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  • - Hi, everyone, Sal Khan here, from Khan Academy.

  • Welcome to our Daily Homeroom livestream.

  • For those of y'all who this maybe the first time

  • that your seeing this you're like,

  • "What is this link on YouTube or Facebook?"

  • This is our way of keeping everyone connected.

  • And when we saw the school closures start to happen

  • it seems like a lifetime ago,

  • but maybe seven or eight weeks ago,

  • we knew that Khan Academy had a unique role to play.

  • We saw our usage go up by a factor of three.

  • We started doing parent webinars, teacher webinars.

  • And we said in the time of social distancing

  • it would also be a way for people to feel connected,

  • if we did something like this.

  • And so this is just a forum to ask questions,

  • have interesting guests,

  • and make sure that all of you feel supported.

  • Today we have a really exciting guest,

  • I'll introduce her in a second.

  • But I do wanna give my standard announcement,

  • a reminder to everyone,

  • that Khan Academy we are a not-for-profit organization,

  • we exist because of philanthropic donations.

  • And so if you're in a position to do so,

  • please think about donating to Khan Academy.

  • I do wanna give a special shout out.

  • The last several weeks when they realized

  • that we were already running at a deficit before the crisis,

  • and that deficit was gonna get larger

  • because of this crisis, our server costs,

  • our ability to provide you even more supports,

  • they immediately stepped up.

  • First and foremost, was Bank of America,

  • that very first weekend when we realized

  • that the school closures were happening.

  • Followed closely be Google.org, AT&T, Novartis,

  • and Fastly have all stepped up to support this effort.

  • So if you, as an individual,

  • can help support that is great.

  • And if you are representing, or a corporation,

  • that is great as well.

  • We still need more help.

  • So with that I'm super excited to introduce our guest,

  • someone that I've known for awhile,

  • who I consider a friend,

  • and, I hope that she doesn't mind, a mentor,

  • someone who I've gotten a lot

  • of learning from over the last,

  • almost decade, that we've been working together.

  • Anne Finucane, who's the vice chairman of Bank of America.

  • And maybe a good place to start,

  • Anne, first of all,

  • I'd love to know how you're doing,

  • how you're navigating the crisis.

  • But especially as a leader of an organization

  • that has 210,000 employees,

  • how is your team coping with that?

  • And what are y'all doing to try to support

  • those 210,000 folks?

  • - Well it's great to be with you, Sal,

  • and thanks for having me.

  • So it is busy, it's busy for everybody of course.

  • But, at the bank, we are I'd say

  • 80% of the population are working from home.

  • 20% are in the office or in the financial centers

  • because we're considered a critical service,

  • so we have to be open, our doors open, trading,

  • as well as, being in the financial centers.

  • And it's, like everybody else, a lot going on for everybody.

  • People are trying to keep their kids educated,

  • so thank you.

  • While also getting to work in some way or another,

  • whether it's at home or in the office.

  • Of our 208, you said 210, I think it's 208,000 people.

  • The first thing we wanted them to know

  • is that everyone will be employed for 2020,

  • so that there'll be no layoffs

  • and that wouldn't be a concern that they would have.

  • If you have childcare needs,

  • we're trying to help with that.

  • So we are picking up the cost of trying to help

  • with childcare for everybody,

  • whether they're at home or they're in the office.

  • And then making sure people's medical needs

  • are taken care of.

  • This is an extraordinary health crisis.

  • We've never seen anything like it.

  • I don't think there's much to fully prepare us.

  • But as other guests have said,

  • honestly the financial crisis was maybe a dress rehearsal,

  • 9/11 was another sort of dress rehearsal for this.

  • And in each of these cases,

  • you're able to learn something

  • and apply it to the next time.

  • - And you know given your experience here,

  • well you know, y'all have been stepping up big time.

  • And I mentioned, you know I'm not just having you here

  • because y'all are one of our big supporters, but you are,

  • for many, many, years and then y'all stepped up even more

  • over this crisis.

  • But is a part of a broader strategy

  • that y'all are trying to do.

  • You know y'all announced a significant amount of support

  • for the COVID crisis,

  • and that's all things that are under your responsibility.

  • How are you thinking about that?

  • Where are you seeing the biggest needs?

  • Where are you trying to help?

  • What problems are you still trying to figure out?

  • - Well the first thing is probably,

  • what are we doing for our customers?

  • Well like maybe the first thing is the employees,

  • but I tried to give you a sense of that.

  • For our customers,

  • those that need it,

  • so a lot of people need help in a time like this.

