(Updates with PayPal's response to a request for comment in the last paragraph.)

The Department of Justice said Tuesday it secured a settlement with PayPal (PYPL) under which the company must launch a new Small Business Initiative that excludes criteria based on national origin, race or other protected characteristics.

Under the initiative, PayPal must waive processing fees totaling roughly $30 million for eligible small businesses that are veteran-owned or engaged in manufacturing, farming or technology, the DOJ said.

The settlement stems from an investigation "into a discriminatory investment program created for black and minority-owned businesses," the DOJ said.

"For more than two decades, PayPal has helped small businesses start, scale, and thrive by expanding access to digital financial tools," a PayPal spokesperson said in an emailed statement. "We're excited to launch the Small Business Initiative to infuse American small businesses with even more economic opportunity."

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