Good news for small business owners struggling during the coronavirus pandemic: Facebook announced a massive grant program for small and medium-sized business dealing with COVID-19 fallout, detailing their plan to give $100 million in both grants and ad credits to help those in need.
The program, which will be rolled out to up to 30,000 businesses worldwide, was announced by Sheryl Sandberg, Facebook's COO, with a resources page dedicated to helping people navigate this challenging time.
The grant application is not yet live, but Facebook says the funds can be used to keep your workforce going strong, help with your rent cost, connect with more customers and to cover operational costs. You can keep an eye on the program and its updates here.
(Full disclosure: My husband is a Facebook employee.)
These grants could be a savior for eligible day care owners, hair stylists, tutors, shop owners and entrepreneurs of all kinds who are not able to withstand a period where they're not making money—yet expected to keep paying their employees and business expenses.
In the past two decades, women-owned business have been on the rise, with over 39% of American businesses now owned by women, including a dramatic growth in entrepreneurship by women of color. The threat that coronavirus and its economic fallout represent to working women and mothers is devastating.
As of most recent data, there are an estimated 11.6 million (11,615,600) women-owned businesses in the United States that employ nearly 9 million (8,985,200) people and generate more than $1.7 trillion ($1,663,991,700,000) in revenues.
The program could help business owners still waiting for resources or allowances from the government. The Trump administration is currently working through an emergency stimulus bill that is expected to provide tax relief and other programs for businesses and families.