- Facebook is investing $100 million to help small businesses affected by the novel coronavirus, COO Cheryl Sandberg announced on Tuesday.
- A company spokesperson told Business Insider that the details are still being finalized, but that a "majority" of the package will be cash-based and available to any small business - not just those on its platforms.
- Facebook says it works with more than 30,000 small businesses in 30 countries, and that the program will help business owners deal with workforce, rent, and operational expenses.
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Facebook COO Sheryl Sandberg announced a $100 million package for small businesses struggling with the economic impact of the novel coronavirus.
"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," she wrote. "The longer the crisis goes on, the greater the risk to small businesses and to the livelihoods of their owners and employees."
The program will consist of a mix of cash-funding and advertising credits to help business owners manage expenses including workforce retention, operational expenses, and rent.
A company spokesperson told Business Insider that the "majority" of the package will be in the form of cash assistance, but said that a specific breakdown relative to advertising credits was not available at this time.
In addition, the company earlier unveiled an online hub for small businesses to get information and services as the COVID-19 pandemic upends expectations and presents extraordinary new challenges.
Facebook says it works with more than 30,000 businesses in over 30 countries, and that this program will not be limited to any single geography. Applications will open in the coming weeks, and businesses from around the world are invited to sign up.
The spokesperson also told Business Insider that businesses do not need to be active users or members of Facebook or its subsidiaries, like Instagram or WhatsApp, in order to be considered for aid.
Other tech giants like Amazon and Salesforce have made financial commitments to help small businesses in Seattle and San Francisco, respectively, while delivery services like Grubhub and UberEats are deferring or waiving commissions in order to encourage diners to order more takeout from independent local restaurants.
Meanwhile, a bill is making its way through Congress that would provide additional support to small business employers.
This post will be updated as additional details develop.