1 00:00:06,680 --> 00:00:11,280 Speaker 1: Welcome to Strictly Business Varieties, weekly podcast featuring conversations with 2 00:00:11,360 --> 00:00:15,400 Speaker 1: industry leaders about the business of entertainment. I'm Cynthia Littleton, 3 00:00:15,640 --> 00:00:19,240 Speaker 1: business editor for Variety Today. My guests are three top 4 00:00:19,400 --> 00:00:22,759 Speaker 1: entertainment bankers from City National Bank who have spent the 5 00:00:22,800 --> 00:00:26,320 Speaker 1: past three weeks dealing with a blizzard of loan applications 6 00:00:26,440 --> 00:00:31,000 Speaker 1: for the federal government's paycheck protection program. Martha Henderson is 7 00:00:31,040 --> 00:00:35,600 Speaker 1: Executive VP and Manager of Entertainment Banking. Lorie Badgett is 8 00:00:35,640 --> 00:00:38,920 Speaker 1: Senior VP and team leader, specializing in Nashville and the 9 00:00:39,000 --> 00:00:43,240 Speaker 1: music industry. Stephanie Dalton is Senior VP and team leader 10 00:00:43,320 --> 00:00:47,479 Speaker 1: specializing in Broadway. The three breakdown the details of the 11 00:00:47,520 --> 00:00:52,560 Speaker 1: Small Business Administration's payroll relief program for businesses with five 12 00:00:52,680 --> 00:00:56,120 Speaker 1: hundred or fewer employees. We spoke last week just as 13 00:00:56,160 --> 00:00:59,360 Speaker 1: the initial three hundred forty nine billion allocated to the 14 00:00:59,440 --> 00:01:02,080 Speaker 1: program ran out, but now it's poised for a new 15 00:01:02,120 --> 00:01:05,000 Speaker 1: influx of funding as early as this week. The industry 16 00:01:05,080 --> 00:01:07,800 Speaker 1: veterans also discussed the scope of the need out there 17 00:01:07,959 --> 00:01:11,440 Speaker 1: and how they are advising clients through an unprecedented crisis. 18 00:01:12,319 --> 00:01:17,320 Speaker 1: Martha Henderson, Lorie Badgett and Stephanie Dalton of City National Bank, 19 00:01:17,880 --> 00:01:20,039 Speaker 1: thank you so much for taking time out on what 20 00:01:20,240 --> 00:01:23,160 Speaker 1: is an insanely busy time for the three of you 21 00:01:23,560 --> 00:01:27,440 Speaker 1: to give Variety listeners a sense of the scope of 22 00:01:27,520 --> 00:01:32,080 Speaker 1: the Paycheck Protection Program, which is an unprecedented federal loan 23 00:01:32,240 --> 00:01:36,400 Speaker 1: program that kicked in a couple of days ago, and 24 00:01:36,440 --> 00:01:39,760 Speaker 1: as I understand it, you three have pretty much not 25 00:01:39,920 --> 00:01:45,000 Speaker 1: slept since. Let's start with you, Martha. Let's talk about 26 00:01:45,840 --> 00:01:49,320 Speaker 1: what the significance of this federal program means and what 27 00:01:49,440 --> 00:01:51,920 Speaker 1: kind of need you have seen from your clients in 28 00:01:51,960 --> 00:01:57,680 Speaker 1: the entertainment arena. Uh, it's certainly this is unprecedented, and 29 00:01:58,160 --> 00:02:01,200 Speaker 1: I've been working with the entertainment in industry as a 30 00:02:01,240 --> 00:02:04,280 Speaker 1: banker for more than forty years and this is the 31 00:02:04,280 --> 00:02:06,720 Speaker 1: first time we've ever come across anything like this. So 32 00:02:06,800 --> 00:02:09,359 Speaker 1: it's completely new for the clients and it's completely new 33 00:02:09,400 --> 00:02:14,080 Speaker 1: for us, and it is um We are trying to 34 00:02:14,120 --> 00:02:17,320 Speaker 1: make sure that the companies that we deal with within 35 00:02:17,360 --> 00:02:21,600 Speaker 1: the entertainment industry survive and and get through what is 36 00:02:22,040 --> 00:02:25,880 Speaker 1: an unprecedented time. So the government came up with this 37 00:02:26,360 --> 00:02:29,839 Speaker 1: p p P program and we are doing We did 38 00:02:29,919 --> 00:02:34,960 Speaker 1: do everything we possibly could to get this program to 39 00:02:35,040 --> 00:02:39,040 Speaker 1: as many people in the industry as possible, and truly 40 00:02:39,040 --> 00:02:41,720 Speaker 1: the bank did that throughout the rest of the bank, 41 00:02:41,760 --> 00:02:45,480 Speaker 1: to anybody that's in our community. We were trying to 42 00:02:45,680 --> 00:02:48,240 Speaker 1: do an outreach, and I think the bank as a 43 00:02:48,280 --> 00:02:52,600 Speaker 1: whole and the entertainment department we stopped everything that we're doing. 44 00:02:52,639 --> 00:02:55,240 Speaker 1: All two d and fifty colleagues that we have were 45 00:02:55,440 --> 00:02:59,720 Speaker 1: almost to the person, focused on getting as many applications 46 00:02:59,760 --> 00:03:02,679 Speaker 1: as we possibly could could get. And that's because we 47 00:03:02,760 --> 00:03:05,679 Speaker 1: knew there was a time frame that the money was 48 00:03:05,720 --> 00:03:07,880 Speaker 1: going to run out, and so we wanted to get 49 00:03:07,919 --> 00:03:10,640 Speaker 1: as many through as we possibly could so that these 50 00:03:10,680 --> 00:03:13,440 Speaker 1: companies can pay their colleagues and get them back to 51 00:03:13,520 --> 00:03:16,000 Speaker 1: work and we will all be back up working as 52 00:03:16,040 --> 00:03:19,280 Speaker 1: quickly as possible. So that's our hope, and that's what 53 00:03:19,360 --> 00:03:22,120 Speaker 1: we were focused on and what we were doing. Mm hmmm. 54 00:03:23,400 --> 00:03:25,440 Speaker 1: The to Martha's point, I was just gonna add, it 55 00:03:25,480 --> 00:03:28,119 Speaker 1: was really sort of a true team effort just across 56 00:03:28,200 --> 00:03:30,280 Speaker 1: the bank to kind of move mountains to get this 57 00:03:30,360 --> 00:03:34,640 Speaker 1: done for clients. It was our operation. Folks are bankers, 58 00:03:35,000 --> 00:03:39,360 Speaker 1: um credit folks, the leadership team, everybody just really came 59 00:03:39,400 --> 00:03:43,240 Speaker 1: together and in sort of the CNB Way. Um of 60 00:03:43,440 --> 00:03:47,040 Speaker 1: just um getting out there quickly for our clients, helping 61 00:03:47,080 --> 00:03:49,800 Speaker 1: them through the process, answering questions, helping them figure out 62 00:03:49,880 --> 00:03:52,800 Speaker 1: how to fill the forms. Um. You know, these were 63 00:03:52,840 --> 00:03:54,640 Speaker 1: a lot of people that really wanted the money and 64 00:03:54,880 --> 00:03:57,480 Speaker 1: and it was very important to them. So we just 65 00:03:57,640 --> 00:04:01,640 Speaker 1: really pulled together as an entire division. Um like nothing 66 00:04:01,680 --> 00:04:05,080 Speaker 1: we've ever seen before. Again, to Martha's point, it's it's unprecedented, 67 00:04:05,160 --> 00:04:10,840 Speaker 1: but that's kind of it was just an amazing effort. Uh. 68 00:04:10,880 --> 00:04:13,680 Speaker 1: And I think we saw so many you know, we 69 00:04:14,040 --> 00:04:18,040 Speaker 1: received so many emails from from clients just recognizing how 70 00:04:18,080 --> 00:04:20,760 Speaker 1: important it was and how much they appreciated everything we did. 71 00:04:20,800 --> 00:04:24,080 Speaker 1: That was really it really felt made us feel very 72 00:04:24,160 --> 00:04:27,960 Speaker 1: rewarded for everything that we helped them accomplish. And Stephanie, 73 00:04:28,000 --> 00:04:30,880 Speaker 1: you work in the Broadways, in the in the area 74 00:04:30,920 --> 00:04:35,240 Speaker 1: of Broadway in banking, what specifically did you find what 75 00:04:35,320 --> 00:04:39,440 Speaker 1: was the specific need in the Broadway community. Well, it 76 00:04:39,560 --> 00:04:41,800 Speaker 1: was you know, um, it was really sort of the 77 00:04:41,839 --> 00:04:45,600 Speaker 1: similar need that that companies needed across the entertainment industry. 