WEBVTT - Entertainment Bankers Debrief on Paycheck Protection Program Loan Blitz 0:00:06.680 --> 0:00:11.280 Welcome to Strictly Business Varieties, weekly podcast featuring conversations with 0:00:11.360 --> 0:00:15.400 industry leaders about the business of entertainment. I'm Cynthia Littleton, 0:00:15.640 --> 0:00:19.240 business editor for Variety Today. My guests are three top 0:00:19.400 --> 0:00:22.759 entertainment bankers from City National Bank who have spent the 0:00:22.800 --> 0:00:26.320 past three weeks dealing with a blizzard of loan applications 0:00:26.440 --> 0:00:31.000 for the federal government's paycheck protection program. Martha Henderson is 0:00:31.040 --> 0:00:35.600 Executive VP and Manager of Entertainment Banking. Lorie Badgett is 0:00:35.640 --> 0:00:38.920 Senior VP and team leader, specializing in Nashville and the 0:00:39.000 --> 0:00:43.240 music industry. Stephanie Dalton is Senior VP and team leader 0:00:43.320 --> 0:00:47.479 specializing in Broadway. The three breakdown the details of the 0:00:47.520 --> 0:00:52.560 Small Business Administration's payroll relief program for businesses with five 0:00:52.680 --> 0:00:56.120 hundred or fewer employees. We spoke last week just as 0:00:56.160 --> 0:00:59.360 the initial three hundred forty nine billion allocated to the 0:00:59.440 --> 0:01:02.080 program ran out, but now it's poised for a new 0:01:02.120 --> 0:01:05.000 influx of funding as early as this week. The industry 0:01:05.080 --> 0:01:07.800 veterans also discussed the scope of the need out there 0:01:07.959 --> 0:01:11.440 and how they are advising clients through an unprecedented crisis. 0:01:12.319 --> 0:01:17.320 Martha Henderson, Lorie Badgett and Stephanie Dalton of City National Bank, 0:01:17.880 --> 0:01:20.039 thank you so much for taking time out on what 0:01:20.240 --> 0:01:23.160 is an insanely busy time for the three of you 0:01:23.560 --> 0:01:27.440 to give Variety listeners a sense of the scope of 0:01:27.520 --> 0:01:32.080 the Paycheck Protection Program, which is an unprecedented federal loan 0:01:32.240 --> 0:01:36.400 program that kicked in a couple of days ago, and 0:01:36.440 --> 0:01:39.760 as I understand it, you three have pretty much not 0:01:39.920 --> 0:01:45.000 slept since. Let's start with you, Martha. Let's talk about 0:01:45.840 --> 0:01:49.320 what the significance of this federal program means and what 0:01:49.440 --> 0:01:51.920 kind of need you have seen from your clients in 0:01:51.960 --> 0:01:57.680 the entertainment arena. Uh, it's certainly this is unprecedented, and 0:01:58.160 --> 0:02:01.200 I've been working with the entertainment in industry as a 0:02:01.240 --> 0:02:04.280 banker for more than forty years and this is the 0:02:04.280 --> 0:02:06.720 first time we've ever come across anything like this. So 0:02:06.800 --> 0:02:09.359 it's completely new for the clients and it's completely new 0:02:09.400 --> 0:02:14.080 for us, and it is um We are trying to 0:02:14.120 --> 0:02:17.320 make sure that the companies that we deal with within 0:02:17.360 --> 0:02:21.600 the entertainment industry survive and and get through what is 0:02:22.040 --> 0:02:25.880 an unprecedented time. So the government came up with this 0:02:26.360 --> 0:02:29.839 p p P program and we are doing We did 0:02:29.919 --> 0:02:34.960 do everything we possibly could to get this program to 0:02:35.040 --> 0:02:39.040 as many people in the industry as possible, and truly 0:02:39.040 --> 0:02:41.720 the bank did that throughout the rest of the bank, 0:02:41.760 --> 0:02:45.480 to anybody that's in our community. We were trying to 0:02:45.680 --> 0:02:48.240 do an outreach, and I think the bank as a 0:02:48.280 --> 0:02:52.600 whole and the entertainment department we stopped everything that we're doing. 