Legendary investor Warren Buffett joined Goldman Sachs Group Inc GS CEO David Solomon and CNBC’s Becky Quick on “Squawk Box” for a phone interview Tuesday to discuss the impact of the pandemic on small businesses.
“When we went into World War II, a lot of industries were shut down; everything went to the defense production. Well, we’ve shut down a lot of people in this particular induced recession and others are prospering,” said Buffett.
Buffett said he hopes Congress steps up and he believes they will.
“It’s so important that small businesses — which have become collateral damage in a war that our country needed to fight — but we in effect voluntarily had an induced shutdown of parts of the economy.”
Solomon On Small Businesses: The Goldman Sachs CEO said small businesses need capital to get to the finish line.
“90% of them have exhausted their PPP funding at this point. If we lose these small businesses as a society, we lose big,” said Solomon.
There is a light at the end of the tunnel thanks to the COVID-19 vaccine, he said.
Goldman Sachs' 10,000 Voices: The interview also highlighted the 10,000 Voices program from Goldman Sachs.
The program helps small businesses. More than 10,000 entrepreneurs have graduated from the program. The program’s alumni represent over $14 billion in revenue.
Over 66% of participants in the program increase revenue within months of graduation and 46% create new jobs in six months after graduation.
Buffett has turned down numerous offers to speak at graduation ceremonies around the country, but the Goldman Sachs event is one graduation ceremony where Buffett speaks.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.