Amid the ongoing COVID-19 outbreak, humanity is tackling (or at least trying to) one of the worst epidemics and subsequent economic downturns in recent history. As socio-economic activities are severely hit and businesses are suffering astronomical losses, Facebook has come out with an announcement to bring in some relief to these affected businesses.
The California based tech giant, usually not known for such gestures, has announced a $100 Million package for small businesses, which will include cash grants as well as ad credits on the platform. The program is set to benefit 30,000 small business units spread over 30 countries.
Facebook Chief Operating Officer Sheryl Sandberg in a statement posted on her Facebook handle said that the economic disruption caused by the relentless spread of the deadly virus puts the small businesses at a higher risk.
“We’ve listened to small businesses to understand how we can best help them. We’ve heard loud and clear that financial support could enable them to keep the lights on and pay people who can’t come to work,” Sandberg said. She also announced virtual training support for the small businesses under which these units will be able to find help and support from Facebook while promising additional help in the future.
The announcement comes at a time when the economic scenario is in complete shambles, with even major players struggling with to sustain any sort of economic activity. The markets continue to tumble across the world as investors back-off from risk assets and workplaces are shutting down to prevent the spread of the virus.