With the fate of many small businesses on the line, Google is donating some $800 million to assist small businesses during the economic crisis.
As the global health crisis worsens, companies around the world are closing shop or drastically changing how they conduct business. Many are facing uncertain futures, leading governments and companies to take measures to assist. Google is one of the latest to step up, pledging some $800 million to the effort.
In a blog post, CEO Sundar Pichai said the company will be donating “$250 million in ad grants to help the World Health Organization (WHO) and more than 100 government agencies globally provide critical information.” This should help combat the spread of misinformation that is plaguing social media.
In addition, the company is also setting aside “a $200 million investment fund that will support NGOs and financial institutions around the world to help provide small businesses with access to capital. As one example, we’re working with the Opportunity Finance Network in the U.S. to help fill gaps in financing for people and communities underserved by mainstream financial institutions. This is in addition to the $15 million in cash grants Google.org is already providing to nonprofits to help bridge these gaps for SMBs.”
Google is also providing “$340 million in Google Ads credits available to all SMBs with active accounts over the past year. Credit notifications will appear in their Google Ads accounts and can be used at any point until the end of 2020 across our advertising platforms.” The company is also providing $20 million in Google Cloud credits that researchers can use to access Google’s computing resources.
Overall, this is a significant effort on the part of Google to stimulate small businesses and help them weather the storm. By making Google Ad credits available, it should provide a relatively risk-free way for small businesses to keep advertising, despite the economic challenges.
