Small businesses across the country are teetering on the edge of collapse because of the novel coronavirus, and Facebook is stepping in to help.
The social network will spend $100 million on grants to support over 30,000 small businesses in 30 countries, Facebook COO Sheryl Sandberg announced Tuesday, Business Insider reported.
The funds will be paid out in a combination of cash and advertising credits to businesses that need help covering operational expenses and in paying rent or their employees, Business Insider’s Dominic Reuter reported.
According to Business Insider, restaurants, coffee shops, gyms, fitness studios, and cultural institutions across the United States have closed as authorities urge Americans to practice social distancing to slow the spread of the novel coronavirus that has already killed more than 20,000 people across the globe. Some cities forced the closures, while others shuttered voluntarily as customers embraced social distancing in an attempt to slow the virus’ spread.
Facebook has yet to announce the program’s application criteria, but it will likely include a measure of a business-size similar to that of the Small Business Administration.