Facebook Launches $100 Million Support Program for Small Businesses Hit Hard by COVID-19

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Seulgina Jo] Facebook has unveiled a support program worth a total of $100 million (approximately 124.2 billion KRW) to help small businesses hit hard by the spread of the novel coronavirus disease (COVID-19).

According to the financial news network CNBC, on the 17th (local time), Facebook announced through a blog post that the funds will be provided to up to 30,000 eligible small businesses across more than 30 countries. This amounts to an average of $3,333 per business.

This decision came as the Donald Trump administration in the United States urged major businesses and citizens to participate in measures to prevent the spread of COVID-19.

Facebook stated, "We understand that many businesses are experiencing turmoil as COVID-19 spreads worldwide," and added, "We believe that even small-scale financial support can make a significant difference, so we have decided to implement a support program through cash grants and advertising credits." They further anticipated that the support would help with each business's rent, operating expenses, and workforce retention.

Facebook plans to begin accepting applications from businesses within a few weeks.

This content was produced with the assistance of AI translation services.