received funds, but it still wasn’t enough, leaving her to keep looking for more.
Paypal Commits Over $100 Million To Empower Women And Girls
PayPal Holdings, Inc. announced Business grants for women and commitment of more than $100 million to advance financial inclusion and economic empowerment for women and girls around the world over the next five years.
This commitment builds on previous actions the company has taken to create a more inclusive economy, where everyone has the opportunity to participate and thrive.
PayPal also has a long track record or of promoting gender equality within its workforce. Over the past five years, PayPal has maintained 100% gender pay equity globally, as well as ethnic pay equity in the United States, and has strong family leave policies in place to attract and retain the women.
The company has also been recognized by the National Partnership for Women and Families for its maternity leave, parental leave, family care leave and sick leave policies.