Pandemic Relief Grants For Small Businesses – As the COVID-19 pandemic approaches, Google.org is awarding $50 million in grants focused on the areas where our resources and people can have the greatest impact: health and science, economic relief and recovery, and distance learning. Today, we are investing another $50 million, bringing our total contribution to $100 million. In addition, Google.org Fellows will devote a total of 50,000 hours to specific projects related to COVID-19. Read where our initial commitment has been so far and how we’re thinking about committing the next $50 million.
With more than 3 million cases of COVID-19 and 250,000 deaths worldwide, one of our top priorities is to support workers fighting the virus, as well as data science and disease monitoring. In the future, we will continue to provide funding, Google.org Fellows and volunteers for projects that use data analytics and artificial intelligence to improve understanding of the COVID-19 disease and its impact.
Pandemic Relief Grants For Small Businesses
We’ve awarded up to $10.5 million through public engagement campaigns (combining Google.org funding and donations from Google employees) to organizations including the World Health Organization to support preparedness, containment, response and recovery for those affected and frontline workers worldwide.
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Data on the spread of COVID-19 are critical to understanding how it affects public health and the economy. With Google.org grants and grants to the Boston Children’s Hospital HealthMap consortium and Médecins Sans Frontières in France, we are supporting AI applications to develop new tools and models that track the spread of COVID-19 and provide real-time information to policy. manufacturers and healthcare systems.
Millions have been laid off around the world as businesses close their doors, and according to the OECD, these closures are likely to hit small and medium-sized enterprises (SMBs) the hardest. We have provided grants to non-profit organizations that support small and medium-sized businesses, local communities and individuals in need, and will continue to prioritize our efforts in these three ways.
We’ve awarded more than $15 million in grants to non-profit organizations to benefit underrepresented business owners. Today, we awarded a $5 million grant to Common Future to provide capital and technical assistance to 2,000 women and minority small business owners in the US. The recovery program will provide key support services, including a crisis helpline, to more than 200,000 small and medium-sized businesses in 32 countries across Europe, the Middle East, Africa and Asia Pacific.
We have distributed more than $10 million in crisis relief grants directly to nonprofit organizations in the communities where we have offices around the world. Local organizations know how best to address food insecurity, care for the vulnerable homeless, support victims of domestic violence or increase access to mental health care in their communities. We’ve given over $1 million in donations to organizations including Silicon Valley Strong Fund, Kirkland Small Businesses Relief Fund and Cambridge Mayoral Disaster Relief Fund in the US. Across EMEA, we have secured more than $4 million in grants to local organizations such as Feeding Britain and FareShare in the UK, A Lust for Life in Ireland, CEAR and Red Acoge in Spain and the Egyptian Food Bank in Egypt.
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Nearly 70 percent of American self-employed workers have experienced a drop in income as a result of the COVID-19 outbreak. Research shows that giving money directly is one of the most effective ways to help people in times of crisis. A month ago, we started an effort to support GiveDirectly’s Bay Area grant campaign. We have since expanded our efforts to support GiveDirectly to 12 other locations in the United States, resulting in more than $8 million in donations (this includes seed funding from Google.org, as well as Google and public donations). We also gave $1 million to the Family Independence Initiative and made a grant to support non-profit organizations that provide financial assistance to support vulnerable families in India through GiveIndia, part of the $10 million we will give to direct cash efforts.
At the height of school closures due to COVID-19, more than 1.5 billion students worldwide could no longer physically attend school. Our $10 million distance learning fund helps schools, teachers and parents continue to teach through these disruptions. As part of that funding, we have awarded an initial grant of US$1 million to Khan Academy, which will reach more than 18 million affected students each month.
We also secured a $2.7 million grant for INCO to enable non-profit organizations in Europe and Asia to digitize teaching materials and adapt to the new distance learning environment. On Monday, we announced the final component of our $10 million distance learning fund: a $2 million donation to DonorsChoose for Keep Kids Learning efforts. It helps high-poverty U.S. public school teachers purchase distance learning materials and student care packages that include meals, books and school supplies.