0:02:52.639 --> 0:02:55.240 All two d and fifty colleagues that we have were 0:02:55.440 --> 0:02:59.720 almost to the person, focused on getting as many applications 0:02:59.760 --> 0:03:02.679 as we possibly could could get. And that's because we 0:03:02.760 --> 0:03:05.679 knew there was a time frame that the money was 0:03:05.720 --> 0:03:07.880 going to run out, and so we wanted to get 0:03:07.919 --> 0:03:10.640 as many through as we possibly could so that these 0:03:10.680 --> 0:03:13.440 companies can pay their colleagues and get them back to 0:03:13.520 --> 0:03:16.000 work and we will all be back up working as 0:03:16.040 --> 0:03:19.280 quickly as possible. So that's our hope, and that's what 0:03:19.360 --> 0:03:22.120 we were focused on and what we were doing. Mm hmmm. 0:03:23.400 --> 0:03:25.440 The to Martha's point, I was just gonna add, it 0:03:25.480 --> 0:03:28.119 was really sort of a true team effort just across 0:03:28.200 --> 0:03:30.280 the bank to kind of move mountains to get this 0:03:30.360 --> 0:03:34.640 done for clients. It was our operation. Folks are bankers, 0:03:35.000 --> 0:03:39.360 um credit folks, the leadership team, everybody just really came 0:03:39.400 --> 0:03:43.240 together and in sort of the CNB Way. Um of 0:03:43.440 --> 0:03:47.040 just um getting out there quickly for our clients, helping 0:03:47.080 --> 0:03:49.800 them through the process, answering questions, helping them figure out 0:03:49.880 --> 0:03:52.800 how to fill the forms. Um. You know, these were 0:03:52.840 --> 0:03:54.640 a lot of people that really wanted the money and 0:03:54.880 --> 0:03:57.480 and it was very important to them. So we just 0:03:57.640 --> 0:04:01.640 really pulled together as an entire division. Um like nothing 0:04:01.680 --> 0:04:05.080 we've ever seen before. Again, to Martha's point, it's it's unprecedented, 0:04:05.160 --> 0:04:10.840 but that's kind of it was just an amazing effort. Uh. 0:04:10.880 --> 0:04:13.680 And I think we saw so many you know, we 0:04:14.040 --> 0:04:18.040 received so many emails from from clients just recognizing how 0:04:18.080 --> 0:04:20.760 important it was and how much they appreciated everything we did. 0:04:20.800 --> 0:04:24.080 That was really it really felt made us feel very 0:04:24.160 --> 0:04:27.960 rewarded for everything that we helped them accomplish. And Stephanie, 0:04:28.000 --> 0:04:30.880 you work in the Broadways, in the in the area 0:04:30.920 --> 0:04:35.240 of Broadway in banking, what specifically did you find what 0:04:35.320 --> 0:04:39.440 was the specific need in the Broadway community. Well, it 0:04:39.560 --> 0:04:41.800 was you know, um, it was really sort of the 0:04:41.839 --> 0:04:45.600 similar need that that companies needed across the entertainment industry. 0:04:45.640 --> 0:04:49.240 I mean, everything just completely came to to a close, 0:04:49.480 --> 0:04:52.680 and you know, the opening of Broadway is still unfortunately 0:04:52.720 --> 0:04:56.160 uncertain at this point. So a lot of the production 0:04:56.200 --> 0:04:59.360 companies and general management offices needed assistance to kind of 0:04:59.400 --> 0:05:02.520 stay aflow and take care of their employees and keep 0:05:02.520 --> 0:05:05.960 their employees um going. So it was it was very 0:05:06.040 --> 0:05:08.400 much similar in terms of the rest of the industry. 0:05:08.880 --> 0:05:11.480 M HM and Lorie, you are coming to us from 0:05:11.560 --> 0:05:15.880 Nashville to how is Music City dealing with this? Wow, 0:05:16.120 --> 0:05:19.680 music City has been really hit hard. Um, as you're 0:05:19.720 --> 0:05:22.880 well aware, over the past five to ten years, Nashville 0:05:23.160 --> 0:05:26.400 itself as a community has been booming like nothing I've 0:05:26.400 --> 0:05:29.480 ever seen. I'm a Nashville native, and I've never seen 0:05:29.560 --> 0:05:33.159 this much growth and and so much happening in the town, 0:05:33.600 --> 0:05:38.320 both obviously on the entertainment side, but also just tourism 0:05:38.400 --> 0:05:41.680 and people coming here. Um to have Broadway and all 0:05:41.720 --> 0:05:44.279 of our honky tonks shut down, I mean, that's such 0:05:44.440 --> 0:05:47.880 a vibrant place. Um. You know, our Country Music Hall 0:05:47.920 --> 0:05:52.320 of Fame is closed down. UM, never mind, just on 0:05:52.360 --> 0:05:56.600 