but the latest tally shows that the small business administration has processed 225,000 loans worth more than $60 billion. that's just since friday. no word on whether they actually distributed the money but they have apparently processed this much. we will take you straight to the roosevelt room as soon as we see the remote cameras firing up. all right. >>> while we await that situation, with the president, let's look at the sector that's taken the worst body slam this time around and is trying to heal today. we have the airlines flying high in this final hour on hopes that a slowdown in coronavirus cases will finally help ease anxiety over travel and boost demand. but make no mistake, the airlines are still desperate for loans. just a few weeks into the crisis, this was a few weeks ago, they were already begging for a $50 billion bailout. but a "washington post" report indicates that over the last five years, the big four airlines, which are all up, although earlier they were up a lot more, american, delta, southwest and united, were pretty profligate and spent $45 billion buying back

the small business administration is responsible for giving checks out to small businesses. it is making more loans in a week than it used to in years. we welcome the task ahead of the small business administration, linda mcmahon, now the head of the trump political action committee. president trump was asked about this yesterday at the news conference because the system grows up. do you know what went wrong, what can be done to fix it? all, as you of said, it is an unprecedented number of loans. the administrator said they processed this in 14 days, more loans than in the last 14 years. that is an incredible strain on the system even though they have made many upgrades. i know over the weekend they sent notices to the bankers, lenders, that they were going to pace the system, allow only 350 per hour, so that the money could be dispersed throughout the nation. even with a lot of those parliament precautions, the system was still inundated. they did have some glitches. they are working to get those out. the good news is come in the first round, they got out 1.6 million loans.

the small business act prohibits them from accessing small business administration loans. i've written to be able to seek clarification on this issue and was told by the administration's liaisons that they are working on it. meanwhile, i've heard from at least two hospitals in my district that were approved and received funds subsequently have been cautioned by their attorneys against using the funds in the event that they are deemed ineligible for the program. the hospitals offer aid on the thin margin and it would be a lifeline for many of us. unfortunately because there has been a lack of guidance in the interim package was silent on the issue county and district on hospitals or one and we need to clarify the issue now because we need clarity on it. we cannot afford to lose the rural hospitals and close the doors in the midst of this. i'd like to ask the committee, treasury to take up the concerns and work together to resolve the issue for the hospitals and many who rely on them. thank you for this time. >> thank you for the opportunity to testify and for your continued

because the plan is also by the small business administration that it is first come first serve. now one can expect that the administration would make more funds available. if it was badly needed. at the moment you are trying to push your way to the front of the line. because those that get there might get the money. i'm not surprised by the way to hear what phil is saying about the confusion and the difficulty being experienced. the sheer number of applicants on a new untried, untested system. that's been done in extremist and gone into battle in anger. it doesn't surprise me there are tremendous teething problems. that need to be sorted out. the urgency is small businesses have cash going out the front door. in terms of rent and payments and everything else. this money is vital. they'll sort it out, i worry about those who don't get to the front of the line and those who don't make it in time. >> sorting it out, you think they'll sort it out. every minute it takes to sort it out. they are hanging with a thread. the small businesses. they don't have any money coming in. the long

the small business administration approving more than 475,000 loans from round 26 the payment protection program. and griff jenkins is live in washington as we are learning that those funds could run out by the end of this week. griff? griff: that's right. 50% gone out door and it's flying. 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

small business administration. the small business administration which had been a great resource throughout the process answered questions for over an hour through small businesses and lenders. we have hundreds of people on the call and found that the information was helpful in the process for applying your small business relief. one of the persistent questions we receive is how out of these programs like agriculture community. while qualifying fronts have been able to access paycheck protection program is i'm glad to see language in h.r. 266 26t will confirm eidl benefits apply to qualifying farms. small businesses employing a half of all americans. they are the heart of our economy and will be a major player in our economic recovery. many speak about finding a way to the new normal. at least as far as the economy is concerned. i hope to return to the old normal with the american worker built the greatest economy world has ever seen. thank you, and i yield back. [inaudible] >> thank you, madam chair, ranking membe

