Axiosld like to thank the events team. Thank you for these Virtual Events. We would love for you to follow and you axiosevents can follow us on twitter. Our first guest today started a Small Business. Ushia is going to be with from orange county, california. Eq entertainment and er. Brand q wond this is a curriculum that helps people learn at home, to suddenly in a la mora demand. Thank you for joining in a lot more demand. Thank you for joining axios. How is california . California looks in, but it is outside the window. Not quite as enjoying as i used to. You got the idea for eq entertainment in a college class, i think a lot of Small Businesses start with a germ of an idea. Tell us about eq entertainment. I remember being blown away as a student at harvard. Social learning was number one corlett to life success. That became real to me and i became a parent for the first time. There was not anything out there that made it fun and easy for parents, teachers and kids. I took that 40 years of data and i built the q wonder show. We also have an app for at home use. You promised you would not quiz me, but one of the skills you teach his problemsolving. What is an example of how eq entertainment would attack a problem based on this research as opposed to how we might have been taught back in the day. Ways, we teach kids exactly what to think as opposed to how to think. It is important because there is so much insecurity about what the future job market is going to look like for them that we teach them problemsolving skills. Teaching them to focus on the process as opposed to the result. That is going to keep them from having a low ceiling and help them to grow much further. Kids that takes practice. What is a quick example of that . A problem and how you might attack it. For example, one problem i a lot of kids deal with is delaying gratification. They want something that is right in front of them. We are the same as adults. If you do not solve that problem, it is the difference between present and lifelong success. With impulse control, you can practice it by using distraction technique. Have a fun episode with Michael Strahan where he is having a do not eat the cookie contest. He wins big time because he has learned to distract himself. When you are working with parents who suddenly have become involuntary homeschoolers in many cases, what is going on in Homes Across America and the world right now is people learn and and what is in why in this moment have your rning institutional inertia does not allow our educational system to people of the times. This crisis has done something that politicians have never been able to do. That is to disrupt a decadesold format of how we teach our kids. That is good, right . I think there is an opportunity because millions of parents are going to have a blank sheet of paper to customize their kids educat ion. Either way, education is never going to be the same. The quicker we acknowledge that, the better off we will be there. Will be a lot of jobs that you not we will be. There will be a lot of jobs that do not come back. We do know is we need to teach our kids innovation and emotional intelligence. Ive heard that recently from alec ross, who wrote industries of the future. Wonder is equipped to help kids master those skills. You are in the same boat as so many entrepreneurs. You try to get a ppe loan. Tell us your experience. Economy isthe u. S. Made up of almost half half of the economy is made up of misses that are small, that are under of business is that are small. Hundreds of thousands got stuck in a queue. We were waiting for our ppe loan. It got stuck. It sounds like the online portal was not working properly or was offline for a good portion of that week. I heard this happened with another major bank as well. Now we have gone with a smaller sba bank. It feels like we are subject to a lottery system here. So that must be very frustrating for other entrepreneurs who are watching. What are some of your survival skills, coping skills from your experience that might serve them . I think it is a matter of the same things we are talking to our kids about, which is a growth mindset and being innovative. We have to shed any idea of who we thought we were as a company or a Small Business before this happened. We have to adjust and start innovating and think, what are the needs now and how can we add value to a world that has completely reset . We have a question. This comes from washington. Friends andto your fellow businesses, how many weeks or months you think businesses have to stay afloat given the current stayathome order across so many states . I do not have an optimistic answer. The government has been patting themselves on the back for in the a onemonth hole economy and taking two months to do it. We are going to see a lot of Small Businesses fail. It is going to be tough. It is not going to be a matter of week or month long recovery. This is going to be a several year process. We are going to have to start reinventing ourselves and looking to see how we can help each other. It is a sobering message, but thank you for sharing your story. We always finish with one fun thing. Sophia dickens, one fun thing for you. Ski triply take a where you ski longer than i have skied in my life. I did a 56 mile ski trip in sweden in arctic conditions. Followed in my dads footsteps. Im trying to rally some friends to do it again in the upcoming years. This is how many miles and how long did it take . It was 56 miles. It took about 10 and a half hours. That was a workout. It was a workout. You fora dickens, inc. Telling us about sophia dickens, thank you for telling ertainment. Ent now were going to hear a view from the top segment with the axios cal. Alexm joined here by chris. How are you doing . Great. Thank you for having me. Lens intoe an amazing the economy and into this moment. You touch a lot a huge chunk of this selfstarter Small Businesses in the country. Why would