Google CEO Sundar Pichai recently announced that the tech giant would be donating more than $800 million USD cash and advertising to combat the spread of the coronavirus.
Why This Matters: The reason is twofold; the ad credits help to keep business flowing through Google’s ad system which is going to see a drastic drop in its ad business as many businesses small and large are being negatively affected by the global pandemic. Secondly, this marks the largest donation from Google ever.
Here’s a breakdown of what’s in the $800 million USD donation:
- $250 million in ad grants to help the World Health Organization (WHO) and more than 100 government agencies around the world provide information about the virus. That’s up from $25 million announced last month. Google is also providing $20 million in ad grants to community organizations so they can provide information about relief funds and other resources for small businesses.
- A $200 million investment fund that will help non-profits and financial institutions provide small businesses with access to capital. That’s in addition to $15 million in cash grants already being provided by Google.org. the company’s philanthropic arm.
- $340 million in Google Ads credits available to all small and midsize businesses with active Google accounts over the past year. The credits can be used any time this year.
- $20 million in Google Cloud credits for academic institutions and researchers to use Google’s computing resources on COVID-19 related projects.
- Financial support and know-how to help ramp up production of personal protective equipment and lifesaving medical devices. Google said it is working with longtime supplier and partner Magid Glove & Safety to produce 2-3 million face masks in the coming weeks that will be donated to the CDC Foundation.
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