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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Photo: Google

Google CEO Sundar Pichai announced Friday that his company is donating more than $800 million in cash and advertising to help stem the spread of the novel coronavirus and ease the impact on small businesses.

Why it matters: It would appear to be the largest donation yet from a tech giant. The ad credits also could help keep business flowing through Google's ad system amid what is expected to be a sharp downturn in advertising.

Details: The donation consists of:

  • $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.

Meanwhile: Apple on Friday announced a new website and app designed to help people easily find accurate information about the virus and determine if they should seek testing.

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
1 hour ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
2 hours ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.

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