Matt Maloney, Andrew Ross Sorkin, Joe Kernan Becky discussed on Squawk Pod
Is exciting. And I think you'll see that over the next days. Money getting into the hands of the small businesses Robert. We're out of time so I need a quick answer. But what is the biggest concern from the banks? They are the ones fronting the money. They just want to make sure that they're going to get paid back and not get blamed for. Thanks God no well certainly. There is a liability provisions. We WanNa make sure they are not blame for doing exactly. What the government's doing we're also around there. Kyc issues were working on that as well. But I will say the. Sba Treasury throughout the entire weekend did a very good job answering all of these questions many of these questions so we can get this money quickly into the marketplace. That is the goal of the banks. They're doing everything they can to help their customers and clients right now and so again. Lots of progress is being made. We have more to do. But this program is ramping up considerably Becky Literally as we speak. Hi Right Rob. Thank you for your time. Rob Nichols next. Scott Grub hubs CEO Matt Maloney on supporting businesses through this crisis. If we can help restaurants get through the next few weeks or months depending on how bad this is they will come back. We'll be right back. This is quite apart. Here's Andrew Ross. Sorkin with news about takeout during the corona virus shutdown talk about squawk box grub her but announcing it will donate thirty million dollars of its own capital two hundred thousand restaurants to help them during this time of crisis. That's about two hundred fifty dollars to each restaurant joining us right now. Talk about his Matt Maloney. Ceo of GRUB. Good morning to you matt. How much of a difference is this very moment? Two hundred fifty dollars to restaurant. GonNa make doesn't sound like a lot but it's GonNa be it's GonNa be a huge different. We're looking at different sort of looking at it. Like a a stimulus. Almost because the way we're rolling it out is a consumer gets ten dollars that they spend thirty dollars so are thirty. Million dollars is going to transform into over one hundred million dollars of food sales to restaurants across the country so that that's a big slug when everyone's working really hard to try to put money in the hands of small businesses. What what percentage of restaurants are still online and on board right now and what percent are often even shift that or change that or do you think once you're off your off We're trying really hard so it depends on the market what we saw as an early. Kovic West Coast markets you. You'd see a dramatic dip in restaurants. Went off the platform and they're now starting to come back on. You have New York a Detroit that are in the throes of the crisis right now inside your there there. Peaking at about thirty percent of the restaurants are off but remember you're having thousands and thousands of restaurants coming on the platform for the first time. So we're we're seen about the same number in terms net but it's just a transition and what's the experience trying to on board or even keep a keep your delivery people working right now it's incredible You hear everyone. Has these crisis stories. Our teams are working around the clock. we tripled our most on boarding a month. Ever of restaurants had fifteen thousand restaurants. Go live in March. We're probably going to do more in April. It's just an incredible intensity of need right now for restaurants and so we're we're doing everything we can to help them and with drivers we lost contact a contact free pickup up or drop off and we just launched last week con curbside pickup for the drivers to make sure those two layers of protection and no contact to make sure we help a mad. I gotTa tell a bit of a tough question because I was looking online and people talk to you about it. There were some some drivers and is not just true of Grub but across the board who were saying. You know what? I actually don't make enough money doing this full time. I'm actually better on unemployment insurance right now. Given what's taking place you know. There's plenty of work on GRUB. I know there's lots of work on other delivery platforms as well. We have our own our own stimulus for drivers if they get impacted directly by Kobe were were paying them. I know other platforms are and of course the cares. Actress came through with a lot of relief of forgive workers also so I think that everyone right now is all hands on deck trying to help the restaurants that drivers everyone impacted do this Economic and health care crisis and I just think a little longer term out for for all of us. Because I think we're all trying to understand what the expectations are. I'm curious inside the meetings that you're having when you look at the other side of this and the other side may be a month or two if depending on where you think about how you think about this. There's other people who think that this is going to be a terrible restructuring bankruptcy situation that goes on for months and months if not a year where are you on that in terms of what happens to the restaurant industry. While that's been I am hoping for the best I think at the fundamental economics of our of our society are still intact at the. There is a lot of demand right now to restaurants if we can help restaurants get through the next few weeks or months depending on how bad as they will come back. They will be there for our communities if they can't Than than that. It's going to be a real problem But as what? We're seeing right now. It wants the crisis bottoms out in the market. It does Growth does start to come back in that local area but we're seeing is is crises around the country in different markets at different times. And so we're trying to dynamically manage that situation on the ground. Okay Matt. We wish you lots of luck Stay healthy and safe out. There appreciate you joining us as always talk against him. More squad pod after this faith during a pandemic you're listening to squawk hot from CNBC. Here's Becky quick. Credit virus pandemic obviously causing economic and humanitarian crisis. That's being felt on an emotional level across our families and workplaces. So we're going to do something a little bit different right now and talk about the mental and spiritual impact of what? We're all going through right now. Joining us right that right now for that is Father Jim. Martin he's Jesuit priests the author and editor at large of America magazine and Father Jim thanks for being with us. Today it's good talking. You're my pleasure. We talk all the time about. How THE CORONA VIRUS? How this is a war against the krona virus in you also hear that. There are no atheists in foxholes. Do you think that people are seeing? A real resurgence in spirituality as a result while I think people are looking to spirituality for answers But by the same token I think it's really challenging a lot of people's religious beliefs. You know people are asking. How can God let this happen? So I think it's it's kind of both ends situation. Spiritually what do you hear from people? Are there more and more people who are seeking counsel from you There are. It's it's mainly a sadness at this point in the in the disease. There's also a lot of panic too and so what I try to remind people as that panic is not coming from God. You know feelings of hope and calm and peace are. It's okay to be concerned of course but I think panic and terror are counterproductive in holy week right now for for Catholics and Christians and Passover for for Jews is coming up and in this time when people probably need it most she find that places of worship are closed. Because of all of the social distancing rules that we've gone through you've got some pretty interesting ideas and advice that you're giving people for lent you say instead of giving up something this year that there's something else they can do. What is that? Well I think right. Now it's being kind and Frankly one of the ways being kind addition to doing a good things for your neighbors as to you know practice social distancing and and stay home and and not give other people the disease I mean. I think that's one of the most generous things you can do. Which is to take those precautions to prevent infecting other people? What's What other advice would you give people right now? Who are struggling whether that just be with the fear of what's going on out there if they've lost their job if they have a loved one who's sick or a loved one that they've lost because of this. What are you telling people? Well it depends if they're religious or not religious. It's looking for deeper meaning and remembering that God is with you You know through small. Love that people Show you I think that you know one of the things I'm telling people holy week is that you know. We can see God's love and the way that Jesus offered himself for people on Good Friday in the way that doctors and nurses and healthcare workers are kinda putting their bodies on the line for people. It's very defeat that generosity is one way of God loving us. Jim Want to thank you for your time today. We realize this is a little bit different but we also realize people have all sorts of different questions because of what's been happening with all of this again our time today. Thank you thank you. It's good talking to you and that Squawk pod for today. Thank you for listening. Squawk boxes hosted by Joe Kernan Becky. Quick and Andrew Ross Sorkin tune in weekday mornings on CNBC at six am eastern to get the smartest takes and analysis from our TV. Show right into your ears. Subscribe to squad. Wherever you get your podcasts. We'll meet back here tomorrow..