Facebook to Launch $100 Million Program To Help Small Businesses Impacted By Coronavirus - Black Enterprise

Facebook to Launch $100 Million Program To Help Small Businesses Impacted By Coronavirus

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Facebook has always prided itself as a platform that supports everyday entrepreneurs that use the platform to leverage their brand. This week, the company announced that they will be doing their part in aiding small business owners impacted by the global COVID-19, also known as the coronavirus, crisis.

The tech company will be creating a $100 million program to go to small businesses after the governments on both local and federal levels have been continuously urging establishments such as restaurants or gyms to close their doors to slow the spread of the virus outbreak.

“We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19,” the company said in a blog post announcing the grants. “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.”

Available grants can go up to $30,000 for eligible small business owners in over 30 countries, which averages out to be $3,333 per business. This can help a lot of businesses who are drowning just to stay open and weather this public health crisis due to the sharp drop in traffic. The funds can be used for costs like rent, operations, and maintaining their workforce.

“This is not going to business as usual, and the marketing industry is certainly going to see a real impact,” said Chief Operating Officer Sheryl Sandberg to Bloomberg News. “I don’t think anyone knows how big.”

Sandberg also mentioned on her Facebook page that the company is looking at ways to expand virtual training for business owners to use as resources through an unsettling time. Sandberg went on to say that Facebook will have more to share over the next few weeks.

The company will be accepting applications in the coming weeks.