Coronavirus

Google Pledges $800M To Help Struggling Businesses

Google Pledges $800M To Help Businesses

Google has announced that it will donate over $800 million to help businesses adversely affected by the coronavirus pandemic.

“As the coronavirus outbreak continues to worsen around the world, it’s taking a devastating toll on lives and communities. To help address some of these challenges, today we’re announcing a new $800+ million commitment to support small and medium-sized businesses (SMBs), health organizations and governments, and health workers on the frontline of this global pandemic,” the company said.

Google will commit $250 million in ad grants to benefit the World Health Organization (WHO) and other organizations helping to spread accurate information about the virus and educate communities.

“This is an increase from our initial $25 million announced last month. In addition, we’re providing $20 million in ad grants to community financial institutions and non-governmental organizations (NGOs) specifically to run public service announcements on relief funds and other resources for SMBs,” Google said.

The search giant also said it will start a $200 million investment fund to support financial institutions and NGOs that are helping small businesses get 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,” the statement said.

The company is also making $340 million in Google Ads credits available to all SMBs with accounts that were active in the last year. In addition, it is providing a pool of $20 million in Google Cloud credits for academic institutions and researchers “to leverage our computing capabilities and infrastructure as they study potential therapies and vaccines, track critical data and identify new ways to combat COVID-19.”

Google has also been working with Magid Glove & Safety to increase the production of face masks.

“Additionally, 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,” Google said.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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