so right now just a little bit off of last thursday's highs which was the high for this bounce, so i think maybe a trading range is what we can hope for for the moment. >> we are pretty much out of time -- >> sorry >> we are out of time. i'm going to pick it up. we've gone over. thanks for watching, everyone. brian sullivan on the other side and welcome, everybody i am brian sullivan, you are watching cnbc and "fast money" where stocks are on the rise today. the dow finishing up nearly 500 points and it was on the back of energy energy had been taking the market down. today the complete opposite and the president saying he spoke to saudi arabia and russia saying they were talking about a 10 to 15 million barrel a day cut for oil production that sent oil spiking more than 20%, one of its best days ever in the market and that raised stocks altogether. well come, everybody i am brian sullivan and we have a full hour for you on fast money. all of the traders will be

joining us momentarily and to open the show we have to get news that developed moments ago and that is the president invoking the defense production act to encourage or force some american companies to make ventilators. let's get more on that breaking news right now with kayla tausche in washington, d.c kayla? >> brian, president trump has done this just a handful of times during the coronavirus crisis, but this afternoon he issued an order that targets six medical device companies to procure the elements and materials they need to expedite the production of ventilators and personal protective equipment. the companies include general electric, hillrom, medtronic, resmed, philips and vy aire so they can make things like ventilators and the personal propektipr protective equipment for medical providers more quickly we know it is in short suspect

blew in hard-hit states as they grapple with growing numbers of sick patients. the white house so far has refrained from using the dpa as a blunt instrument they is used it mora a scalpel singling out specific companies to make these products as needed just last week president trump singled out general motors and ventec to expedite their production of ventilators and the companies are keeping the white house apprised of exactly how that progress is doing democrats say the president should be doing more he should invoke this authority more broadly across industries the white house has not wanted to do that president trump has been critical of what he believes would be nationalizing the companies if he were to do that. the fed cal government has tapped its own stockpile of ventilators and 10,000 are on hand as we are approaching peak virus here in the next couple of weeks. >> i don't want to put you on the spot, kayla, but let's talk about timing, if you can ge does make a ventilator or

close to it. so they might be earlier than most do we have ideas as to what the timing of this order to roll out, to delivery of a ventilator may be >> no, we don't, and the order didn't specify timing. we haven't been able to glean details from the white house on timing this order specifically tightens the supply chain and tries to move some of the red tape to procure the parts going into vent laters. we know from the previous companies trying to make the ventilators and they say it will take weeks and potentially months to deliver the volume that the white house has been seeking, but perhaps by identifying some of these items that go into the production, the white house can hasten the production of those. >> all right kayla tausche with some important developments out of washington, d.c., thank you very much >> now let's bring our "fast money" team for this thursday

evening, guy adami, tim seymour, karen finerman i think we need to focus, to start the show, on gold. we've been talking about gold for a long time. gold was up nearly $50 an ounce today, and i have absolutely no idea why maybe you do >> i think you have an idea why, brian. it's because people are looking at the federal reserve, their balance sheet is just expanding at paces that i don't think anyone could have imagined and people are realizing, you know what goldwyns in this environment this isn't something we were talking about all week and we've been talking about this last summer i think when the dust settles and you saw that over the last three or four weeks people said the gold move is over. i think it's getting started $50 today. newmont mining bouncing off the 41, 42 level and the gdx, and

the gdxj moveing to the upside if you are looking for something that wins in this environment and we've been steadfast with this and it's gold in the mining stocks, brian, at least in my opinion. >> tim seymour, what about the banks? sort of an interesting move there. did that give you a measure of confidence or comfort today? >> yeah, what led us down yesterday seems to have rebounded and the things that rallied today, first of all, there are things you need to see and gold, you just talked about and one of the reasons why gold can rally is the liquidation around so many asset classes, and gold was selling off and it has abated and we're within a whisper of a fore-handle on the vix. i may have just jinxed that, but getting back to other asset classes, i'm not telling you market action is healthy i'm telling you that you saw enough breadth across today's rally where not only do you have

