Facebook is offering its employees a bonus to help with coronavirus-related expenses.
Facebook (FB) - Get Report CEO Mark Zuckerberg told employees in an internal memo early Tuesday that the company will issue the $1,000 bonus as part of a normal six-month review period, according to The Information. The extra cash is intended to assist workers with expenses related to working from home during the coronavirus outbreak. All full-time workers will also receive an "exceeds" rating for the first six months of the year, making them eligible for even more significant bonuses.
On Tuesday, Facebook also announced that it would be creating a $100 million program to help small businesses impacted by the coronavirus crisis.
Shares of Facebook rose 2.93% on Tuesday amid a rebound after Monday's steep market decline. The Nasdaq index was up 6.39%, or 441.03 points, as of Tuesday mid-day.
Facebook is among the highest paying employers in Silicon Valley, with a median compensation of $228,651 in 2019, according to an SEC filing. It is also one of many major employers with a significant portion of employees working from home during the coronavirus outbreak.
It isn't clear if the $1,000 bonus will be offered to Facebook contractors as well as full-time employees.
On Monday, six Bay Area counties announced a sweeping stay-at-home order to combat the virus; other metro areas are considering similar measures.