Facebook said Tuesday it plans to award $100 million in cash grants and ad credits for up to 30,000 small businesses in over 30 countries to address the economic impact of the coronavirus outbreak.
"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," Facebook said.
As part of the The Facebook Small Business Grants Program, Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where the company operates. Facebook promised to share more details as they become available.
The program, for example, could help companies with their rent costs, other
operational costs or run advertising on Facebook.
Facebook Chief Operating Officer Sheryl Sandberg said in a post Tuesday that the economic disruption poses a severe risk to small businesses. “We’ve listened to small businesses to understand how we can best help them. We’ve heard loud and clear that financial support could enable them to keep the lights on and pay people who can’t come to work,” Sandberg said, adding that Facebook is also going to make it easier for small businesses to get training and support from its teams.
Facebook says it will begin taking applications in the coming weeks.