business the small business administration is long been a backwater the government only went to wrestling impresario was in charge of the small business administration was the person when the mic man under john trump was there a person who anyone had ever heard of who ran the s.b.a. it's been a backwater because american politics has been built to favor large companies getting larger and that's why we don't have the regulations and in place to protect small business that's why so many small businesses are releasing the lemmas that's why the loan system the p.p.p. what it functionally did by privatizing the government service and having banks serve as intermediaries between the government and small business meant that small businesses which had substantial wending histories with given banks got priority over small banks that operated over smaller firms that operated principally on cash so we stopped cash very prudent small businesses that did not rely on loans couldn't get access to the p.p.p. and those companies those small businesses many of them are probably gone forever even as they ma

small business administration has a mission of strengthening the economy by assisting small businesses. ivanka, you mentioned we have 30 million. absolutely. but we are also committed to resiliency asir ofl as increasing the number employees they keep on payroll. that has been our mission, and we have not been shy of accelerating and incorporating and also partnering not only with the lenders that are on teleconference, but many of them. we have over 3000, 3200 banks come as the secretary mentioned previously, and we have about 300 new lenders. i am very proud of the lending community and the partnerships. thank you. pres. trump: and it is true, the community banks have been incredible. it is amazing the way they stepped up. that is really true. larry kudlow, please. mr. kudlow: i will say that as our mitigation policies have taken hold successfully in dealing with the virus, and as we move to what we believe can be a reopening of the economy in the weeks ahead, we started with a strong foundation, as the president mentioned, and there will be some transitions, but i see no reason why

small business administration website is probably one of the good ones. small business majority, they also have experts on the sba loan process that would also help pack age that's the i-bank one of agencies under gavin newsom just launched a new program for small businesses as well, and so withr we on my website are compiling everything so every day we find out about different resources and loan programs, we are putting it on our website. that's what we hope people will tune into every day, just to see what's new. >>> what about tax relief? >> so the i.r.s. and franchise tax board have extended tax filings and payments for three months the payment is extended for three months. >> fiona, i know you com back to san francisco on it is weekends, and i know that you are, you know, working in sacramento to keep the california state bank going, so we appreciate that, and we appreciate you taking your time during this very busy time to share that with us. >> thank you. stay well. >>> i want to put up the information on the website. treasurer.ca.gov. there's a we

reaction from former small business administrator linda mcmahon. all that and so much or an "making money." ♪ charles: markets stumble out of the gate this morning as investors reacted to sobering news on the potential coronavirus deaths, not so much by selling but many investors are staying on the sideline while the coronavirus task force models for a potential peak in the next couple weeks. wall street is modeling the lasting impact of the shutdown to society and it is sure to change in many, many ways. for the most part this is largely a guessing game for the market, beginning with tomorrow's initial jobless claims. to be sure there is a school of thought that the market is already oversold and perhaps underestimating the resolve of the american public and our economy that by the way was a juggernaut before the terrible pandemic reared its ugly head. the biggest losers in today's session are sectors investors normally seek shelter in difficult times. i find it pretty interesting, utilities, real estate, those names are lower. in the meantime n

the small business administration if you listen to the banks -- they cannot process these loans. no one thought that through than they started throwing money at the problem. back to you. >> neil: at all makes sense, a lot of money. we are talking hundreds of billions of dollars. you would have these snafus. they should've been prepared for that. it is what it is. great reporting as always. we point out, this was the problem with the affordable care act and the launch of that in the systems that went down. when you have a big initiative that is very popular and people want to sign up for it, this is the stuff that happens. it gets ironed out. this happens whether democrats come up with it, republicans come up with it, both parties come up with it. there are problems. sometimes machines get overwhelmed, as do those who are using them. stay with us. ps in? on it! dimitri thinks he's doing all he can to manage his type 2 diabetes and heart disease, but is his treatment doing enough to lower his heart risk? maybe not jardiance can reduce the risk of cardiovascular death for adults who

