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COVID-19’s Impact on US Small Businesses

2020-04-08

In this episode, Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, talks about COVID-19’s impact on US small businesses and explains the firm’s recent announcement to commit $500 million in capital for emergency loans to small businesses. Then, three entrepreneurs and graduates of Goldman Sachs’ 10,000 Small Businesses program share their personal stories -- Erin Andrews of Indi Chocolate, a Seattle-based chocolate factory, Ellen McNulty-Brown of Lotuff Leather, a Rhode-Island based leather maker, and Matt Jozwiak of Rethink Food, a New York City-based nonprofit.

This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
This is exchanged. The Goldman Sachs will be discussed, valves, curly, shaded markets, industries in the global economy, on Jake Seaward, glare of corporate communications, you're the fir tree all that small business personally, if the market, and not who had of our urban investment group, our own recent efforts to commit to fifty million dollars and capital for emergency loans to small businesses as well was twenty five million dollars and direct grants to community development. Financial institutions and other mission driven lenders, then, whether directly from three small business underpin worse all graduates of Goldman Sachs, ten thousand small businesses programme on her
a cuban nineteen and the resulting economic impact has affected their own businesses in their lives, but first martyred welcomed. The proverb try me so gives the big picture. First. What's the impact so far of the epidemic on small businesses, United States sure surprise anyone. It has been said here. We re able to survey the huge amount of work alongside MRS the scholars who got over nine hundred and ninety six percent of them have been enacted now, the situation did not change they, wouldn't the old man in three months and having a lot of uncertainty, even analogy of elbow, and if you see Y Y, all distress, while all of it,
Small businesses are the Archimedes dream, ministry, neighbourhood, businesses. They rely on customers and at tat flow and being open, and so your closed you not generating revenue junior having issues if your employees near to simply cannot be at work in an hour or so years. Until you take those issues on the timing of this is not something that we were talking about three months ago. This is not something that small business owners were prepared for, and so
does the onset of it and how to make some of the most difficult decisions, as small as this will ever happened, whether their only open, whether they are going to have to lay off a single phenomena, were worse. Those are those are decisions that are difficult in the best of times, even with operation and so had to figure out. You know in the middle of a global pandemic, as you can imagine, is, is really really very difficult and then just on top of that, of course, Does the health crisis, so he says one business owners are doing. Well, you know how this using their own thing was the health issues of their employees, and so will you all that, together on these businesses is causing, is causing a lot of anxiety, alive frustration and ended. Its wifi, too, response in the prison sign into won't be federal stimulus package
take away from that so far in terms of small business. So the marathon is those jobs peppery sheep or is it says that the data protection Miranda were all hearing about in a brass I was about three hundred and forty billion this programme to primary goals. One to get is desperately needed. Cash assessments of these businesses to counter already accepted, but to do in the way that actually incense by them to maintain our boys and keep them all or they already had to make a hurry. Incisions lay employees are in use, immune oratory, hire them the long hours more streamlined. It is not business underwriting assembly sizes alone be fun to whereby timed hours, then once the longstanding bar
for years. The bonds to maintain their employees and cover other also operating expenses, ranch Chile's benefit from a significant portion or sometimes all alone be forgiven. so incredibly tropical. Now why? Because it's getting businesses the Catalan Basque, He employs newspaper some interim. I gotta take away. As you know, one insignificant, certainly going up large businesses and individuals the others were hyper, focused our cash flow, and this is why, sir, Questions are around the infrastructures. Will how and where is the money so I mentioned earlier the size of three hundred billion the parents currently structure to use an existing funding programme under the Small Business administration concerning so much smaller suggest, taking twenty nineteen as if the whole twenty billion dollars was land over the entire year.