me as a Small Business owner come to you and what do you do for that . We serve over 6 million Small Businesses in the u. S. Through our payroll products. We pay one in 12 americans. Have a breath right now. The beauty of quickbooks is we are a source of truth for your business. We can see your cash flow, your money in, your money out. Everything is in one place. If you are Small Business or selfemployed and you are trying to figure out how much time you have left, what your cash flow is looking like and how you are going to be able to pay your employees, we are able to consolidate all that information and give you the insights you need. That is also critical for being part of this ppe program this ppp program. Gather the right data and have the data for forgiveness if you are able to get through. What is your advice to Small Business owners who are trying to be part of the ppp program. They put more money into the federal government some companies have been able to get it and some have struggled. Have you learned by watching people navigate it and helping people navigate it . The amazing thing about Small Businesses is they are incredibly resilient. Example. A great i talked to Small Businesses everyday. They are figuring out how to be part of an online world or sell their goods in a virtual environment. We have to help them by time right now. Time have to help them buy right now. We know from our Small Businesses, any of them do not have more than a month or two of cash available. Without these kind of helping hands through Something Like a loan or ppp program, they are going to go out. My advice would be, continue to pet it. Do what you naturally do, cap have it. To pivot. Do what you naturally do. Youre about to see round two of this program launch. There will have to be even more beyond that. You not be afraid. Do not feel like it is out of reach for you. There are folks that will help you get up and running and apply for one of these loans. How many more rounds do you think the federal government will have to do of these loan guarantees for Small Businesses . We have more than 600 billion allocated for the program. Given that you had this insight into what companies are facing, how much more do you think the federal government is going to have to put forward . I am not sure how much more they will need. I do think we are going to have to reconsider how the program is structured. Right now, as we saw in the that arend, the folks getting the loans are the larger Small Businesses. The average loan size was 239,000. We are seeing our customers coming in and applying for what they need to cover their payroll, which is 40,000. We are talking about businesses that have 20 to 50 employees getting the loans. The vast majority of Small Businesses are less than 10 or five employees. Those are the ones that structurally need it. The system is not set up for it right now. Angst or not there to cover the smallest. That is why we started our Quick Capital business to begin with because they were underserved. It is not going to be just about putting more money into ppp. It is going to be as we move forward, taking about how we will work with quickbooks that have the data that have the dollars sure that those are flowing to those Small Businesses. What else should or could the federal government do to help Small Businesses . Every politician says they love Small Businesses. Do above andrnment beyond the ppp program to help the type of Small Business you were talking about. Someone whom i only have 5, 10, 15 employees someone who might only have 5, 10, 15 employees. I think they need to think about the structure. I would ask for them to think about, how did they leverage the syntax . Folks who have data above and beyond what banks can rely on. Credit models that allow us to approve and lend to the smallest Small Businesses. Work hand in hand so that we can get those dollars to use. Throwing dollars into a system that was already set up to help the larger businesses is not going to get the job done. You are an entrepreneurial guy. As we depart, what did you learn throughout the course of your career that you could pass on to a Small Business owner that is looking for a little bit of wisdom as they try to navigate the Tumultuous Times we live in . I was an entrepreneur. The darkest day in my start up was the day i was not sure i was going to be able to make the next payroll. You lose sleep. Your insides are gnawing at you. You know you are scrappy and it is on your shoulders. My advice to these Small Businesses is, there are folks out there willing to help you. We have 5000 folks that live and breathe. Every morning, we wake up trying to figure out how to help you. Give us a ring. We will figure it out. Do not be afraid to ask for help. Very smart. S, thank you for an insightful conversation. We are going to turn it back over to mike allen. For makingo into it this Virtual Event on Small Businesses possible. Come back to my home in arlington, virginia. Now it is my home office. We appreciate you joining us. Earlier today, i caught up with Suzanne Clark, president of the u. S. Chamber of commerce. Here is Suzanne Clark. We are joined by Suzanne Clark, president of the u. S. Chamber of commerce. Suzanne has been in the trenches. I first got to know her when she was running her own company. She has a ba and mba from georgetown. Welcome to axios. Thank you. Congress Just replenished the money that is in the payment reached Payment Protection Fund to help Small Businesses stay in money. His round two going to be enough . Is round two going to be enough . Pres. Clark we hear from Small Businesses across the country every day. Some of them are in tears. They cannot get over the impact of their family, communities and customers. We are Glad Congress got this done. It will not be enough. They cannot start working on the next round fast enough. You spend all day talking to businesses of all sizes. As you talk to Small