Facebook to Award $100 M in Cash Grants to Small Businesses

Facebook’s Chief Operating Officer Sheryl Sandberg posted on Facebook about the company’s plans to help small businesses that have been affected by COVID-19. In the post, she stated that the economic disruption poses a severe risk to small businesses. Facebook will help by awarding $100 million in cash grants and ad credits to small businesses.

…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…

Reuters reported that companies will be able to use cash to pay rent, cover operational costs, or run advertising on Facebook. Reuters also pointed out that Facebook will disclose more details soon about how businesses will be able to apply for assistance.

The Facebook for Business website now has a Boost With Facebook page. Small business owners who want to obtain a grant from Facebook can sign up for updates through that website. Facebook will begin taking applications in the coming weeks.

I think this is an excellent idea. Small businesses who receive a grant can make use of that money to keep their business running during the COVID-19 pandemic. The best part is that grants do not accrue interest and are not something that the small businesses who are eligible for this program will have to pay back to Facebook later on.