78 00:04:45,640 --> 00:04:49,240 Speaker 1: I mean, everything just completely came to to a close, 79 00:04:49,480 --> 00:04:52,680 Speaker 1: and you know, the opening of Broadway is still unfortunately 80 00:04:52,720 --> 00:04:56,160 Speaker 1: uncertain at this point. So a lot of the production 81 00:04:56,200 --> 00:04:59,360 Speaker 1: companies and general management offices needed assistance to kind of 82 00:04:59,400 --> 00:05:02,520 Speaker 1: stay aflow and take care of their employees and keep 83 00:05:02,520 --> 00:05:05,960 Speaker 1: their employees um going. So it was it was very 84 00:05:06,040 --> 00:05:08,400 Speaker 1: much similar in terms of the rest of the industry. 85 00:05:08,880 --> 00:05:11,480 Speaker 1: M HM and Lorie, you are coming to us from 86 00:05:11,560 --> 00:05:15,880 Speaker 1: Nashville to how is Music City dealing with this? Wow, 87 00:05:16,120 --> 00:05:19,680 Speaker 1: music City has been really hit hard. Um, as you're 88 00:05:19,720 --> 00:05:22,880 Speaker 1: well aware, over the past five to ten years, Nashville 89 00:05:23,160 --> 00:05:26,400 Speaker 1: itself as a community has been booming like nothing I've 90 00:05:26,400 --> 00:05:29,480 Speaker 1: ever seen. I'm a Nashville native, and I've never seen 91 00:05:29,560 --> 00:05:33,159 Speaker 1: this much growth and and so much happening in the town, 92 00:05:33,600 --> 00:05:38,320 Speaker 1: both obviously on the entertainment side, but also just tourism 93 00:05:38,400 --> 00:05:41,680 Speaker 1: and people coming here. Um to have Broadway and all 94 00:05:41,720 --> 00:05:44,279 Speaker 1: of our honky tonks shut down, I mean, that's such 95 00:05:44,440 --> 00:05:47,880 Speaker 1: a vibrant place. Um. You know, our Country Music Hall 96 00:05:47,920 --> 00:05:52,320 Speaker 1: of Fame is closed down. UM, never mind, just on 97 00:05:52,360 --> 00:05:56,600 Speaker 1: the music side, every tour has been canceled and postponed 98 00:05:56,640 --> 00:05:58,600 Speaker 1: to the fall, and we just hope and pray that 99 00:05:58,640 --> 00:06:02,799 Speaker 1: we can congregate again in the fall. You know, it's again, 100 00:06:02,839 --> 00:06:06,320 Speaker 1: it's just this uncertainty that everybody feels no matter what 101 00:06:07,200 --> 00:06:09,719 Speaker 1: you know, the government says, if we're open or not open, 102 00:06:09,760 --> 00:06:11,680 Speaker 1: you know, what do we feel as a community, Where 103 00:06:11,680 --> 00:06:14,240 Speaker 1: do we feel safe? And how do we make um 104 00:06:14,360 --> 00:06:18,680 Speaker 1: these places? And touring has has been the lifeblood of 105 00:06:18,720 --> 00:06:22,560 Speaker 1: the music business since the beginning, but especially with streaming 106 00:06:22,640 --> 00:06:26,240 Speaker 1: and and you know, record sales going away, the touring 107 00:06:26,320 --> 00:06:30,159 Speaker 1: has always been the mainstay, and now that's in jeopardy. 108 00:06:30,360 --> 00:06:33,520 Speaker 1: So um. I think it's been really interesting and fun 109 00:06:33,560 --> 00:06:37,440 Speaker 1: as a fan to see how musicians and and artists 110 00:06:37,520 --> 00:06:40,120 Speaker 1: are doing these at home concerts and things. But you've 111 00:06:40,120 --> 00:06:43,440 Speaker 1: got to know they're not making money. So if you're 112 00:06:43,480 --> 00:06:46,400 Speaker 1: a fan of any artist out there that's doing these 113 00:06:46,440 --> 00:06:50,080 Speaker 1: things and and giving you your sanity during this time 114 00:06:50,080 --> 00:06:53,400 Speaker 1: that we're all locked at home, you know, by their merchandise, 115 00:06:53,720 --> 00:06:57,680 Speaker 1: by their records, you know, support these artists because this 116 00:06:57,760 --> 00:07:00,200 Speaker 1: is this is their livelihood, and this is what they 117 00:07:00,240 --> 00:07:03,839 Speaker 1: do and they're giving you free entertainment. So there is 118 00:07:03,880 --> 00:07:08,000 Speaker 1: so much pain out there. Martha, Can you talk us through, 119 00:07:08,120 --> 00:07:10,040 Speaker 1: as you did the other day to help me greatly 120 00:07:10,120 --> 00:07:11,920 Speaker 1: with the story. Can you just talk us through the 121 00:07:13,160 --> 00:07:19,000 Speaker 1: bare bones of what the paycheck protection program offers and 122 00:07:19,040 --> 00:07:23,600 Speaker 1: who it's for UM. It's for companies that have colleagues 123 00:07:23,640 --> 00:07:27,560 Speaker 1: of less than five hundred five or less. That probably 124 00:07:27,600 --> 00:07:30,680 Speaker 1: should say. And what it's trying to do is keep 125 00:07:30,680 --> 00:07:34,640 Speaker 1: America working and these companies up and running and these 126 00:07:34,720 --> 00:07:38,480 Speaker 1: small businesses. And so people are able to apply to 127 00:07:38,600 --> 00:07:42,720 Speaker 1: be reimbursed from the federal government after a period of 128 00:07:42,760 --> 00:07:46,680 Speaker 1: time for the colleagues that they keep working. So if 129 00:07:46,720 --> 00:07:49,840 Speaker 1: they have ten colleagues or a hundred colleagues, it doesn't 130 00:07:49,840 --> 00:07:54,120 Speaker 1: really matter. They can apply to have their payroll covered 131 00:07:54,320 --> 00:07:57,000 Speaker 1: for that period of time. So that's one dollar amount. 132 00:07:57,280 --> 00:08:00,480 Speaker 1: And then there's some additional kinds of addition of UM 133 00:08:01,080 --> 00:08:04,080 Speaker 1: refunds that they will make. They really get into it's 134 00:08:04,120 --> 00:08:07,240 Speaker 1: very specific. But in addition to that, you also can 135 00:08:07,280 --> 00:08:11,560 Speaker 1: apply for rent and UM utilities. Now that yet rent 136 00:08:11,600 --> 00:08:16,040 Speaker 1: and utilities are not granted or refunded to you at 137 00:08:15,720 --> 00:08:17,320 Speaker 1: at at the end of the time, but if you 138 00:08:17,360 --> 00:08:19,800 Speaker 1: are able then to keep up with your payments, it 139 00:08:19,840 --> 00:08:22,040 Speaker 1: does allow you to pay. You can use up to 140 00:08:23,320 --> 00:08:26,600 Speaker 1: of the dollar amount that you ask for for rent 141 00:08:26,880 --> 00:08:29,840 Speaker 1: and UM utilities, and then they'll turn that out over 142 00:08:29,880 --> 00:08:32,000 Speaker 1: a period of time at a very low interest rate. 143 00:08:32,480 --> 00:08:34,840 Speaker 1: So most of the people that we're seeing are applying 144 00:08:34,960 --> 00:08:38,360 Speaker 1: just for the UM, the payroll portion of it, so 145 00:08:38,400 --> 00:08:40,440 Speaker 1: that they can keep all of their colleagues. And that's 146 00:08:40,440 --> 00:08:41,920 Speaker 1: one of the rules. You have to keep all of 147 00:08:41,960 --> 00:08:45,240 Speaker 1: your colleagues working for an eight week period of time. 148 00:08:45,280 --> 00:08:48,520 Speaker 1: And that's what you're applying for, is UM eight weeks 149 00:08:48,520 --> 00:08:53,080 Speaker 1: worth of payroll, and that it will be at some 150 00:08:53,200 --> 00:08:56,240 Speaker 1: point in the future that you'll be reimbursed or you 151 00:08:56,280 --> 00:08:58,760 Speaker 1: just won't have to pay that portion back. It will 152 00:08:58,760 --> 00:09:01,040 Speaker 1: be it will be re burst and pay off the 153 00:09:01,080 --> 00:09:03,280 Speaker 1: loan so that you don't have to pay off the loan. 154 00:09:03,960 --> 00:09:06,559 Speaker 1: The loan is at one percent interest rate, so it's 155 00:09:06,600 --> 00:09:10,600 Speaker 1: a very very favorable interest rate. And UM it really 156 00:09:10,679 --> 00:09:13,200 Speaker 1: is making a huge difference for these companies there. They 157 00:09:13,280 --> 00:09:15,640 Speaker 1: really want this, They really want their colleagues to get 158 00:09:15,640 --> 00:09:17,680 Speaker 1: back to work and be able to have that staff 159 00:09:17,720 --> 00:09:20,439 Speaker 1: so that hopefully in the next six to ninety days 160 00:09:20,720 --> 00:09:23,240 Speaker 1: America's back a lot of