Facebook pledges $100 million to help small business during coronavirus outbreak

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Facebook says it will launch a program to help small businesses impacted by the coronavirus in the coming weeks.

The company is pledging $100 million in grants and advertising credits for up to 30,000 businesses in 30 countries around the world.

Each company will receive an average benefit of about $3,333.

Exact details on how the program will work, eligibility and the application process aren’t available yet, but Facebook says to stay tuned.

While $100 million may seem like a lot — it’s not quite as impressive when you consider the company brought in over $21 billion in revenue in the fourth quarter of 2019 — or over $70 billon for the entire year.

Other tech companies, including food delivery companies such as Grubhub, have offered to “defer” collecting commissions from affected restaurants, but some have criticized these moves as token since the businesses will have to pay back the fees later as of now.