Facebook Creates $ 100 Million Small Business Scholarship Program

Facebook Creates $ 100 Million Small Business Scholarship Program

Facebook has announced a grant program for small businesses affected by the Covid-19 pandemic . The $ 100 million fund consists of cash grants and advertising loans. It is estimated that up to 30,000 companies could benefit from this. <! – ->

Small businesses around the world have either closed for public security reasons or have lost revenue due to closures. The Facebook funding program is designed to help these companies cover operating costs such as wages and rent for staff.

The grant will be available to companies in over 30 countries where Facebook operates.

Companies that are eligible for the Facebook grant

<! – -> There are some basic requirements for small businesses to be eligible for the grant program. The first requirement is that the company has between 2 and 50 employees. The second is that the company must have been in operation for at least one year.

Additional requirements include business that faces challenges due to the Covid 19 outbreak. These challenges obviously include problems caused by loss of revenue due to forced closure.

Even important companies that have remained open face major challenges during the closure. There is a shortage of staff because some workers choose to isolate themselves or to get rid of unnecessary exposure risks. This happens in all sectors because there are many workers with pre-existing diseases. Others may live with older relatives or family members with their own illnesses. In such circumstances, continuing to work is a risk for them, if not for the employee himself.

The term “challenges” is intentionally left vague because different companies will be affected in different ways.

Eligible companies must also be in or near an area in which Facebook operates. Facebook is active in the United States and in over 30 countries worldwide. Find out if your state is eligible by searching for your zip code from the Facebook Grant Availability list. <! – ->

Conditions of the Facebook Grant Program

The official terms of the grant program should be read in full before submitting an application. This is because the terms are a legal contract between the applicant company and the program units. The conditions regulate your application for and your participation in the scholarship program on the website of the program administrator.

The terms describe the admission requirements described above. They also state that all applicants must undergo a thorough background check. This review ensures that not every applicant is in a country that has extensive sanctions. An applicant should also not be included on a list of denied parties published by government agencies in the United States or the European Union.

<! – -> Facebook also specified in detail the business activities for which the grant funds may not be used. This includes the sale of alcohol, tobacco or steam products, recreational drugs or unsafe food supplements. Other prohibited business activities include the sale of weapons, ammunition or explosives, adult products, cosmetic surgery or weight loss programs.

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There are also a number of services for which Facebook prohibits the use of their grants. These include penny auctions, payday loans for third party violations, and advances on paychecks. The grant funds may also not be used for religious or political advertising.

There are many more terms that every applicant should know. All applicants must therefore read the Facebook Grant Terms in full before applying.

Facebook Grant Application Guide

Facebook published an application guide to help companies take the first steps to apply for the grant. The first thing to check is whether the grants are available in your region or not. Then you have to check whether your company is suitable for the community according to its size and time.

If your company meets these two criteria, it is time to collect your documents in preparation for the application.

The application is submitted via Ureeka, with whom Facebook works to manage the application process. Ureeka is a small business world that aims to democratize economic opportunities by enabling municipal business activities. Your mission is to help small businesses grow and are therefore well positioned to support Facebook for this scholarship program.

All applications are processed via Ureeka and require one or more of the following documents:

  • Federal Employer Identification Number (FEIN). This is the unique nine-digit number assigned by the IRS to companies operating in the United States.
  • Partnership documents. This should include information such as contributions to the partnership and the authority of each partner. The distribution of profits and losses can also be included.
  • trade license. There are local and state licenses, depending on the type of goods your company is trading. There are also federal licenses, but usually for the sale of alcohol or firearms that are excluded from the program.
  • Proof of incorporation. This is usually a simple certificate of establishing a company or company. It is issued by the local or state government to confirm the proper establishment and existence of a company.
  • Official registration. Similar legal documents confirming the existence and official registration of a company as a business unit.

How do I apply?

As soon as available, applications will be made through the Ureeka website, which lists the full Facebook approval terms (linked above). For the first application process, you need to provide a brief summary of your business. You must also explain how you plan to use the grant.

Assuming that a company is eligible, it will have a major impact on how the grant directly affects the company or the local community. The grant may allow them to continue paying employees. Another good impact of the grant is to allow critical services to continue through pickup and delivery methods.

What happens next?

Each eligible company has two weeks to apply as soon as applications are available in their area. Ureeka then takes a few weeks to review each application. You may also want to ask further questions. The fellows will be announced as soon as all applications have been examined.

Image: Depositphotos.com

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