these companies are back out 161 00:09:23,280 --> 00:09:27,199 Speaker 1: working again. And what UM for any of you, Like, 162 00:09:28,200 --> 00:09:31,880 Speaker 1: how are people even sort of determining the amount that 163 00:09:31,960 --> 00:09:35,640 Speaker 1: they might want to apply for given that it's so 164 00:09:35,679 --> 00:09:38,520 Speaker 1: hard to see the end of when you know, when 165 00:09:38,520 --> 00:09:42,120 Speaker 1: this crunch and this lockdown and the shuttering of all 166 00:09:42,120 --> 00:09:45,840 Speaker 1: of these venues and productions may come back. How do 167 00:09:45,920 --> 00:09:49,800 Speaker 1: you plan for something like that. Well, for the loan 168 00:09:49,880 --> 00:09:52,880 Speaker 1: program there it's very specific. They're going to give you. 169 00:09:53,000 --> 00:09:56,360 Speaker 1: They're going to pay for two months worth of payroll, 170 00:09:56,440 --> 00:09:58,679 Speaker 1: and so that's what you're able to apply for. As 171 00:09:58,720 --> 00:10:01,280 Speaker 1: I said, there's a little bit of you know, adding 172 00:10:01,320 --> 00:10:04,480 Speaker 1: and subtracting. You you can't have colleagues paying colleagues over 173 00:10:04,480 --> 00:10:08,199 Speaker 1: a hundred thousand dollars. Those get subtracted to subtract everything 174 00:10:08,240 --> 00:10:10,240 Speaker 1: over the hundred thousand dollar levels. So it does get 175 00:10:10,320 --> 00:10:13,319 Speaker 1: very specific about how you calculate this, and we can 176 00:10:13,640 --> 00:10:15,800 Speaker 1: help the client walk through some of that. Those are 177 00:10:15,800 --> 00:10:17,680 Speaker 1: some of the conversations that we have with them, and 178 00:10:17,679 --> 00:10:20,880 Speaker 1: so do their c pas and business managers and people 179 00:10:20,920 --> 00:10:23,720 Speaker 1: like that help them very much and putting this all together. 180 00:10:24,240 --> 00:10:26,439 Speaker 1: But that is what this is covering. At this point. 181 00:10:26,760 --> 00:10:29,719 Speaker 1: We suspect that the government's going to do have Plan B. 182 00:10:30,320 --> 00:10:33,000 Speaker 1: There'll be another plan that will be coming out, you know, 183 00:10:33,360 --> 00:10:35,360 Speaker 1: over over time. We don't know when that's going to be, 184 00:10:35,480 --> 00:10:37,400 Speaker 1: what it's going to look like, or who's going to 185 00:10:37,480 --> 00:10:40,760 Speaker 1: qualify for, but there's other programs I know that the government. 186 00:10:41,320 --> 00:10:45,600 Speaker 1: M Uh, Stephanie or Lorie, can you give a sense 187 00:10:45,800 --> 00:10:49,160 Speaker 1: of the amount the dollar amounts that some of your 188 00:10:49,240 --> 00:10:51,720 Speaker 1: clients have been applying for, just trying to get a 189 00:10:51,760 --> 00:10:57,640 Speaker 1: sense of the range of need. Well, it's really it's been, 190 00:10:57,720 --> 00:10:59,920 Speaker 1: it's been all over again. It depends on sort of 191 00:11:00,120 --> 00:11:02,800 Speaker 1: payill size of the company and that that determines what 192 00:11:02,840 --> 00:11:06,199 Speaker 1: they qualify for. So it could be as small as 193 00:11:06,360 --> 00:11:09,839 Speaker 1: you know, ten thousand dollars, even five thousand dollars, and 194 00:11:09,880 --> 00:11:12,880 Speaker 1: then we've had larger requests. I think the maximum might 195 00:11:12,960 --> 00:11:16,560 Speaker 1: be ten millions, not not, is that right? Yeah, so 196 00:11:16,600 --> 00:11:18,760 Speaker 1: the maximum loan is ten million, but I would say, 197 00:11:18,960 --> 00:11:22,160 Speaker 1: you know, our average size was was far less than that, 198 00:11:22,360 --> 00:11:23,800 Speaker 1: so we had you know, we may have a few 199 00:11:23,800 --> 00:11:26,320 Speaker 1: of that would apply that high, but really the average 200 00:11:26,360 --> 00:11:30,199 Speaker 1: size was probably a couple hundred thousand, I would guess, Martha, right, 201 00:11:30,800 --> 00:11:33,760 Speaker 1: it might be in the three food allar range, but 202 00:11:33,960 --> 00:11:36,840 Speaker 1: around Yeah, So it's that's that's pretty much, you know. 203 00:11:36,840 --> 00:11:39,600 Speaker 1: So you think about that, that's that's eight weeks worth 204 00:11:39,640 --> 00:11:42,440 Speaker 1: the paywall for many companies, and so you know you're 205 00:11:42,440 --> 00:11:47,959 Speaker 1: covering probably fifty colleagues and at that point, LORI anything 206 00:11:48,240 --> 00:11:51,839 Speaker 1: anything that you're UM seeing. In terms of scope of 207 00:11:51,880 --> 00:11:55,959 Speaker 1: the need, it's like Stephanie said, it's all over the place. 208 00:11:56,000 --> 00:11:58,800 Speaker 1: And based on the entity, I will say that we've 209 00:11:58,800 --> 00:12:01,960 Speaker 1: had a lot of UM, blood, sweat and tears helping 210 00:12:02,120 --> 00:12:05,520 Speaker 1: our nonprofits. That's been a real focus for the whole 211 00:12:05,559 --> 00:12:08,839 Speaker 1: bank UM. And of course nonprofits can meet anywhere from 212 00:12:08,840 --> 00:12:12,120 Speaker 1: five thousand dollars to twenty thousand to UM. You know, 213 00:12:12,160 --> 00:12:16,280 Speaker 1: a hundred thousand. Nashville probably has a lower UM level 214 00:12:16,320 --> 00:12:19,720 Speaker 1: as far as average loan size. But you know, when 215 00:12:19,720 --> 00:12:23,560 Speaker 1: you think about every touring artist has a corporation and 216 00:12:23,800 --> 00:12:27,600 Speaker 1: they have employees to take care of of these tours 217 00:12:27,600 --> 00:12:30,959 Speaker 1: that have been planned for a year in advance UM 218 00:12:31,000 --> 00:12:33,960 Speaker 1: and production costs and everything else. UM, and now it's 219 00:12:34,000 --> 00:12:38,000 Speaker 1: just stopped. You know. UM, this is just such a 220 00:12:38,000 --> 00:12:42,400 Speaker 1: a net that is so needed in this space. I mean, 221 00:12:42,400 --> 00:12:44,600 Speaker 1: I'm thinking it could go down to as you know, 222 00:12:44,640 --> 00:12:46,600 Speaker 1: in terms of the costs, it could be. It could 223 00:12:46,600 --> 00:12:49,920 Speaker 1: be as granular as you have an artist that has 224 00:12:50,120 --> 00:12:53,520 Speaker 1: had a hundred thousand t shirts printed up that says tour, 225 00:12:54,840 --> 00:12:56,880 Speaker 1: and it might at that tour may not even happen 226 00:12:56,920 --> 00:13:00,079 Speaker 1: until too or you know, till I mean, I'm a 227 00:13:00,200 --> 00:13:02,920 Speaker 1: thing that that for all of you, your clients are 228 00:13:03,240 --> 00:13:06,320 Speaker 1: are having to think about different you know, just different 229 00:13:06,360 --> 00:13:09,800 Speaker 1: scenarios and what what again, what the need might be. 230 00:13:10,280 --> 00:13:12,480 Speaker 1: Help me understand though, from what you're saying, it sounds 231 00:13:12,520 --> 00:13:15,640 Speaker 1: like there are some kind of criteria as to the 232 00:13:15,679 --> 00:13:19,280 Speaker 1: amount that a company can apply for. Is it so 233 00:13:19,400 --> 00:13:23,760 Speaker 1: it's based on like existing payrolls? Is that? How? Yeah? 234 00:13:24,000 --> 00:13:27,800 Speaker 1: You are. Yeah, there's a specific sort of calculator that 235 00:13:27,880 --> 00:13:30,280 Speaker 1: they use based you know, looking on sort of the 236 00:13:30,440 --> 00:13:34,720 Speaker 1: historical payroll that they were carrying, and there's a calculation 237 00:13:34,760 --> 00:13:37,920 Speaker 1: off of those figures. So you can you can't just 238 00:13:38,000 --> 00:13:41,199 Speaker 1: have said, you know, oh, I this is a business 239 00:13:41,240 --> 00:13:43,719 Speaker 1: like you have to have obviously you have to have 240 00:13:43,920 --> 00:13:47,480 Speaker 1: a track record and you know, yes, you had you 241 00:13:47,520 --> 00:13:49,640 Speaker 1: had to be in business I think before a date 242 00:13:49,679 --> 00:13:52,600 Speaker 1: and it's like February twenty or something that this you 243 00:13:52,640 --> 00:13:54,400 Speaker 1: had to be in business and had to have had 244 00:13:54,400 --> 00:13:57,960 Speaker 1: payroll by that. So, um, yes, there's some as I said, 245 00:13:57,960 --> 00:14:00,880 Speaker 1: there's some specific kinds of qualifiers that go along with 246 00:14:00,920 --> 00:14:04,439 Speaker 1: all of this, and that is what these the two 247 00:14:04,679 --> 00:14:07,480 Speaker 1: officers that are on this call This is what they 248 00:14:07,480 --> 00:14:10,080 Speaker 1: did all day long, was trying to help walk people through, Yes, 249 00:14:10,080 --> 00:14:12,200 Speaker 1: you'll qualify for this, but you don't qualify for that, 250 00:14:12,240 --> 00:14:14,400 Speaker 1: and you need to take out this and be sure 251 00:14:14,440 --> 00:14:17,040 Speaker 1: that you don't do that, and and walk them through. 