Using classic Outlook for Windows in business environments
With Outlook 2016, you need both, but it isn't as complicated as is looks. Go to your Google account, turn on 2-Step Verification and then generate an App Password. Open Outlook 2016, bring up your Gmail account in Account Settings, and replace the existing password with the 16 digit App Password you just generated. You do not have to wait until the 30th, this will work right away and the 30th will pass without issue.