some of the troubled industries and you saw certain parts of retail that were under duress banks and small caps and transportation stocks. so you saw an evenly-based rally and the continuation of the leadership and call it the qqqs and t and the mega-cap tech stocks and there are a lot of folks and dan talks about the narrowness of the rally of last year is something that people are concerned about and in the short run, i'm constructive on that. >> karen finerman, part of the big bank rally, move up, if you will, was j.p. morgan. the stock up 4% and your guy, jamie dimon coming back maybe earlier than some people expected after heart surgery just a couple of weeks ago that had to have played a role in the stock today. >> no question i appreciate you referring to

him as my guy. he is the most seasoned and i think the most talented executive in the financial world. it is very good to have him back at the helm, and i think that has to be part of the reason, and then -- i've heard people say i'd love to see jamie dimon buy stock. that would really send us a message. i'd like to see that, too. my strong guess is they're in a blackout period because they're less than two week away from earnings and i would be curious when they come out of the other side of earnings where the stock trades and whether he or other insiders will be buying stock. >> yeah. if jamie dimon comes in and buys stock that might be a signal to you, as well >> steve grasso, i know gold has been a focus of yours as well today. guy adami touched on that. how big, though, was the role of oil today? here's why i ask because everybody has been slamming oil for years saying it's tiny it doesn't mean anything to the market anymore and it's 4% all of a sudden everyone says

oh, the move in oil is the reason stocks go up. come on, can you have it both ways >> think today it was about 90% of the reason yet market rallied. the s&p definitely tracked oil and it didn't do it yesterday and it was inversely correlated. there were a couple of things going on gdp forecast, even though they're worth nothing don't seem to be as bad as we thought they were going to be that's number one. number two, oil has been the main reason as of late cyclicals are rallying and you're looking at the banks and look at chemicals and then you go back to what we had this week and we had a lot of pension fund rebalance and we'll sit this one out. today there were $2 billion to buy on the close that looks to me, sneakily, like the pension funds are trying to nibble away at the stocks right now. i don't think we're out of the

woods. i think you have to look at the technical levels which is 2475, 2350 on the way down and on the way up is a little bit of a lid. 2650 on the way up until we can cross one of those significantly, we are range bound, but brian, out of the 55 clients that i cover on a daily basis, everyone thinks we're going to re-test the lows and fail >> i think retest has been the market word of the last week or two. certainly steve grasso guys, sit tight here i want to bring in a special guest and savita subramanian, we read the note, i guess, is there a point and maybe you have to from a risk management or compliance perspective, is there a point at this point and even having a price target on the s&p

500? >> no. it's a good question i know moo, i think you can always assign a fair value to the market based on a normalized earnings framework and a cost of capital assumption, but in times like this it almost feels irrelevant and fundamentals seem to take a backseat to other factors. what we try to take a look at our forecast is incorporate framework. we have a fundamental read and we also have a sentiment read which is the most bullish right now in that everybody is freaked out and uncertain about the future which is generally a good time to buy, and then, you know, we also have our fair value model which means earnings have cyclically peaked. we are about to see the biggest recession in modern history. it's going to take a couple of years to get back to the earnings levels that we saw at the end of last year so i think there are puts and takes and all of that combined

together, to your point, forecasts are silly, but i think what we're seeing right if you is the idea that we get through this year. i agree with whoever said we're likely to be in a range bound market and what i am looking at that seems really encouraging is once we get past 2020, if you think about what's going to happen this year, i think it will be a bad year for earnings and we have a 30% drop in earnings forecasted and that means the companies can throw all of their bad stuff into this year and have, you know, a terrible decline in earnings and have a great scapegoat to plame blame it on and come 2021 it's a clean slate. typicr typically, the earnings out of a recession is pretty strong at some point this year we'll start to think about next year's earnings we'll look to the other side of this and that actually looks like a pretty good environment

