despite his long-standing relationships, for a ppp loan. ppp must be improved. it must be improved with translations for immigrant entrepreneurs and meet the needs of independent restaurants with have no assurances permitted to legally be open and put before the end of the 8 week ppp loan period. these businesses risk exhausting funds and being forced to lay off legally and safely reopened. it must be improved by extending eligibility to 501 c-3 nonprofit labor unions. the unique needs of the self employed with creative industries, limiting emergency grants. with loan forgiveness, applying to payroll costs may spend as much or more on expenses on salaries. i look forward to continuing work to improve these programs. >> i recognize the gentleman from pennsylvania. >> thank you, i think the ranking member also. as my colleagues have said this is an unprecedented time. this pandemic, small business has been devastated. however, many local businesses to access these needed - this is greatly concerning, small businesses cannot survive without these loans. large resta

to promote the ppp, with liquidity facility by the federal reserve to encourage banks to provide ppp loans. and they need to be aware of the resources. i want to thank the committee, to share the district opinion with ppp to redirect the need for congress with certainty throughout this pandemic. >> the gentle lady from virginia recognized for two minutes. >> reporter: thank you, madam chair. small businesses are the backbone of the district, 115 people employed by small businesses account for more than half of all employees in the district. at this time of crisis more work must be done to help all small businesses. display congressional intent some businesses cannot benefit from the payroll protection program. sba must clarify affiliation as the relate to ppp loans. for seasonal businesses i recommend directing sba to face loan eligibility on revenue from the same timeframe last year rather than a prior month. to the for the start of the eight weeks period during which extended loans can be forgiven until the date businesses can reopen. continue access for ppp funds they should incen

receiving the ppp loan means the work skills corp. continues corn continues programs that last year placed 1200 people in jobs providing services to the most vulnerable residents. they were able to keep buying seasonal employees on the payroll preparing for their opening in rochester hills adult keep the farm alive to continue to provide economic opportunities for the developmentally disabled and were very beloved minor-league baseball team is better equipped to weather the storm and bring back the summertime joy and i thank you for passing the legislation and for proposing it and for allowing our smallest businesses to benefit this time around. thank you so much. >> thank you to the chairwoman and the subcommittee for this opportunity. thank you to my colleague. as many of you know, new jersey is one of the hardest hit states in the nation along with new york we account for 45% of the cases nationwide. i am grateful to the committee's work helping our struggling small businesses face this unprecedented pandemic. i testify today for n

now with the help of the ppp loan and the success of the ppp loan we were able to get, i can keep that promise and bring everyone of those employees back, so thank you. it has been awesome to be able to tell them we will weather this storm and be stronger and more agile once this is over. the one thing you can see with the restaurants, we are surviving. we are doing things we did not do before with carry out and curbside and delivery and meal plans. they are awesome to see my fellow industry leaders doing in the restaurant industry. i commend every one of those restaurants fighting to survive. thank you all for that. we will get through this and welcome our guests back and once our state opens up we will welcome them back. amazing stories of guests coming into our restaurants the day after the closures to give us tips and cash to give to employees we had to furlough. that will not be forgotten. i look forward to the one day when all restaurants and businesses can reopen and be as successful as they were before. thank you very much. mark? pres. trump: fantastic, thank you. [applause] ma

loanthe help of the ppp and the success of the ppp loan we were able to get, i can keep my promise and wring every one of those back. thank you. it has been awesome to tell you we will weather this storm and be stronger and more agile once this is over. we are surviving and doing things we didn't do before with carry out and curbside and delivery and meal plans. they are awesome to see my fellow industry leaders doing in the industry. i commend every one of those restaurants fighting to survive. thank you all for that. we will get through this and welcome our guests back and thank them for their support through all of this. amazing stories of guests coming into give us tips and cash to give to employees that will not be forgotten. allok forward to the monday restaurants and businesses can open and be as successful as they were before. thank you very much. pres. trump: fantastic, thank you. [applause] >> my name is mark underwood. and am a living example of what your plan has done. i am a husband and father of five and my mother lives with me. talking about the day the layoffs happen, i

