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Facebook announces $40 million grant to U.S. small businesses

Christian Fernsby |
Facebook on Thursday shared an update on its $100 million small-business grants program announced in March, saying that it will provide $40 million in grants to 10,000 U.S. small businesses that were impacted by the coronavirus pandemic.

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Topics: FACEBOOK    U.S.   

In March, the social media giant said it is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in more than 30 countries where it operates.

Facebook said Thursday it working with Ureeka, a third-party partner, to distribute the $40 million grants to U.S. small businesses in 34 locations where Facebook employees live and work.

Facebook also said that people can support their favorite local businesses with digital gift cards on Facebook, which started to roll out Thursday in the U.S.

People will see the option to support local businesses with digital gift cards in their News Feed.

From Thursday, business owners can create a personal fundraiser on Facebook for their business and ask customers for support during this critical time.

Facebook also said it is making it possible for businesses to announce temporary service changes due to the COVID-19 outbreak on their Facebook Page and in searches on Facebook.

Businesses will be able to inform their customers about changes such as different operating hours or delivery options during this time.

On Monday, Facebook announced plans to invest $100 million in the news industry to help news companies amid the coronavirus pandemic.

The company's move comes as advertisers cut back on spending during the ongoing COVID-19 outbreak.

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