>> i can't -- i can't speak for you, savita. i've already started thinking about last year. >> 2020 has stunk in every possible way and everybody is out there thinking, just throw it away. it's march 97th, april 2nd, we've lived a full year. have we reached pessimism among the clients. mom and pop are still holding on and the retail investor is not generally -- you not what i'm saying they're still buying bias and from is a buy the encouraging sign in terms of providing a froor for equities is at that time fed will buy anything to keep liquidity in place and the fact that they're buying investment-grade bonds

and it is unprecedented and it signals that if the fed is willing to buy risk assets and that's a decent floor under the market they can buy as much as they want so we get this moral hazard of a fed that's willing to do whatever it takes to get things going. that's why i don't think things will get too ugly from here and one of the things from the desk data or flows date is that individual investors have been shedding exposure to stocks through etfs and passes, but they have been buying single stocks, and i think that's an interesting way to play this i actually agree with what individual investors are doing because i think this really is a stock picker's market. >> yeah you wonder if it will bring back stock picking because you wonder if they'll make it

and you just kind of avoid the whole thing and the carrot ruins the pot pie. >> exactly >> savita, be safe be well, and we'll talk to you again soon thank you very much. >> we have breaking news on the sba, the small business administration, and the loan program set to launch tonight. will fred has the details. >> the paycheck protection program from the sba, meant to launch at midnight tonight and j.p. morgan chase saying they're about to post a statement on their website or e-mail their small business clients saying, quote, we will most likely not be able to start accepting applications as of friday, third of april, as of midnight tonight as they'd previously hoped financial interables somes some u.s. treasury, we will help you,

our customer, a source pham achely, but we're doing everything we can and when we get that complient, and they're just waiting on that guidance. as vaurious cnbc colleagues throughout the day and i have been reporting, this has been all parts of this, trying to move heaven and earth to get it possible and j.p. morgan saying most likely they won't be able to take applications tonight and if chase can't we might imagine others will follow. >> you know -- that's exactly where i was going wilf i want to do something weird and that was read you a text that i got from a former colleague of ours, actually and her parents run 125-year-old wholesale seafood business saying we've

called four lenders. nobody would commit. the government hasn't given the banks any guidance so that was today, by the way, and i think that that wholesaler is supposed to be on our show tomorrow night to talk about it. that's an example of a real-world situation, a 125-year-old family-owned company calling the banks and the banks don't seem to have any information and don't know what to do with it and it seems j.p. morgan is not the only one that does what you just reported. >> we'll have to wait and see and the other point, just to bring up is chase saying most likely we won't be ready, but they wanted to get something out there because they know how many small business cut of like the one you just mentioned are waiting on every possible update and if it looks now highly likely they won't be ready they want to release information that their customers know that tomorrow, sadly, they won't be able to get this money in their hands. in terms of when this process is up and running, it means to

companies you have a relationship with, and the sba, and because of that, chaes said they won't be ready to take an li kags tomorrow. >> it is such an important story to tens of thousands of small businesses across america. we'll have that wholesaler tomorrow wilfred frost, guy, i'll start with you listen, you live there in new jersey i know where you live, there are so many family-owned businesses up there it's not just all chains in the part of new jersey where you are. they've got to get this program going. it's vital to them it's vital to the economy to make sure the money is in the pockets of these people. >> it's got to happen yesterday and it sounds like it's not

happening tomorrow which is problematic. >> when we're talking about weeks and i'm sorry about my dog. i understand that it takes time to get these things through, but sooner is better, obviously. >> yeah. tim, you are a small business owner, and maybe you don't need help and you're in a unique position, i don't know, but i mean -- i know we're a stock show i get it "fast money," but this is the backbone of the united states there are 900,000 restaurant alone in the u.s. >> >> it's painful it's painful for my business it's painful for every business on main street i think the government is moving as fast as you can expect them to move. i'm reasonably encouraged that there's a policy in place. there's also some trickledown effect from knowing there is a trickledown from landlords and

