Facebook invests $100 million to aid small businesses amid COVID-19 pandemic

The social media giant is also giving its employees $1,000 each

Facebook announced that it is pledging $100 million USD (about $142 million CAD) to help 30,000 small businesses that have been impacted by COVID-19.

The social media giant says that it is giving the investment to small businesses in 30 countries. Facebook has not yet revealed what the 30 countries are, but North American countries are likely to make the list.

Facebook says that it is going to begin taking applications in the coming weeks, and that businesses can currently sign up to receive updates.

“We’ve heard that a little financial support can go a long way, so we are offering $100 million in cash grants and ad credits to help during this challenging time,” Facebook wrote in a statement.

The program is meant to help small businesses keep their workforce going as people shift to working from home. Further, Facebook notes that the program aims to help with rental costs, and keep businesses stay connected with their customers.

Most importantly, Facebook outlines that the investment is meant to help small businesses cover their operational costs.

The social media giant is also giving its employees each a $1,000 USD (about $1,423 CAD) to support them during these times. CNBC reports that Facebook currently employees almost 45,000 full time workers.

Facebook is going to provide more information about its small business grants in the next few weeks.

Source: Facebook, CNBC