- Facebook has just announced it launched a $100 million program to help small businesses that are dealing with economic slowdowns
Facebook has just announced it launched a $100 million program to help small businesses that are dealing with the slowdown in operations due to COVID-19 (coronavirus). These grants will be available for up to 30,000 businesses in more than 30 countries. The grants could significantly benefit businesses that are seeing a major drop in business.
“We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time,” says Facebook in an informational page about the program.
In the next few weeks, Facebook will start accepting applications. And Facebook pointed out that this program could help businesses pay for rent and operational costs along with maintaining their workforces.
Recently, Facebook chief operating officer Sheryl Sandberg went on Bloomberg and said: “This is not going to business as usual, and the marketing industry is certainly going to see a real impact. I don’t think anyone knows how big. So we’re going to watch and look.”
And in a Facebook post, Sandberg also highlighted the possibility for Facebook to expand on virtual training in order to support businesses that are “operating in this new and unsettling environment.”
During the coronavirus pandemic, Facebook said it will pay employees $1,000 bonuses. Facebook has 45,000 full-time workers and thousands of contractors.
