Facebook on Tuesday announced a $100 million program to help small businesses as governments throughout the country urge small business to close their restaurants, bars and Yoga studios to slow down the coronavirus (Covid-19) pandemic.
In a blog post announcing the grants, Facebook said, “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 the grants will be available for up to 30,000 eligible small businesses in over 30 countries. Some of the funds will go to:
- Keeping a workforce going strong
- Helping with rent costs
- Connecting with more customers
- Covering operational costs
In an interview with Bloomberg News on Monday, Chief Operating Officer Sheryl Sandberg said the marketing industry is bound to take a big hit as a result of the coronavirus fallout. “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,” she said.
Sandberg said on her Facebook page Tuesday that the company is looking at ways to expand virtual training “to support businesses operating in this new and unsettling environment.”
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