WE’LL BE BACK IN A MOMENT. >>> MR. PRESIDENT, I WANTED TO
ASK ABOUT THE PAYMENT PROTECTION
PROGRAM, PPP PLAN TO HELP SMALL
BUSINESSES.
BUSINESSES. THERE’S BEEN CONCERNS TODAY
ABOUT THE WEBSITE NOT WORKING.
HEARD FROM THE AMERICAN BANKERS
ASSOCIATION, SAYING THEY’RE
DEEPLY FRUSTRATED.
DEEPLY FRUSTRATED. UNTIL IT IS FIXED, AMERICAN
BANKS WON’T BE ABLE TO HELP
STRUGGLING SMALL BUSINESSES.
>> I CAME OUT, AND I HADN’T
HEARD.
HEARD. I HEARD THERE WAS A GLITCH.
WE’LL FIND OUT WHETHER OR NOT
THAT’S SO.
THAT’S SO. CERTAINLY, IT DID WORK OUT VERY
WELL FOR THE ORIGINAL AMOUNT OF
MONEY.
MONEY. THIS IS THE SECOND AMOUNT.
I’LL FIND OUT ABOUT THAT.
WE’LL FIND OUT.
WE’RE RELYING ON THE BANKS TO GO
OUT AND DO AN ACCURATE JOB.
>> RIGHT.
>> RIGHT. THAT WAS PRESIDENT TRUMP
YESTERDAY, SHIFTING BLAME TO
MAJOR U.S. BANKS, AFTER DEMAND
FOR THE PAYMENT PROTECTION
PROGRAM OVERWHELMED AND CRASHED
THE SMALL BUSINESS
ADMINISTRATION’S WEBSITE.
ADMINISTRATION’S WEBSITE. >> ISN’T IT AMAZING, HE ALWAYS
SHIFTS BLAME.
SHIFTS BLAME. YOU KNOW, HE DIDN’T ALLOW BARACK
OBAMA TO SHIFT BLAME ON
ANYTHING.
ANYTHING. IN FACT, HE BLAMED HIM FOR
THINGS THAT, OF COURSE, HE’S
HANDLED FAR MORE WORSE.
HE BLAMED HIM FOR GOING OUT
GOLFING.
GOLFING. DONALD TRUMP, YOU KNOW, HE
BLAMES CHINA, THEN HE PRAISES
CHINA.
CHINA. I MEAN, HE BLAMES EVERYBODY.
NOW, HE’S, OF COURSE, BLAMING
BANKS BECAUSE HIS PROGRAM STILL
IS NOT DELIVERING.
>> JOINING US NOW, NBC NEWS
SENIOR BUSINESS CORRESPONDENT,
MSNBC ANCHOR, STEPHANIE RHULE.
LET’S PUT THE PRESIDENT ASIDE
FOR A SECOND, STEPHANIE.
HOW ARE -- WHAT ARE YOU WEARING
ABOUT HOW PEOPLE ARE BEING ABLE
TO GET THE MONEY THAT THEY’RE
TRYING TO HAVE TO GET THROUGH
THIS?
THIS? HOW BAD IS THIS PROBLEM?
HOW BIG WAS THIS GLITCH?
>> IT WASN’T JUST A GLITCH.
THIS SITUATION IS DISASTROUS.
EVERYONE HAS THE BEST OF
INTENTIONS, BUT THEY’RE TRYING
TO GET OUT HUNDREDS OF BILLIONS
OF DOLLARS TO THE 30 MILLION
SMALL BUSINESSES IN THIS
COUNTRY, MANY OF WHOM ARE
COMPLETELY SHUT DOWN RIGHT NOW.
FIRST OFF, IT IS EXTRAORDINARY
FOR THE PRESIDENT TO SAY, "I’M
NOT UP TO SPEED.
I HEARD THERE WAS A GLITCH."
WE’RE TALKING ABOUT $310
BILLION.
BILLION. THAT’S AFTER THE FIRST PORTION
OF THE C.A.R.E.S. ACT PPP, WHERE
WE KNOW 1.7 MILLION COMPANIES
ENVELOPE GOT
ENVELOPE GOT EVEN GOT A LOAN.
THIS WAS DESPERATELY IMPORTANT.
AT 10:30 YESTERDAY MORNING, THE
PORTAL OPENED BACK UP, AND IT
WENT DOWN ALL DAY LONG.
IT IS ABSOLUTELY IMPOSSIBLE TO
BLAME THIS ON THE BANKS BECAUSE
IT WASN’T THE BANKS.
THE FIVE LARGEST LENDERS HAD 1
MILLION LOANS THAT THEY ALREADY
APPROVED, READY TO GO.
THAT TOTALS $100 BILLION.
THEY COULDN’T EVEN GET IT IN THE
SBA’S SYSTEM.
SBA’S SYSTEM. I WOULDN’T SAY THE SBA STINKS BY
ANY MEANS, BUT THEY’RE A
GOVERNMENT AGENCY.
GOVERNMENT AGENCY. THIS IS LIKE ASKING THE
DEPARTMENT OF MOTOR VEHICLES TO
EXECUTE THE GRAND PRIX.
IT IS NOT HAPPENING.
THE TREASURY DEPARTMENT HAS NOT
GIVEN ADDITIONAL RESOURCES,
BODIES, EFFORT IN ANY BIG WAY TO
THE SBA.
