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Facebook pledges $100 million to small businesses during COVID-19 pandemic
Facebook Inc. announced Tuesday that will pledge $100 million in cash grants and ad credits to help 30,000 small businesses in more than 30 countries where its employees live and work.
The company didn’t add many more details as to where the money from the Facebook Small Business Grants Program” will go.
“Small businesses are the heartbeat of our communities, and many of the people who run these businesses are heavily affected by the crisis – especially as more and more people sensibly stay home,” Chief Operating Officer Sheryl Sandberg wrote on her Facebook page. “The longer the crisis goes on, the greater the risk to small businesses and to the livelihoods of their owners and employees.”
In a blog post, Facebook outlined in detail its entire efforts during the outbreak, which include continued attempts to keep misinformation off the platform and trying to link the public with credible health information. The company also said any ads exploiting the virus, such as ones selling face masks, will be taken down.
Chief Executive Mark Zuckerberg said on his Facebook page that along with the United Nations Foundation and the World Health Organization, the company has started a “COVID-19 Solidarity Response Fund.” Facebook has donated $20 million already in relief efforts.
A further $1 million has been donated by the company to support local journalism in partnership with the Lenfest Institute for Journalism and the Local Media Association. Yet another $1 million has been donated to the International Fact-Checking Network.
And on the home front, Facebook is reportedly giving $1,000 bonuses to all its employees to help them through the crisis. This information wasn’t announced publicly but was sent to staff in an internal memo. Facebook confirmed to The Verge that staff will receive the bonus through the month of April.
On top of that, Facebook has said its 45,000 employees will all receive an “exceeds” rating for the first half of 2020. That will also boost the earnings of staff.
Facebook is among many other big names in tech that has recently made efforts to mitigate the impact of the crisis.
Photo: Ged Carroll/Flickr
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