And protection for and her whole is to get three hundred fifty billion out the door in less than three months. So you can imagine, I causing a lobby inciting the bar were to have been told First, come first served and for lenders on the outside we're trying to move Atherton Jays, on many rules. Are still a long one day in some ways. It is viable solution, but remember won't be enough and the motivation and ass ass your t move very quickly in New York in Chicago to stand out the mayors in those cities. One problems for small businesses in Sky Island you're you're also announced this past week. A big problem explain what does problems are and how it works in Scotland is traditionally been a small business lender itself sure You know we actually since double that commitment from the two hundred Betty nines Diane,
the war has been to get capitals of small businesses do as fast as possible. Thirteen million in New York City and headlines, Cairo, those great examples. We were directly listening leadership in both cases, just facilities and deploy capital. We heard community german lenders to design. there is in the long run off the street or of ours and would provide track alone. Charms leg up onto our man started and zero percent interest no scheme. The level of the strategy's businesses are facing and, in both cases, those facilities that thousands of applicants for been gaze. No there's belongs to the end. And there was another key goal. speed is: during these businesses, As I mentioned earlier, the Data Protection programme in its tracks the teachers in boards like a complicated, the library so? The largest on the latter's under that programme are large commercial banks and
point forty four percent of small businesses, small business relationship of They hastened battle and insurance willing for longer than they are all reasons eligible or is that how you get it and more recently here, that's just small businesses about working relations that doesn't even how all these the independent contractors and self employed workers who are also eligible for his age. I production lines, the level of his honour. Our commitments. the time can you in the relevant financial institutions and other senior members may be spots we want to make sure that a three hundred forty nine billion was one gets the wires weapons as and ass. Those bank relationship, those in underserved communities, rural areas, your business is run by thoughts were or disadvantage in a normal out. You just small gender related concerns.
Telling them that we focus on sea of eyes, because it truly rather junkies is playing very or yours all of working communities in getting to the smallest of businesses, minorities, women on businesses, the gang Hamilton bullets ass to those in your eyes just ensures that they will each service that says. and there is even by making sure that those lenders, happy operational support, meeting together, lungs out and you in a responsible way so we also twenty five million luxury to bolster their infrastructure, so that an answer is important. So beyond what you described in terms of the small business lending proves how can cities and community sought their small businesses right now for starters raise awareness of actions ordeal to small businesses. That mentioned earlier. To answer me, sir. I don't know how to access the reference year out there. Now you eating,
no emergency loan actions can be incredibly complex, especially in MILAN urgency, that than ball, and those businesses and individuals Turner City, for how being able to provide clear information on what's available. Storms is is so incredibly valuable. These businesses are facing global challenges and allow more confusion. and not knowing where to turn, only makes matters much worse. So, as you are all from this time, cast to everything we do we're all learning to do our day, jobs very differently. What was it like trying to set up this loan facilities and work out partnerships with cities in remote fashion and during a time of crisis in our all, Malaysia urgently, there's nothing like a crisis like this to really Thepeoplesbank diaper in cedar, pass and senior hashing. How and when you working with a lot of urgency times, were I didn't either you know, start to notice. You know I'm not saying the railways. Thoughts to work is ass. You like
I totally worth and know the other thing. This is gonna, be take away for me. Ass, always known facilities This is the sheer purpose, the others, no one who doesn't frequent a small business were who doesn't know a small business. I am personally aware nosing around the house issued their surrounding ass, an rely, those working with eyes, transaction, its touching people's door, and I had the opportunity to work on something. with people and also the city or another letter partners. Currently, nor even a senior leaves me with self handling in arriving, at the same time, to speak to the dazzling crisis Randy's, I don't think they provide a single person. She would say that they were in a completely untouched thanks. So much for joining us today. I know you're very busy,