the music side, every tour has been canceled and postponed 0:05:56.640 --> 0:05:58.600 to the fall, and we just hope and pray that 0:05:58.640 --> 0:06:02.799 we can congregate again in the fall. You know, it's again, 0:06:02.839 --> 0:06:06.320 it's just this uncertainty that everybody feels no matter what 0:06:07.200 --> 0:06:09.719 you know, the government says, if we're open or not open, 0:06:09.760 --> 0:06:11.680 you know, what do we feel as a community, Where 0:06:11.680 --> 0:06:14.240 do we feel safe? And how do we make um 0:06:14.360 --> 0:06:18.680 these places? And touring has has been the lifeblood of 0:06:18.720 --> 0:06:22.560 the music business since the beginning, but especially with streaming 0:06:22.640 --> 0:06:26.240 and and you know, record sales going away, the touring 0:06:26.320 --> 0:06:30.159 has always been the mainstay, and now that's in jeopardy. 0:06:30.360 --> 0:06:33.520 So um. I think it's been really interesting and fun 0:06:33.560 --> 0:06:37.440 as a fan to see how musicians and and artists 0:06:37.520 --> 0:06:40.120 are doing these at home concerts and things. But you've 0:06:40.120 --> 0:06:43.440 got to know they're not making money. So if you're 0:06:43.480 --> 0:06:46.400 a fan of any artist out there that's doing these 0:06:46.440 --> 0:06:50.080 things and and giving you your sanity during this time 0:06:50.080 --> 0:06:53.400 that we're all locked at home, you know, by their merchandise, 0:06:53.720 --> 0:06:57.680 by their records, you know, support these artists because this 0:06:57.760 --> 0:07:00.200 is this is their livelihood, and this is what they 0:07:00.240 --> 0:07:03.839 do and they're giving you free entertainment. So there is 0:07:03.880 --> 0:07:08.000 so much pain out there. Martha, Can you talk us through, 0:07:08.120 --> 0:07:10.040 as you did the other day to help me greatly 0:07:10.120 --> 0:07:11.920 with the story. Can you just talk us through the 0:07:13.160 --> 0:07:19.000 bare bones of what the paycheck protection program offers and 0:07:19.040 --> 0:07:23.600 who it's for UM. It's for companies that have colleagues 0:07:23.640 --> 0:07:27.560 of less than five hundred five or less. That probably 0:07:27.600 --> 0:07:30.680 should say. And what it's trying to do is keep 0:07:30.680 --> 0:07:34.640 America working and these companies up and running and these 0:07:34.720 --> 0:07:38.480 small businesses. And so people are able to apply to 0:07:38.600 --> 0:07:42.720 be reimbursed from the federal government after a period of 0:07:42.760 --> 0:07:46.680 time for the colleagues that they keep working. So if 0:07:46.720 --> 0:07:49.840 they have ten colleagues or a hundred colleagues, it doesn't 0:07:49.840 --> 0:07:54.120 really matter. They can apply to have their payroll covered 0:07:54.320 --> 0:07:57.000 for that period of time. So that's one dollar amount. 0:07:57.280 --> 0:08:00.480 And then there's some additional kinds of addition of UM 0:08:01.080 --> 0:08:04.080 refunds that they will make. They really get into it's 0:08:04.120 --> 0:08:07.240 very specific. But in addition to that, you also can 0:08:07.280 --> 0:08:11.560 apply for rent and UM utilities. Now that yet rent 0:08:11.600 --> 0:08:16.040 and utilities are not granted or refunded to you at 0:08:15.720 --> 0:08:17.320 at at the end of the time, but if you 0:08:17.360 --> 0:08:19.800 are able then to keep up with your payments, it 0:08:19.840 --> 0:08:22.040 does allow you to pay. You can use up to 0:08:23.320 --> 0:08:26.600 of the dollar amount that you ask for for rent 0:08:26.880 --> 0:08:29.840 and UM utilities, and then they'll turn that out over 0:08:29.880 --> 0:08:32.000 a period of time at a very low interest rate. 0:08:32.480 --> 0:08:34.840 So most of the people that we're seeing are applying 0:08:34.960 --> 0:08:38.360 just for the UM, the payroll portion of it, so 0:08:38.400 --> 0:08:40.440 that they can keep all of their colleagues. And that's 0:08:40.440 --> 0:08:41.920 one of the rules. You have to keep all of 0:08:41.960 --> 0:08:45.240 your colleagues working for an eight week