Businesses around the world are taking a major hit in revenue amid the coronavirus outbreak as many are forced to close for public safety. While the future of small businesses over the coming weeks and months remains uncertain, Facebook is stepping in to provide support for those who may be impacted by the global pandemic.
Facebook made an announcement on Tuesday that they will be creating a massive $100 million grant program to help out small businesses during this crisis. The company will be reaching out to 30,000 businesses in the 30 countries in which Facebook operates.
“We want to do more. Teams across our company are working every day to help businesses. We’re looking at additional ways to host virtual trainings – and will have more to share in the coming weeks – and we’re finding more ways to help people connect and learn to use technology through Blueprint, our free e-learning training program,” company COO, Sheryl Sandberg, said in a Facebook post.
Although applications haven’t opened up yet, Facebook says this program will help businesses with rent as well as operational costs including ad credits and cash grants to cover worker wages and help connect with consumers.
The company’s efforts also include launching a Business Resource Hub where information will provide tips on how to cope with the effects of the pandemic as well as expanding to virtual training to help businesses find innovative ways to operate in this unsettling business environment. Additionally, the company is also partnering with Lenfest Institute for Journalism and the Local Media Association to offer up to $1 million in grants for U.S. and Canadian newsrooms that need access to more resources during the outbreak.
This has proven to be a trying time for small businesses trying to keep themselves afloat amid this global crisis.
“This is not going to business as usual, and the marketing industry is certainly going to see a real impact. I don’t think anyone knows how big,” Sandberg said.