robbing me for those. We would like more information on this topic and Goldman Sachs efforts. You can check out a website siesta, com, slashed, small business, there's plenty of information there and additional resources, as well now over the next portion of the episode with three small business owners to hear about how the pandemic has affected their lives and their businesses archer nor is today are Aaron Andrews of India, Chocolate Seattle based Chocolate, factory element I'll, be brown of low tough leather word, island based leather maker and guys we act- everything, food and New York City based nonprofit Aaron, Elena. Or graduated from Goldman Sachs, ten thousand small business programme which helps entrepreneur create jobs and economic opportunity providing greater access to education, capital and business support services. More than ninety one hundred business hours and graduated from the problem across all fifty states work under the programme There are now in a mad and thanks for making time, despite everything,
going on EU businesses today into let's have it. overview on all your businesses airing you run into chocolate, a chocolate factor, geography off a little bit about that. Yes, We started almost ten years ago, be in October ten years old when I started making motion in the bombs in my kitchen for my daughter, sensitive skin, I don't think so people wanted to buy. I was already a chocolate makers abide. I started the company based on the cocoa butter based body care, has it had long cherished the entry higher margins. It allowed us to buy the equipment in and start making the target that were now famous for their release started it with Bobby CARE, whether because of her better economic the more that, but it also is the reason why I, like you, say it's the most backward talk, a company of all time, polluted even start with chocolate, India's named after my daughter in the as part of the Goldman Sachs Growth plan. that I had from the ten thousand small Business programme
build out of our talk factory and CAFE in Seattle. Iconic take place mark where are we not only have our factory in CAFE, but we also have what we now ironic, We call the gathering space where we have classes in events regularly held, except for covered nineteen in social distancing, but it all Ok, to write in Seattle. Only iconic take place market for the fish are thrown in the tourist German, if iran- and I are only vocation outside of our website, fails and we have had twelve employees and we are now struggling to keep reemployed because the impact has been so strong that business all right, thank you. I'm Ellen tell us a little bit about low tough leather Malta is a family on business that was founded in twenty twelve by the motor there aren't designer and creative director Lindy Mcdonough. We have Team of twenty one here in Providence, where we hit,
some of the most with it leather bag that I think, can find anywhere in the world. I ended up joining the team in twenty fifth being brought me on to help grow and scale of the business We were lucky enough to be a part of coal or number one for ten thousand small businesses out of you see, I improvidence Rhode Island, but a little bit about me think for the service think we started in two thousand: seventeen, I'm a ship trade. I worked restaurant like a lot of medicine arc and Noma, towards the end of my career realise that there is an excessive amount of food that was being thrown away, though I worked with partners such as appropriate carry Goldman Sachs Conrad Hilton to collect this extra food and provide Cree Catering services to non crop. Community centres. Oliver Brooklyn, postcode
Nineteen, we realise that centralized reproduction was probably not the wisest idea during this Simon and risk of infection, though we decided launch a programme which we radically towards aware. We supply capital to small restaurants in order to keep their employed where they create single, serving meals and distribute them through the old, like kneeled, on wheels and our own distribution networks. So our and your dimension a little bit in the impact of coordinating and your business, when a little bit out to see the retail stasis is probably shut down. But how is e commerce holding the new environment in and how you think about the business so far, will we are Thankfully able to continue to have our doors open because making something that makes people happy essential, even in a crisis, but for now take away curbside pick up and delivery, because as we are located in yelled iconic, I place market. We felt the effects of Kobe nineteen. pretty much immediately
I've only got worse and seen that continue the a crucial industry, is really a big part of our revenues. Effort not only into talk at the theatre. Over five hundred businesses intake makes market. The first cruise ship was posted, the coming into port on Wednesday. That will not be happening now. Obviously, though we look, its impact is not just what we ve already effect had the impact with, but for as we are now supposed to be heading into our belief, even with the crucial issues, in summer season coming on board by that's really thrown into peril. So what we ve done is we have done a lot of the marketing towards online sales. We have also the aid and all my menu for order ahead. So people can take up and you take out undue curbside pick up, and we are working with new delivery companies as well as we created a care package that can be both bought, gifted and donated
