Facebook announced that starting October 1st, They will be funding a hundred million dollars in invoices on an ongoing basis in order to support small businesses that are unable to pay their customers due to Covid-19 setbacks. The Facebook Invoice Fast Track program helps by paying outstanding invoices, particularly to Black businesses who have been disproportionately affected by the pandemic.
According to CNBC, “businesses can submit outstanding invoices of a minimum of $1,000, and if accepted, Facebook will buy the invoice from the small business and pay them within a matter of days. The customers then pay Facebook the outstanding invoices at the same terms they had agreed to with the small business.”
Facebook has partnered with several organizations including the National Minority Supplier Development Council, National LGBT Chamber of Commerce, and Women’s Business Enterprise National Council. Applications begin October 1st.