MANILA (UPDATE) - Social media giant Facebook said Tuesday it would offer $100 million (P4.8 billion) in cash grants and ad credits for small businesses whose operations were disrupted by the COVID-19 pandemic.
In an advisory from its "Facebook for Business" page, it said some 30,000 small businesses in over 30 countries including the Philippines were eligible for the grant.
"We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We've heard that a little financial support can go a long way, so we're offering USD 100M in cash grants and ad credits to help during this challenging time," Facebook said.
With the grant, beneficiaries would be able to keep its workforce, maintain its rent and operations costs, connect with more customers and support the community, the platform said.
In the Philippines, Facebook is offering P55 million in grants to approximately 500 eligible small businesses in Metro Manila.
Each grant amounts to P108,000 comprising of P67,500 in cash and P40,500 in optional ad credits "to help during this challenging time," it said.
Small businesses in the country can submit their applications from Oct. 6 to 12, it added.
Small businesses do not need to have a Facebook presence in order to apply.
The following documents must be submitted according to Facebook:
- Securities and Exchange Commission (SEC) registration of business entity
- Articles of Incorporation or Partnership
- Bureau of Internal Revenue (BIR) Certificate of Registration
The business should have at least 2 to 50 employees in order to qualify, it said. Potential beneficiaries should have been in business for over a year, have experienced challenges due to COVID-19, be in a location near or where Facebook operates, it added.
For a complete list of countries and areas eligible for the grant, visit the Facebook for Business page.