and those are the areas that we can. It really be committing on business with. As part of our target recovery programme, Let me tell you a hundred about care packages will one employee employed for one month at any topic for man. the latter restaurants, are closed and offices off its cafeterias. Your scale back. How have you been trying to adapt your business model? We ve got to realize that you know we really happy changed drastically and and our concern now was initially with it, they now the cloth of acquisition, obviously the majority of our food with donated, but as major farms, Malta, arms are going under in the supply chain, starts breakdown in the food sector. We need to be done. I am unable to China. Provide solutions, are right now we're working towards basically providing ground. The restaurants do that they can actually purchase food which is going to Extremely important could have imagined every farm not having restaurants healthy, to add pretty dire consequences on what,
the impact on production and manufacturing, Rhode, island and how you making sure the workforce is safe on the job. He me Two weeks ago, I would have still been speaking in terms of luxury and leather briefcases, duffel bag and handbags, but others, need a few hours ago we risk heaved art establishment, registration with the FDA and We now have cleared the way for our team In fact, your face you and to assist in the reserve This public health crisis, too, we did make the determination that we wanted to focus our efforts on healthcare workers, people within our own community, who were in dire need of quality, protective equipment and the help. here industry in Rhode Island, is an important piece of
local economy. One hospital system is about seventy percent of all health care in Rhode Island and if we could even be a small piece of the solution, then we were looking to do assessed and Honestly, we found the response both locally and regionally on, to be very positive and somewhat eye opening, because both have a lender. Good company that had no prior experience in health care or medical devices would be what you get traction as quickly as we have incredibly encouraging, but so just emphasised how Dyer the Needles and that anything that we can do to help you should go a long way?
So we did a survey a couple weeks that now that said that fifty one percent of small business owner said they would not be able to stay in business, be up three months if these conditions persists that later Thank you wanted the time that is that how you feeling about your own business and where the economic pain hitting the most but showed you our day. Two into it, really getting very bad. I was talking to a friend and the first thing I was, I dont know how were going to cover people. We invest over five years, building from a team of three back in twenty fifteen to a one key one now and they are highly skilled, artisan. And we ve invested a time in training. and development fur. Ah, when the sales doc, you know,
This is entirely unlike anything that I've ever seen before. I think just due to the volatility and the unfair, in t at all for our March Stick and the cash register register to stop ringing, though, for her at least in the last week, It was really a scramble for how we could create meaningful work, but just a product that the market really needed right now, more then, luxury leather bag. the handbag and I they were. You know we're not. deviating dogs, are growth and leather goods we are very focused on in the near ninety days, one hundred and twenty days how we can actually take
What we believe will be extra bandwidth and apply it torn Hoping to meet the demands of this public health airing of you. Ve got value Mitchell real estate- and you mentioned you ve had to scale back your staff and how do you feel about the forward of the business right now? I don't do that to any small business owner, we all have the same pinpoint enough cash flow. Full stop recently on conference call in which the speaker was talking a group of small businesses, and they kept saying you are not alone in this together. They kept saying word alone and alone, and over and over again thing I realise: is that really. What we need are not loans What we need is access. The cash access quickly and preferably because those are way really allow us to do what we need to do for a business immediately I'm a nose, I think, are really, to address the pin point of the small business
What we need now is tales and directly to our business. I would we everyone to do things like pay for shipping, packages and pay directly from the small maker, because that is what keeps the money in the business to the allowed to recover and move quickly and freeze out that cash flow for the business mad honestly big challenges. All the way around, what's been the biggest challenge continue to access and distribute food. Are the biggest artery beggars definitely and trying to get the foundations to mean a real the severity, the issue there is significant, a lack of trust in the foot Turkey community that had kind of bad, a major problem for a really long time and has actually in a lot of situations very well documented perpetuated, a circle of poverty and the becoming more true. More than ever do kitchen there. Loading and social unrest is the next step.
