Over the world, the global pandemic COVID-19 for months now, is hitting hard on businesses, with some forced to close for public safety, while others are taking a big hit in both revenue and access to credit.
Facebook has moved to announced that it is creating a $100 million grant program for small businesses across all the countries where Facebook currently operates. Though, applications aren’t open yet, but the company says this will include both ad credits and cash grants that can be spent on operational costs like paying workers and paying rent.
It reads: “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 has also created a small Business Resource Hub with tips and resources for businesses trying to survive during the outbreak.
In a Facebook Post, the COO Sheryl Sandberg said they’re willing to do more, via partnerships, working closely with businesses, individuals and groups to weather the storm. It reads:
“As the COVID-19 outbreak escalates, our focus has been on keeping people safe and informed by making sure everyone has accurate information, supporting global health experts and stopping misinformation. Our thoughts, like everyone’s, are with our loved ones and our communities and all of those impacted around the world.
In recent weeks, we have seen inspiring examples of individuals and groups helping each other. People across the globe are stepping up, rising to the enormous challenge in front of us. We want to do our part too. Small businesses are the heartbeat of our communities, and many of the people who run these businesses are heavily affected by the crisis – especially as more and more people sensibly stay home. The longer the crisis goes on, the greater the risk to small businesses and to the livelihoods of their owners and employees.
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. That’s why today I’m announcing that Facebook is investing $100 million to help 30,000 small businesses in over 30 countries where our employees live and work.
That’s just the start. We also want to make it easier for businesses everywhere to find help and receive training and support from our teams. We’ve made our Business Hub [Facebook.com/resource]—a resource for Facebook employees and health experts—readily available for all. We are also creating new virtual training to support businesses operating in this new and unsettling environment.
We want to do more. Teams across our company are working every day to help businesses. We’re looking at additional ways to host virtual trainings – and will have more to share in the coming weeks – and we’re finding more ways to help people connect and learn to use technology through Blueprint, our free e-learning training program.
Whatever happens next, we will be working to help businesses weather this storm. Please keep safe and look out for those around you..”
In addition, Facebook also announced today that it’s partnering with the Lenfest Institute for Journalism and the Local Media Association to offer a total of $1 million in grants for U.S. and Canadian newsrooms that need more resources to properly cover the pandemic. These individual grants will be for up to $5,000.