period of time. 0:08:45.280 --> 0:08:48.520 And that's what you're applying for, is UM eight weeks 0:08:48.520 --> 0:08:53.080 worth of payroll, and that it will be at some 0:08:53.200 --> 0:08:56.240 point in the future that you'll be reimbursed or you 0:08:56.280 --> 0:08:58.760 just won't have to pay that portion back. It will 0:08:58.760 --> 0:09:01.040 be it will be re burst and pay off the 0:09:01.080 --> 0:09:03.280 loan so that you don't have to pay off the loan. 0:09:03.960 --> 0:09:06.559 The loan is at one percent interest rate, so it's 0:09:06.600 --> 0:09:10.600 a very very favorable interest rate. And UM it really 0:09:10.679 --> 0:09:13.200 is making a huge difference for these companies there. They 0:09:13.280 --> 0:09:15.640 really want this, They really want their colleagues to get 0:09:15.640 --> 0:09:17.680 back to work and be able to have that staff 0:09:17.720 --> 0:09:20.439 so that hopefully in the next six to ninety days 0:09:20.720 --> 0:09:23.240 America's back a lot of these companies are back out 0:09:23.280 --> 0:09:27.199 working again. And what UM for any of you, Like, 0:09:28.200 --> 0:09:31.880 how are people even sort of determining the amount that 0:09:31.960 --> 0:09:35.640 they might want to apply for given that it's so 0:09:35.679 --> 0:09:38.520 hard to see the end of when you know, when 0:09:38.520 --> 0:09:42.120 this crunch and this lockdown and the shuttering of all 0:09:42.120 --> 0:09:45.840 of these venues and productions may come back. How do 0:09:45.920 --> 0:09:49.800 you plan for something like that. Well, for the loan 0:09:49.880 --> 0:09:52.880 program there it's very specific. They're going to give you. 0:09:53.000 --> 0:09:56.360 They're going to pay for two months worth of payroll, 0:09:56.440 --> 0:09:58.679 and so that's what you're able to apply for. As 0:09:58.720 --> 0:10:01.280 I said, there's a little bit of you know, adding 0:10:01.320 --> 0:10:04.480 and subtracting. You you can't have colleagues paying colleagues over 0:10:04.480 --> 0:10:08.199 a hundred thousand dollars. Those get subtracted to subtract everything 0:10:08.240 --> 0:10:10.240 over the hundred thousand dollar levels. So it does get 0:10:10.320 --> 0:10:13.319 very specific about how you calculate this, and we can 0:10:13.640 --> 0:10:15.800 help the client walk through some of that. Those are 0:10:15.800 --> 0:10:17.680 some of the conversations that we have with them, and 0:10:17.679 --> 0:10:20.880 so do their c pas and business managers and people 0:10:20.920 --> 0:10:23.720 like that help them very much and putting this all together. 0:10:24.240 --> 0:10:26.439 But that is what this is covering. At this point. 0:10:26.760 --> 0:10:29.719 We suspect that the government's going to do have Plan B. 0:10:30.320 --> 0:10:33.000 There'll be another plan that will be coming out, you know, 0:10:33.360 --> 0:10:35.360 over over time. We don't know when that's going to be, 0:10:35.480 --> 0:10:37.400 what it's going to look like, or who's going to 0:10:37.480 --> 0:10:40.760 qualify for, but there's other programs I know that the government. 0:10:41.320 --> 0:10:45.600 M Uh, Stephanie or Lorie, can you give a sense 0:10:45.800 --> 0:10:49.160 of the amount the dollar amounts that some of your 0:10:49.240 --> 0:10:51.720 clients have been applying for, just trying to get a 0:10:51.760 --> 0:10:57.640 sense of the range of need. Well, it's really it's been, 0:10:57.720 --> 0:10:59.920 it's been all over again. It depends on sort of 0:11:00.120 --> 0:11:02.800 payill size of the company and that that determines what 0:11:02.840 --> 0:11:06.199 they qualify for. So it could be as small as 0:11:06.360 --> 0:11:09.839 you know, ten thousand dollars, even five thousand dollars, and 0:11:09.880 --> 0:11:12.880 then we've had larger requests. I think the maximum might 0:11:12.960 --> 0:11:16.560 be ten millions, not not, is that right? Yeah, so 0:11:16.600 --> 0:11:18.760 the maximum loan is ten million, but I would say, 0:11:18.960 --> 0:11:22.160 you know, our average size was was far less than that, 0:11:22.360 --> 