252 00:14:17,120 --> 00:14:19,840 Speaker 1: And then there's you know, they ask for documentation and 253 00:14:19,880 --> 00:14:23,360 Speaker 1: people are helping them with obtaining that documentation to apply 254 00:14:23,680 --> 00:14:26,080 Speaker 1: because the s B A it is it's an SBA 255 00:14:26,200 --> 00:14:28,400 Speaker 1: loan to them, and they want to see all the 256 00:14:28,520 --> 00:14:30,760 Speaker 1: right things because they want to make sure they're actually 257 00:14:30,800 --> 00:14:33,480 Speaker 1: giving the money to someone who's in business and is 258 00:14:33,600 --> 00:14:36,880 Speaker 1: using it prepareroll and to you know, their company to 259 00:14:36,920 --> 00:14:41,720 Speaker 1: thrive and survive, um, not just um someone that came 260 00:14:41,720 --> 00:14:44,480 Speaker 1: in off the street that we don't know and can't 261 00:14:44,480 --> 00:14:46,280 Speaker 1: prove who it is, and that they're getting the money. 262 00:14:46,320 --> 00:14:48,480 Speaker 1: So that's exactly what we're trying. That's we're kind of 263 00:14:48,480 --> 00:14:51,200 Speaker 1: the frontline for the for the s B. Yeah, and 264 00:14:51,280 --> 00:14:53,760 Speaker 1: really I was going to say the difficult part of 265 00:14:53,800 --> 00:14:57,240 Speaker 1: all of this was it was a brand new program, right, 266 00:14:57,320 --> 00:15:00,680 Speaker 1: so it was eight three pages that we had to 267 00:15:00,720 --> 00:15:03,680 Speaker 1: study ourselves and figure it out with the client and 268 00:15:03,720 --> 00:15:06,800 Speaker 1: go that sounds right, but you know, let's check this 269 00:15:06,920 --> 00:15:09,920 Speaker 1: and that and get pieces of paper and ask the questions. 270 00:15:09,920 --> 00:15:12,760 Speaker 1: And keep in mind, we're doing all of this. Most 271 00:15:12,800 --> 00:15:16,560 Speaker 1: everyone's working remotely right now, serybody's at home trying to 272 00:15:16,680 --> 00:15:19,640 Speaker 1: You can't walk to the office next door and say, hey, 273 00:15:19,720 --> 00:15:21,680 Speaker 1: is this how you're doing it? Is this what you're seeing? 274 00:15:21,800 --> 00:15:24,200 Speaker 1: Is this? I mean it was totally everybody kind of 275 00:15:24,720 --> 00:15:27,040 Speaker 1: jumping in. Like Stephanie said, it was just a herculean 276 00:15:27,120 --> 00:15:30,760 Speaker 1: effort of everybody coming together on the credit side, on 277 00:15:30,800 --> 00:15:33,120 Speaker 1: the deposit side, on the loans. I mean, it was 278 00:15:33,200 --> 00:15:35,760 Speaker 1: like every part of the bank has been involved with this. 279 00:15:36,280 --> 00:15:41,160 Speaker 1: Did you find that this is especially smaller companies sometimes aren't, 280 00:15:41,200 --> 00:15:44,120 Speaker 1: but they're certainly not as rigorous with record keeping and accounting. 281 00:15:44,200 --> 00:15:46,760 Speaker 1: Was this something that people had to scramble to put 282 00:15:46,800 --> 00:15:50,440 Speaker 1: their hands on or was it that the documents and 283 00:15:50,480 --> 00:15:54,920 Speaker 1: information needed was something that you know, any professionally run 284 00:15:54,960 --> 00:15:58,680 Speaker 1: company would have on hand. You know, it's all over 285 00:15:58,720 --> 00:16:00,360 Speaker 1: the board a little bit. Because if there are a 286 00:16:00,640 --> 00:16:03,960 Speaker 1: small company that didn't necessarily have a CFO or a 287 00:16:05,160 --> 00:16:06,920 Speaker 1: you know, a cp A that was helping them, they 288 00:16:07,000 --> 00:16:09,400 Speaker 1: might they might need more help. But most of our 289 00:16:09,480 --> 00:16:12,240 Speaker 1: clients do have a business manager or a c p 290 00:16:12,400 --> 00:16:15,200 Speaker 1: a someone that is sort of helping helping them through that. 291 00:16:15,360 --> 00:16:20,440 Speaker 1: So fortunately we could kind of intermediary with their advisors 292 00:16:20,520 --> 00:16:23,080 Speaker 1: as well and make sure that they got completed correctly, 293 00:16:23,120 --> 00:16:25,320 Speaker 1: which you know, the advisors were a big part of this. 294 00:16:25,440 --> 00:16:28,720 Speaker 1: They really did help. Um it made the process much 295 00:16:28,720 --> 00:16:33,120 Speaker 1: more simple for their client. Would you say that there 296 00:16:33,360 --> 00:16:38,520 Speaker 1: was awareness among your clients that this that this particular 297 00:16:39,080 --> 00:16:41,360 Speaker 1: pot of money. I mean, we all read the headlines 298 00:16:41,400 --> 00:16:45,600 Speaker 1: about the two trillion dollar stimulus bill, but you know, 299 00:16:45,680 --> 00:16:48,200 Speaker 1: the very breaking down the components of it and the 300 00:16:48,320 --> 00:16:51,520 Speaker 1: hey you could apply for this. Was that kind of 301 00:16:51,560 --> 00:16:54,160 Speaker 1: your job to educate your clients or did you find 302 00:16:54,160 --> 00:16:56,840 Speaker 1: people calling you and they knew about it and they said, 303 00:16:56,920 --> 00:16:59,560 Speaker 1: help help me do this. I'm gonna let the two 304 00:16:59,600 --> 00:17:03,120 Speaker 1: of them. Yeah, I mean they they you know, everything 305 00:17:03,200 --> 00:17:07,119 Speaker 1: literally just came to an halked so you know, the 306 00:17:07,600 --> 00:17:10,199 Speaker 1: I mean, the brakes went on right away. So I 307 00:17:10,240 --> 00:17:12,480 Speaker 1: think everybody all of a sudden was thinking, well, jeez, 308 00:17:12,520 --> 00:17:14,320 Speaker 1: where can I go to to have some belief or 309 00:17:14,400 --> 00:17:16,919 Speaker 1: some help. And they knew about the program, and I 310 00:17:16,920 --> 00:17:20,440 Speaker 1: guess the question was was city national participating right? Because 311 00:17:20,440 --> 00:17:23,960 Speaker 1: not every not every bank participated in this SBA program. 