specifically, the small business administration is saying they're going to run out of money for these emergency loans to small businesses. democrats in the senate have been holding up an infusion of $250 billion into the program, they want more guarantees that the money will go to smaller businesses, not just bigger businesses. they also want more funding going to states and hospitals and the like. what do you make of this? if the sba is really going to run out of money today, it sounds pretty dire. what's your response? >> well, the response is that last tuesday, a week ago from yesterday, the secretary of the treasury called me, said i need a quarter trillion dollars in 48 hours for the ppp. we support the ppp, it was part of our putting together c.a.r.e.s. 1, we were successful. the house flipped it from a corporate triple down bill into a workers double up bill. we want it to work for everyone. what we were finding out, in just even the first hours of it, was that it was not working for the, shall we say, underbanked. so we said, just give us 10% of the money for those who may not

i spoke to a former chief of the small business administration this week, karen mills. she said to me even in a best case scenario, 20% of small businesses here could fail. we're talking 6 million small businesses. imagine the job losses we're talking about. this is unimaginable. more cash is required, jake. >> when the program launched, small businesses had to get the emergency money from banks, but as of last weekend, i'm told, they now can get the same emergency loans from other companies, including paypal and companies like that. that seems like it could make something of a difference. >> i think this could be key. these fintech players, as they're called, are more agile. they tend to lend to far smaller businesses, those with less than five employees. so in terms of getting cash to the lifeblood of the economy, this could be a real game changer. that's the good news. the bad news is, these guys still have to get approval from the small business administration as well. so again, we've got the same choke point here, getting cash out there. i think we should be talkin

kicking off today is the small business aid program, run by the small business administration. $300 billion. a lot of banks are telling us they're not ready for this, and folks on the hill are worried the rollout of the program could be like the obamacare website, where it crashed under the influx. we don't know whether the small business administration has enough of a system set up to feed the influx of data. we're learn a lot about the success of the stimulus bill the next ten days or so as the programs ramp up. >> seems as of this morning though, things are not prepared to deal with the influx of the loan applications. >> true. >> let's talk also about dr. anthony faw chuci, who has been front and center amidst the pandemic. being a major part of the coronavirus team. what are you hearing? >> there's a new star on the internet. you know how we love to track data online at axios. our news have new data for us, showing anthony fauci, the head of the nih infectious disease, is one of the most popular people on the internet. running up third, only behind speaker pelosi and president trump. f

up to $10,000 where a small business can get a grant from the small business administration is out of funds. they need money today in order to process applications. the s.b.a. doesn't mean money today to process the paycheck protection program. the paycheck protection program was negotiated in good faith by senator rubio, senator collins, senator shaheen and myself, and we're very proud of that program. it's working very well. it's a good program. we strongly support it. it's bipartisan. but this unanimous consent request was not negotiated. there was no effort made to follow the process that we could get this done. so it won't get done. it's not going to be enacted. the majority leader knows that. so what democrats are prepared to make clear and support, every small business that wants the paycheck and protection plan, we're going to support that applicants are fully funded to make sure every small business can participate that's eligible in that program. the u.c. does not affect that today. but what the u.c. leaves out is where small businesses need help today from the united states

business administration. takes about a day and a half for that process to be completed. there are 700,000 in the finished applications that need to be processed from that first round of loans in that program there. a source with a small business administration tells me they expect to have guidance to the banks either later today or tomorrow, so existing applications can start to be processed again starting on sunday and new applications on monday. the administration is saying that this program puts the economy in a better position to reopen when it happens because people will still have their jobs and the president did sign that bill you see there in the video, the small business administration excited to get those loans out and the treasury secretary saying that the program has helped already 30 million employees. 30 million people staying off of unemployment. he believes this next round will help the same amount of number, 60 million people, 40% of the u.s. workforce who will not be on unemployment. back to

arpart of the small business administration's paycheck protection program the money is forgivable for any business that retains ari hires s employees with the u. economy reopens. >>and the idea is that your business closed this is money they're willing to restart the business. steve mayer is the managing partner of the cpa wealth management consulting firm sd mayor and associates over the past 2 weeks his firm has heed to prepare over 175 paycheck prection loan applications for the sba does a terrific job with small siness wrapped the united states but this partular disaster is having everydy across the country and there's literally 5 milln small business that can apply for the suspects. >>and the fact that they're taking applications in an organized fashion seems to be a very positive saying if you are looking to take advantage of this opportunity for yor small business listen up he's got some advice for you to page application. >>with youknow 15 our command staff to be attach nsisting of your financl statements lecture detail on that payroll records since all it's a process you have

