Facebook Commits $10 Million to Help Small Businesses During Coronavirus

March 18, 2020 0:12 am

Beijing (PingWest)—Facebook says will offer $100 million in cash grants and ad credits for up to 30000 eligible small businesses that need assistance in staying afloat amid the novel coronavirus outbreak, according to a Facebook post from COO Sheryl Sandberg.

"People across the globe are stepping up, rising to the enormous challenge in front of us," COO Sheryl Sandberg wrote in a post, below, announcing the news. "We want to do our part too."

"Small businesses are the heartbeat of our communities, and many of the people who run these businesses are heavily affected by the crisis -- especially as more and more people sensibly stay home," Sandberg wrote. "The longer the crisis goes on, the greater the risk to small businesses and to the livelihoods of their owners and employees."

The social giant didn’t disclose how businesses can apply to receive the funding or ad credits, saying it will announce more details “as they become available.” The program will be available in over 30 countries.

The coronavirus is bringing an impact on Facebook's businesses, with advertising being the hardest hit.

Facebook shares are up 2.4% in premarket trading Tuesday. The stock has lost 32% over the past month, as the S&P 500 has dropped 29%.

American tech giants, including Google, Amazon, Microsoft, Facebook, etc. has joined with the White House in a task force to fight the coronavirus, as Silicon Valley escalates its efforts to tackle the fast moving pandemic.