312 00:17:24,320 --> 00:17:27,280 Speaker 1: So once they first ball was are you participating in this? 313 00:17:27,359 --> 00:17:29,440 Speaker 1: And then the answer was yes. And then that's when 314 00:17:29,440 --> 00:17:31,639 Speaker 1: we really joined at the hip with these clients not 315 00:17:31,800 --> 00:17:34,400 Speaker 1: in those trenches, and just kind of worked this throw 316 00:17:34,480 --> 00:17:36,600 Speaker 1: and figured out how to get the applications builed out 317 00:17:36,640 --> 00:17:39,120 Speaker 1: and submitted, because it was very much of a first 318 00:17:39,119 --> 00:17:41,280 Speaker 1: come first sort of kind of basis in terms of 319 00:17:41,280 --> 00:17:44,640 Speaker 1: getting those applications in as quickly as we could process 320 00:17:44,680 --> 00:17:47,560 Speaker 1: them as quickly as we could before um, you know, 321 00:17:47,720 --> 00:17:52,280 Speaker 1: we knew that eventually the fund would run out, so um, 322 00:17:52,320 --> 00:17:53,920 Speaker 1: it was a lot of hard work and a great 323 00:17:53,920 --> 00:17:56,440 Speaker 1: effort across the line to really just move it, move 324 00:17:56,480 --> 00:18:01,200 Speaker 1: it along quickly as quickly as possible. M hm, that's true. 325 00:18:01,600 --> 00:18:05,439 Speaker 1: I agreed it was. It was a floodgate of people, 326 00:18:06,480 --> 00:18:11,080 Speaker 1: you know, it was. It was literally around the clock work, um, 327 00:18:11,119 --> 00:18:13,439 Speaker 1: trying to get everything done for everybody that needed it. 328 00:18:14,280 --> 00:18:17,359 Speaker 1: But loris that you represent in music, a lot of 329 00:18:17,480 --> 00:18:22,600 Speaker 1: artists are their own you know, uh, cottage industries, unto themselves, 330 00:18:22,840 --> 00:18:25,879 Speaker 1: and that there even even there, there was awareness that 331 00:18:26,000 --> 00:18:27,919 Speaker 1: this program that they could that they could be a 332 00:18:27,920 --> 00:18:32,360 Speaker 1: part of it. Absolutely, and some of it was um, 333 00:18:32,560 --> 00:18:35,520 Speaker 1: like Martha had mentioned through the business management community that 334 00:18:35,640 --> 00:18:40,600 Speaker 1: was a large driving force. UM and you know, otherwise 335 00:18:40,600 --> 00:18:43,480 Speaker 1: it was word of mouth. And and honestly, even with 336 00:18:43,600 --> 00:18:47,160 Speaker 1: the New York and the l A and the Nashville Uh, 337 00:18:47,200 --> 00:18:49,879 Speaker 1: you know, it's really a small industry when you boil 338 00:18:49,920 --> 00:18:53,960 Speaker 1: it down, no matter geographically where people are located. UM, 339 00:18:54,119 --> 00:18:57,560 Speaker 1: word gets around fast, um on something like this, And 340 00:18:57,560 --> 00:18:59,920 Speaker 1: and we were just glad we were able to get 341 00:19:00,240 --> 00:19:03,639 Speaker 1: everything pushed through. And and just to follow up on 342 00:19:03,760 --> 00:19:05,800 Speaker 1: Lorie's point in terms of being a small industry, I mean, 343 00:19:05,800 --> 00:19:09,320 Speaker 1: we've always had this hometown feel as a bank, uh, 344 00:19:09,400 --> 00:19:11,520 Speaker 1: in terms of how we take care of our clients 345 00:19:11,640 --> 00:19:13,879 Speaker 1: and the level of service we bring them. And I 346 00:19:13,920 --> 00:19:16,440 Speaker 1: think that the way this was managed for them was 347 00:19:16,520 --> 00:19:19,720 Speaker 1: just sort of an extension of that philosophy that we've 348 00:19:19,720 --> 00:19:22,840 Speaker 1: always had because we've always taken um a great amount 349 00:19:22,880 --> 00:19:25,320 Speaker 1: of pride in giving back to the communities that we're in. 350 00:19:26,040 --> 00:19:30,560 Speaker 1: So um, you know, during such an unprecedented, unprecedented time, 351 00:19:30,600 --> 00:19:32,720 Speaker 1: it's extremely you know, it was extremely important that we 352 00:19:32,720 --> 00:19:35,920 Speaker 1: found a way to give back now. Yeah, And and 353 00:19:35,960 --> 00:19:39,000 Speaker 1: to that point, you know, with the two million dollars 354 00:19:39,000 --> 00:19:42,359 Speaker 1: the bank gave to the different communities for the country 355 00:19:42,440 --> 00:19:46,639 Speaker 1: music community. We actually contributed to uh, the Academy of 356 00:19:46,640 --> 00:19:51,199 Speaker 1: Country Music has a Lifting Lives charitable arm um for 357 00:19:51,400 --> 00:19:54,440 Speaker 1: COVID nineteen and we've given out over a million dollars 358 00:19:54,440 --> 00:19:57,760 Speaker 1: to hundreds of people within five days, UM in the 359 00:19:57,840 --> 00:20:01,120 Speaker 1: music community, who are musicians, who are songwriters, who are 360 00:20:01,119 --> 00:20:04,920 Speaker 1: people who may or may not make rent, you know. Um. 361 00:20:05,000 --> 00:20:09,359 Speaker 1: And and that was a perfect example of the country 362 00:20:09,440 --> 00:20:13,120 Speaker 1: music community pulling together very quickly and getting this money 363 00:20:13,160 --> 00:20:16,600 Speaker 1: literally in the hands of people back quickly. UM. So 364 00:20:16,840 --> 00:20:20,240 Speaker 1: it's really a proud moment for us. We've seen in 365 00:20:20,680 --> 00:20:23,080 Speaker 1: you know, amid all of this, we've seen incredible acts 366 00:20:23,080 --> 00:20:25,800 Speaker 1: of generosity and kind of let me ask you, what 367 00:20:25,920 --> 00:20:29,600 Speaker 1: would be for a bank, what's the what's the bank 368 00:20:29,640 --> 00:20:32,399 Speaker 1: calculation in terms of do I want to participate or 369 00:20:32,480 --> 00:20:34,760 Speaker 1: not in this? It would seem like at this time 370 00:20:35,080 --> 00:20:37,640 Speaker 1: it would be it would be hard for a bank too, 371 00:20:38,040 --> 00:20:41,320 Speaker 1: it has commercial client to to not participate in something 372 00:20:41,400 --> 00:20:45,159 Speaker 1: like this. Well, you know, UM, we've all kind of 373 00:20:45,200 --> 00:20:49,040 Speaker 1: talked a lot about the sheer volume of this and 374 00:20:49,040 --> 00:20:51,400 Speaker 1: and really truly we did shut we did shut down 375 00:20:51,400 --> 00:20:54,240 Speaker 1: to the department and did this for three weeks. UM. 376 00:20:54,320 --> 00:20:57,680 Speaker 1: So it means that you have the ability and can 377 00:20:57,720 --> 00:21:00,840 Speaker 1: do it and take it on and so many you know, 378 00:21:01,240 --> 00:21:04,199 Speaker 1: I'm saying many, but some institutions just said, hey, I 379 00:21:04,280 --> 00:21:07,600 Speaker 1: don't have the ability to service the client and get 380 00:21:07,640 --> 00:21:11,880 Speaker 1: this done reasonably. UM, And so I'm not going to participate. 381 00:21:11,960 --> 00:21:15,400 Speaker 1: That's just my guess. I think that's that's really it. UM. 382 00:21:16,080 --> 00:21:18,240 Speaker 1: And we all came together in a very short period 383 00:21:18,280 --> 00:21:21,480 Speaker 1: of time. I think we are very very fortunate in 384 00:21:21,640 --> 00:21:25,120 Speaker 1: this division, and that we have all work together more 385 00:21:25,160 --> 00:21:28,120 Speaker 1: than ten years, and many of us more way more 386 00:21:28,160 --> 00:21:32,159 Speaker 1: than that, UM. And so we have a shorthand with 387 00:21:32,200 --> 00:21:35,159 Speaker 1: each other. I can say something and the two women 388 00:21:35,200 --> 00:21:36,840 Speaker 1: on this call, well, oh yeah, I'll call these three 389 00:21:36,840 --> 00:21:39,240 Speaker 1: people and get that taken care of. Because we kind 390 00:21:39,240 --> 00:21:41,920 Speaker 1: of know what to do and how to manage things. 391 00:21:41,960 --> 00:21:43,760 Speaker 1: But we've been doing it for such a long period 392 00:21:43,800 --> 00:21:45,800 Speaker 1: of time. We walk, we kind of walking and say, well, 393 00:21:45,920 --> 00:21:48,000 Speaker 1: we say the same things, we do the same things. 394 00:21:48,600 --> 00:21:50,360 Speaker 1: It's probably the hardest part for us is that we're 395 00:21:50,359 --> 00:21:53,720 Speaker 1: going to have so many to now document our normal 396 00:21:53,840 --> 00:21:57,000 Speaker 1: level of service will not we can't. We just it's 397 00:21:57,000 --> 00:21:59,080 Speaker 1: going to take longer time to get some of these 398 00:21:59,080 --> 00:22:01,679 Speaker 1: pieces of paper back out now to the client. So 399 00:22:01,720 --> 00:22:03,479 Speaker 1: that's probably the hardest thing that the three of us 400 00:22:03,520 --> 00:22:06,440 Speaker 1: would tell you, you know right now is Okay, we're 401 00:22:06,440 --> 00:22:09,119 Speaker 1: not going to get to turn documents in twenty four hours. 