There is hardly an industry that wasn’t affected by the current coronavirus situation. An overwhelming majority of people have to stay at home and most businesses just cannot operate, so Facebook announced it will provide grants to help small businesses cover expenses and pay salaries.
The total of $100 million will be allocated to almost 30 000 small businesses in more than 30 countries. The support will be allocated in cash funds or Facebook advertising credits.
To apply for a grant, make sure your business:
- is profitable
- employs less than 50 but more than 2 people
- has been functioning for over a year
- has been negatively affected by the coronavirus
- is located in one of the Facebook designated areas.
You can see the full list of territories here: https://www.facebook.com/business/boost/grants?content_id=y1zmXnGuMBYk3l6
The following documents should be provided within an application:
- Federal Employer Identification Number (FEIN)
- Partnership documents
- Business license
- Proof of incorporation
- Official registration
Businesses will have two weeks to apply. The applications open by areas, which are being announced by Facebook. 40% of funds will be provided to 10,000 US businesses. For Americans the application has already started. Residents of other countries need to check when their country appears in the list. There is an informational resource on how to help your business for the rest countries - https://www.facebook.com/business/boost/resource .
When the application becomes available, you have to tell how a grant would be spent to support your business and the team. The further questions can also be asked then, and later Facebook will announce the grant receivers.