but they're not putting the ppp to any test that havof that. frankly we're getting complaints that people aren't getting the response that they should get. let's be scientific, it's document that so it works as intended. we all want it to work, we all want to facilitate that. but we cannot do it by os isifyg the lack of access to credit for small businesses in our country. ♪ limu emu & doug [ siren ] give me your hand! i can save you... lots of money with liberty mutual! we customize your car insurance so you only pay for what you need! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org. they're all possible with a cfp® professional. what is that? uh mine, why? it's just that it's... lavender. yes it is, it's for men but i like the smell of it laughs ♪ but one thing hasn't: breakfast. and, if that feels like a little bit of comfort, it's thanks to... the farmers,

congress must understand that the appropriation on ppp one and ppp two is just not enough. and so, in the next three months, there must be an understanding. we are in an emergency situation and these businesses are not going to go away. without spending that kind of money, the economic of damage to the country and level of unemployment is going to be much, much greater than the investment that needs to be made to keep these businesses whole. we're calling them businesses. these are people, hard-working entrepreneurs. families, who have put their life savings and their entire life in these businesses, and they're going to be wiped out to no fault of their own. >> reporter: so let's go back to 1987. if you were given the green light back then to open those 11 locations that you were told you have to do it with 25% of the space for customers, would you? >> i'd be hard-pressed to say yes. i don't think we would have survived. many of these small bilusinesse are the starbucks of tomorrow. >> reporter: now he and his wife sherry, providing money to workers in the seattle area who

the ppp program was meant to be very quick. it does not really work for the large banks to be involved in the ppp program. and i think this new tranche of money is really going to go to the small regional bank who they can operate very quickly because they do not have the same level of heightened regulation. >> gary, thank you for joining me today. thank you for making us smarter on this important topic. and for businesses out there who are applying because your accountant told you you're eligible, you may want to reconsider. >>> coming up, we'll take you across the globe as countries start to ease restrictions. the question is, is it too early? every financial plan needs a cfp® professional -- confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org. they're all possible with a cfp® professional. dad, i'm scared. ♪ it's only human to care for those we love. and also help light their way. it's why last year chevron invested

ppp is an important one. that is the that we will be hearing with, hearing from chef tom colicchio, but on your comments about the workplace, will many of these jobs just go away and not come back, if people cannot take advantage of the ppp? that is the risk. if we look at the raw numbers, we had an increase of unemployment of .2 million, but almost all of that was people who perceive their unappointed to be temporary. whether or not that is temporary depends on the ability to support the companies that they were previously working at. a big part of that, in terms of support, is the ppp. are unwilling or unable to get this program up quickly and focus on the loan rates for obviously, if this turns out to be materially worse, the losses that banks will face on their loan portfolios will make wrangling over ppp rates pretty silly. banks need to focus on getting these loans done. i think that would be helpful, and this would be supportive of treasury, too, if makes it clear that $350 billion is not a cap. we hav

in terms of other than the ppp. the ppp, let's see the data how it's working. the banks are friends and let's see how we can all help as many people as possible in this regard. tragedy that has before when our country. we want to make sure everyone participates. one of the goals of the administration is to keep people off unemployment insurance if they can instead be running their businesses and keeping their workers employed. wouldn't that be another good way to address this economic challenge we have? there is so much going on. what we want to do is to make sure that it is done in the best way for the most people. it is a lot of money, a tremendous amount of need, everybody affected directly, personally, healthwise and financially. as we do so we must have the oversight to get that done. i think it is important to make that point. again, i will close as i begin. people of faith as they prepare for passover, easter and ramadan, we pray for all who are weathering the threat to their lives and livelihoods. we pray for those entrusted with caring for them. this i

you know, liz, as you know, there's a lot of noise around ppp right now. especially in the restaurant industry. i would say as a dunkin brands, a publicly traded company, we have not applied for nor will we take any ppp money. our focus and what we thought, we believe our obligation has been is to keep america working. so we are focused on we have done no furloughs, we are focused on people over profits at this time and just doing the right thing. that said, our franchisees are small independent business owners, on average they employ about 150 employees and that's who that program was built for. so many of them have taken advantage. we are very grateful and appreciative of the federal government and the governors and everybody else that was involved in putting this program together to keep america working. so that's what we have been focused on very heavily with our franchisees but i can tell you, they are very appreciative of this. liz: well, you beat on your earnings and we are really rooting for you. i know i am, because of munchkins are my thing and t