402 00:22:09,359 --> 00:22:12,040 Speaker 1: We just can't. Now, it's going to take three days 403 00:22:12,160 --> 00:22:14,119 Speaker 1: or whatever the time frame is to get all of 404 00:22:14,160 --> 00:22:16,879 Speaker 1: these documents typed up out two people and then back again. 405 00:22:17,280 --> 00:22:21,600 Speaker 1: M hm. Now we're talking on April seventeen, and two 406 00:22:21,720 --> 00:22:26,160 Speaker 1: days ago, Treasury Secretary Steve Manuchin basically said announced that 407 00:22:26,920 --> 00:22:31,320 Speaker 1: this particular fund is out of money. From what you're saying, 408 00:22:32,080 --> 00:22:35,040 Speaker 1: you you all clearly knew that it was going to 409 00:22:35,160 --> 00:22:37,960 Speaker 1: be a race, a race to get that money. It 410 00:22:37,960 --> 00:22:40,040 Speaker 1: sounds like that a lot of what you were telling 411 00:22:40,040 --> 00:22:43,120 Speaker 1: your clients like we don't have time to we don't 412 00:22:43,160 --> 00:22:45,520 Speaker 1: have time to waste. You you you knew from your 413 00:22:45,560 --> 00:22:48,680 Speaker 1: I'm guessing from your experience with Treasury programs and such 414 00:22:48,760 --> 00:22:50,760 Speaker 1: that you knew that people that it was going to 415 00:22:50,800 --> 00:22:53,440 Speaker 1: be a first come, first served type of situation. We 416 00:22:53,520 --> 00:22:56,600 Speaker 1: knew there was a dollar amount that they had and 417 00:22:56,640 --> 00:22:59,159 Speaker 1: that if we wanted to get the community out, we 418 00:22:59,200 --> 00:23:01,320 Speaker 1: needed to do it very We need to mobilize fast 419 00:23:01,359 --> 00:23:05,520 Speaker 1: and get it done, and that's exactly what we focused on. UM. 420 00:23:05,600 --> 00:23:08,119 Speaker 1: Right now where there's reports that you know that that 421 00:23:08,240 --> 00:23:12,840 Speaker 1: Congresses is obviously looking at stimulus part two, right, UM, 422 00:23:12,880 --> 00:23:15,800 Speaker 1: do you I realize it's a hard, hard question, but 423 00:23:16,080 --> 00:23:19,120 Speaker 1: just from working with it now you know for solidly 424 00:23:19,200 --> 00:23:22,320 Speaker 1: for three almost three weeks. Do you have a sense 425 00:23:22,520 --> 00:23:25,240 Speaker 1: so the initial grant for this program was three dred 426 00:23:25,280 --> 00:23:28,320 Speaker 1: and fifty billion, do you have a sense of what 427 00:23:28,680 --> 00:23:32,400 Speaker 1: the what the need out there could be like? Could 428 00:23:32,440 --> 00:23:36,320 Speaker 1: they could they need their need for another billion? Does 429 00:23:36,359 --> 00:23:39,080 Speaker 1: it need to be more than three another three billion? 430 00:23:39,200 --> 00:23:42,800 Speaker 1: What do you think? Um? You know there's a very 431 00:23:42,800 --> 00:23:46,160 Speaker 1: different program that's out there for the larger companies. Not 432 00:23:46,440 --> 00:23:50,359 Speaker 1: the largest companies for sure, but there's the next trench 433 00:23:50,440 --> 00:23:52,600 Speaker 1: of companies, which you know, there's a lot of colleagues 434 00:23:52,640 --> 00:23:55,000 Speaker 1: that work in those companies and that's really what we're 435 00:23:55,000 --> 00:23:57,200 Speaker 1: trying to do is keep people working, that's for sure. 436 00:23:57,640 --> 00:24:01,960 Speaker 1: But I couldn't even come from close to guessing. I 437 00:24:02,040 --> 00:24:04,280 Speaker 1: can tell you that the next one may not be 438 00:24:04,320 --> 00:24:07,520 Speaker 1: exactly the same people that will qualify who you know, 439 00:24:07,560 --> 00:24:09,400 Speaker 1: I don't know exactly what they're going to be doing, 440 00:24:09,440 --> 00:24:11,879 Speaker 1: but clearly there is a larger need than what has 441 00:24:11,920 --> 00:24:14,440 Speaker 1: been filled with the first time. There is no question 442 00:24:14,840 --> 00:24:18,240 Speaker 1: whether it's another tranche the same size that probably could 443 00:24:18,240 --> 00:24:23,119 Speaker 1: be eaten up pretty quickly without thinking. Um, but you 444 00:24:23,119 --> 00:24:25,240 Speaker 1: know what the number is, I don't know and whether 445 00:24:25,320 --> 00:24:29,200 Speaker 1: that's the right answer. You know, certainly there's states, um, 446 00:24:29,359 --> 00:24:31,840 Speaker 1: states that are doing different things and cities that are 447 00:24:31,880 --> 00:24:34,120 Speaker 1: doing different things, and so you have to look at 448 00:24:34,160 --> 00:24:37,240 Speaker 1: all the various opportunities that are going to be coming 449 00:24:37,240 --> 00:24:40,560 Speaker 1: out there, and people are trying to come up with answers, 450 00:24:41,160 --> 00:24:44,199 Speaker 1: and I applaud that because this is clearly going to 451 00:24:44,240 --> 00:24:46,480 Speaker 1: be an unprecedented time and how do we face this 452 00:24:46,600 --> 00:24:49,760 Speaker 1: and how do we get through it? Do you do 453 00:24:49,840 --> 00:24:51,879 Speaker 1: the three of you? Do you have clients that would 454 00:24:51,880 --> 00:24:54,119 Speaker 1: have liked to but just didn't get there in time 455 00:24:54,600 --> 00:24:59,520 Speaker 1: to in the PPP? Yeah, yeah. We we literally received 456 00:25:00,240 --> 00:25:04,320 Speaker 1: packages the day that it got cut off, and we 457 00:25:04,359 --> 00:25:06,879 Speaker 1: couldn't you couldn't have processed all of the ones that 458 00:25:06,960 --> 00:25:09,239 Speaker 1: we had, so and there were other clients that said, oh, 459 00:25:09,240 --> 00:25:12,720 Speaker 1: I'm going to get it in you guys know that's 460 00:25:12,840 --> 00:25:15,640 Speaker 1: right now. Absolutely. I wouldn't say there was a high 461 00:25:15,760 --> 00:25:18,439 Speaker 1: volume of those. I think we we we really, we 462 00:25:18,560 --> 00:25:21,240 Speaker 1: really got a lot through for our clients, but there 463 00:25:21,280 --> 00:25:24,520 Speaker 1: there were some that just started trying to enter it 464 00:25:24,560 --> 00:25:26,680 Speaker 1: in and it was it was done, The fund was 465 00:25:26,680 --> 00:25:30,439 Speaker 1: was was out. Yeah. And in terms of like did 466 00:25:30,520 --> 00:25:33,199 Speaker 1: the Treasury Department like send you an email or like 467 00:25:33,240 --> 00:25:34,879 Speaker 1: how did did they let you know or did you 468 00:25:35,000 --> 00:25:37,679 Speaker 1: learn from Steve Manuchin when he announced it to the world. 469 00:25:38,960 --> 00:25:41,240 Speaker 1: I think you want to go him. We knew we 470 00:25:41,280 --> 00:25:43,680 Speaker 1: could tell by what the dollar amounts were each day, 471 00:25:43,720 --> 00:25:46,280 Speaker 1: so you kind of knew that it was going down, right, guys, 472 00:25:46,320 --> 00:25:49,800 Speaker 1: you were looking at them and yeah. And then so 473 00:25:49,880 --> 00:25:52,080 Speaker 1: I had kind of predicted Wednesday. I was worried that 474 00:25:52,119 --> 00:25:54,600 Speaker 1: it was going to be Wednesday, and it made it 475 00:25:54,640 --> 00:25:57,200 Speaker 1: till Thursday. So I think we got another twenty four hours. 