Facebook debuts $100M program to aid small businesses impacted by COVID-19

Facebook announces a $100 million program for small businesses that are impacted by COVID-19. (Pixabay)

Facebook is giving small business a financial boost to the tune of $100 million in cash and ad grants to help them deal with the impact of the coronavirus. With restaurants, stores, stadiums and gyms being closed across the globe, Facebook will dole out grants to up to 30,000 small businesses in more than 30 countries, according to a blog post.

"We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19," Facebook said on its blog. "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."

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Facebook said it would offer more details on the program as they become available, but in the meantime small businesses can sign up for updates. Facebook said it would be taking applications over the coming weeks. Facebook is also offering small businesses help with the impact of the coronavirus through its recently launched Business Resources Hub.

While lending a hand during turbulent times is admirable, Facebook is helping some of the customers that helped it generate $21 billion in revenue in its most recent fourth quarter, although small businesses accounted for a small portion of Facebook's overall revenues.