Businesses across the country have been suffering since the start of the coronavirus outbreak. With so many stuck at home, many smaller shops and stores have been forced to close, and several are on the brink of collapse.
But not everyone is without hope. Facebook is offering $100 million in cash grants and advertising credits for up to 30,000 eligible small businesses. Tap or click here for other ways to make money with Facebook.
That’s a lot of money for struggling business owners right now. If you qualify for these perks, you can use the grants to keep your business afloat and use the credits to rope in a few new customers.
On March 31, Facebook CEO Sheryl Sandburg announced at a press conference that her company would be offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in more than 30 countries.
The funds can be used for a variety of business expenses like payroll, rent and utilities. Advertising credits are included as an additional incentive to attract new customers during this economic downturn.
But available slots are limited. The full details of the project have yet to be released, so keep a close eye on the Facebook Business Grants page for further announcements.
Does my small business qualify for a grant? How can I sign up?
Facebook hasn’t officially stated the criteria for businesses to qualify, but business size is likely to be a factor. You can use this tool from the government’s Small Business Administration to see if your business counts for contracting purposes. If it does, you may be able to qualify.
Facebook’s statement was more announcement than release, so there is currently no way for businesses to sign up. But what you can sign up for are email updates on the program. This way you can be first in line when the application process opens.
On the Business Grants page, scroll down to the section labeled Next Steps and click “Sign Up for Updates” to stay ahead of the curve.
With all the fear surrounding the COVID-19 pandemic, the last thing you should worry about is the fate of your small business. Keep an eye out for updates, which we will publish as more information is released.