We really need to take drastic action, and there is not time for a six month, eight month granting process If we don't have time till next grant cycle, the cash into the hands of business hours. Now, They're just needs to be, and a higher level of trochar dependency on each other. and I really believe that philanthropy, like always, is kind of leaned on to solve social problems and create a social that, like a social safety net but were also require to jump through some pretty ridiculous. Hopes and also executive directors, everything I'll make it grants where we actually have to spend more money to get a grant. then, you and end to return the information back to the foundation. Then the grant is- and this is how to stop and add to stop this at this time too, optimistic, actually that a lot of these things that were bad away will lead to more systemic, changing, we have to be community because it, ultimately ban pretty problematic and leftism. Pretty furious bombs, ok, economics inside what did then the hardest
so challenges we are facing at this time as a business owner, Arundel start with you any talk, it is a community based business and it's all about the people. The pipelines market community the food bank, low cost medical clinic low, come in senior housing, a pre school and senior centre. As welcoming the center I machine regulars menu following the high risk classics. I miss you, I'm on a daily basis, then he shouted all sources farmers around the world that are being used to make our top and Beckley, lower chalk sales in cash flow can impact when I'm buying beans and how much I am buying at a time I have had forcing trips to both Hawaii and home, an island already cancelled because a covert nineteen and I personally missing the folk that make any talk of a business based on community. I want to bring back all my team back to work, but I also open the door fully, so people can gather again and can the classes in advancing
other things that we do in the way. I really look forward to a time when we can really be people and about community in unknown social, distancing, working environment now and haven't you want a smell of personal challenges facing thing. I have to say the hid them certain key and the volatility of the market was probably be the largest challenge. Over the last few weeks and then what did. Actually, there streaming in France and ITALY report that their manufacturing operations move from changing from bag you either face masks or in a time either in an effort to in order to create meaningful work too for their employees.
We only had about a week week and a half to figure out how Would we do it, though, there biggest challenge honestly had then not just all activity, but figuring out how we would her an entirely new business and, up and running in really only about anyway, we ve done it and under ten days and me did the craziest thing. I've ever had to do in twenty five years of working. And medical devices, while I'm, I really appreciate what we're doing is good and are essential in the Middle EAST this public health crisis I wouldn't have ever kept this industry is something I would love to differ. To really really pdf, the hard I can only imagine how about you, I think you know the biggest challenges.
Some challenges that, like give your everybody's, pretty scary movies, pretty shook up Do you know the people got attracts the people who got the beard and in all the different aspects of our partners and also my like an and mighty I'll take. You know people are you're scared in and having the kind aware that mask of it. Maybe you're right. This is the way forward. Let's do this, We we got it is hard, and you have to kind of a whole lot back so that deadline. most, nine economic, challenging par for me, but luckily our chair, I had actually so beautiful Marshall Smith and Julian I've been really instrumental, and you know just taking time to chat with me and kind of shot through those things sell its pension great to get close to them, but at the same time it's definitely, made last week over the weekend, the Congress has proved a big stimulus package. I know you're, not all legislative specialists, but when the most helpful provision you see included that, among other things, you'd like to see it
Let's go mad Ellen than Aaron. You know I really would have steadily You know I really like to see something smaller than, especially in a few days. I dont think that this has ever been properly recognised, but that the next, hello, restaurant or food writer is basically workforce and three levels into our economy. These are the first job, people can get without his skills that, without even language skills, they get a job. washing dishes minimum wage to meals? A day and it a great starting point, that's how I started. I started washing dishes can't this. What I was When I was eighteen years old when jobs are gone, there's no second wrong. There's no other place. It directly into poverty and why I'm going to have the time the space like we did. Others misuse the financial crisis that bank losing their jobs, it is working people and it's gonna, be
the key to a huge problem. So what needs to happen is that these restaurants, these employer, should have just granted exactly the work is not followed. It should be years. Seventy five thousand bucks keep your staff employed. You know, get some work done, make meals for community centres, they need a senior citizens. Need me I'll make up for that matter. we should have happened. We should utilise our infrastructure that we already had and the workforce We already had to solve their problem Been a little more organised about it, that's what we think is trying to do is we're trying to gain access. Capital? Do we could give capital The restaurants have them for emergency meals and get him out of the volcano Ellen the truth. Is we really only just getting our head around still between moving from leather goods to medical devices in a week with there's a lot breasted, pretty much taken and figure out how are moving forward on a daily basis.