suppliers and they're able to buyback on open and they have the landlord to tell you and we care about you putting your folks back on payroll. if you're a landlord, by the way, you love this policy because it means that ultimately your tenant can pay you because they've got the government paying their tenant -- their workers, but leaving that aside i'll take the glass half full on this, brian. i run a small business and it's an awful time and it's untenable and unsustainable and the understanding that everyone is going through this is making this unprecedented in both the response and the reaction time and also the tolerance level to let these businesses get as much rope as they need. >> yeah. good stuff i promise you this, tim seymour, when this thing is over, first round is on whoever -- first round is on me and second and

third rounds will be on me >> to all my friends >> two big corporate stories today, two different directions. i like that, tesla, deliveries shocking everybody to the upside and even cramer was impressed and that stock soaring, luckin coffee fraudulent sales of the coffee giant or former coffee giant sending that stock down 75%. the ta otwstk ors lef o ocstie after this that the world needs. but right now, the world needs all the good that we can do. to all of our employees and everyone working to keep america strong, thank you.

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that stock up big. 17% after hour deliveries and surpassing expectations. the other story, luckin coffee the major chain in china concerns of sales and numbers being fraudulently generated and that stock falling 75% today we'll get to that in a moment and tim, let's start with tesla and each jim cramer was impressed with those numbers and the first quarter includes march where you still have coronavirus stuff still going in california. you have to breathe optimism on tesla. >> look, the delivery numbers, although the delivery numbers have been selective for the market to interpret what do we want to listen to? there are times when they're behind schedule, ahead of schedule and what's impressive is the shanghai plant was running at record production the last earnings report was well north of 1,000 units and

this number is slightly below that if you think about it on a sequential basis annualized. so tesla's story to me is about balance sheet. the last couple of quarts aers they've shown free cash flow the stock in this environment is a very difficult one to handicap especially because of the volatility that's inherent in the stock and if you lock at what it's done it's been more volatile than the market and it doesn't surprise me that after hours it's up 14%, 15% >> all right let's go to the other story now. that is luckin coffee. karen finerman there was a report out, a short sale report out last week and people said this is an 89-page, ann anonymous report it's muck and being delivered and now we're getting reports that the coo -- i mean thshgs chief operating officer may have fudged numbers this is truly an incredible story out of luckin. >> yeah. it is kind of amazing. if you read the release they

formed a special committee to investigate and so far they found 2.2 billion, i believe, of r renminbi which is fraudulent the first 2.2 billion is never the end. i'm sure there's more bad stuff to come, and the beneficiary of this today seemed to be starbucks because if their competitor is weakened so badly, and that's more room for starbucks. i wouldn't touch this stock. i think any fraud like this the first thing you find is not the last and there will be more down side i think there's a lot of short covering and there's also very unusual option trading in puts, $15 puts when the stock was much higher that you know, were more than ten times -- they went up by ten times what you paid for them. >> yeah. >> so maybe somebody had a look into this already.

>> yeah. zero to 4500 stores in two years. good grief by the way, everybody sit tight. the white house coronavirus nightly press briefing is going on and they're talking right now about the small business administration program will fred just talked about. so let's dip in for a moment. >> as a result of this unprecedented situation. this relief will help stabilize the stable business sector by providing businesses with the financial resources they need to keep their workers employed and keep up with their day to day operating expenses today i want to ensure that small businesses all over the country know about the paycheck protection program and how they can benefit from this. simply put, the paycheck protection program is to help keep employees on payroll and small businesses open. sba will forgive the portion of the loan that is used toward job retention and certain other expenses we are working closely with lenders so that businesses can