i think the ppp program has been effective. there are cases where people got the money that really don't need it and i think you all have done a good job of reporting on this and that will come with forgimpfo forgivenefore forgivene forgiveness. if you took it and don't really need it, don't ask for forgiveness. >> in other words, just pay the money back, which is the other piece of the program what is the guidance for your employees, what is the underwriting process look like do you worry you'll end up on the hook for any of this money talk through those considerations >> i think, first of all, we worked in a joint venture with someone. but regardless, we followed the guidelines the borrowers, it was on the borrowers to basically certify that they need it and was up to the banks to process it. i don't feel that's the case i think the issue here wasn't going to be whether or not someone got a 1% loan. the issue is going to be who actually got it forgiven i'll stay with that and hope that we come up with some rules and guideline

they don't necessarily need money and the ppp program. what is there available to them as they see that they have no customers anymore for whatever it is they did? guest: if you were self-employed, you do qualify for the ppp. particularly in the state of minnesota, the state legislature has also added workmen's comp. or anybody -- for anybody that has come down with covid-19. specifically to your question, if you are a small business owner and you are a one-person shop, you do qualify for unemployment insurance. independent contractors and owners of small businesses, they themselves absolutely qualify for the ppp loan. talk tosuggest they their offices for small business administration. host: it has been quite a few people who said they don't think they qualify for perhaps it is because -- or perhaps it is because the program ran out of money. guest: they do qualify. you talked about running out of money. a week and half ago, we were running out of money. was givinggram relief loans to about $2 billion in our across the nation -- an hour

the ppp program is a good program. the problem is it's not big enough, it's not being executed that well. at the end of the second phase of the ppp program, we will have about 10% of small businesses that would have gotten relief. that's just not enough. the reason it's so important is we are in a consumer-driven economy. 70% of our gdp is driven by the consumer. so if you don't have small businesses thriving, you have more people unemployed, it makes it incredibly difficult -- liz: you know, robert, we are watching the president take the podium. he's about to speak. steven mnuchin, the treasury secretary, is there and his daughter ivanka trump next to him. let's listen in and stay with us, robert. we will talk about it after. >> congratulations. tremendous job you're doing. i want to thank everyone for being at the white house. a very special house, a very special place, no matter where you go in the world. they love the white house and being here in the east room of the white house in particular, where so many import

i don't have the money to cover the ppp. they're attacking me like i'm flushed with billions of dollars. we're all in this together we have to start promoting people and be happy we're hiring people that are laid off i can give you thousands of resumes of people begging us to hire them. i'm doing that with the ppp money. >> i understand you're in this weird merger situation that prevents you from going out in the market still have hard time believing you can't get $4 million from a bank or value act that said on our air just last month that you're a 100 billion dollar company. what do you say to all these small business, these mom and pop restaurants, these salons, these lawn care workers that really have no other future for money right now, for cash? what do you say to them when they look at you getting this money in. >> that is really fair question. i answered that a lot. here is two things i would say this is my fifth company i've had three of them succeed and two of them fail where i lost everything in my life, including

let me just comment, we have had tremendous support for the ppp. this gives us another $310 billion for the ppp. we look forward to the house passing this tomorrow. it was up and running quickly after that. this gives us billions of dollars for disaster loans, that will allow the sba to make $300 billion of disaster loans, all for small businesses. also allows us, as the president said, more money to hospitals and unprecedented amount of money for testing. again, ithink unprecedented amount of money for testing. again, i think we understand hospitals, not only the hospitals that have been impacted by coronavirus, but more importantly, many hospitals that have been shut down and making sure that the doctors and nurses get money. now, let me just make one more comment on the programme. we have over a million companies that have received this with less than ten workers. so, there is very broad participation in it really small business. i will comments, there have been some big businesses that have taken these loans, i was pleased to see that shake sha