0:11:23.800 so we had you know, we may have a few 0:11:23.800 --> 0:11:26.320 of that would apply that high, but really the average 0:11:26.360 --> 0:11:30.199 size was probably a couple hundred thousand, I would guess, Martha, right, 0:11:30.800 --> 0:11:33.760 it might be in the three food allar range, but 0:11:33.960 --> 0:11:36.840 around Yeah, So it's that's that's pretty much, you know. 0:11:36.840 --> 0:11:39.600 So you think about that, that's that's eight weeks worth 0:11:39.640 --> 0:11:42.440 the paywall for many companies, and so you know you're 0:11:42.440 --> 0:11:47.959 covering probably fifty colleagues and at that point, LORI anything 0:11:48.240 --> 0:11:51.839 anything that you're UM seeing. In terms of scope of 0:11:51.880 --> 0:11:55.959 the need, it's like Stephanie said, it's all over the place. 0:11:56.000 --> 0:11:58.800 And based on the entity, I will say that we've 0:11:58.800 --> 0:12:01.960 had a lot of UM, blood, sweat and tears helping 0:12:02.120 --> 0:12:05.520 our nonprofits. That's been a real focus for the whole 0:12:05.559 --> 0:12:08.839 bank UM. And of course nonprofits can meet anywhere from 0:12:08.840 --> 0:12:12.120 five thousand dollars to twenty thousand to UM. You know, 0:12:12.160 --> 0:12:16.280 a hundred thousand. Nashville probably has a lower UM level 0:12:16.320 --> 0:12:19.720 as far as average loan size. But you know, when 0:12:19.720 --> 0:12:23.560 you think about every touring artist has a corporation and 0:12:23.800 --> 0:12:27.600 they have employees to take care of of these tours 0:12:27.600 --> 0:12:30.959 that have been planned for a year in advance UM 0:12:31.000 --> 0:12:33.960 and production costs and everything else. UM, and now it's 0:12:34.000 --> 0:12:38.000 just stopped. You know. UM, this is just such a 0:12:38.000 --> 0:12:42.400 a net that is so needed in this space. I mean, 0:12:42.400 --> 0:12:44.600 I'm thinking it could go down to as you know, 0:12:44.640 --> 0:12:46.600 in terms of the costs, it could be. It could 0:12:46.600 --> 0:12:49.920 be as granular as you have an artist that has 0:12:50.120 --> 0:12:53.520 had a hundred thousand t shirts printed up that says tour, 0:12:54.840 --> 0:12:56.880 and it might at that tour may not even happen 0:12:56.920 --> 0:13:00.079 until too or you know, till I mean, I'm a 0:13:00.200 --> 0:13:02.920 thing that that for all of you, your clients are 0:13:03.240 --> 0:13:06.320 are having to think about different you know, just different 0:13:06.360 --> 0:13:09.800 scenarios and what what again, what the need might be. 0:13:10.280 --> 0:13:12.480 Help me understand though, from what you're saying, it sounds 0:13:12.520 --> 0:13:15.640 like there are some kind of criteria as to the 0:13:15.679 --> 0:13:19.280 amount that a company can apply for. Is it so 0:13:19.400 --> 0:13:23.760 it's based on like existing payrolls? Is that? How? Yeah? 0:13:24.000 --> 0:13:27.800 You are. Yeah, there's a specific sort of calculator that 0:13:27.880 --> 0:13:30.280 they use based you know, looking on sort of the 0:13:30.440 --> 0:13:34.720 historical payroll that they were carrying, and there's a calculation 0:13:34.760 --> 0:13:37.920 off of those figures. So you can you can't just 0:13:38.000 --> 0:13:41.199 have said, you know, oh, I this is a business 0:13:41.240 --> 0:13:43.719 like you have to have obviously you have to have 0:13:43.920 --> 0:13:47.480 a track record and you know, yes, you had you 0:13:47.520 --> 0:13:49.640 had to be in business I think before a date 0:13:49.679 --> 0:13:52.600 and it's like February twenty or something that this you 0:13:52.640 --> 0:13:54.400 had to be in business and had to have had 0:13:54.400 --> 0:13:57.960 payroll by that. So, um, yes, there's some as I said, 0:13:57.960 --> 0:14:00.880 there's some specific kinds of qualifiers that go along with 0:14:00.920 --> 0:14:04.439 all of this, and that is what these the two 0:14:04.679 --> 0:14:07.480 officers that are on this call This is what they 0:14:07.480 --> 0:14:10.080 did all day long, was trying to help walk people through, Yes, 0:14:10.080 --> 0:14:12.200 you'll qualify for this, but you don't qualify for that, 0:14:12.240 --> 0:14:14.400 and you need to take out this and be sure 0:14:14.440 --> 0:14:17.040 that you don't do that, and and walk them through. 