what we know right now it does seem like the initially. Small business support is good and that there may be inability on based on what we are seeking to ensure that the way we approached alone would afford us loan for forgiveness at the end the year? If were able to retain our workforce and and move forward to from from our respect, in that the positive, because instead of him, We are taking on dad to get through this. Someone did at least had the foresight to do a cat, To think about how it would be less burdensome, so you know having the forgiven would be huge benefit for us, in particular,
and beyond that I knew we were also encouraged to see that errors support in there for with transportation, dialed care. These are all things that will help keep our came together an error in the number one most helpful provision for small businesses is getting access a calf. What's all this, does need right now, and I need right now in any way that this access to gas can be. but I did is really helpful. I'd like you to grant given instead of the forgiveness of loans that included in this programme. rain? Entrepreneur means they are willing to take certain risks. The Gormans accident The small business programme is help. Entrepreneurs takes smarter risks than actions, but a business your preventing a small businesses during covered nineteen and having access to quit cash and grants mixed up bidding and survival much easier and effective. Ok, so what
making it one day time. What's one goal big or small, but you have to your business after the weak ahead errand, My goal this week is actually to really focus on our care packages our care packages are a part of our target recovery programme. In a hundred care packages, keeps one employee employed for a month later, really easy online fail or are we have? The ability to deliver in Seattle is well, and so our focus is really doing. What's going to keep both doors open and our employees employed and hope. will show enough of them to bring back the rest of her team, because that is who I am really so much of what I'm working for right now, I won't hurt you It is really just going to be about getting our came back to work, We are about our people and you? Everybody always talked about small businesses. Being the backbone of the economy and its true?
that happened this week. What's your biggest skull its goal that we get approved them off. They were Opening up a couple. Variations of the restaurant responds to a ramble under the Madison, bark and democratic actually trying to anyone in the air with their new. So we a huge than any emergency food need for less than what the city of New York its contracting people out to make meals, which is around six dollars of the ark. We can get it out of five. We will. the model works five dollar meals, five employees? Fifty thousand bucks, though the really long lack though it were able to do this and execute this than were our hope, is that are what we really want is for this to become a federal programme where restaurants, all a country can rehired their employees and meet the demand of what ultimately going to be a pretty major recession, I see a lot of us you're stuck in homer working from home. What can we be doing? Just support small businesses in our local communities, with Alan
Thank you said about it all about a local communities, though we ll look by local. You know keeper investments local If you need a book keeping Amazon and go to your local bookstore and uniform in particular two weeks ago. People would come and invest in seven hundred queue up to twelve thousand dollars or a bag, rationally, we we fully, stand that that not even an expectation on our part today to refer a businesslike loading, if you have whereby think about. writing review. If you don't follow up Social media then start following time, social media and simple things- TAT go a long way and that that I would say that you know one supporter, local business, but a rethink. I think it's time for philanthropist.