so again, we all join together for ppp. we believe in that, but we want to make sure it works. >> without a doubt. if we scrutinize it after the fact when time is so essential, we could lose businesses and right now we're arguing over which businesses need it most with the exception of just very few businesses, most industries across the country are in desperate need. do we have to start to focus and say, does the federal government need to just take over payroll, create mortgage deferment or just say we need to create a national economic holiday until it's safe because right now, we're bickering over who is suffering more. >> i don't think it's bickering. i think it's a legitimate discussion of, again, when we passed -- so you had the leader of -- floor debate on our bill we passed the other day on there saying, we could have done this two weeks ago. no, we couldn't have. they could have agreed to the additional. they had 250. we brought it up to 480. what we brought up to 480 it had $100 billion for hospitals and testing

and the checks from this ppp. they have not all gotten them and we have to have oversight as to how quickly that should be moving. and the third thing they do not want, what they do not want is any taxpayer dollars at this difficult time being used by the big entities that received billions of dollars for anything other than to keep people at work. they don't want to see any buybacks, any corporate increases in pay, bonuses, dividends, and the rest of that. that makes them very angry. and we have oversight to do all of that. protect our heroes, support our workers, and we were very pleased, everything we did from the first bill, the c.a.r.e.s. bill, which was a corporate trickledown, to our bill, which was a worker bubble-up. we've done four bills, all in a bipartisan way, i'm proud of that. we just have to have a path to the future if and when we can open up. testing, testing, testing, tracing, tracing, tracing. isolation. and when we're ready, we'll go out there. but there's planning. it's a lot of time, what th

failed without ppp is around one million. but the loans are going out and they are keeping things going. in the end it will depend on something we cannot control, the virus. here is a way to think about it. if you are a small business used to making money but right now you are losing money, if you expect you will make money again in june you are happy to keep losing money and may because you know that come june you will start to make it out. what if you do not know when you're going to be able to open, you may decide to shut down so you do not lose that money in may. we have to give people some clarity about what the future holds. the problem is right now that does not really exist because we do not know exactly what the endgame to the virus is. that is really the motivation of ppp, to give people loan so they can hold on and do not have to make that tough choice to shut down because they do not know when we will be able to open again. >> [indiscernible] >> given the popularity of the program, for the amerco people and with e

what can the government to above and beyond the ppp program? to help the small business that you were just talking about? someone who might only have 5, 10, 15, 20 employees? >> i think the government is doing an amazing job. the money flowing in is exactly what they need, but they need to think about the structure. we need to think about how they leverage the folks like us that have data that is above and beyond what can be relied on. credit models that allow us to approve and lend to the smallest of small businesses, working hand-in-hand with us so that we can put those dollars to use. i think that throwing dollars into a system that was already set up to help the larger businesses isn't going to get the job done. >> you are an entrepreneurial guy yourself. as we depart here, what have you learned throughout the course of your career that you can pass on small business owner looking for wisdom as they try to navigate these tumultuous times? anex before quickbooks i was entrepreneur and i remember the darkest day of my startup was the day i wa

senate members meet on monday as tell fox news the ppp is running out this week. steny hoyer says the house will not return next week following discussions with the cab toll. the decision frustrated minority whip steve scalise saying if president trump and senate republicans can be in washington working safely there is no reason from house democrats to prevent from us doing the same. meanwhile the president was praising ppp despite the rough start saying the sba has done in 14 days than they have in 14 years. let me show you what we have been doing. 475,000 new loans approved, 52 billion, 51,000 hebsd ders yesterday compare that the first round you had 1.6 million loans

those companies that are now applying for ppp loans whether or not they really were impacted by covid or whether they were struggling previous to the virus's impact that's one thing for borrowers to watch marco rubio, the senator who is keenly involved in this tweeted he believes the ppp program will be back up and running, full-time, on monday we'll see how long those new funds last that first round went awfully quick and the expectation is this new round will go quick as well carl >> yeah. even earlier this morning robert frank tweeted a figure of the number of public companies who severed ppp assistance and it's amazing how this one program, which is barely a few weeks old had multiple political sand traps. >> yeah, absolutely. companies really didn't know what they were getting into. this all happened so quickly people had to make jumdgments very, very fast. maybe a lot of them were thinking in terms of dollars and cents and not the political impact you've seen harvard reverse course and back out of funding they got a lot of companies realizing there's a political element as well