0:14:17.120 --> 0:14:19.840 And then there's you know, they ask for documentation and 0:14:19.880 --> 0:14:23.360 people are helping them with obtaining that documentation to apply 0:14:23.680 --> 0:14:26.080 because the s B A it is it's an SBA 0:14:26.200 --> 0:14:28.400 loan to them, and they want to see all the 0:14:28.520 --> 0:14:30.760 right things because they want to make sure they're actually 0:14:30.800 --> 0:14:33.480 giving the money to someone who's in business and is 0:14:33.600 --> 0:14:36.880 using it prepareroll and to you know, their company to 0:14:36.920 --> 0:14:41.720 thrive and survive, um, not just um someone that came 0:14:41.720 --> 0:14:44.480 in off the street that we don't know and can't 0:14:44.480 --> 0:14:46.280 prove who it is, and that they're getting the money. 0:14:46.320 --> 0:14:48.480 So that's exactly what we're trying. That's we're kind of 0:14:48.480 --> 0:14:51.200 the frontline for the for the s B. Yeah, and 0:14:51.280 --> 0:14:53.760 really I was going to say the difficult part of 0:14:53.800 --> 0:14:57.240 all of this was it was a brand new program, right, 0:14:57.320 --> 0:15:00.680 so it was eight three pages that we had to 0:15:00.720 --> 0:15:03.680 study ourselves and figure it out with the client and 0:15:03.720 --> 0:15:06.800 go that sounds right, but you know, let's check this 0:15:06.920 --> 0:15:09.920 and that and get pieces of paper and ask the questions. 0:15:09.920 --> 0:15:12.760 And keep in mind, we're doing all of this. Most 0:15:12.800 --> 0:15:16.560 everyone's working remotely right now, serybody's at home trying to 0:15:16.680 --> 0:15:19.640 You can't walk to the office next door and say, hey, 0:15:19.720 --> 0:15:21.680 is this how you're doing it? Is this what you're seeing? 0:15:21.800 --> 0:15:24.200 Is this? I mean it was totally everybody kind of 0:15:24.720 --> 0:15:27.040 jumping in. Like Stephanie said, it was just a herculean 0:15:27.120 --> 0:15:30.760 effort of everybody coming together on the credit side, on 0:15:30.800 --> 0:15:33.120 the deposit side, on the loans. I mean, it was 0:15:33.200 --> 0:15:35.760 like every part of the bank has been involved with this. 0:15:36.280 --> 0:15:41.160 Did you find that this is especially smaller companies sometimes aren't, 0:15:41.200 --> 0:15:44.120 but they're certainly not as rigorous with record keeping and accounting. 0:15:44.200 --> 0:15:46.760 Was this something that people had to scramble to put 0:15:46.800 --> 0:15:50.440 their hands on or was it that the documents and 0:15:50.480 --> 0:15:54.920 information needed was something that you know, any professionally run 0:15:54.960 --> 0:15:58.680 company would have on hand. You know, it's all over 0:15:58.720 --> 0:16:00.360 the board a little bit. Because if there are a 0:16:00.640 --> 0:16:03.960 small company that didn't necessarily have a CFO or a 0:16:05.160 --> 0:16:06.920 you know, a cp A that was helping them, they 0:16:07.000 --> 0:16:09.400 might they might need more help. But most of our 0:16:09.480 --> 0:16:12.240 clients do have a business manager or a c p 0:16:12.400 --> 0:16:15.200 a someone that is sort of helping helping them through that. 0:16:15.360 --> 0:16:20.440 So fortunately we could kind of intermediary with their advisors 0:16:20.520 --> 0:16:23.080 as well and make sure that they got completed correctly, 0:16:23.120 --> 0:16:25.320 which you know, the advisors were a big part of this. 0:16:25.440 --> 0:16:28.720 They really did help. Um it made the process much 0:16:28.720 --> 0:16:33.120 more simple for their client. Would you say that there 0:16:33.360 --> 0:16:38.520 was awareness among your clients that this that this particular 0:16:39.080 --> 0:16:41.360 pot of money. I mean, we all read the headlines 0:16:41.400 --> 0:16:45.600 about the two trillion dollar stimulus bill, but you know, 0:16:45.680 --> 