Time and again you know two hundred bucks of five bucks now matter, but take the time to look into a couple organizations. and don't let your money, if you have capital, do you have a little cash on hand? It's more more than for me more than ever to donate cash so, but take the time don't don't give here are some big foundation and say: hey, you figure out what to do with it. It'll be six months before it anybody on St Thou take a dime donate here, Local charities help your local unity and Emma We feel like that would be most beneficial, What can we do to help small business like yours? Look for ways to help people so look for ways that you can directly put your dollars into the economy? a small business by directly, not through third parties pay for shipping, shipping is a cost that small businesses have and by paying for the shipping your keeping more of the bottom line and more
the cash that needed for the business in the business itself by local by direct, the poor mine, social media as well, and just people keep an eye on it and look out for your neighbours as well. And see how they can use assistance when, when you can give that I was very consistent. Themes there I'll see, annex we may challenging time for all of us, but especially for those EU and small business, is operating see is a small business owner. That's what you feeling optimistic, Arundel start with you. Yes, I'm fine, really the most optimistic unhurt warming right now is being community come together and we ve seen ass in Ireland community right impact based place market as far as local businesses coming together to create delivery service. and also working with community based organisations. Too, deliver our care package. So that they get a part of the whole thing delivery as well and what I ve been working with. Local farmers we can sell their flowers for them
in the market that the farmer that we're working with has been selling flowers in the market, for it the eight years and is now not able to sell because of the conditions in Seattle and am section dominated businesses, but because food based operation. We can help people by both flowers, talking together so having those communities come together in support one another, really encouraging, and I think it's really encouraging for small businesses as well. I really I hated the fact that families rises to the top and we ve had people just come out and help- and I really and so appreciated that that our customers online. That makes a really big hope for us to keep our doors open, and I am extremely thankful for that. It is really appreciate and it really does make a difference. Matt any signs of hope, yeah I realize I write a deadly community. I actually think that there too
the opportunity ultimately to to streamline emergency services. You know we can Access to that was normal. Around the trash directly to restaurant, some of them. You know produce catered meals her for non profit, one could be an extra revenue source for restaurants, which I know evidently in New York City, it is more than needed the quality and appeared go up and we have a real chance to change things for the better. So that's what keeps us going to rethink that's what keeps his optimistic is that I think when the duck settled will actually be. Then we really challenging, but we're gonna be left with a more efficient food system which had a lot of ground, on going into this site, I now an awkward Should you, where you seeing some hopeful signs- and you know I have to echo everything that was said by Erin a mad and at the end of the day you know, how do we define our community? I guess for its ban the local you know, people who
who are here and after round as everybody from our landlord has been extremely helpful. Well, in terms of giving us a breather I ran out governor has worked really hard to keep. As many businesses open as possible farmers who have been with us for years through you, don't care for to buy their purchasing this now and that support is huge and honestly, then the moon we had to make in the last week to try and enter in an entirely new business and deal with yea registrations in everything out can't even tell you how many people have helped network that we been fortunate myself Monday,
this network of people over the years, and now that we had to figure out, how can we re purpose or to keep people employed by working on ACL everybody is jump, can still make it. call to a hospital really. It is honestly that how many people are just jumped into help and not the least of which truly had been comin back. Where that is a tremendous resource for us. Where we said we don't know who to talk to you. How do we actually get fed up with our FDA registration. Where do we go to get going and make certain that if were operating, were operating in a way that is going to be safe and sustainable, as we have in the coming weeks to combat and I can say is these people have been incredibly helpful to us
Thankfully Aaron. Thank you Ellen Matt. Thank you almost for joining us today and best of luck as he continued to navigate with that. very challenging environment. That concludes this episode change the common tax. Thanks for listening he enjoyed the shall we hope you subscribe an apple podcast and leave a rating. Your comment, but, more importantly, do what you can to support these small businesses today in turn, in four weekly market separate Friday morning, were meters around the firm, provide a quick take I'd markets what's driving the current volatility. Thank you.
Despite gas was recorded in to sentence on March thirty, and then he both earn twenty twenty all price references and market forecasts correspond to the date of this. Recording this podcast should not be copied distributed, published or reproduced in whole or in part. The information contained in the spot cast does not constitute research or recommendation from any Goldman Sachs Entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast, and any liability, therefore, including in respect of direct indirect or consequential loss or damage, is expressly disclaimed. The views expressed
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Transcript generated on 2021-07-02.