Businesses, what is the most common thing you hear . What is the most common worry they confide to you . Pres. Clark first of all, it is staying afloat. Job know firsthand what a means to a family, what a job means to a community. What a job means to health outcomes. They worry about their support in the community, their Little League teams and their philanthropy. They are very concerned about staying safe, keeping their employees safe and just staying afloat. They are worried also about how they reopen in a way that is safe and sustainable. Notf these two rounds were enough, what is needed . Say congress were to get started right away, how much would be enough . Pres. Clark first of all, i think theyre going to have to do at least another 250 billion. What is really going to be enough as we are going to have to reopen. We are Free Enterprise people. We do not think this is going to be government aid and assistance forever. We have to help people who are in real pain right now and then we have to sensibly and safely reopen so americans have access to their paychecks again. Do you feel like america is on that road or are you worried about the road we are on at the moment . Pres. Clark it is hard as a human not to be worried if you look at the scale of the Public Health crisis and a scale of the economic crisis, it is tragic. Of course we are all worried. And theess owners business community, you are worried, you get to work. Getting to work means, how do you phase in a gradual reopening based on geographies that are safer, industries that are safer, following the right guidelines so you can help . We know this fell off a cliff quickly when it closed down. Slowly, we know demand comes back relatively quickly and businesses want to be there to meet it. Your friends in business are pushing to reopen, are anxious to reopen. Pres. Clark anxious about reopening too chain what we see reopening too. Number one, essential services have to be in place. You have to have daycare and transit in place. Youre going to have to have the right equipment. That is testing and tracing but also ppe. Our employees going to need thermometers and masks and Hand Sanitizer and training all of these things . Are you following osha guidelines or cdc guidelines . Making all of that clear. They are very concerned about the litigation risk. This is an imperfect time. There is no playbook. Well businesses are anxious to reopen for their families and communities and employees, they want to make sure when they do it, they do it properly. What is the litigation risk that worries the Business People you talk to . Pres. Clark one of the thing about returning to work is it is about returning to life. Worshipg to places of and charities and philanthropy etc. It is not just traditional businesses that are worried about it. We are hearing about schools that are worried about litigation risk. We have an imperfect situation. For example, we are asking ceos to operate in an unprecedented time. After years of saying, do not discriminate on the basis of health or age, we are saying protect your Health Information should you want to make something public so we can trace people who have this virus or understand who has immunity. When you have a whole new playbook, there are a small number of plaintiffs who go hard and look for liability. They are already organizing against Health Care Workers and hospitals and medical device manufacturers. It scares Business Owners there could be a second big economic risk coming. What do you advise businesses when they are getting conflicting advice and direction from the white house and governors . Pres. Clark what we advise them is to help us understand where those conflicts are so we can be a conduit in a between. We are lucky from where we sit we see every size, every sector, every geography. We can talk to the white house. We can talk to the steakhouse to the statehouse. We see a lot of people at all levels of government trying to do the right thing. Totally unprecedented. More collaboration, the more cooperation, the better. What we say to businesses is, be clear about your questions. Onhave task forces based geography that can help but also based on sector chain the challenges with a consumer facing company will be different from an industrial company. Anything we can do to get questions and concerns in one place, we want to do. Even beyond sector, when you talk about the type of businesses, talk about high density businesses like a french bistro or an Office Business like the chamber or a manufacturing business, how much is that going to have to do with the chronology of who gets to open backup . Expertlark i am not an and we will listen to the Public Health experts about when to open backup. If you think about the differences in how, we have already seen it. It is easier for some of our Smaller Stores to have guidelines in how they distance. You and i both spent time in arlington, virginia. We have a great Small Business that has figured out how to block out space so you can go and give them some business. The bigger you are, the harder that is going to be. Some of the guidelines are based on size. Some are going to be based on sector. We know some high density businesses are going to require more aid and a longer bridge to get back to good health because it is going to be a while before people are comfortable in big crowds. We have gotten a viewer question from san francisco. Nextsay, what about the generation of entrepreneurs . Someone who is 20 to 45, wants to start a business, how do you tell them to start one now . Pres. Clark it is a great question and something we are all concerned about. How do we make sure this does not kill risktaking for a generation . The first thing we can do is keep as many Small Businesses afloat as possible so there are positive stories coming out on the others. When we get to the other side, there is going to be a time for learning. What to different cities and