0:16:48.200 the very breaking down the components of it and the 0:16:48.320 --> 0:16:51.520 hey you could apply for this. Was that kind of 0:16:51.560 --> 0:16:54.160 your job to educate your clients or did you find 0:16:54.160 --> 0:16:56.840 people calling you and they knew about it and they said, 0:16:56.920 --> 0:16:59.560 help help me do this. I'm gonna let the two 0:16:59.600 --> 0:17:03.120 of them. Yeah, I mean they they you know, everything 0:17:03.200 --> 0:17:07.119 literally just came to an halked so you know, the 0:17:07.600 --> 0:17:10.199 I mean, the brakes went on right away. So I 0:17:10.240 --> 0:17:12.480 think everybody all of a sudden was thinking, well, jeez, 0:17:12.520 --> 0:17:14.320 where can I go to to have some belief or 0:17:14.400 --> 0:17:16.919 some help. And they knew about the program, and I 0:17:16.920 --> 0:17:20.440 guess the question was was city national participating right? Because 0:17:20.440 --> 0:17:23.960 not every not every bank participated in this SBA program. 0:17:24.320 --> 0:17:27.280 So once they first ball was are you participating in this? 0:17:27.359 --> 0:17:29.440 And then the answer was yes. And then that's when 0:17:29.440 --> 0:17:31.639 we really joined at the hip with these clients not 0:17:31.800 --> 0:17:34.400 in those trenches, and just kind of worked this throw 0:17:34.480 --> 0:17:36.600 and figured out how to get the applications builed out 0:17:36.640 --> 0:17:39.120 and submitted, because it was very much of a first 0:17:39.119 --> 0:17:41.280 come first sort of kind of basis in terms of 0:17:41.280 --> 0:17:44.640 getting those applications in as quickly as we could process 0:17:44.680 --> 0:17:47.560 them as quickly as we could before um, you know, 0:17:47.720 --> 0:17:52.280 we knew that eventually the fund would run out, so um, 0:17:52.320 --> 0:17:53.920 it was a lot of hard work and a great 0:17:53.920 --> 0:17:56.440 effort across the line to really just move it, move 0:17:56.480 --> 0:18:01.200 it along quickly as quickly as possible. M hm, that's true. 0:18:01.600 --> 0:18:05.439 I agreed it was. It was a floodgate of people, 0:18:06.480 --> 0:18:11.080 you know, it was. It was literally around the clock work, um, 0:18:11.119 --> 0:18:13.439 trying to get everything done for everybody that needed it. 0:18:14.280 --> 0:18:17.359 But loris that you represent in music, a lot of 0:18:17.480 --> 0:18:22.600 artists are their own you know, uh, cottage industries, unto themselves, 0:18:22.840 --> 0:18:25.879 and that there even even there, there was awareness that 0:18:26.000 --> 0:18:27.919 this program that they could that they could be a 0:18:27.920 --> 0:18:32.360 part of it. Absolutely, and some of it was um, 0:18:32.560 --> 0:18:35.520 like Martha had mentioned through the business management community that 0:18:35.640 --> 0:18:40.600 was a large driving force. UM and you know, otherwise 0:18:40.600 --> 0:18:43.480 it was word of mouth. And and honestly, even with 0:18:43.600 --> 0:18:47.160 the New York and the l A and the Nashville Uh, 0:18:47.200 --> 0:18:49.879 you know, it's really a small industry when you boil 0:18:49.920 --> 0:18:53.960 it down, no matter geographically where people are located. UM, 0:18:54.119 --> 0:18:57.560 word gets around fast, um on something like this, And 0:18:57.560 --> 0:18:59.920 and we were just glad we were able to get 0:19:00.240 --> 0:19:03.639 everything pushed through. And and just to follow up on 0:19:03.760 --> 0:19:05.800 Lorie's point in terms of being a small industry, I mean, 0:19:05.800 --> 0:19:09.320 we've always had this hometown feel as a bank, uh, 0:19:09.400 --> 0:19:11.520 in terms of how we take care of our clients 0:19:11.640 --> 0:19:13.879 and the level of service we bring them. And I 0:19:13.920 --> 0:19:16.440 think that the way this was managed for them was 0:19:16.520 --> 0:19:19.720 just sort of an extension of that philosophy that we've 0:19:19.720 --> 0:19:22.840 always had because we've always taken um a great amount 0:19:22.880 --> 0:19:25.320 of pride in giving back to the communities that we're