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Facebook Will Provide $100 Million Grant To Small Businesses During COVID-19 Pandemic

   DailyWire.com
In this photo illustration a Facebook App logo is displayed on a smartphone on March 14, 2020 in Athens, Greece.
(Photo Illustration by Nikolas Kokovlis/NurPhoto via Getty Images)

As the COVID-19 pandemic puts millions of Americans out of work, the social media giant Facebook has pledged a $100 million in cash grants and ad credits to small businesses crippled by the economic downturn.

On Tuesday, Facebook Chief Operating Officer Sheryl Sandberg shared a blog post outlining the grant while encouraging people to step up and help each other.

“In recent weeks, we have seen inspiring examples of individuals and groups helping each other,” wrote Sandberg. “People across the globe are stepping up, rising to the enormous challenge in front of us. We want to do our part too. Small businesses are the heartbeat of our communities, and many of the people who run these businesses are heavily affected by the crisis – especially as more and more people sensibly stay home. The longer the crisis goes on, the greater the risk to small businesses and to the livelihoods of their owners and employees.”

“We’ve listened to small businesses to understand how we can best help them,” she continued. ” We’ve heard loud and clear that financial support could enable them to keep the lights on and pay people who can’t come to work.”

The $100 million grant will go out to 30,000 businesses in over 30 countries that have been decimated by the crisis.

As noted by Fox News, Facebook began taking steps in late February to combat misinformation being spread about the coronavirus when the company announced that any and all advertisements promising a cure to the coronavirus would be canceled.

“Ads with claims like face masks are 100 percent guaranteed to prevent the spread of the virus will not be allowed,” a Facebook spokesperson said at the time.

On Wednesday, the White House prepared an $850 billion stimulus package to pump into the economy.

“Roughly $500 billion of this would be tied to a payroll tax cut, while $250 billion would come in the form of Small Business Administration loans and another $58 billion would be directed to the airline industry, among other measures,” Fox News reported. “The Washington Post first reported Tuesday morning that Mnuchin’s proposal would come with the $850 billion price tag. The Post, citing anonymous sources, reported that Mnuchin’s proposal would focus mainly on putting cash in the hands of individuals and businesses.”

Senate Minority Leader Chuck Schumer (D-NY) will also be holding a conference call with Senate Democrats to discuss a $750 billion proposal “to wage war against coronavirus and the economic crisis facing Americans.”

“As early as tomorrow, I will present a series of proposals to Congressional appropriators that Senate Democrats believe should be part of the next bill to address the coronavirus,” Schumer said on the Senate floor Monday. “In consultation with the ranking members of the committees of jurisdiction, we are proposing an immediate and initial infusion of at least $750 billion to wage war against COVID-19 and the economic crisis it is now causing.”

Over the weekend, Treasury Secretary Steve Mnuchin said that the economy will only experience a slowdown, not a recession.

“The real issue is not the economic situation today. The real issue is what economic tools are we going to use to make sure we get through this because this is a unique situation,” Mnuchin told ABC’s “This Week.” “Later in the year, obviously, the economic activity will pick up as we confront this virus.”

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