It’s not just been governments that have promised support for small businesses through this COVID-19 pandemic. In response to recent financial hardships that many businesses now face, Google (which, to be fair, has a value greater than that of many nations’ governments) announced an $800 million pledge to support “small- and medium-sized businesses (SMBs), health organizations and governments, and health workers on the frontline of the pandemic.
Google’s CEO, Sundar Pichai, made the announcement in late March of 2020 through a blog post. The tech giant is one of many of the world’s largest corporations to offer financial support during this time. But what does Google’s pledge mean for your small business? We’ll break down how the money is distributed and how you can take advantage of the offer.
Though more specifics may be laid out at a later date, Google has thus far pledged the following to governments, non-profits, academic institutions, and NGOs.
- $250 million of the total will go to the World Health Organization (WHO) and over 100 other government agencies that are working to prevent the spread of COVID-19
- $20 million in ad grants to financial institutions and NGOs to run public service announcements on resources for small businesses
- $200 million investment fund to support international NGOs and financial institutions help provide education and capital to struggling small businesses
- Working with the Opportunity Finance Network to help communities underserved by mainstream banking institutions
- $15 million in cash grants for nonprofits who help facilitate financial assistance for small businesses
- $20 million in Google Cloud credits for academic institutions, medical researchers, and other organizations dedicated to searching for treatments and vaccines and tracking important data on the virus
- Financial support to help increase the capacity and production of personal protective equipment (PPE) and critical medical devices, including 2-3 million face makes as soon as possible
The largest portion of the $800 million pledge is going to credits for small business advertising on Google Ads. $340 million will be delivered to all small businesses that have maintained an active account on Google Ads over the past year.
It’s a bit generous on their part to count ad credits as part of the total donation since many small businesses were unlikely to use the service anyway, but it’s still worth taking advantage of!
If your business has an active Google Ad account, check your account for credit notifications. Whatever amount your business has received must be used by the end of 2020.
Plus, Google is donating $200 million to help underserved small businesses. This fund will help financial institutions and NGOs provide financial assistance to businesses that are unable to secure loans through traditional banks.
To learn more, check out our other resources for small businesses on COVID, including the following
- Guide to the SBA’s CARES Act
- Express Bridge Loan Pilot Program
- State-by-State Resources
- How to Save Money on Processing
- Marketing Tips
- How to Use Extra Time
- Steps to Take to Reopen
To learn more how KORONA can help, give us a call or fill out the form below. We’re doing everything we can to provide small businesses with the right resources and continue to help our customers grow their business.