Tech giant Facebook (FB) - Get Facebook, Inc. Class A Report has initiated a $100 million program to help up to 30,000 small business customers weather the dislocations and closures brought about the coronavirus pandemic.
“We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19,” Facebook said in a blog post. “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.”
Small businesses in over 30 countries where Facebook operates would be eligible fo the grants and ad credits. Facebook said it would begin accepting applications in the “coming weeks.”
Facebook said examples of how small businesses could use the grants would be to keep paying their staff, helping with their rent costs, connecting with more customers and covering operational costs.
Facebook shares were down 1% to $144.62 on Tuesday morning as the markets attempted to rebound from one of the worst trading days in history on Monday.