Have you heard the news?
Facebook announced the roll-out of its small business grant program to businesses affected by the outbreak of COVID- 19.
But what does this small business grant entail? How can you receive it? When can you expect it to be enacted?
You have the questions and we have the answers. Keep reading to learn more about all that this grant can do to help your business in these trying times.
The basics
Small businesses, Facebook is here to help. For some of the millions of small businesses that are feeling the impact of COVID- 19, Facebook will be offering 100 million dollars in cash grants and ad credits to help small businesses.
Within the U.S., Facebook will offer grants of $4,000 to businesses they deem eligible for the payment. Of that $4,000, $2,500 will be cash and $1,500 will be optional advertising credits.
More information on the breakdown of these payments can be found when you begin your application, as they may differ between countries.
Please note that businesses do not need to be running Facebook or Instagram ads to receive help. Facebook is looking to support businesses whether they use these platforms or not!
Facebook announced that these grants and ad credits will be available to 30,000 small businesses worldwide with 10,000 of them being in the United States.
Applications are rolling out in cities across the country but will be available in all eligible U.S. cities by April 22, 2020.
- Altoona, IA
- Forest City, NC
- New Albany, OH
- Papillion, NE
The deadline for all cities to apply is April 28, 2020. For more information specific to your location and application deadlines, click here.
Facebook is offering these grants and ad credits to select businesses that are deemed eligible rather than on a first come first serve basis. The following are some of the qualifications your business must fit in order to meet eligibility:
- Have between 2-50 employees
- Be a for-profit company
- Must have been in business for at least a year
- Experienced challenges due to COVID- 19
- Located in a county and zip code where Facebook operates (including offices and data centers) Be in or near a location where Facebook operates
Within the application, business owners will need to complete the application and provide information about your business, including if your business has been impacted by COVID-19 and basic contact information. You can access the application guide through this link.
It is important to note that while Facebook encourages business owners to use grant money to support their workforce, pay rent, cover operational costs and more, there are no restrictions on how small businesses may spend the money and the time period in which they use it.
Documentation
Besides being prepared to answer questions about your business, you must have some essential documents available to present in your application. You will need to have at least one of the following documents in order to apply:
- Federal Employer Identification Number (FEIN)
- Partnership documents
- Business license
- Proof of incorporation
- Official registration
How RevLocal can help
Just like Facebook, here at RevLocal, we are committed to helping your local business during this time of rapid change.
Our team of professionals is focused on maintaining and growing your digital marketing presence online but also being a source for information when you need someone to turn to.
If you are searching for the perfect digital marketing partner to help you through these obstacles, look no further. Request a demo with one of our experts to get started.
Final thoughts
Businesses are learning to come together and help one another in times of need and Facebook is taking the lead with their small business grant and ad credit program.
Take this grant opportunity as a step toward supporting your business and the employees who help it function during this pandemic and beyond.
For those who are not running small businesses, take this information to the local small businesses you love! Inform them of the opportunities that Facebook and other companies are offering to businesses in need. It’s one simple way to show your appreciation.
Facebook isn’t stopping there when it comes to helping small businesses, however. Another way they are supporting businesses is by updating and simplifying the process to sell gift cards through the platform. Click here to learn more.
And for more information on keeping your local business strong in tough times, check out these blogs:
This blog was created in collaboration with Anne Karasarides, RevLocal's Social Media Coordinator.