476 00:25:57,240 --> 00:26:02,719 Speaker 1: I was that's great. Yeah. Are you um, I mean, 477 00:26:02,760 --> 00:26:07,600 Speaker 1: I would imagine again, in this crazy unprecedented time, are 478 00:26:07,680 --> 00:26:10,520 Speaker 1: you at the point of even being able to advise 479 00:26:11,080 --> 00:26:14,000 Speaker 1: clients a little more long term on like, you know, 480 00:26:14,200 --> 00:26:17,560 Speaker 1: in addition to the whatever federal programs may come, like 481 00:26:17,880 --> 00:26:21,120 Speaker 1: you know, planning how to you know, how to plan 482 00:26:21,280 --> 00:26:24,080 Speaker 1: for reopening, how to plan for maybe reopening on a 483 00:26:24,119 --> 00:26:26,679 Speaker 1: smaller scale kind of thing. Are you even at that 484 00:26:26,760 --> 00:26:33,680 Speaker 1: point of conversations with clients. Yet I'm like, yeah, I think, yeah, 485 00:26:33,760 --> 00:26:35,760 Speaker 1: I think those are a lot of conversations that the 486 00:26:35,800 --> 00:26:39,160 Speaker 1: individual industries you know, are having. I mean, I'm sure 487 00:26:39,400 --> 00:26:42,600 Speaker 1: you know, Broadway has lots of different meetings, lots of 488 00:26:42,640 --> 00:26:46,200 Speaker 1: different task forces figuring out, you know, how do we 489 00:26:46,280 --> 00:26:50,040 Speaker 1: open up, uh and keep the safety of you know, 490 00:26:50,080 --> 00:26:52,840 Speaker 1: it's not just the audience. It's the actors and actresses 491 00:26:52,880 --> 00:26:54,520 Speaker 1: and you know who are on the stage. It's the 492 00:26:54,640 --> 00:26:58,040 Speaker 1: musicians and the orchestra pit. A lot of people, um, 493 00:26:58,080 --> 00:27:00,840 Speaker 1: you know involved with those lights going on on Broadway. 494 00:27:00,960 --> 00:27:04,520 Speaker 1: And so I'm sure everybody's studying a lot of different 495 00:27:04,560 --> 00:27:07,800 Speaker 1: scenarios figuring out when is really the right time and 496 00:27:07,840 --> 00:27:12,280 Speaker 1: really um looking to you know, uh, government and testing 497 00:27:12,440 --> 00:27:16,400 Speaker 1: and all sorts of things. It's it's you know, it's 498 00:27:16,400 --> 00:27:18,359 Speaker 1: going to be an interesting process to see how they 499 00:27:18,440 --> 00:27:21,840 Speaker 1: kind of arrive at when it's when, when it's ready, 500 00:27:21,960 --> 00:27:24,119 Speaker 1: you know, when when when they can open and what 501 00:27:24,240 --> 00:27:27,639 Speaker 1: that will look like. And I would imagine just again 502 00:27:27,760 --> 00:27:31,400 Speaker 1: from a financial you know, from an individual company type 503 00:27:31,440 --> 00:27:35,679 Speaker 1: of financial perspective, there's got to be an expectation that 504 00:27:35,720 --> 00:27:39,360 Speaker 1: there will be additional costs. You know, if a Broadway 505 00:27:39,400 --> 00:27:42,840 Speaker 1: theater has to you know, take temperature swipes as people 506 00:27:42,880 --> 00:27:44,720 Speaker 1: walk in the door. You know, somebody's got to pay 507 00:27:44,760 --> 00:27:47,399 Speaker 1: for that service, and that I mean, I'm just thinking 508 00:27:47,400 --> 00:27:50,000 Speaker 1: the more you think about it, that the costs and 509 00:27:50,080 --> 00:27:53,880 Speaker 1: the the ramifications of opening even at an individual company 510 00:27:53,880 --> 00:27:56,840 Speaker 1: by company, not you know, sector wide obviously a lot 511 00:27:56,880 --> 00:28:00,240 Speaker 1: of planning and things, but just for individual companies, the 512 00:28:00,359 --> 00:28:03,960 Speaker 1: level of unknowns must be so must be very difficult 513 00:28:04,040 --> 00:28:07,200 Speaker 1: right now for people trying to plan to run a business. 514 00:28:07,000 --> 00:28:11,040 Speaker 1: That's right. And I think different age brackets have a 515 00:28:11,160 --> 00:28:14,480 Speaker 1: different thought process about when they'll go get in in 516 00:28:14,520 --> 00:28:17,679 Speaker 1: a large group. Like I might think that it's harder 517 00:28:17,720 --> 00:28:22,960 Speaker 1: to get into a large group, but um Lori's uh daughters, 518 00:28:24,480 --> 00:28:27,920 Speaker 1: Stephanie's son would definitely feel like, well I could do that. 519 00:28:27,960 --> 00:28:30,160 Speaker 1: You know, they're they're they're just you know, the younger 520 00:28:30,280 --> 00:28:32,840 Speaker 1: you are, the less you're going to be as subject 521 00:28:32,880 --> 00:28:36,959 Speaker 1: to fear factors. I think, mm hmm, Laura, you were 522 00:28:36,960 --> 00:28:39,600 Speaker 1: going to say, I was just gonna say, I think 523 00:28:39,600 --> 00:28:43,440 Speaker 1: the fun part is working with creative people. I mean, 524 00:28:43,480 --> 00:28:48,080 Speaker 1: the ideas are just unbelievable in how to manage this. 525 00:28:48,280 --> 00:28:51,239 Speaker 1: Because I mentioned the A. C. M. S earlier. We 526 00:28:51,240 --> 00:28:54,760 Speaker 1: were supposed to have a live award show April five 527 00:28:54,840 --> 00:28:59,320 Speaker 1: in Las Vegas, right, and so you know that got 528 00:28:59,480 --> 00:29:02,600 Speaker 1: postponed into September six, and will we be allowed to 529 00:29:02,640 --> 00:29:05,800 Speaker 1: gather by then, you know, we hope so. Um. But 530 00:29:05,880 --> 00:29:08,200 Speaker 1: in the meantime, within a four or five day window 531 00:29:09,040 --> 00:29:13,240 Speaker 1: are producers pulled together and a wonderful at home show 532 00:29:13,320 --> 00:29:16,480 Speaker 1: that still aired on CBS, and you know, I don't 533 00:29:17,000 --> 00:29:20,960 Speaker 1: Country music just just really gave people an insight to 534 00:29:21,240 --> 00:29:24,080 Speaker 1: the different artists living rooms and their children and they're 535 00:29:24,080 --> 00:29:26,680 Speaker 1: playing and it was just it was a really special 536 00:29:26,720 --> 00:29:30,120 Speaker 1: moment that that this community needed really badly, and the 537 00:29:30,160 --> 00:29:33,320 Speaker 1: fans could not have loved it anymore. So I think 538 00:29:33,360 --> 00:29:36,600 Speaker 1: the creativity comes out and you start figuring out, Okay, 539 00:29:36,640 --> 00:29:39,040 Speaker 1: well we can't do what we've always done, so how 540 00:29:39,040 --> 00:29:40,080 Speaker 1: are we going to do it? And how are we 541 00:29:40,160 --> 00:29:43,120 Speaker 1: gonna make money doing it? Right? That's the that's the 542 00:29:43,360 --> 00:29:46,720 Speaker 1: difficult part is figuring out the financial side of things. 543 00:29:46,760 --> 00:29:49,920 Speaker 1: Because our creatives are so you know, their their ideas 544 00:29:49,920 --> 00:29:51,920 Speaker 1: are endless, but it's like, how do we monetize it? 545 00:29:51,960 --> 00:29:54,960 Speaker 1: And how do we keep food on the table? That's right? 546 00:29:55,000 --> 00:29:57,840 Speaker 1: And you know, my family was, you know, keeping keeping 547 00:29:58,280 --> 00:30:01,240 Speaker 1: track of commenting on every single person that was on 548 00:30:01,240 --> 00:30:03,160 Speaker 1: on that show and oh did you see this? Did 549 00:30:03,160 --> 00:30:06,920 Speaker 1: you see that? So there is this opportunity to maybe 550 00:30:06,920 --> 00:30:09,719 Speaker 1: do things differently without everybody getting in a stadium all 551 00:30:09,760 --> 00:30:12,520 Speaker 1: at the same time. So we don't all I mean, 552 00:30:12,520 --> 00:30:14,040 Speaker 1: we're all talking about this. We don't know what the 553 00:30:14,080 --> 00:30:16,320 Speaker 1: answer ultimately will be. I just think there's a lot 554 00:30:16,320 --> 00:30:18,640 Speaker 1: of hope when you see a show like that where 555 00:30:18,640 --> 00:30:21,360 Speaker 1: there is a way of monetizing that if if smart 556 00:30:21,400 --> 00:30:25,240 Speaker 1: minds get together and figure out Yeah, and it's big business. 557 00:30:25,280 --> 00:30:26,880 Speaker 1: I mean when you think about an artist and you 558 00:30:26,880 --> 00:30:31,120 Speaker 1: think about their management companies and their agents, the booking agents, 559 00:30:31,160 --> 00:30:33,640 Speaker 1: you know, I mean like the amount of people that 560 00:30:33,720 --> 00:30:35,880 Speaker 1: it takes to get one too or up and running. 