in. 0:19:26.040 --> 0:19:30.560 So um, you know, during such an unprecedented, unprecedented time, 0:19:30.600 --> 0:19:32.720 it's extremely you know, it was extremely important that we 0:19:32.720 --> 0:19:35.920 found a way to give back now. Yeah, And and 0:19:35.960 --> 0:19:39.000 to that point, you know, with the two million dollars 0:19:39.000 --> 0:19:42.359 the bank gave to the different communities for the country 0:19:42.440 --> 0:19:46.639 music community. We actually contributed to uh, the Academy of 0:19:46.640 --> 0:19:51.199 Country Music has a Lifting Lives charitable arm um for 0:19:51.400 --> 0:19:54.440 COVID nineteen and we've given out over a million dollars 0:19:54.440 --> 0:19:57.760 to hundreds of people within five days, UM in the 0:19:57.840 --> 0:20:01.120 music community, who are musicians, who are songwriters, who are 0:20:01.119 --> 0:20:04.920 people who may or may not make rent, you know. Um. 0:20:05.000 --> 0:20:09.359 And and that was a perfect example of the country 0:20:09.440 --> 0:20:13.120 music community pulling together very quickly and getting this money 0:20:13.160 --> 0:20:16.600 literally in the hands of people back quickly. UM. So 0:20:16.840 --> 0:20:20.240 it's really a proud moment for us. We've seen in 0:20:20.680 --> 0:20:23.080 you know, amid all of this, we've seen incredible acts 0:20:23.080 --> 0:20:25.800 of generosity and kind of let me ask you, what 0:20:25.920 --> 0:20:29.600 would be for a bank, what's the what's the bank 0:20:29.640 --> 0:20:32.399 calculation in terms of do I want to participate or 0:20:32.480 --> 0:20:34.760 not in this? It would seem like at this time 0:20:35.080 --> 0:20:37.640 it would be it would be hard for a bank too, 0:20:38.040 --> 0:20:41.320 it has commercial client to to not participate in something 0:20:41.400 --> 0:20:45.159 like this. Well, you know, UM, we've all kind of 0:20:45.200 --> 0:20:49.040 talked a lot about the sheer volume of this and 0:20:49.040 --> 0:20:51.400 and really truly we did shut we did shut down 0:20:51.400 --> 0:20:54.240 to the department and did this for three weeks. UM. 0:20:54.320 --> 0:20:57.680 So it means that you have the ability and can 0:20:57.720 --> 0:21:00.840 do it and take it on and so many you know, 0:21:01.240 --> 0:21:04.199 I'm saying many, but some institutions just said, hey, I 0:21:04.280 --> 0:21:07.600 don't have the ability to service the client and get 0:21:07.640 --> 0:21:11.880 this done reasonably. UM, And so I'm not going to participate. 0:21:11.960 --> 0:21:15.400 That's just my guess. I think that's that's really it. UM. 0:21:16.080 --> 0:21:18.240 And we all came together in a very short period 0:21:18.280 --> 0:21:21.480 of time. I think we are very very fortunate in 0:21:21.640 --> 0:21:25.120 this division, and that we have all work together more 0:21:25.160 --> 0:21:28.120 than ten years, and many of us more way more 0:21:28.160 --> 0:21:32.159 than that, UM. And so we have a shorthand with 0:21:32.200 --> 0:21:35.159 each other. I can say something and the two women 0:21:35.200 --> 0:21:36.840 on this call, well, oh yeah, I'll call these three 0:21:36.840 --> 0:21:39.240 people and get that taken care of. Because we kind 0:21:39.240 --> 0:21:41.920 of know what to do and how to manage things. 0:21:41.960 --> 0:21:43.760 But we've been doing it for such a long period 0:21:43.800 --> 0:21:45.800 of time. We walk, we kind of walking and say, well, 0:21:45.920 --> 0:21:48.000 we say the same things, we do the same things. 0:21:48.600 --> 0:21:50.360 It's probably the hardest part for us is that we're 0:21:50.359 --> 0:21:53.720 going to have so many to now document our normal 0:21:53.840 --> 0:21:57.000 level of service will not we can't. We just it's 0:21:57.000 --> 0:21:59.080 going to take longer time to get some of these 0:21:59.080 --> 0:22:01.679 pieces of paper back out now to the client. So 0:22:01.720 --> 0:22:03.479 that's probably the hardest thing that the three of us 0:22:03.520 --> 0:22:06.440 would tell you, you know right now is Okay, we're 0:22:06.440 --> 0:22:09.119