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“We get to ppp specifically. I wanted to gauge in your very educated. Opinion of of where the unemployment rate. Probably sits roughly at this stage.
Well you know well s really. It s really hard to say because you ve got a lot of furloughed employees who you don t have them necessarily off the payrolls completely and i think it s gonna be very early to tell we re seeing a lot of small businesses in particular trying to keep their employees within their company. Wait for the loans and get it paid so it s certainly you know gonna be up. I think in the double digits.
But it s pretty hard to tell right now..
I think it s gonna take through the end of april to kind of see really how everything falls out. I asked that of course marty because part of the design of this ppp program was to try and prevent people from becoming unemployed in the first place to what extent do you think. The program was well designed and perhaps more important lee is being well executed. I understand the optimism and i know it s been an enormous lift to get to even where we are but if we continue to see delays of money getting out the door to small businesses for the next week.
Or two will the money arrive too late well. I think i think the program has been happening the fastest. I ve ever seen out of the federal government and so i m very impressed with what they ve done and the ability of this program to keep people employed in small businesses under 500 employees. I do think it was a little bumpy at first there was regulations still changing and guidance still changing even up till monday night.
And what was needed and what would be given in the..
Loans but i think just the fact that we re now over 300000 in. Paychecks we ve issued over 300000. Payroll reports which allow you to immediately get that to the sba and that s all you need for the loan. This process is moving better now is kate said you re seeing we re hearing from our clients.
That some are already getting money. It s a little early some of the banks had to work through some kinks. But the banks are working very hard to get this turned around and we re hearing that that is smoothing out quite quickly you think about it it s only wednesday and really this started on friday. No iii.
Agree certainly we might to look back on this in due course to come to commend the way..
It s been rolled out. But difficult to conclude that quite quite yet marty more broadly. What data are you seeing in terms of the employment landscape and if we look at things regionally across america. Does it correlate very tightly with the areas that are seeing the worst data on the virus.
Or is this already just a national phenomenon well it s certainly national. But you re right we are seeing it more in states. Where there hit the artists because they shut down the earliest you know when you think about new york california. Those areas are where there is more employees that at least our furloughed or out of not getting their paychecks today.
Because they had a day at an earlier shutdown..
Particularly of course. The restaurants and personal service. Things like barber shops and salons. You know you are seeing a quick uptick.
There and i do think that the program has worked in the speed of it in the fact that businesses are trying to hold those employees and hopefully if the money can flow this week. They will continue to get paychecks and that ll really be a boost that everybody s morale and and i think the fact that we could get started back up quickly. If they didn t completely shut down as a business maxime you see thanks so much for joining me. ” .
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