Facebook Pledges $100 Million To Small Businesses Impacted By CoronavirusIt's also giving $1,000 bonuses to each of its employees.
This story originally appeared onEngadget
Until now, Facebook's response to the coronavirus outbreak has focused on fighting the spread of misinformation -- by offeringfree WHO adsandbanning ads that promote false 'cures.'Now, Facebook plans toinvest $100 millionin 30,000 small businesses in over 30 countries where its employees work and live. Facebook is also giving $1,000 bonuses to each of its employees,CNBCreports.
For the small businesses, the financial assistance will come in the form of cash grants and ad credits. Those are meant to help businesses stay afloat as more customers stay home, and Facebook intends for the aid to be used to pay workers who can't come to work, help with rent costs, enable businesses to connect with more customers and contribute to overhead costs.
Facebook will begin taking applications in the coming weeks. In the meantime, interested businesses cansign upto receive more information, and Facebook has made itsBusiness Hubavailable to all. There, businesses can find ideas and advice for managing during the downturn that the coronavirus pandemic has led to.
"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," Facebook Chief Operating Officer Sheryl Sandbergwrote in a statement. "The longer the crisis goes on, the greater the risk to small businesses and to the livelihoods of their owners and employees."
Facebook also told employees that they will each receive a $1,000 bonus to support them during the coronavirus pandemic. As CNBC, notes Facebook employees nearly 45,000 full-time workers and several thousand contractors. It's unclear if contractors will also receive the bonus.
Sandberg says Facebook was inspired by other people around the world "rising to the enormous challenge in front of us." Food delivery services likeUber Eats,Grubhuband Seamless are waiving or suspending some fees for independent restaurants, and gig-economy companies are looking forways to support workersdiagnosed with COVID-19 or quarantined. So far, Facebook is one of few large companies to pledge grants for small businesses or outright employee bonuses -- though Amazon istemporarily increasingits warehouse and delivery workers' hourly rates.
Update 3/17/2020 12:00PM ET:This story was updated to include info related to Facebook's employee bonuses.
