On Tuesday Facebook launched a $100 million plan to support small businesses as governments around the country are encouraging gyms and restaurants to shut their doors to slow down the coronavirus pandemic.
Regardless of how the COVID-19 pandemic plays out in the coming weeks and months, it has already been devastating for small companies, with some pushing closer to public safety, while others are taking a big hit in both sales and credit access.
Facebook official commented, “We know your company could experience disruptions from the global COVID-19 outbreak. We’ve heard that a little financial assistance can go a long way, and during this difficult period we are providing $100 million in cash grants and ad credits to assist. During these trying times, It is necessary to step back and appreciate the good individuals and companies are doing to support those in need. There are stories of success that we can lean on for inspiration despite all the negativity”.
When Facebook will start this?
In the coming weeks, Facebook will start accepting applications. The company said the system would help rent and operational costs for companies, retaining the workforce and engaging with consumers.
The organization also revealed today that it is working with the Lenfest Institute for Journalism and the Community Media Association to give a total of $1 million in grants to newsrooms in the U.S. and Canada that need more money to better cover the pandemic.