countries do to help their entrepreneurs . Companies will continue to incubate, fund and look for entrepreneurs who are trying to do the right thing, take a risk, start a business. Lso mostow it ends, unlike financial crises. It is when we can get back out of our house. The hope is you can do it fast enough so the entrepreneurs have good stories to tell on the other side. As we say goodbye, we always end our newsletters with one fun thing. We like to ask our newsmakers one fun thing. I understand you celebrated your wedding anniversary in captivity. Pres. Clark we celebrated our 15th wedding anniversary in captivity. Our daughter made as a big sign, took some outside flowers indoors. We helped a Small Business with some business and got take out. We treated ourselves and left the kitchen and went to the dining room. We went out. Axios. K you for joining welcome back to this Virtual Event. That is the coronavirus workout, going from the kitchen to the dining room. Inc. You so much, Suzanne Clark. I am mike allen, cofounder of axios. Is senator tim scott from south carolina. He is a member of the senate Small Business committee. He groped the son of a single mom in north charleston, south carolina. He is a graduate of palmetto boys state and built his own business. Welcome to axios. Sen. Scott thank you, mike. It is good to see you again. Tell us about the business you built while you were doing honest work. Sen. Scott this is a different form of honesty. Back in the good old days, i built a few insurance agencies from scratch and fill a Real Estate Company from scratch. I was part of a Franchise Organization for a short time. I love business. That is where my heart has been for the past several years and one of the reasons why i enjoy serving in the Public Service is i enjoy the pain and misery being a his owner if the public gets it wrong. Yesterday called out as President Trump add President Trumps daily briefing. He said you were doing a fantastic job on your opportunity agenda and in particular, opportunity zones should opportunity zones. He mentioned he invited you to be a part of an effort to focus specifically on underserved communities that are being impacted by the coronavirus. Can you give us a sneak peek about what you think the need is and what you would like to see happen . Sen. Scott there are two major pillars. We have rural hospitals that have shuttered over the last several years. You listen to anyone from nebraska or Lindsey Graham of south carolina, our Rural Communities do need to have a strong, healthy support system to include the ability. Those are the two areas. Health care and technology connections. Ofour urban areas, the issue povertyrn, persistent and tackling that. Both benefit from opportunity zones. They both benefit. We are going to try to tackle the innercity poverty that is persistent as well as our Rural Communities. We cannot forget our rural kids either type of connectivity that is critical for their education. These last several weeks have been a strong indicator we are not there yet. We are making some partners on that front as well. Housing, working with secretary carson, housing is always an important part of the equation. Just a few minutes ago, Suzanne Clark, president of the u. S. Chamber, told us the businesses she talks to make it clear that even with this refill the Senate Just Passed to the payroll protection act, that that is not going to be enough. How feasible is it for there to be an other replenishment of ppp . Sen. Scott i do not know if i would have a lot of confidence in seeing that happen between now and may the fourth. I expect we will all be back in washington on monday, may 4. If that is the case, you will start an arduous process identifying those sectors that need assistance and regions that need assistance and then go back to the drawing board. That will be a more painstaking process to identify where we need to add more value. No question. My understanding was that some p beinges have the pp utilized about 50 billion a day. Six and a half days later, those resources are gone. 1. 6 million that was used the first trying to of the triple p helping our balance, the second round cobra second round, hopefully we can help about the same shared help as many as 20 to 25 million employees. P, im going to start calling at that. It sounds like there is no question there is more help on the way for Small Businesses. Sen. Scott there is no question. We know we have not met the needs yet. Meet. Eeds, we cannot some needs we should not even strive to meet. Some things are just part of the Business Cycle that have to be taken into consideration. There are some ways the government can mitigate the concerns and issues that Small Businesses face coming out of this pandemic. Those issues, we should focus on, strategize around and present solutions to the marketplace. P you think about the triple program, that is only one facet of the needs. Bringing your employees back and customers in. That is a liability issue. Im not sure how we need that need. 9 11 might be one of the places we go to for that conversation. Testing, and other need for that. Trying to find a way to get people back at work and getting customers coming indoors. It is more than money. We are going to have to to have a serious round of conversations around liability exposure and testing. You have been spending a lot of time on skype and zoom chain you have had conversations with hundreds of pastors. You had a night with 6500 people chain as ute 162 500 people. As you talk to constituents, what is your number one fear or plea you hear from them . Sen. Scott uncertainty is not the trend of Small Business. I used to say that good regulations are great, bad regulations are not that great, but certainty and pricked ability are necessary for me to be successful in my business. Our Small Businesses feel like they are competing against the unemployment benefit. The 600 enhanced benefit is costing