The world is striving to regain a sense of normalcy as communities slowly reopen. There are feelings of cautious optimism giving renewed hope to people and companies within our communities. Although it may be a while before we are fully back to normal, we are making progress at defeating the virus and rebuilding our economy every day.
Along with that progress, many organizations have stepped up to help businesses devastated by the lockdown. At the beginning of April, Facebook and Google presented plans to help small businesses. Initially, limited information was given as to how these programs will work, but we now know more and want to share how they could benefit you.
Facebook Small Business Grants Program
Facebook is offering $100 million in cash grants and ad credits as part of their relief fund package. The social media platform that has earned a reputation with its full-fledged advertising platform, will be granting these funds to 30,000 eligible small businesses in more than 30 different countries around the world. However, to receive these funds, there are a few stipulations you must meet to qualify. First, your business has to employ between 2 and 50 employees. Second, your business must be a minimum of 1 year old. Third, your business must currently be experiencing challenges directly stemming from the COVID-19 crisis. Finally, your business needs to be in or near a location where Facebook operates.
We understand that this will not apply to everyone, but it does cover a wide range of businesses that will benefit from these funds. As of now, Facebook has not announced how much the credits will be, when they will be distributed, or how they will be distributed. To begin your application process for consideration, visit the Small Business Grants Program page on Facebook for Business.
Ad Credits for Google Ads Small and Medium-sized Businesses
Google is making numerous efforts as part of its response to this pandemic. One way they are offering relief is by providing $340 million in ad credits to small and medium-sized businesses around the world. This is in addition to the $15 million in cash grants Google.org is providing to non-profits and the $20 million in ad grants to community financial institutions to use for public services announcements to run regarding relief funds and other resources for small to medium-sized businesses.
The qualification process for the Google Ad Credits differs a bit from the Facebook Small Business Grants Program, in that there is no application process. Google will work to match the right clients with relief funds. This will be accomplished by reviewing all active Google Accounts established in their platform that meet set guidelines to see if an account is eligible to receive a portion of the $340 million in ad credits.
Eligibility is given to businesses that are small to medium-sized, have spent advertising dollars in Google Ads 10 of 12 months in 2019, and in January and February of this year. These businesses could have advertised directly or through a Google Partner. If your business advertised on Google Ads through a Google Partner, your account will receive the credit, not the agency representing your business.
When you receive your ad credit, it is for future use only and will not apply to a past or a current campaign. You may use your credit on the Google Display Network, Search Network, YouTube Network, and all other Google supported ad formats. Google has stated in their documentation, that each eligible account will receive one ad credit, but the amount will vary from account to account. Google will determine credit amounts by looking at past Google Ad Spend as well as country and currency of where the business and Google Ad account were established.
Google Ad credits will start hitting accounts in late May and will be rolled out in phases over the following months. When credits are applied to an account, they will appear as a notification in your account. Once you receive your credit, you have until December 31st, 2020 to use the entire credit or it will be removed from your account after that date.
As the world continues to rebound from this crisis, we at KeyMedia Solutions will continue helping businesses find solutions to the challenges they face. We hope this gives you a bit of relief and that your business may benefit from these grants and credits.