karen mills, former head of the small business administration under president obama, say democrats should go along and fund this program now, she says, quote, complexity is not our friend here, things that have to be implemented quickly can't have a lot of bells and whistles and we don't have time to delay. what do you say to karen mills? >> i would say the very things democrats are fighting for are now going into the bill. if you had a connection with a bank, it was pretty easy to get a loan. if you didn't, from one end of the country to the other we have been hearing that people can't get the loans. the local restaurant, the local barbersh barbershop, the local drugstore, even startup businesses, manufacturing or services, that aren't happening. so we democrats said, yes, we want to put more money in but let's set aside money to make sure it goes to the rural areas, the minority areas, the unbanked. and the $60 billion for the disaster loan was our proposal and now the administration is going along with that. setting aside a good chunk of the money, about half of it, so it goes to these

the small business administration, which ran the program, experienced a lot of technical difficulties. there are a lot of issues in applying. it definitely did not-you cannot say went off without a hitch. the program has gotten blowback. for example, major restaurants, chains, have qualified for some of the loans. you have a lot of legitimate small business owners saying that is not a small business. there has been pushed back. -- there definitely has been pushed back but the program has been popular and will need to be replenished quickly. host: what is the congress conversation right now about getting more money into this program? is our partisan divide over whether the program is worth it, or are they arguing about something completely different? guest: definitely not a partisan divide over whether the program is worth it. both democrats and republicans realize that small businesses are very much in need of more money and this program needs to be replenished. you have house speaker nancy pelosi and senate majority leader mitch mcconnell in agreement on that. that is prevents the on

that's on the small business administration -- the small business administration wasn't prepared for the wave that they saw. they gave out $23 billion in one year and they were expected to process $350 billion within three weeks. and so to me i think it's the small business administration that wasn't ready, not the banks. dagen: the economic injury disaster loan program, which is another option for small businesses, as of last week there were 4 million businesses had applied for these disaster loans looking for $383 billion. congress had only allocated $17 billion for that program through the sba. and in terms of the paycheck protection loans, the terms of those that 75% if you want this loan to be forgiven, 75% has to go towards your payroll, that was designed by congress. that was part -- that's really on congress, how that was won instructed and on the treasury department by extension. but my issue with the big banks is just -- maria: you're not blaming the small business administration for any of this, you're blaming congress, you're blaming the banks, you're not blaming the sba

is now the small business administration which is administering this program requires banks to process applications on a 1st come 1st serve basis but the true small business owners say that they didn't get that chance and they weren't given a fair chance to apply and by the time that their applications actually got through the money had already run out because it was already allocated to those bigger customers some banks also even reportedly denied applications from borrowers who had never worked with those banks before. you know when i see the names well for coke i think of america you know there's something hinky going on i mean it's almost been doing this for so many years and i've seen the same thing play out. with the same banks in so there's no surprise here but what it is obviously is has to do with collecting higher fees doesn't it banks collect higher fees for larger loans in because of that they're the ones that get all the attention isn't that kind of what's happening it's all for profit ignoring the intent of this legislation totally. that's exactly what they've got to try

today the small business administration is going to review all loans over $2 million. is that a lot of money for a so-called small business, $2 million? >> never mind the $2 million, jake, the cap on the lending program is $10 million, and it makes no sense to me. it means in order to get forgiveness, a small, small business hafs to be paying payrolls of $7.5 million every two months. how many mom and pop businesses do you know that have that kind of a payroll? make it applicable to only the small businesses in this country. i would have done that from the beginning, but nobody is listening to me, jake. >> julia chatterley, thank you as always. >>> we've been talking for weeks with mental health experts who warn that front line health workers will be dealing with post traumatic stress from the pandemic for years. now we've learned of an emergency room doctor who took her own life on sunday after working on the front lines of this horrific pandemic. dr. lorena breen who worked in the columbia university irving medical center had been treating patients with coronavirus i