thousands of jobs around this nation. When i hear from the frustrated Business Owners, the fact that they are unable to bring back employees. I also hear a lot about liquidity and margins. Depending on what business you are in, in some businesses, your tenant does not have to pay the rent, you have to pay the mortgage. There is a forbearance issue i hear as well. In south carolina, we are a tourist driven economy. I hear a lot from retail restaurants and hotel rooms. Those major tranches different parts of our economic engine are important to us. They are not hitting on all cylinders right now, maybe not on any cylinders. Very hard conversations. Such tragic stories unfolding in this great country to. Try to end on a little higher this great country. To end on a higher night, we have had a lot of fun conversations. The finish with one fun thing, you like jazzy socks. I was wondering if you have any jazzy socks on you . Sen. Scott i am not going to raise my leg up. Im always making myself and my mood a little higher i have been on some funky socks. Not that they are dirty, but they are cool. I got on some hot pink socks right now. It is all good should what it is all good. What snazzy socks get the most comments on you take them out and about . Sen. Scott back in the old days when we were able to bring kids to the capital, they would all want to see my socks. Importantere far more than my legislative priorities. Like patterns. Patterns that are multiple colors. The heel was one color. The toe was one color. Whenever you can throw some color in, the kids seem to be excited about that. My sock game is good. Senator tim scott, thank you for leaving us with a smile and thank you for joining axios. Sen. Scott thank you, mike. Take care. A why itw, we have matters segment. Jim, you are so good at at sent thedebt site at synthesizing conversations. Greathink you got a glimpse into the extraordinary challenges that face Small Businesses. Talking orere always interviewing chain we are Small Business owners. I am a ceo of a Small Business. When you are in the trenches, everything they describe is real. I have worked probably 60 straight days. I am not saying let saying that like i am a hero, that is just a reality. For a lot of people who are just closer to the edge, it is an extremely difficult situation. It is one thing if you make a dumb business decision or you are not a good manager or you did not read the market right. It is another when you are running a company and you get hit with this virus, which you did nothing which you had nothing to do with. He did not close your laundromat. The locality did chain you have to react to it. Unfortunately, you are going to lose a lot of businesses through all of this. It is going to take a long time for the country to rebound from it. I think the senator is right. There probably going to be many more legislative packages whether it is stimulus or replenishing the loan program. Theres almost no way these businesses can hold on especially if this drags on. I think Suzanne Clark was saying, we are only a month and a half into this. This could go on for 3, 4, 5, 6 months. People in a to have lot more pain. That will be the gut check for the country. Jim taylor is giving me the cook the hook. Something you have advised others. You have advised for your company, over communicating internally. During this virus crisis you have really put that into practice. What can you say to help someone else running a Small Business . Dampens or brings down the nerves and stress better than communicating. Being super uber honest and transparent with employees about what you are doing and why you are doing it. Everyone is a wreck. Even if things are going good, people are a rock. Are sitting at home with kids running around. They are sitting in the same close. [laughter] the same clothes. If you can communicate and show empathy, it will all pay back and i think it is the smartest thing that we do. We communicate until we annoy ourselves and then we feel we are making progress. Thank you for living your advice and for being the ceo of axios. Thank all of you for joining this axios Virtual Event. I would love to continue this conversations and i have two great newsletters. Up. Axios. Comsign and thosenewsletters of my colleagues. We would like to thank into it intuit for making these conversations possible. Thank you to the axios eve announcer cspan has around the clock coverage of the federal response to the coronavirus pandemic. It is all available on demand at cspan. Org coronavirus. Watch white house briefings, updates from governors and state officials. Track the spread throughout the u. S. And the world with interactive map. Watch on demand any time unfiltered at cspan. Org coronavirus. Cspans washington journal live every day with news and policy issues that impact you. Coming up this morning, the discussion of the coronavirus pandemics impact on current and future Health Policy with bipartisan policy Health Project director. Nd well talk about the role metrics and data play combating the coronavirus. Watch cspans washington journal live at 7 00 eastern this morning. Join the discussion. Communicators,he marc randolph, cofounder of netflix shares his experiences with the online stream service. I hit a few keys. We were live. It didnt take long. We got that first ding. We cheered. Opening bottles of champagne. Two or three minutes later, ding, ding, ding. Three more orders. We were so excited. In all the excitement we lost track of things. Someone noticed it had been a while since the bells running. Was it unplugged . Was there a problem . It turned out that in the first 15 minutes of being online, we crashed all of our servers. Marc randolph tonight at 8 00 p. M. Eastern on the communicators on cspan 2. Former secretary of state john kerry and former u. S. Ambassador and state Department Officials talk about the Global Impact of the coronavirus. This is hosted by yale university