Facebook Pledges $100 Million to Aid Small Businesses During Pandemic
Facebook launches a $100 million relief program offering cash grants and ad credits to 30,000 eligible small businesses globally. The initiative aims to help companies cover operational costs and keep workers on payroll amid the coronavirus outbreak.
Facebook announces a $100 million global relief program to support small businesses affected by the coronavirus pandemic. The initiative provides cash grants and ad credits to 30,000 eligible businesses across more than 30 countries. Recipients use the funds, which average around $3,300 each, to cover rent, maintain payrolls, manage operational costs, and communicate with customers.
The social media giant reveals that it is still developing the specific eligibility criteria for the financial assistance. However, the company states that it plans to start accepting applications from struggling small businesses in the coming weeks. This broad-based effort reaches far beyond the borders of a similar, smaller $5 million relief fund recently established by Amazon for its immediate Seattle headquarters area.
In addition to the direct financial aid, Facebook offers a Business Resource Hub to guide companies through the ongoing outbreak. Chief Operating Officer Sheryl Sandberg highlights these educational resources and notes that the platform is exploring ways to expand virtual training programs. These combined efforts show Facebook's commitment to helping small enterprises navigate the unprecedented economic challenges of the global health crisis.