the small business administration and this has been the choke point. it was never set up to deal with this avalanche of requests that we've seen. that's the first problem. then to go back to the community banks, they're critical. they give money to some of the smallest business this is the country. over a third of those community banks still don't have access to the small business administration to even ask for these loans. so it is imperative that we raise the size of this, one, because obviously there's so much demand and businesses are desperate. but two, because a lot of the flow and requests that we've had, people are afraid of missing out. they fear that they're not going to be able to get their hands-on any money. if they believe it comes eventually, they may make different decisions today and that may save jobs, alisyn. that's ultimately what we're trying to do here, save jobs. >> some of the small businesses don't have two to three weeks. some have ten days or less of cash reserves on hand right now. that's something i know they're trying to d

up to $10,000 where a small business can get a grant from the small business administration is out of funds. they need money today in order to process applications. the s.b.a. doesn't mean money today to process the paycheck protection program. the paycheck protection program was negotiated in good faith by senator rubio, senator collins, senator shaheen and myself, and we're very proud of that program. it's working very well. it's a good program. we strongly support it. it's bipartisan. but this unanimous consent request was not negotiated. there was no effort made to follow the process that we could get this done. so it won't get done. it's not going to be enacted. the majority leader knows that. so what democrats are prepared to make clear and support, every small business that wants the paycheck and protection plan, we're going to support that applicants are fully funded to make sure every small business can participate that's eligible in that program. the u.c. does not affect that today. but what the u.c. leaves out is where small businesses need help today from the united states

it was not without its glitches, the small business administration, which ran the program, experienced a lot of technical difficulties. inre are a lot of issues applying, and it definitely did not -- you can't say it went off without a hitch, essentially. the program has gotten a little bit of blowback, because, for example, major restaurant chains have qualified for some of the loans, if you have a lot of legitimate small as this owners saying well, that is not a small and you have a lot of legitimate small business owners saying well, that is not a small business. this will need to be replenished very quickly. the conversation in congress right now about getting more money into the program? is there a partisan divide over whether the program was working, or is it over something completely different? guest: both democrats and republicans realized that small businesses are very much in need of more money. the program needs to be replenished. pelosi, speaker nancy pelosi and senate majority leader mitch mcconnell in agreement on that. that is pretty much the only thing they agree on. sp

it's been 72 hours now since the small business administration's paycheck protection program ran out of funds for emergency small business loans, having gone through some $349 billion. democrats say they want to make sure the next tranche of money goes to underserved small businesses and mom and pop shops as opposed to big chains such as ruth's chris steakhouse and potbelly. are you going to try to fix that? where are you in negotiations? >> jake, it's gareat to be with you. i think we're making a lot of progress. i've had multiple conversations over the weekend with the leadership in the senate and house. i spoke to chuck schumer this morning, i know he's on after. i think we're making a lot of progress. 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 c

it's just crazy. >> that was the small business administration's district director in a webinar this past monday. let's bring in cnn business anchor julia chatterley. julia, that sba official specifically named bank of america, wells fargo, and chase. he says big banks are only offering loans to existing small business customers, leaving others with no way to get this money. are the banks doing that? and are they breaking any rules? >> the lenders of all shapes and sizes, jake, are saying, look, the rules keep change even on a daily basis, as late as last night we were seeing tweaks. they're right that the big banks are lending to known customers, they say, look, we have the data, we can prevent fraud in this case, and ultimately it will be quicker, which helps. but there are many small businesses falling through the gaps. these big banks have lent billions and billions over the last five days but it doesn't mean they can't do more and others can't do more. one banker said to me, this is our opportunity to say sorry, but the system needs fixing here too. >> banks have committed $98 b

up to $10,000 where a small business can get a grant from the small business administration is out of funds. they need money today in order to process applications. the s.b.a. doesn't mean money today to process the paycheck protection program. the paycheck protection program was negotiated in good faith by senator rubio, senator collins, senator shaheen and myself, and we're very proud of that program. it's working very well. it's a good program. we strongly support it. it's bipartisan. but this unanimous consent request was not negotiated. there was no effort made to follow the process that we could get this done. so it won't get done. it's not going to be enacted. the majority leader knows that. so what democrats are prepared to make clear and support, every small business that wants the paycheck and protection plan, we're going to support that applicants are fully funded to make sure every small business can participate that's eligible in that program. the u.c. does not affect that today. but what the u.c. leaves out is where small businesses need help today from the united states

