Facebook is giving away $40 million to Black-owned businesses

The company plans to issue 10,000 grants to Black entrepreneurs with up to 50 employees. Qualifying individuals can apply online. The deadline to apply is August 31.

The social media company's Black business grant program is part of the $100 million commitment it made in June to help black communities across the country. Facebook said the initiative was inspired by feedback from employees as well as people who applied for its $40 million Small Business Grants Program, which is aimed at helping small business owners of all races get through the pandemic.

Virtually all small business owners have struggled since state and local governments ordered nonessential operations to close in March to try to contain the spread of coronavirus. But the shutdowns had a disproportionate impact on small business owners of color, studies have shown.Earlier this month, the New York Federal Reserve released a study showing 41% of Black-owned businesses across the country had shut down between February and April.

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