Googles COVID-19 SMB Grant – The details you need to know
On March 27, 2020, Google announced they would offer over $800 million in support to small business and crisis support for the coronavirus pandemic. At Techwood we have been following the news on this closely to keep clients and small businesses informed about how they might be able to tap into the support Google is offering.
Not all of the fund is going directly to small businesses or credits in ads.
- $250 million in ad grants to help the World Health Organization (WHO) and more than 100 government agencies globally provide critical information on how to prevent the spread of COVID-19 and other measures to help local communities.
- $20 million in ad grants to community financial institutions and NGOs specifically to run public service announcements on relief funds and other resources for SMBs.
- A $200 million investment fund that will support NGOs and financial institutions around the world to help provide small businesses with access to capital. 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.
- 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.
- Direct financial support and expertise to help increase the production capacity for personal protective equipment (PPE) and lifesaving medical devices.
Specifically, small businesses and advertisers are looking for assistance both staying in business and for recovery. To this Google has announced the following in regard to Google ad credits for the coronavirus pandemic;[/vc_column_text][vc_column_text]“$340 million in Google Ads credits will be 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. We hope it will help to alleviate some of the cost of staying in touch with their customers.”
“These ad credits will be available to small and medium businesses, who advertise directly with Google and with active accounts since the beginning of 2019. These Credits will be provided to SMB advertisers that have been active advertisers since Jan 1, 2019 and comply with all Google Ads Terms & Conditions.”
“How and when will eligible customers receive the ad credits?”
“Small and medium businesses worldwide that have been active advertisers since the beginning of 2019 will be informed in the coming months through notifications within their Google Ads account. This Google Ads credit can be used at any point throughout the year and will expire on 31st Dec 2020. Any unused portion will be removed from Google Ads accounts. These ad credits will be applicable across the Google Ads platform including Search, Display, and YouTube as well as all campaign types.”
“Advertisers receiving ad credits will be notified in the coming months. Google is in the process of building these specialized credits into Google Ads accounts, therefore notifications will not show immediately.”
While this does limit advertisers who are beginning efforts on what they will receive as an ad credit, it is important to note that Google has traditionally provided new advertisers with credit on their initial months of spend. If you are considering online advertising for the first time and don’t already have an existing Google ads account your business may be eligible for a spend matching credit, currently up to your first $150 in spend.
Local businesses are facing unprecedented challenges as they navigate COVID-19. The Grow with Google Small Business Fund will help these businesses—especially those in distressed communities—survive this unprecedented crisis. The Fund will allow community development financial institutions (CDFIs) to support both the short-term recovery and long-term financing needs of America’s small businesses.
How Small Business Owners Can Access the Grow With Google Fund
CDFIs are private financial institutions that provide fair, transparent financing and financial education to people and communities underserved by mainstream financial institutions. Over more than 30 years, CDFIs have proved their resilience. They bring decades of experience lending in all economic conditions. CDFIs are at work in all 50 states, the District of Columbia, Guam, and Puerto Rico. Each CDFI serves a distinct market and offers distinct products and services. All share a common vision of expanding economic opportunity and improving the quality of life for underserved communities.
To find a CDFI near you, access the CDFI Locator.
The Fund is reserved for OFN member CDFIs serving for-profit and nonprofit businesses.
If you wish to express interest in applying for financing from this Fund, please fill out this form.
If you wish to become an OFN member, learn about eligibility and access an application form.