30,000 small business owners can benefit from over $3,000.
Rabat – The Chief Operating Officer of Facebook, Sheryl Sandberg, announced Tuesday, March 17, a $100 million program to boost small businesses adversely affected by the novel coronavirus (COVID-19) pandemic.
Facebook is offering cash grants and ad credits to small businesses to encourage them to close their establishments amid the COVID-19 pandemic. Through Facebook’s program, 30,000 business owners can benefit from over $3,000.
The program does not target US-based small businesses only, but small businesses in over 30 countries where Facebook “employees live and work.”
The financing will focus on mitigating the primary concerns of small business owners, Facebook stated on its website. The program will allocate funds to maintain small businesses’ workforces, cover rent and operational costs, and connect them with more customers.
The program is expected to begin the application process in the coming weeks.
The global economy is taking a hit from the spread of COVID-19 spread, and impacts are similarly felt in Morocco.
Morocco’s central bank, Bank Al-Maghrib, expects the country’s economic growth to stagnate at 2.3% in 2020. Bank Al-Maghrib bases the unfavorable forecast on the pandemic and adverse climate conditions.
The economy is not the only sector that the pandemic has negatively impacted. The health sector is facing shortages in supplies due to the COVID-19 outbreak. The virus is showing little signs of receding, with over 7,949 fatalities globally as of March 17.
Facebook is one of several global companies that have recently launched initiatives to assist governments in curbing the pandemic.
LVMH, the parent company of luxury brands such as Dior and Louis Vuitton, has pledged to manufacture free hand sanitizer for French health authorities. Microsoft has launched a COVID-19 cases global tracker, while Google has partnered with the US government to provide an informative website.