Gravity Payment's Dan Price on instituting minimum salary and COVID-19's impact on small businesses

Dan Price and his company Gravity Payments, a credit card processing agency for small businesses, gained widespread attention in 2015 when Price announced to his 120 employees that the Seattle based company was instituting a minimum pay rate over three years of $70,000. Five years into the policy, Price spoke with CBS News correspondent Mola Lenghi about the effects the idea has had and some unintended consequences as well. Plus, Price discusses the impact the coronavirus pandemic has had on his business and other small businesses Gravity Payments serve.