Chief Executive Sundar Pichai said in a blog post that the money would "support small- and medium-sized businesses, health organizations and governments, and health workers on the front line of this global pandemic."
He said $340 million in Google Ad credits will go to small and medium-sized businesses with active accounts over the past year.
Credit notifications will appear in their Google Ads accounts and can be used at any point until the end of 2020 across the company's advertising platforms.
"We hope it will help to alleviate some of the cost of staying in touch with their customers," Pichai said.
In addition, a $200 million investment fund will support non-governmental organizations and financial institutions worldwide to help give small businesses access to capital.
The commitment also includes a pool of $20 million in Google Cloud credits for academic institutions and researchers. They can "leverage [Google's] computing capabilities and infrastructure as they study potential therapies and vaccines, track critical data, and identify new ways to combat Covid-19."
Google is also awarding $250 million in ad grants to help the World Health Organization and more than 100 government agencies provide information on how to prevent the spread of Covid-19 and other measures to help local communities. That's 10 times the $25 million the company allocated last month.
In addition, the company is providing $20 million in ad grants "to community financial institutions and NGOs specifically to run public service announcements on relief funds and other resources for SMBs."
Google said it would also provide "direct financial support and expertise to help increase the production capacity for personal protective equipment and medical devices."
The company is working with a provider of protective equipment, Magid Glove & Safety of Romeoville, Ill., to ramp up production in the next few weeks of 2 million to 3 million face masks. The masks will be provided to the Centers for Disease Control and Prevention Foundation.
"In addition to these commitments, we also increased the gift match Google offers every employee annually to $10,000 from $7,500," Pichai said. "That means our employees can now give $20,000 to organizations in their communities, in addition to the $50 million Google.org has already donated."
Google is among a number of corporations that have offered money and materials to help combat the deadly disease.