Google is pledging more than $800 million to support small-to-medium sized businesses (SMBs), health organizations and researchers in the midst of the coronavirus pandemic. The package includes $340 million in ad credits for businesses with Google Ads accounts. The company’s announcement comes as the government rolls out relief programs for businesses affected by the coronavirus. Small business owners can also work with a financial advisor to protect their money and make the most out of all the aid they can get.
What’s in Google’s $800 Million Coronavirus Relief Package?
Here is a breakdown of the coronavirus relief package Google CEO Sundar Pichai has announced:
Google Ads Credits: The package contains $340 million in Google Ad credits for SMBs that have had active Google Ad accounts since January 1, 2019. According to Google, qualifying businesses will see credit notifications appear in their Google Ads accounts in the coming months. Recipients have until the end of 2020 to redeem these credits.
Investment Fund: Google set up a $200 million investment fund to help NGOs and financial institutions provide small businesses with capital. The company states this is in addition to the $15 million worth of cash grants that Google.org has already given to NGOs to help them “bridge the gaps between SMBs.” The search giant is also shifting $20 million in ad grants to community financial institutions so they can produce public service announcements about coronavirus relief programs and other resources available to SMBs.
Ad Grants: Google is providing $250 million in ad grants to help the World Health Organization (WHO) and more than 100 government agencies spread factual information about coronavirus and COVID-19.
Google Cloud Credits: $20 million in Google Cloud credits has been set aside for researchers and other academics working on potential vaccines and other medical efforts to stop the spread of the coronavirus.
Furthermore, the package will also support the development of medical equipment, including masks and ventilators. Google said it’s working with a supply chain partner to produce 2 to 3 million face masks for the Centers for Disease Control (CDC).
In a March 27 blog post, Pichai said that Alphabet, the parent company of Google, is engaging employees across its various to help.
“Employees from across Alphabet, including Google, Verily and X, are bringing engineering, supply chain and healthcare expertise to facilitate increased production of ventilators, working with equipment manufacturers, distributors and the government in this effort,” he wrote.
Am I Eligible for the $800 Million Google Relief Package?
The bulk of Google’s coronavirus relief package is dedicated to helping small-to-medium-sized businesses. However, eligible SMBs must have had an active Google Ads account as of January 1, 2019. They also must be in compliance with Google Ads Terms and Conditions (T&Cs).
Members of government agencies receiving part of the $250 million in ad grants should receive notification from Google within the coming weeks.
For access to some of the $200 million in Google Cloud Credits, researchers at accredited academic institutions can submit proposals to the COVID-19 High Performance Computing Consortium. Other researchers working on COVID-19 can submit proposals directly to Google.
Moreover, Google is offering access to databases like the Johns Hopkins Center for Systems Science and Engineering COVID-19 Data, the U.S. Census Bureau’s American Community Survey data and OpenStreetMaps data.
What Is the Government Doing to Help Businesses Affected By The Coronavirus?
President Donald Trump recently signed the historic Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion coronavirus stimulus package includes $349 billion in small business loans and $500 billion in loans for distressed corporations. The small business loans would be available through the Paycheck Protection Program guaranteed by the Small Business Administration (SBA).
Tips on Finding Coronavirus Relief Programs
- Keep looking. Google is just one of many companies helping people impacted by the coronavirus. Facebook is also offering loans to small businesses. Many banks are also offering relief in the form of payment waivers and small business loans. And while the federal government is implementing its own response, many states and cities are taking action to help their communities as well.
- Work with a qualified financial advisor to make the most out of any aid you can get and stay afloat during any market cycle. Our advisor matching tool recommends up to three fiduciary advisors based on your unique needs. Unlike other financial planners, fiduciary advisors are legally obligated to put the best interests of you and your business first.
Photo credit: ©iStock.com/nito100, ©iStock.com/PeopleImages, ©iStock.com/Diy13