561 00:30:36,480 --> 00:30:40,200 Speaker 1: It's it's hundreds of people, um that actively work on that. 562 00:30:40,360 --> 00:30:44,920 Speaker 1: And then it's like nope, never mind, you go okay. 563 00:30:45,240 --> 00:30:51,320 Speaker 1: So it's just been heartbreaking. Is there anything else, anything existing, 564 00:30:51,480 --> 00:30:56,080 Speaker 1: any other existing federal programs or state programs that you 565 00:30:56,160 --> 00:31:00,200 Speaker 1: know of that could be helpful for small business is 566 00:31:00,520 --> 00:31:03,800 Speaker 1: at this time ongoing? You know, not maybe not something 567 00:31:03,800 --> 00:31:07,240 Speaker 1: as specific as the p p P program, but any 568 00:31:07,280 --> 00:31:11,680 Speaker 1: any you know, business development or or sources of funding 569 00:31:11,720 --> 00:31:14,040 Speaker 1: that you're aware of that might that you think might 570 00:31:14,280 --> 00:31:17,600 Speaker 1: be important first for small businesses in the entertainment space. 571 00:31:19,280 --> 00:31:22,520 Speaker 1: I know that there was another spam program. I think 572 00:31:22,560 --> 00:31:25,640 Speaker 1: it was the relief program that was available to clients, 573 00:31:25,680 --> 00:31:28,800 Speaker 1: which was completely separate from the one that UM we 574 00:31:28,960 --> 00:31:31,280 Speaker 1: participated in. And I think it was a program where 575 00:31:31,280 --> 00:31:33,480 Speaker 1: you just went directly to the s b A and 576 00:31:33,560 --> 00:31:35,560 Speaker 1: you didn't need a bank as an intermediary. So I 577 00:31:35,600 --> 00:31:37,600 Speaker 1: know that was another option through the s b A. 578 00:31:38,520 --> 00:31:41,240 Speaker 1: UM and you couldn't get this loan if you've done 579 00:31:41,360 --> 00:31:47,080 Speaker 1: the other right, right, Yeah, gotcha, And otherwise it goes 580 00:31:47,160 --> 00:31:50,800 Speaker 1: back to our nonprofits. And you know, Music Health Alliance 581 00:31:51,000 --> 00:31:54,760 Speaker 1: is a total health care based organization that helps anyone 582 00:31:54,800 --> 00:31:58,960 Speaker 1: in any genre. Music Cares again has has done an 583 00:31:59,000 --> 00:32:02,680 Speaker 1: amazing of taking good care of anybody in the music 584 00:32:02,720 --> 00:32:06,520 Speaker 1: industry that falls on hard times, during a pandemic or otherwise. UM, 585 00:32:06,640 --> 00:32:09,480 Speaker 1: and then you've got UM. You know, all these different 586 00:32:09,920 --> 00:32:13,520 Speaker 1: organizations have a charitable arm and they're always looking for 587 00:32:13,600 --> 00:32:16,800 Speaker 1: the right people to help. So these are perfect instances. 588 00:32:16,840 --> 00:32:19,560 Speaker 1: And thankfully where we sit, we know who needs the 589 00:32:19,600 --> 00:32:22,720 Speaker 1: help and can legitimately stand up for and go to 590 00:32:22,800 --> 00:32:25,320 Speaker 1: these organizations and say, you've got to help this person 591 00:32:25,440 --> 00:32:28,160 Speaker 1: because there's there's nobody else who can. Even if we 592 00:32:28,240 --> 00:32:31,120 Speaker 1: can't as a bank, you know, for our guidelines and regulations, 593 00:32:31,160 --> 00:32:34,800 Speaker 1: we at least have places that we can go. Do 594 00:32:34,840 --> 00:32:38,720 Speaker 1: you have a sense in terms of um the companies again, 595 00:32:38,800 --> 00:32:42,680 Speaker 1: the smaller you know, five and fewer employees, how many 596 00:32:42,760 --> 00:32:46,680 Speaker 1: of them were basically in a strong position until this 597 00:32:47,000 --> 00:32:50,800 Speaker 1: incredible black swan you know, came into the came into 598 00:32:50,800 --> 00:32:54,040 Speaker 1: the picture. I mean, do you feel like they, for 599 00:32:54,080 --> 00:32:56,960 Speaker 1: the most part, this was a healthy industry. This is 600 00:32:57,040 --> 00:32:59,720 Speaker 1: a temporary shock that they will get over. Do you 601 00:32:59,720 --> 00:33:01,920 Speaker 1: think we're going to see a lot of business failures 602 00:33:02,240 --> 00:33:04,160 Speaker 1: coming out of it, you know, businesses that just won't 603 00:33:04,160 --> 00:33:06,360 Speaker 1: restart or just won't be able to get their legs 604 00:33:07,360 --> 00:33:10,800 Speaker 1: once once the you know, the social distancing guidelines are 605 00:33:10,800 --> 00:33:15,280 Speaker 1: a little east. I like to think optimistically that again, 606 00:33:15,360 --> 00:33:19,200 Speaker 1: touring was the backbone of entertainment and now that's been challenged. 607 00:33:19,400 --> 00:33:21,720 Speaker 1: So I think we're going to find new ways to 608 00:33:21,800 --> 00:33:24,520 Speaker 1: make money on in music. And I think all of 609 00:33:24,600 --> 00:33:28,719 Speaker 1: us again who have been home for so long, uh, 610 00:33:28,920 --> 00:33:31,280 Speaker 1: you know, music is one of those things that helps 611 00:33:31,280 --> 00:33:33,560 Speaker 1: you through, whether it's you know, going for a run 612 00:33:33,600 --> 00:33:36,400 Speaker 1: and having your music with you or or whatever the 613 00:33:36,440 --> 00:33:39,640 Speaker 1: case may be. But I like to think that we'll 614 00:33:39,640 --> 00:33:42,600 Speaker 1: find a way. And like I said, for Nashville community, 615 00:33:43,120 --> 00:33:46,360 Speaker 1: Nashville was so strong before and had never experienced a 616 00:33:46,360 --> 00:33:48,880 Speaker 1: boom like we've had the past five or ten years. 617 00:33:48,920 --> 00:33:52,640 Speaker 1: And now it's at a standstill. So Nashville will rise again. 618 00:33:52,720 --> 00:33:56,479 Speaker 1: We had floods ten years ago, we had tornadoes, deadly 619 00:33:56,520 --> 00:34:01,120 Speaker 1: tornadoes early March that flattened commune of these and music 620 00:34:01,200 --> 00:34:04,600 Speaker 1: venues and you know, and and then this on top 621 00:34:04,680 --> 00:34:07,720 Speaker 1: of it. Um, But somehow, you know, these communities just 622 00:34:07,760 --> 00:34:10,319 Speaker 1: pull together and we figured it out and we take 623 00:34:10,360 --> 00:34:13,120 Speaker 1: care of each other, right. And I would say it's 624 00:34:13,320 --> 00:34:15,640 Speaker 1: similar similar to Broadway. I mean, they had a few 625 00:34:15,680 --> 00:34:19,640 Speaker 1: really strong years heading into this, so um, you know, 626 00:34:19,719 --> 00:34:22,600 Speaker 1: January and February typically slow months, and then it closed 627 00:34:22,600 --> 00:34:25,480 Speaker 1: in March. But hopefully, um, there are a lot of 628 00:34:25,520 --> 00:34:28,400 Speaker 1: strong shows out there, have big advance ticket sales that 629 00:34:28,440 --> 00:34:30,799 Speaker 1: will help, you know, sustain them. I think the real 630 00:34:30,920 --> 00:34:33,120 Speaker 1: question is what will happen to those shows that that 631 00:34:33,160 --> 00:34:36,560 Speaker 1: were either in previews or in rehearsals, and you know, 632 00:34:36,680 --> 00:34:38,960 Speaker 1: That's where there's a bit more of a question mark 633 00:34:39,000 --> 00:34:43,080 Speaker 1: in terms of, um, will those shows have the financial 634 00:34:43,120 --> 00:34:46,560 Speaker 1: ability to sort of sustain the shutdown and then open 635 00:34:46,640 --> 00:34:50,560 Speaker 1: when it's time to eventually open. But um, it's sure 636 00:34:50,560 --> 00:34:52,920 Speaker 1: will be great to walk into a Broadway theater again, 637 00:34:52,960 --> 00:34:55,400 Speaker 1: and you know, I mean, the demand is going to 638 00:34:55,520 --> 00:34:58,040 Speaker 1: be there. The demand will be there. It's just a 639 00:34:58,120 --> 00:35:04,560 Speaker 1: question of getting everyone feeling safe to go, I think. Martha, Lori, Stephanie, 640 00:35:04,600 --> 00:35:06,840 Speaker 1: thank you so much for your time and for your insights. 641 00:35:06,880 --> 00:35:08,319 Speaker 1: I know this has been a busy time for you. 642 00:35:08,360 --> 00:35:11,919 Speaker 1: We greatly appreciate it. Thank you, Cynthia, thank you, Thanks 643 00:35:11,960 --> 00:35:18,719 Speaker 1: so much, Cynthia h thanks for listening. Be sure to 644 00:35:18,760 --> 00:35:21,920 Speaker 1: tune in next week for another episode of Strictly Business.