Facebook to Offer $100 million in Cash Grants to Small Businesses
Mar 18th, 2020 @ 9:30 PM by Amber Nelson
Facebook Inc announced Tuesday a new $ 100 million program to aid small businesses around the world affected by the coronavirus outbreak.
“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,” said Facebook Chief Operating Officer Sheryl Sandberg in a post.
Up to $100 million in cash grants and ad credit will be available to as many as 30,000 companies. That works out to an average of $3,333 per business. Those grants can be used to pay for essential needs like rent, employee salaries or operational costs while the country continues to deal with COVID-19.
“We heard directly from them that they were in need, very nervous, and not able to pay a lot of their employees, and worried their doors would shut,” Sandberg said in an interview on CNBC’s Mad Money. “We’re trying to help businesses pay their employees but also shift their businesses online.”
The grants can also be used to pay for marketing and Facebook advertising. “This is not going to be 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 also posted on her page that Facebook is hoping to provide more than just small business funding. “We also want to make it easier for businesses everywhere to find help and receive training and support from our teams,” Sandberg explained. “We’ve made our Business Hub – 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.”
Facebook will provide more details soon about when and how businesses can apply for the grants.
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.