On Wednesday, Facebook announced that it launched a $40 million grant program to support Black-owned businesses.
Back in June, the social media giant committed a $100 million investment that was aimed at helping U.S. Black-owned businesses, creators, and nonprofits.
On Wednesday, the company began accepting applications for the grants.
To apply for a grant, the company must be a majority Black-owned for-profit business, have less than 50 employees, been in business for over a year, and experienced challenges from COVID-19, Facebook said.
The grants comprise of $2,500 in cash and $1,500 in optional advertising credits to use on Facebook.
The deadline to apply is Aug. 31.