THE SBA. TO HEAR THE PRESIDENT SAY, LIKE,
"I HEARD THERE WAS A GLITCH,"
MIKA, WE HAVE A SMALL BUSINESS
IN THIS COUNTRY GO OUT OF
BUSINESS EVERY SINGLE MINUTE.
ONE MORE POINT TO MAKE ABOUT IT,
EVEN PPP, IF IT ALL WORKED OUT
BEAUTIFULLY, IT’S TWO MONTHS
WORTH OF PAYROLL.
WE ALL KNOW THAT FROM A HEALTH
PERSPECTIVE, WE’RE LOOKING AT
THIS FOR A YEAR.
WE KNOW THAT WITH SOCIAL
DISTANCING, THINGS ARE GOING TO
BE COMPLETELY DIFFERENT.
WE’RE ONLY ADDRESSING THIS
ECONOMICALLY FOR BUSINESSES FOR
TWO MONTHS.
TWO MONTHS. THIS IS AN ECONOMICALLY
DEVASTATING SITUATION FOR THIS
COUNTRY THAT THE PRESIDENT IS
STILL NOT ACKNOWLEDGING.
HE SAID, "HERE WE ARE, WITH THE
BEST RETAIL CEOs OUT HERE."
DID YOU NOTICE, ALL OF THE CEOs
HE BROUGHT WERE ONLY INVOLVED IN
BUSINESSES THAT ARE ALLOWED TO
BE OPEN RIGHT NOW, AND THAT ARE
THRIVING BECAUSE OF THE GOODS
AND SERVICES THEY PROVIDE
BECAUSE OF CORONA.
HE MADE NO MENTION OF ALL THAT’S
HAPPENING REALLY IN RETAIL, WHEN
YOU HAVE $20 BILLION IN RETAIL
RENT DUE A MONTH.
SO MANY OF THOSE BUSINESSES ARE
SUFFERING.
SUFFERING. THE GAP, THEY MIGHT NOT BE ABLE
TO PAY THEIR RENT.
>> STEPH, IT’S WILLIE.
YOU’RE RIGHT.
YOU’RE RIGHT. THESE RETAILERS, EVEN THE STATES
OPENING AGGRESSIVELY AND EARLY,
LIKE TEXAS ON MAY 1st, SAID YOU
CAN ONLY HAVE 25% CAPACITY IN
YOUR STORE.
YOUR STORE. ONLY 25% CAPACITY IN YOUR
RESTAURANT.
RESTAURANT. THAT’S TOUGH TO SURVIVE ON IF
YOU’RE A SMALL BUSINESS.
I NOTED THAT THE LOS ANGELES
LAKERS YESTERDAY RETURNED A LOAN
THEY GOT THROUGH PPP.
$4.6 MILLION.
$4.6 MILLION. THAT’S A TEAM WITH A VALUATION
OF $4.4 BILLION.
WE CAN PUT THAT OFF FOR A
SECOND.
SECOND. IT GETS TO THE POINT OF, WHO
EXACTLY IS GETTING THIS MONEY?
HOW CAN A LITTLE DRY CLEANER OR
DINER WILL STILL SITTING, DIDN’T
GET ITS MONEY IN THE FIRST WAVE,
STILL WAITING FOR THE SECOND
WAVE, AND THESE BIG, FORTUNE 500
COMPANIES ARE GETTING MONEY,
PUBLICLY TRADED COMPANIES ARE
GETTING MONEY THROUGH PPP?
HOW DOES THIS SYSTEM WORK, AND
WHY IS IT FILLAILING SMALL
BUSINESSES?
BUSINESSES? >> I ASK YOU THIS, WILLIE,
WHETHER YOU’RE A TINY BUSINESS
OR A BIG BUSINESS, YOU’RE
SUFFERING RIGHT NOW.
IF THE GOVERNMENT CREATES A
PROGRAM THAT SAYS, "HERE’S
GRANTS FOR YOU THAT YOU DO NOT
HAVE TO PAY BACK, AND YOU CAN
USE IT TO HELP PAY FOR YOUR
EMPLOYEES," YOU WOULD USE THAT
PROGRAM.
PROGRAM. NOW, THEY’RE FURIOUS AT BIGGER
COMPANIES, SAYING, "WHY ON EARTH
WOULD YOU TAKE THIS MONEY FROM
THE LITTLE GUY?"
THE GOVERNMENT CREATED A PROGRAM
WHERE THEY PUT ALL THESE
BUSINESSES IN THE SAME BUCKET.
YES, THEY’VE DEVASTATED SOME
MONEY NOW TO SMALLER LENDERS,
BUT YOU’VE STILL GOT THE SAME
AMOUNT OF BUSINESSES, WHETHER
YOU HAVE ONE PERSON OR 500
PEOPLE VYING FOR THE SAME MONEY.
THE GOVERNMENT IS URGING THESE
BIGGER BUSINESSES, "IF YOU DON’T
NEED IT, DON’T TAKE IT."
CAN YOU REALLY BLAME A BUSINESS,
WHEN THE GOVERNMENT SAYS,
"HERE’S A PROGRAM AVAILABLE TO
YOU.
YOU. WOULD YOU LIKE THE MONEY?"
IS IT THE FAULT OF THE
GOVERNMENT, OR IS IT THE FAULT
OF THE PERSON TAKING IT?
>> NBC’S STEPHANIE RUHLE, THANK