  • They've lost their job,

  • or they're afraid they're gonna lose their job,

  • or their partner, or wife, or husband,

  • or whoever they're living with is maybe not working.

  • So we have offered to our customers,

  • and they can just go on the mobile app and do this,

  • if they need to defer their mortgage payment,

  • their small business loan, their auto loan,

  • their credit card, they can do that with a click.

  • And so we have had more than a million,

  • like 1.2 million of those deferrals made already.

  • And I'm sure that would continue on

  • for another couple of months.

  • So that's one very basic thing.

  • Another is to work with our customers

  • on the CARES Act, the new legislation.

  • So the new legislation has this program

  • called the Paycheck Protection Program for small businesses.

  • And we signed up 400,000 applicants

  • for that PPP program, as we call it.

  • And we have put thousands of people,

  • that don't normally do this, against that effort,

  • working 24 hours,

  • so three, 8 hour shifts,

  • to try to help people with signing up for it,

  • getting a loan.

  • And just to give you some stats on that,

  • about 78% of those that are signing up

  • are asking for something less than $100,000.

  • More than 75% of those have less than 10 people.

  • So it's really for the small businesses,

  • I mean truly small businesses.

  • If you look at less than 100 people,

  • it's about 98% of the population.

  • So between deferring payments

  • and setting up to signing up

  • for the Payroll Protection Program,

  • those are two very significant ways.

  • And then what you were referring

  • to is our philanthropic giving.

  • We give away, or we donate,

  • about $250 million a year in philanthropic giving,

  • and we do it at a local level.

  • So we try to participate,

  • through our Market President Group,

  • in 90 different markets,

  • giving to affordable housing, food insecurity,

  • to the homeless, you name it.

  • But, in this case, we added another $100 million.

  • And the reason we did is because there are

  • these emergency needs.

  • And actually, Khan Academy was one of the emergency needs

  • where obviously we have been a supporter for several years,

  • and we have a program with you, called Better Money Habits,

  • that we are crazy about.

  • And we have millions of people that have used it.

  • But in a case like this,

  • where you're going to be reaching out to schools

  • all over the country,

  • and helping teachers,

  • and those that are homeschooling their kids,

  • get up to speed, you needed money by today.

  • And so the same as local food banks, and homeless shelters,

  • and some programs helping people

  • that are in the emergency medical field.

  • We felt that we needed to do that very quickly,.

  • and a little less paperwork

  • and a little more haste, if you will.

  • - You know what I have to say,

  • you know very transparent,

  • and I'm not just saying this 'cause

  • we're on the livestream together,

  • but that very first weekend I remember

  • we had a meeting scheduled

  • with some of your team members,

  • and I was a little late for the meeting.

  • And I was like, "Oh, I'm so sorry I'm late for the meeting.

  • "You know we're just seeing a 3x rise in our traffic,

  • "and you know all of this stuff is happening."

  • And they immediately said, "Oh, well what's going on?"

  • And I said, "All our traffic is 3x,

  • "we're trying to do all these things."

  • And they're like, "Hold on, we've gotta be able

  • "to figure out some way to help you guys out,

  • "'cause this should be kind of."

  • - Right.

  • - And it was literally over that weekend,

  • so thank you for that.

  • And y'all were the first and then that helped

  • I think other corporations to see the value

  • of supporting this.

  • So super appreciate that.

  • I mean there's several really interesting

  • things you touched on.

  • I am intrigued,

  • you know when you mentioned the mortgage deferral.

  • And that does feel like the exact right thing to do

  • when you kind of lead with your heart.

  • 'Cause people are not gonna be able to pay their mortgage

  • for reasons outside of their control right now.

  • But what's the conversation like inside the bank?

  • Because on the other side of that,

  • what does it do to the finances of the bank?

  • What does it do to kind of how those mortgages look,

  • I guess you know if you view them as a financial instrument?

  • How do y'all handle that balance?

  • - Well, I think we learned a lot

  • out of the financial crisis,

  • where we had to apply both humility and tenacity

  • to make our way through that.

  • And as you may recall,

  • there were a lot of foreclosures.

  • There was also a glut of housing on the market.

  • Today it's very different.

  • First of all, this is a health emergency,

  • not a financial crisis.

  • Although the finances of the industry and of the country

  • are certainly gonna suffer here.

  • So the thinking around this was

  • let's see if we can help people to defer payments

  • for a period of time,

  • while the country tries to get back on it's feet.

  • And with the hope that through

  • these Paycheck Protection Programs,

  • through our deferrals,

  • through all that is being done legislatively

  • on a bipartisan basis,

  • that all of that collectively, and most importantly,

  • the kinds of things that Bill Gates