on the ppp program, three weeks ago the president signed the law, we had the program up and running in a week, which was unprecedented. it's impacted now over 30 million americans. let me just comment, the community banks have done an extraordinary job. 60% of the loans have been approved by banks that have $10 billion of assets and below, and 20% with $1 billion and below. so the community banks have done a terrific job here getting these long-distance approved. loans approved. >> two weeks ago you promised businesses, if you can't get the loan, don't worry, there will be money. some analysts and experts tell cnn that ultimately the paycheck protection program might need upwards of $1 trillion. what do you think? >> i don't think that's the case. we're incredibly pleased with the participation rate. and because of that, we want congress to approve more funds right away. we think that another $300 billion, that's what we're talking about, should be sufficient to reach almost everybody. and let me just comment, we've also reached an agreement on sba disaster loans. so there will be anot

if congress wants to maximize their investment of ppp-1 and ppp-2, then they have to provide more money. otherwise it's a waste of money, the wrong medicine, and we'll look back and realize what we needed was to solve a long-term problem and what we did was a short-term solution that did not work. >> no doubt this next $310 billion will be gone in the blink of an eye. you are calling on congress to have more oversight. but here's my question -- oversight of what? they set the rules. these big businesses whether it's secretary mnuchin or the president, are complaining shouldn't give the money back, they took the money legally. you can't hate the player. you're the one who set the rules of the game. >> well, of course. you're 100% right. let's look at the macro issue, not that they took advantage of it or the few things that aren't working. the opportunity for congress and the president is to recognize -- if you believe what you say, that small business is the economic engine of the entire country, that you must save 60 million people who are employed and 30 million small businesses and 5

ppp loans are supposed to be given out on a first come, first served basis. wells fargo has not commented on the suit. rob. rob: capitol hill nearing a deal to fund the payment protection program, the paycheck protection plan, after the $349 billion program meant to help small businesses quickly ran out of funding. >> we're negotiating with the democrats and we are very close to a deal. we want to take care of our workers. we want to take care of our small businesses. they're really the engine of this country. when we open, we want to have those small businesses ready to go. rob: joining me now with what he says should be included in this plan, financial planner matthew carright. you're a great resource on this. you are working with the small businesses that are trying to get this money right now and it ran out so fast. so tell us, they're going to filthies thing back up again. how should it go this time around? you know what works and what doesn't. what do you think? >> yeah, good morning, rob. i mean, the companies that are the most vulnerable are the dry c

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 dep

leader mcconnell's bill for ppp. we weren't against increasing at that there is so much more to do. first there were so many people in my state and throughout the country who were small and didn't know a big shot banker and they couldn't get along. that was because the ppp program and the way it was structured help to those who have a friendly banker and a larger more successful company. we wanted to deal with the butcher, the baker and the candlestick maker the average small business person. we needed to get them help. and so under the leadership really of our ranking folks vaccine waters share it brown and ben cardin we greatly expanded the program and walled off $125 billion that will go to rural areas, minority areas, the smaller people who will not have to compete to get money. they will be in their own large separate pool. it will be one of the greatest infusions in the inner city since the sierra a. the community reinvestment act and it will really help and we are very proud of that provision. it's one of the most regressive things done in the banking area in a very long time

this is separate from the ppp fund for the small businesses. it says that harvard has been allocated funds as part of the cares act. harvard did not apply for this support, nor has harvard requested, received or accessed the funds. harvard, the school will inform the department of education of our decision and encourage the department to act swiftly to reallocate those resources, but you should know that $12.5 billion of the cares act money that had first been given out was directed to about 5,000 different universities and institutions of higher learning. harvard got some of it, $9 million. harvard now saying it is going to give back the money. that's interesting, isn't it. isn't that special. 12 minutes before the closing bell rings, another fishy situation, so to speak, is developing with the paycheck protection program, as large restaurant chains like shake shack and ruth's chris steak house came under fire for taking funds from the ppp that were intended for small businesses that were desperately struggling, a lesser known but very wealthy

