Relatively speaking, Malaysia has been quite diligent in its efforts to crackdown of the Covid-19 coronavirus. Swift and effective measures has led to a reduced number of cases and a very low mortality rate from the pandemic. However, the economic cost of such measures were significant.
Even now, as the nation heads into a recovery period, progress is slow, and many experts believe that it may take a full year or even more for the economy to return to where it once was pre-pandemic.
Unfortunately, things have taken a turn for the worst as of late, as cases have begun to spike once more, threatening the nation’s economic recovery.
In response to this situation, Facebook announced that they are offering about RM3.2 million (US$733k) cash grants and ad credits to the many SMEs in Malaysia that have faced business and supply chain disruptions caused by the Covid-19 pandemic. According to the Facebook website, this offer will be extended to approximately 300 eligible SMEs.
Each grant will consist of RM5,900 in cash and RM3,500 in optional ad credits. To be eligible, the business must be a for-profit company located in Kuala Lumpur. Aside from having two to 50 employees, the business must also have been operating for over a year and have experienced challenges due to Covid-19. Said companies need not have a presence on Facebook to apply for the grant.
Interested applicants will also need to present Companies Commission of Malaysia profiles of their business entities. It should describe the company’s basic information and financial information, among others.
It is estimated that shortlisted applicants will be informed approximately seven to nine weeks after the application submission date. In Malaysia, Facebook engages third-party partners Deloitte & Touche Financial Advisory Services Pte Ltd and Goodera to accept and review applications, and select the grant awardees.