There are thousands of Googlers who want to give money or their skills to organizations they care about. At the start of the COVID-19 pandemic, we launched an internal site to help Googlers find COVID-19-specific giving and volunteer opportunities in their communities. We are bringing together skilled volunteers for select nonprofit and civic organizations, including 31 Google.org Fellows who are providing three to six months of full-time pro bono support for four COVID-19-specific grant projects. We’ve also increased Google’s annual giveaway from $7,500 to $10,000.
Fast Tracking Pandemic Relief
This is one of Google’s many commitments to help during this crisis, protect people and ensure they have access to the information they need. We will share more as we build this commitment globally and continue to deploy resources to help the most vulnerable communities recover and thrive. A previous report by the JPMC Institute provided an assessment of the impact during the first weeks after the national emergency was declared on March 13, 2020, and as many countries issued stay-at-home orders that restricted many businesses (Farrell, Wheat, and Mac 2020a). Businesses have adapted their operations not only in light of these restrictions, but also when consumers have reduced their spending (Farrell, Greig, et al. 2020a) and moved some of it online (Farrell, Gandum, et al. 2020). Some companies are temporarily closed (Bartik, et al. 2020). As cash balances receded, bolstered by pandemic-related aid programs, revenues in May remained lower than a year ago.
This report takes a closer look at small businesses affected by COVID-19 and the subsequent economic crisis, focusing on industries that are represented by black- and Hispanic-owned businesses (personal services, repair and maintenance, and construction), as well as the industries that have been hardest hit . Previous research has identified the restaurant, retail, and personal service industries as the hardest hit by the COVID-19 outbreak (Farrell, Wheat, and Mac 2020a). The financial impact on the sector, and this industry in particular, can be particularly impactful on black and Hispanic-owned businesses. These firms are more financially vulnerable, with lower revenues and less cash liquidity than white-owned firms (Farrell, Wheat, and Mac 2020b). Accordingly, they may be more vulnerable to severe shocks, especially if they also work in highly impacted industries.
We examine changes in small business cash balances, income, and expenses through May 2020 using a de-identified sample of nearly 1.3 million small businesses nationwide. This sample is based on anonymous transactions from deposit accounts
And represent non-employer and employer businesses, mostly in urban areas. The vast majority — more than 80 percent — of small businesses are unemployed
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, which is reflected in our sample. In addition, we use a de-identified sample of small businesses that is racially matched from publicly available voter records. (See Farrell, Greig, et al. (2020b) for details on matching algorithms.) Of the states where race/ethnicity data is collected in voter registration records, Chase had a lead in three as of 2018: Florida, Georgia, and Louisiana. For this subset of 92,000 small businesses in three states, we were able to provide insight into the differential impact of COVID-19 on white, black, and Hispanic-owned small businesses.
Together, the cash balance, income, and expenses provide a summary of the financial health of a small business. The balance sheet ensures the company’s need for liquidity, especially when it experiences an adverse shock. Operating cash flow—revenues and expenses—represents the amount of business activity that can be reflected in the cash balance. However, a cash balance is not just the result of net changes in income and expenses: business owners can also transfer personal assets or secure other financing to replenish their balance. Our operating cash flow estimates do not include these types of financial transfers.
We examine this measure of financial health for all firms in our sample through May 2020, focusing on industries where black- and Hispanic-owned firms are overrepresented and industries where the impact of COVID-19 has been particularly severe. Specifically, we found:
And provide additional insight. In particular, we provide an assessment of the impact of the pandemic on the financial performance of small businesses. It’s no wonder small businesses are struggling, but this data quantifies the magnitude and variation of impacts and informs industry policymakers and demographics whose impact is more profound. For those small businesses, the recovery could be more difficult than it already is.
Application For Covid Relief Funds For Small Businesses Begins Monday
Finding one: Cash balances at white-owned restaurants twice in May, compared
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