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

was talking about the other day,

in terms of coming up

with vaccinations and continuing

the physical distancing programs until we have that,

All of that is to prepare