but first on ppp, this may be a crazy idea. but unemployment insurance is in the bill. beefed up unemployment insurance. it's not appropriated with a hard limit. basically if you qualify you'll get it and the cost is what the cost is. i don't understand why democrats, republicans, all you guys up there who think it's a good program don't just fund ppp this way. my understanding is, they're going to run out of money in a week and we'll be back to where we were a week from now. >> well, as a matter of fact, chris, i've got a program that we rolled out just last week to do just that, that i hope will get in the next package called the paycheck security program. and it will do just that. it will fund things, a business of any size, nonprofits. it will go through either treasury or maybe even the irs. and it would be a grant program. you could use payroll processors. i think we talked about that about a month ago as a possibility. and it would go straight to fund payroll up to $90,000. and it would be a six-month program. it would give people the cushion. it would give busin

many small businesses are tapping ppp round two for cash to keep their companies going. but they want more flexibility on how they can use the funds. kate rogers has that story for us kate >> hi, kelly, that's right many small businesses are still in wait-and-see mode over this funding. but as cash is making its way to main street, there are more questions now cropping up from small business owners over when and how they should use this money. advocatesy groups report their members are worried about the time frame for forgiveness, with some pushing for more flexibility. borrowers have eight weeks of receiving their loan disbursement to bring back staff in order to qualify for forgiveness, but businesses fear they may run out of cash as soon as they get if shelter in place orders and mandated closures are extended the fine print still very much a work in progress last hour, the sba sending out a new notice to lenders, essentially saying that it will close etran, which is the application system that banks use to submit these loans to the sba for an eight-hour window tonigh

probably we might have to come the to congress and work on fourth cares act to add more and also the ppp disaster loan program. we will see. i am predicting that it might take -- that this will take us to a week or a weekend a half and then we will assess. now is torget right that havee businesses been left behind on this first package and a second that we passed -- and second that we passed. we have to make sure that small farmers, veterans, i nor to businesses, main street are given a level playing field to apply for this money. of the the intent program and we have to make sure we exercise the oversight so that -- because, as you have seen, there is coverage of big ly traded and public companies. the program was not designed for those kinds of companies that have easy access and have pre-existing relationships with big banks. so i am concerned that big banks are not lending to truly small businesses. hearde, for instance, that banks are giving priority to those customers that they have. so we have to make sure that this is done right and, you know, i use every opportunity to remind th

now, only 1 in 15, by contrast, of the smaller business customers, actually received those ppp funds. jpmorgan saying in a statement that the vast majority of its loans went to smaller business clients and that it has helped ensure paychecks for more than 1 million hard-working americans it remains to be seen whether this new language which has to show that there is a need by the business and whether they cannot access other sources of capital will solve this. they did not specifically ban publicly traded companies from receiving ppp funds, kelly >> they might say, look, they have employees, too. but that's why, if there was unlimited funding, it would be one thing, but if there is limited funding, these stories will continue. thank you, robert frank. >>> coming up, no live sports is accelerating cord cutting and sending ratings into the you know what. a bad combo. how bad, next. >>> plus, one area of the energy supply chain that's been benefiting from the global glut. and remember, you can always watch or lteisn to us live on the go on the cnbc app "the exchange" is back in two minut

no other nba team, no nfl team has asked for anything regarding ppp. so that looks like just an error on the lakers part. the economic impact is so significant to the people who are connected to sports. first and foremost you think of the restaurant and bar owners in the areas where stadiums are. i live in michigan. in downtown detroit, within a four-block neighborhood, all four pro sports teams, the lions, pistons, red wings and tigers, they play. and that brings tens of thousands of people to that area on a regular basis. 200 days and nights of those restaurants being full with fans. those bars seeing fans pre and postgame and the ticket takers, popcorn poppers, the people who sell you the beer and hot dogs at the ballpark. that whole economic system is completely shut down. and if we do get back to sports in the near future, there's a good chance it won't be with as many fans as we have seen. so we don't know when that part of the economy will come back as well, which just adds to their uncertainty and adds to their pain as well. >> and what will th

