1. Facebook announces it’s putting $100 million toward a new grants program to financially support as many as 30,000 small businesses spread across 30 countries.
    • “We know that your business may be experiencing disruptions from the global outbreak of COVID-19, so we are offering $100 million in cash grants and ad credits to help during this challenging time,” said Facebook.
  2. The grant money will be available for personnel costs, business location rental fees, operational costs, and Facebook ads.
    • The application process hasn’t started yet but should be up in the next few weeks.
    • Businesses are encouraged to sign-up for updates about the program on the Facebook Small Business Grants site.
  3. During Facebook’s earning call, Mark Zuckerberg stated the role SMBs play on the platform.
    • “There are now more than 140 million small businesses that use our services to grow – the vast majority of which use our services for free, said Zuckerberg, having small businesses succeed is not only key to creating broad economic growth where everyone can support themselves; it’s also important to maintaining healthy communities.”
  4. Mark Zuckerberg also said a top priority, “was to keep building its business by, supporting the millions of businesses – mostly small businesses – that rely on our service to grow.”
    • Last year, Facebook earned nearly $70 billion in ad revenue – a number that could take a significant hit if Facebook’s SMB advertisers are unable to survive the pandemic.
  5. Facebook has made its Business Hub available to all businesses and plans to create virtual training programs to help SMBs navigate the uncertainty of today’s economic environment.

SCOOTER NOTE: If you’re a small business facing possible shut-down make sure to sign up now for the Facebook Small Business Grants Program. You will be notified when the application process has opened.