go directly to their local lenders. paycheck protection program is, in addition to substantial work that the sba has and will continue to do to help small businesses including providing advances on sba disaster loans and forgiving existing sb alone paymen payments over the next six months and additional details can be found at sba.gov and we will be updating these resources regularly. our heart goes out to those affected by this terrible virus. our communities around the country are stepping up and we will get through this together at sba we know that every phone call, e-mail or application submitted has a small business owner, their employees and the communities they support are on the other side our most important objective is to allow small businesses to keep their employees onboard and

keep their businesses viable through this unprecedented disruption i want to reiterate the importance of patience in this process as we work together to ensure that businesses are able to access needed credit. we will continue working around the clock as we've done with our federal and private sector partners expanding capacity and working to make our systems as robust as possible to meet the needs. thank you, mr. president >> thank you >> thank you >> thank you, mr. president. thank you, mr. president trump thank you to vida. mr. president, you've made clear to us, we need to execute. we need to get money to masmall business and american workers. to get this program up and running tomorrow and when jovita says people are working around the clock, we had both teams working until 4:00 in the morning and started working

again today. we heard feedback from lenders, community bank, regional banks and we spent the last 24 hours making this system even easier this will be up and running tomorrow i encourage all small businesses that have 500 or fewer people, please contact your lenders and any fdic institution will be able to do this, any credit union and existing sba lenders and thintech lenders you'll get the money you'll get it the same day you use this to pay your workers. please bring your workers back to work if you've let them go. you have eight weeks plus overhead this is a very important program. i am pleased to announce we are going raise the interest rate on these loans and the interest rate is paid for as part of the program, the borrower doesn't have to pay this to 1% we had announced it was going to be 50 basis points we've heard from some smaller community banks that their deposit costs, even though the

government's borrowing at three or four basis points and this is on average a 90-day loan to make this attractive for community banks and we've agreed to raise the interest rate. again, i encourage everybody to take out the paycheck protection program. i am also pleased to report the economic impact payments i had previously said this would take us three weeks and i am pleased to report that within three weeks the first payments will be direct deposit into taxpayers' account and as the president said last night the president authorized me to say that anybody that has social security recipients won't need to file a new tax return and we'll have that. if we don't have your direct deposit information we'll be putting up a web portal so that you can put that up. it is a very large priority, th president has made clear and we want to get this quickly into your hands i am pleased to report that we continue to work closely with the federal reserve. we are in the process of designing a new facility that we

call the main street lending facility we are looking at facilities for state governments, as well and i am pleased to report the employer retention credit. that's up and running and the first $10,000 of wages you get a 50% credit that's $5,000 per person for everyone who has kept someone, you can immediately get that money you can deduct it from what you owe the irs immediately. if you don't owe us money you'll get a refundable tax credit and that is up and running i am also pleased to report we have the program up and running and we're taking applications from the airlines, from the cargo companies and from national security companies. so thank you very much, mr. president. >> thank you, steve. >> for jovita or steve, any questions? >> mr. secretary, chase bank sent a letter to its business clients today saying they don't have the necessary guidance from the sba or from the treasury department to be able to accept the loan applications starting tomorrow the need is clearly enormous, but at least one major bank says

they're not fully empowered yet. >> as i spoke with all of the ceos and i had a conference call with them and we got input as i said, people were working until 4:00 i believe we just put up the federal register with the guidelines for lenders i've been assured that the lenders will be in the process starting tomorrow. again, it's going to take a little bit of time, but we committed that this will be available tomorrow and i encourage all companies go to sba.com, go to treasury.gov. you can see the information you need immediately just to follow up with the small business owners, a number of them saying they were on the call and there was a power struggle between the treasury and sba and it's over process and forms is what they tell me lenders are actually opting out because they can't make enough money to even service the loans. so how are you going to make sure these small business owners get the capital they need to