community right now about government aid and what that stimulus looks like, whether it's the ppp loans and whether startups are going to potentially take them and apply for them and what's involved with that or whether it is even on a larger scale some of the debates we've seen with people on our air yesterday around airlines and other industries taking aid money from the government right now as well how do you think that is affecting the start-up landscape and the private market in general right now and do you agree with some of these discussions that are coming out? >> well, i think that there is a discussion, an intellectual and practical discussion, of whether venture-backed companies should be taking -- getting access to the government funds for the most part, venture capitalists, i'm speaking now venture capitalists, not private equity firms, have a minority interest and it's a group of people so they have a relatively small interest and i think that the -- if there is an access to the ppp loans, there will be lots of layoffs and i think that there is -- the government is steppin

money and reading so many small people don't get ppp money. don't let our eyes glaze over. these were major, major mistakes made by the administration and bankers, we can't let them get away with it it's not right >> interesting guys, we'll get a break. on the other side, we'll get to all kinds of news. adidas, apple story in the "journal" regarding iphone production, news on regeneron, gilead and more. across america, business owners are figuring things out. finding new ways to serve customers... connect employees... and work with partners. comcast business is right there with you. with a network that helps give you speed, reliability and security. and enough bandwidth to handle all your connected devices. voice solutions like remote call forwarding and readable voicemail. and safe, convenient installation. when every connection counts, you can count on us. get the connectivity your business needs. call today. comcast business. . >>> welcome back one of the big stories in the morning is in the "journal" regarding apple. they're reporting that

. $322 billion to the ppp, $60 billion for small business loan grants. these small businesses as you know well from hearing stories in your own district fighting for their lives many of them were disappointed that they didn't get money in the first round, but hear comes the second round. are you confident that the ppp system has been tuned fine tune the point where a company who applies for $30,000 bucks to cover their payroll is not seeing the money but national business chains are getting $20 million? has that been sorted out for this round? >> well, by having a set aside for very small businesses, we are making it easier for them to participate. just so you know, what it says, that what seemed like a good idea at the time when secretary mnuchin said we'll just go through the banks so that it doesn't have to go through an sba process which takes longer, the banks were just supposed to be a touch stone. the money is guaranteed. the fed has taken loans off the books. so there is no exposure at all for the banks. so for them to have acted as if this was t

and so does the ppp program. i think there are multiple ways we can act as democrats to make sure that sufficient resources in the ppp program are being reserved for the smallest website businesses. the ones who are going to have a harder time navigating. may not have an existing relationship with the lender. may not have all their books in order. the one thing democrats have been pushing our community development financial institutions and reserving a certain amount of money for those, i think there are other ways we can make sure. we can s a certain amount of money for businesses with employees of 10 or fewer or 100 or fewer to make sure our smallest businesses are not being left behind in this. our states and localities, our medium sized cities, desperately need help. >> congresswoman sherrill, last point to you. >> well, i would echo exactly what rep porter said. we have got to get this money out very quickly. there's a bipartisan effort to support our small businesses across the country. and we're working ve

if our employer gets ppp money, do you have a choice between ppp and unemployment wages or are you allowed to receive both? >> many people are wondering because thanks to the additional $600 that the federal government is throwing on top of state unemployment benefits, many people are earning more from unemployment than they are from their regular jobs or they were from their regular jobs. you can't double dip. you can't take both so it is up to you whether you want to go back to work in your employer receives ppp and offers you your job back, but from the employer's perspective, they need to use this money for payroll. if you're not going to come back to work, they can use that money to hire somebody else. >> good to know. this next one comes from pam, she says my husband and i are seniors, we qualify for the stimulus money, we filed our taxes for 2018, and even received a refund. whenever i go to get my payment, on the irs website, the response is, quote, payment status not available. they cannot determine our eligibility for a payment. this is so frustrating, please help, exclamation po

