The video of Floyd being choked to death by a police officer in Minneapolis last month has sparked a new wave of Black Lives Matters protests that has forced companies to confront their own records on race issues.

While many firms have been roundly mocked for carefully crafted social media messages of solidarity with the Black community, PayPal has now put its money where its mouth is with a substantial economic package.

"For far too long, Black people in America have faced deep-seated injustice and systemic economic inequality. Black lives matter and we need to drive transformative change. We must take decisive action to close the racial wealth gap that sustains this profound inequity," says Dan Schulman, CEO, PayPal.

The payments giant is making a $500 million commitment to create an economic opportunity fund that will support and strengthen Black and underrepresented minority businesses and communities over the long term.

This will involve deeper ties with community banks and credit unions serving underrepresented minority communities, as well as investing directly into Black and minority-led startups and minority-focused investment funds.

Another $10 million has been earmarked for empowerment grants to Black-owned businesses impacted by Covid-19 or civil unrest, while an extra $5 million will fund programme grants and employee matching gifts for nonprofit partners working with Black business owners.

Finally, PayPal is putting $15 million into efforts to improve its own internal diversity and inclusion programmes.

Says Schulman: "We've listened to leaders in the Black community about the challenges facing Black business owners and the support and investments needed to sustain Black-owned businesses and create long-term economic opportunity.

"The holistic set of initiatives we are implementing are designed to help address the immediate crisis and set the foundation for sustained engagement and progress towards economic equality and social justice."