survive right now. >> i can assure you. jovita is here and jovita used to me as the treasurer there is no power struggle and jovita and our team worked until 4:00 in the morning and started working 7:00 again and we've made the form simpler and i can assure you at five points i've told these bankers they should take all their traders and put them in the branches so there will never be another opportunity to earn five points on a 90-day fully government-guaranteed loan. >> and are they direct deposit, the irs is saying four to five months and you're saying two weeks. >> i don't know where you're hearing these things i told you this would be three weeks. i am now committing to two weeks. we are delivering on our commitments and the irs which i oversee is two weeks and the first money will be in people's accounts >> it is not about the first checks for folks who have direct deposit. the question is folks who don't have direct deposity and there

was a staff memo released by the house ways and means committee today saying the process could take up to five weeks and that takes you to mid-august. >> again, let me just say when obama sent out these checks it took months and months and months i happening assuring the american public they need the money now. what we're going to do again, if we have your information you'll get it within two weeks. social security, you'll get it very quickly after that. if we don't have your information you'll have a simple web portal, we'll upload it. if we don't have that, we'll send you checks in the mail? >> how many checks can you process? >> we don't want to send checks. in this environment we don't want to send checks and we want to put money directly into their account. >> there have been some anecdotal reports that business people are trying to get access to the online site to submit the applications the website has been crashing and i've heard of webinars going

online because there are just too many people on them. how are you going to be ready tomorrow to get these loans out? >> we've brought in a lot of external resources at sba and us to make sure there's additional capacity as i said, we heard a lot of good feedback yesterday to simplify this process. it's going to be up and running. let me just be clear that doesn't mean everybody is going to get their loan tomorrow, but the system will be up and running and we encourage people over the next week, sign up and you can go on right now, you can go on the web and see what information you need. very simple process. >> mr. secretary, on a separate subject. have you been in touch with leader mcconnel and speaker pelosi about their differences right now about another stimulus package? >> i spoke -- i've spoken to the leader and i've spoken to the speaker. i've spoken to the president constantly when the president's ready and thinks we should do the next stage we're ready. the president's talked about the issue of infrastructure since the campaign

i think you know that's a big priority for him and again, if we run out of minute owe the small business program we'll be back right away to congress to get this increased >> does the unemployment numbers today increase the urgency of doing a phase four >> let me just say, you know, we're going through something that we've never done before where the government has shut down big parts of the economy because of health reasons. our economy was in great shape, our companies were in great shape. there are three ways that americans will be protected. for small business, they'll get paid by their business through this program the direct deposit there's also enhanced unemployment spp so we realize, unfortunately, there are a lot of companies that because they'ren't in business over a short period of time again, we're working with the states on enhanced unemployment and as soon as the medical professionals and the president give the all-clear, we're going have a ton of liquidity.

we have about $6 trillion. this has never been done between us and the fed to put into the economy to support american workers and american business. >> in addition to the jobless numbers we saw today, phase three was signed before the social distancing guidelines were extended for another month. so what additional relief are you going to give to americans as they stay out of work for all these extra weeks. what are you waiting for >> in designing this program we thought that we had liquidity for about ten weeks and that's what we've designed and again, i think the president's been very clear, if we need to go back to congress to support the american economy and american workers, we will be doing that >> mr. secretary secretary mnuchin. house speaker nancy pelosi has formed a select committee to oversee the distribution of recovery funds and she said she wants to make sure that those funds are wisely and efficiently spent. do you think that select

committee is something that's necessary? >> i don't both parties wanted us to have oversight, wanted us to have transparency we have full transparency. we have an oversight committee that the speaker gets to pick someone and the leader gets to pick someone i believe there's five people on it and again, that committee will review the money that we're spending and again, we support full transparency and taxpayers should understand how we're going to support this economy and jobs >> mr. secretary, senator has -- what are your thoughts on that would you consider providing those loans to energy companies? >> thank you and let me clarify. i have very limited ability to do direct loans out of the treasury i can do them for passenger airlines, arg ocargo airlinesese and security companies, outside

