“Facebook plans to allocate $100 million as grants and advertising loans for 30 thousand small businesses in more than 30 countries to overcome the economic consequences of the coronavirus outbreak,” writes Reuters.
Most will receive cash grants, and Facebook is to post more details on how businesses can turn to them for help soon.
Facebook noted the economic downturn would be a serious risk for small businesses. “We listened to small businesses to understand how we can help them. Financial support may allow them to pay people who cannot come to work,” said Facebook’s Chief Operating Officer Sheryl Sandberg. The company further noted that they will be able to use the allocated funds to pay rent, cover operating costs and advertise on Facebook.
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