Facebook has announced a $100 million program to help small businesses around the world which have been affected by the coronavirus pandemic.
The company said:
We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We've heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. We'll share more details as they become available.
While the cash could help shore up companies' books, the free advertisements could be helpful as well, as Facebook ads are effective at targeting potential customers, which could bring struggling companies more business.
Facebook said they will be begin taking applications in the coming weeks. Interested parties can sign up to receive updates here.