Just thirty days ago, headlines reported that the US economy added 273,000 jobs and the unemployment rate was the lowest in 50 years. The economy was booming, and businesses large and small were growing.
Since then, the Coronavirus has profoundly disrupted the global economy. Shelter in place orders forced once-booming businesses to close their doors or significantly reduce their services. People are being laid off. Supply chains are being disrupted. Last week, 3.3 million people filed for unemployment. This week, 6.6 million people filed for unemployment. The previous weekly record was 700,000.
But hope is not lost! Businesses still have options to survive and thrive in this volatile time. The two largest online advertising platforms, Google and Facebook, are offering valuable grants for small and mid-sized businesses. While the details are still forthcoming, savvy business owners need to act now to ensure they are eligible for the programs.
Google Business Grants
Google is making available $340 million in ad credits to small and medium-sized businesses. Below are some critical details to understand about these ad credits:
• Businesses will not need to apply to receive credits. Google will notify businesses or advertisers in their accounts on the Google Ads platform.
• To be eligible, a business must be identified by Google as a small or medium-sized business.
• Your account must have been running ads consistently since January 1, 2019. Accounts not active before January 1, 2019 will not be eligible.
• Accounts running any type of ad in the Google Ad platform will be eligible (Search, Shopping, Display, and YouTube).
• The business must be in good standing with Google, current on their payments, and not violating any other terms and conditions.
• Pausing Google Ads for an extended amount of time may make a business ineligible for the ad credits.
• The credits must be used by the end of 2020.
• The credits can be used on any type of ad in the Google Ad platform.
• Google retains sole discretion over which businesses receive credits.
Facebook Business Grants
Facebook will also create a business grant program, including $100 million in cash grants and ad credits to help businesses during the COVID-19 outbreak. However, Facebook has not released any other official information. We will keep you posted when that information is made available. Follow us on Facebook and LinkedIn for immediate updates.
BigPxl Can Help Your Business Win
If you have questions about your Google Business Grant, how to make the most of it, and how an awesome advertising agency can help, reach out to the BigPxl team online or by phone at (417) 799-2233.
We are dedicated to working hard for our clients, providing comprehensive digital marketing services that can make a difference for your business during this difficult time