he set the small business administration has processed $230 billion in payroll protection loans. >>> it was a mixed day on wall street some of the dow dropping 328 points, the nasdaq gained 38 and the s&p lost 28. investors are bracing for a dreadful earnings season. big banks including j.p. morgan chase, bank of america, citigroup and wells fargo are set to release their currently earnings this week. >>> there are 600 a 2000 cases here in the united states according to data compiled by johns hopkins university. and 23,000 deaths in california. there almost 24,000 cases across our state, 715 people have died. here in the bay area there are 5200. here in the bay area there are 5230 confirmed cases, and 146 people have died from the virus. >>> the family of a man who died from covid-19 at a nursing home in hayward are accusing the operators of that facility of negligence and are now working with a law firm. henry lee spoke to the family and the attorneys today, he says eight of the residents of that same nursing home have also died. >> my wonderful husband, and the patriarch of our fam

there hasn't been a lot of investment in the small business administration. how are you suddenly going to have the head count to be going through this in a different way than you did a couple days ago? it doesn't add up. when i mentioned the l.a. lakers earlier, austin, they were able to get a loan. they have returned the money along with other high-profile companies. it's sort of crazy when you look at it. something like the l.a. lakers able to get it to begin with, never mind using their judgment to go through the red tape to get one in the first place. and the treasury secretary felt the same way about it. here he is. >> i never expected in a million years that the los angeles lakers, which i'm a big fan of the team, but i'm not a big fan of the fact they took a $4.6 million loan. i think that's outrageous and i'm glad they've returned it or they would have had liability. >> i mean, does he bear ultimate responsibility for this? it's his program ultimately. >> look, i think he does. and the administration actively went out of its way to say, we want to be

the distinguished chair of the small business administration. ms. velazquez: i'm really proud of the work that we accomplished here today. i always say that small business is big business in america and that there is no republican or democratic approach when it comes to deal with issues impacting small businesses. and we tried to do that and it's a shame that two weeks later we are in this predicament of making changes that were necessary. madam speaker, thank you for standing your ground, for reaching out to us, recognizing we have the expertise, the knowledge and something to offer when it comes to legislation of our respective committees. was to did in this bill make it better and more efficient and still we have a lot of work to do. but the bill that was passed in the senate only provided $250 billion for p.p.e. we added money for disaster loans. $50 billion that will leverage $377 billion in disaster loans. that wasn't in the senate bill and it was very important. and let me explain to you why. the $250 billion p.p.e. will not work for many bus

. $52 billion has been processed through the small business administration. sources close to the small business administration say that smaller banks are still having problems on an ongoing basis. the solution for them, they've been working over the past 24 hours, their solution is to stop the robotics, the automatic filling out of the paperwork to push through there. the larger banks are using that automated paperworks to push through 5,000 loans at a time, and they are able to do that going through. again, the smaller banks not able to do that. so this would not affect slow down the process of loans going through so the system can catch up. senator marco rubio has been watching this closely, listen here. >> you combine that new pacing system with double as many people trying to get in yesterday, into the system as anytime, any single day during the first round, and it was a messy rollout. >> and the larger issue here is, the larger companies that are getting this funding, taking it away from smaller businesses, the treasury secretary steven mnuchin very ups

many businesses still haven't received the loans and now the small business administration is not accepted more applications. of as today, the government's recue plan reached its $349 million limit. the great major of the local small businesses we choke with said no catch. >> every small p business own horse hasn't been funded or received word they are going to be funded when they receive the news this morning, it was absolutely devastating. myself included. >> the small business administration said it's already processed and approved more than a million loans. there is an estimated 30 million small businesses across the united states. now, stimulus money running out, and what should the government do next? robert reich is a familiar face in the bay area. the former labor secretary for president clinton and a policy professor at cal. he is out with a new book called "the system, who rigged it, how we fix it." he tweeted billionaires and cop rat executives don't need tax breaks or bailouts. working people do. joining us is professioner reich. you have been adamant in that stance that it nee

