Facebook Inc (FB), will award $100 million in cash grants and ad credits for up to 30,000 small businesses in over 30 countries to support those hard-hit by the economic slowdown that the coronavirus pandemic is causing, the social network mogul, said Tuesday.
The program will help eligible companies to have cash to pay rent costs, cover operational costs, advertising and keep the workforce going strong, Facebook said in blog post.
Facebook shares have been on a rollercoaster since the beginning of the year amid investor fears that the snowball effect of the coronavirus outbreak will deal a heavy blow to its advertising business. Shares slumped 14% on Monday as the Nasdaq Composite Index dropped 12%. Wallstreet analysts are bullish on the stock with the vast majority rating the company with a strong buy and an average price target of $252.79.
“We want to do more,” the company’s COO Sheryl Sandberg said in a Facebook post. “Teams across our company are working every day to help businesses. We’re looking at additional ways to host virtual trainings – and will have more to share in the coming weeks – and we’re finding more ways to help people connect and learn to use technology through Blueprint, our free e-learning training program.”
