Facebook Inc is using its economic strength at a time when the world is up in arms over the possible catastrophic impact that the COVID-19 virus could have. Earlier today, the company issued a statement saying it plans to award $100 million in cash grants and ad credits for up to 30,000 small businesses in over 30 countries to address the economic impact of the coronavirus outbreak.

The company said the majority will be in cash grants and Facebook will disclose more details soon about how businesses will be able to apply for assistance.

Facebook Chief Operating Officer Sheryl Sandberg said in a post Tuesday that the economic disruption poses a severe risk to small businesses.

Sandberg further said Facebook is also going to make it easier for small businesses to get training and support from its teams.

Facebook said companies will be able use cash to pay rent, cover operational costs or run advertising on Facebook.

SOURCE – REUTERS.