$100 M Boost in Cash and Ad Credits to SMB Due to COVID-19 Crisis: Facebook
COVID-19 or Coronavirus outbreak has been extremely brutal to small and medium scale businesses.
Regardless of how the pandemic plays out in the near future like in the coming weeks or months, it has already affected so many businesses. With forced isolation for public safety, the retailers and other kinds of business took a big hit, both in revenue and access to credit.
The social media giant, Facebook announced on 2nd April that it is creating a $100 million grant program for small and medium businesses, famously known as SMB. The company will be including both cash and ad grants that can be spent on operational costs- paying salaries/wages and rent.
The offer applies to 30,000 businesses, based on registration in 30 plus countries, where Facebook operates. The social media giant also created a Business Hub, wherein it will be posting tips and resources for businesses that are trying to survive during the pandemic.
Sheryl Sandberg, COO, Facebook, in her post said, “We wish and want to do more than this”. Further added, “Further added, “The Facebook team across the world is usually up for helping businesses, especially SMBs. We have been working on additional ways to host virtual training that will be sharing more in the coming weeks. We are always looking for ways to help more and more people, connect to them and make them learn to use technology through the blueprint and our free e-learning program.”