this is a new program, the small business administration was not designed for anything of this scale. nonetheless, a lot of the problems need to be fixed as soon as possible. businesses are desperate. they are worried they are not going to be able to come back if and when the economy recovers. with the pandemic is under control. in a very near future. there have been problems with the web site and not enough log in with banks and unclear guidance for forms. banks themselves haven't gotten sufficient guidance to move loans off the books. they are waiting for information. a lot of hiccups need to be worked out and beyond that, of course, we need more money to be funneled into the program. >> thank you. we'll be right back. still fresh... ♪ unstopables in-wash scent booster ♪ downy unstopables >>> the president coronavirus task force held over 30 press briefings on the pandemic so far. yet we haven't had a briefing from the experts on diseases since early march. where is the ctdc in all of this? the director of infectious disease. and on the board. an external advisory group. thank y

of the small business administration karen mills. jake is also a political contributor. david, these numbers were more than double what economists had expected and probably worse because of the way that people are trying to file and crashing the loons. just help us understand the magnitude of 6.6 million people looking for work just two weeks into or just a matter of weeks into this crisis. >> yeah. these numbers are dismal and discomforting, as well. you talk about the magnitude, that is the thing here. economists trying to reckon with the size and scope of this and what complicates it so much is this is an event that doesn't have a time horizon. yes, final point of this is going to be when the epidemic is curved and we don't know when that will be and fumbling blindly through this. looking to history and theory and getting the lessons from that but the simple matter is looking back to 1918 and had that pandemic some parallel there is but not a lot of data for an indication of how similar it might be and the response economically. s

the treasury department was late sitting the rules of the small business administration processing platform and some of the country's biggest banks would not play ball saying they needed more time and more paperwork and while steve mnuchin says the banks have done a phenomenal job the feeling is not shared by joseph amato, a high-level small business administration official who said this on a teleconference. >> they had no problem taking billions of dollars of free money at bailout are the biggest banks distancing with small business, so that should tell you something. >> despite the loans being backed by the federal government citigroup reportedly is still not taking applications. bank of america is taking applications but the washington post says only from companies robbery has a relationship with at wells fargo is overwhelmed with applications and already hit the $10 billion, the fed has agreed to temporarily lift that. initially the litany of excuses got very little sympathy from gop senator marco rubio who chairs the small business and entrepreneurship many. on april 3rd rubio said on

business administration. that is already run out of money. sell more of millions small businesses are being cut back on their requests of an average of $200,000 emergency loan to only $15,000. the grant program is also oversubscribed. we need money and that paycheck protection program. we need money in the emergency grant and loan program. we need to get that going. i talked to governor hogan of my estate. state and local governments are in need of resources. funds need to be more flexible for the states in order to operate their governments. if there additional things need to include. we can get it done this week. i'm convinced that we can reach a bipartisan agreement, as we should and make sure that every small business that is eligible for these funds are able to get it. >> neil: you know, senator, it looks like the stimulus relief packages, whatever you want to call them. they come out pretty frequently. if you miss this train, there will be another train with still more stimulus and relief coming. so as

they're trying for hours to get access to small business administration sites. we saw the small business administration website have issues earlier this week. it's a massive infrastructure issue, as well as a human one. >> have you heard of anybody at this point, any small business owners, that have received any checks from banks with regards to these loans they've filed for? >> we have heard from some small businesses they've had success. in a number of cases, it has been businesses that already had a strong, existing relationship with the community bank or a big bank as a business. that meant their paperwork was already there. they were a known customer to the bank and that facilitated or accelerated the process. >> let's hope more people begin to see some of this money. peggy kocollins, thank you, as much. >>> coming up, axios' one big thing. >>> coming up on "morning joe," another grim milestone for new york, as the state records its deadliest day of the coronavirus pandemic yet. senator kiersten gillibrand will be our guest, as well as the governor of neigh