there was lots of discussion very early on that the first stage of ppp was not going to be enough and knowing that, why did shake shack continue to apply for a ppp loan >> nobody knows how long this virus will continue so when given an opportunity as we understood it, we're absolutely going to work to do anything we can to keep our team members employed. >> reporter: many are still struggling to get benefits in florida, nearly 650,000 verified claims were filed and only 40,000 ve paid just about 6%. negative for the first time ever what does that mean? >> reporter: there is an over supply of oil. the over supply and crash in prices is a sign it will continue to go forward if we keep staying at home and the price you pay at the pump is going to go down lester >> thanks very much. we'll be back in 60 seconds with an exclusive interview with a worker at a meat processing plant where the virus has exploded and what it's like on the front lines when the pandemic becomes personal >>> we're back with the concerns about america's food supply and the surge in cases in some big meat processing

yes, i have filed for ppp, but the future just looks so bleak, i just can't hang? i know there is no point in getting my business up and going again? have you heard from them? have you had nil contact of contact -- any kind. contact with those type of business owners? >> the task forces we have, the commission that has 159 task forces under it, and that is every economic sector in the state, obviously we are getting reports from them, and some individuals have expressed that . we are trying to make sure people are aware of the array of things that are out there that could potentially help them. whether it is the ppp, the program we have here at the state level, a loan guarantee program that we have put together, making sure they know their employees can receive unemployment compensation until such time as they can go back to work and so forth. but it is a very difficult time. there is no doubt about that. especially for businesses of a certain type that their businesses have been interrupted. if you own a hotel right now, it is extremely hard. all of those things r

. >> this week, congress has passed the second round of funding for ppp,e yroll protection program, that added another $321 billion to replenish the relief going to small businessesnt across the c. and the senate was at an impasse for days were holding up negotiations, wanting funding in other areas, hostage-taking.you now, are you ultimately satisfied with where the deal ended up? >> yeah. look, i think when it comes to paycheck protection, it's a deal we could've ha two weeks ago. there was nothing thathey asked for, or nothing that came in that billwe wouldn't -- that we didn't propose ourselves. these things flew off the shf. the need was extraordinary. in 11 days, they made 14 years worth of sba loans. and so we knew we were getting up on that cap, and we knew what woupen the minute that we hit that cap number, they would have to shut it down. they would have to stop taking applications. and there were at least 700,000 processed when that happened. and so, taking this hostage for an entire week, paralyzing the system, all it's led to is, you've got o hundrethousands of small busines

chris: let's talk about the ppp. the president just signed a bill that congress had passed, another $310 billion for the paycheck protection program. but the first round -- i think it was $250, 300 billion -- the sign-up for that ran out in 13 days. how long do you think this next tranche is going to last, and can you guarantee that big corporations, like, ruth chris that got money the first time around but won't even get money this final is -- this time? >> i want to thank everybody at the sba and the treasury because we launched a brand new program in an incredibly short period of time. and the fact that we ran out of money just goes to show the success of this. let me put this in per spect. in the first round, over a million companies had workers of 10 people below, and there has been a lot of focus on these bigger companies, we made it clear if they shouldn't have apply pded, they're paying back the money. so i think you're going to see this move in the right direction. and i think you're going to also see in thi

ppp really was a two-month band aid. i understand the intent. pay the employees. the real issue for the independent restaurants is not a two-month band aid the real issue is they don't have the resources, the money or the training to reopen what is needed for the entire industry is really a vaccine -- i'm sorry, a bridge to the vaccine. and specifically the question i think that should be asked right now is it would be uncalculable if 30 to 40%, i think that's a conservative number, of independent restaurants and small businesses don't make it through. so the question is what are we going to do in this period we believe we have a 2 to 3-month window right now before these independent restaurants are forced to permanently close. so what's needed is not another version of ppp again, good intent but it's the wrong medicine what's needed is really a massive opportunity to a bridge to a vaccine, which is a trillion dollar number it's large, i understand it, but that number is going to be much, much less than the uncalculable

black and latino and american businesses are always being left behind and the ppp program did exactly that. and quite frankly, for donald trump and others, they should stop tweeting about liberation