Name: Google helpful content update

Launch Date: It began to rollout on August 25th

Targets: 

It looks at content that was created to rank well in search over help humans 

Search Only:

This currently only impacts Google Search, not Google Discover or other Google surfaces. But Google may expand this to Discover and more in the future.

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Penalty:

Google did not mention penalty but this update does seem to feel like a penalty for sites that will be hit by it

Sitewide:

This is a sitewide algorithm, so the whole site will be impacted by this update

Not a core update:

Many are going to say this is a core update, it is not.

English Language but will expand:

This is only looking at English-language content globally now but likely will expand to other languages.

Impact: 

Google would not tell me what percentage of queries or searches were impacted by this update but Google did tell me it would be "meaningful." Also, Google said this will be felt more for online-educational materials, entertainment, shopping, and tech-related content.

Recover:

If you were hit by this, then you will need to look at your content and see if you can do better with Google's advice below

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Refreshes:

Google updates the scores constantly here but there is a timeout period, and a validation period and it can take several months to recover from this update.