Facebook is Rolling out $100 million in Cash Grants and Ad Credits
March 22nd 2020
As the United States hunkers down to prevent the continued spread of COVID-19, many companies and government agencies are ramping up efforts to reduce the financial impact of the near-nationwide mandate to shelter in place.
Facebook is one of them.
Said Chief Operating Officer (COO) Sheryl Sandberg on a post on her Facebook page, “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.”
In response, on March 17, the company announced a $100 million grant program for small businesses negatively affected by COVID-19. Facebook will give away money and/or ad credits to 30,000 businesses worldwide – in the 30 countries in which Facebook operates.
Facebook says the funds granted can be used to get caught up on rent, pay operational expenses, pay labor, or invest in marketing.
Sandberg explained, “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.”
Although details are still being worked out, you can sign up for updates on the Facebook Small Business Grant program site.
Sandberg says, “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 —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.”