of that we work with the federal reserve to create broad-based lending facility which is we will do. our expectation is the energy companies like all our other companies, will be able to participate in broad-based facilities, whether it's the corporate facility or whether it's the main street facility and not direct lending out of the treasury. >> the question for clarity with direct payment to americans. for those folks who don't have bank accounts and information on file with the irs, how long would they have to wait for their check? >> for people who don't have direct deposit, again, we'll have an easy way they put up on a rolling basis, within a couple of days we'll send it out and we do realize there are people that are under banked and we're working with it companies and pre-paid debit cards to make sure we have a process that every american gets their money quickly. this money does people no good if it shows up in four months and we will deliver on that promise. >> it is a matter of weeks, not

months. >> that's correct. >> would you consider a moratorium -- >> go okay, head mr. secretary, one area where you can make direct loans is to the airlines how much do you expect that the treasury department and the federal government will be involved in overseeing the operations of airlines as it pertains to which routes get cut back, how much they operate, what they do about their employees and the like >> there are very strict requirements that's built into the bill this was a bipartisan requirement. one, anything we do with the airlines they have to maintain, substantially all of their employees so any money that we provide them will go to pay their employees and we'll be working with the secretary of transportation there are requirements to maintain certain routes. so again, we have a very clear process. we've hired three outside advisers there are financial advisers and three law firms and we'll be releasing that information shortly and i want to thank them they're all working for basically very, very little

money. they couldn't work for free so they've agreed to work for what they signed up to work for charitable organizations and no big fees to bankers and we have a great team of three lawyers and three financial advisers that will assist us. >> just to follow up on that, will you give us a list of the names of the people advising you when you released the information? >> of course, we will. i'll give you the names as well as contracts. >> right now other than black rock >> again, i'm happy to announce that we have the pjt partners, okay, is going to do the passenger airlines mol son company will do the cargo and contractors and pirello weinberg will handle national security and there are three law firms that will be working in each one of those sectors and again, let me just be clear we need to get this done quickly. the airlines need money and we will work closely with the department of transportation and get this done quickly.

we've already received contracts from a lot of the people again, there's guidance up on the web and full transparency and we've asked for applications. >> on the airline issue again, speaker pelosi and others have said that the government taking stakes in those airlines have not be a condition for the federal government to provide payroll support specifically what's your response to that >> i spoke to the speaker last night about that this was something that was highly negotiated between the republicans and the democrats. the president was personally involved in this he was on the phone with us many times. mitch mcconnel and mark meadows and senators on both sides and there is a specific line in both bills that the secretary meaning me, will determine proper compensation and this is want a bailout for the airlines and i will be working once we get our advice from the financial advisers, i'll be working very closely with the president and we'll make sure that we strike

the right balance, not a bailout, taxpayers get compensated and these airlines, these are national security issues we want to keep our airlines intact >> mr. secretary, more broadly, perhaps for the administrate if not for you, as well some small businesses and restaurant owners, for example, are finding that laying off their employees so that they can start collecting unemployment is better both for them as business owners and for their workers what incentives do they have right now to keep their employees on the payroll if no one is coming in to their restaurant >> the incentive that you have and we want american business to be kept intact the incentive is these are loans that turn into grants. so if you're a business owner and you're a restaurant you can hire your people back. you get money for their medical. you keep them on the medical plan you get money for your rent. you get money for your electricity. so you're motivated. we want you to have a business

that you can re-open quickly when it's appropriate so this doesn't cost the business owners anything when people talk about, i can't imagine any american worker who had a job, is offered to keep their job isn't going to want to have it and let me just be clear. we also talked about this unemployment issue you can only get unemployment if you don't have a job so unemployment is intended for those people that are some of the mid-size or larger businesses and we're very sympathetic to this, but these companies can't afford and for those people the enhanced unemployment will be a significant benefit, but we want to make sure, 50% of the american workforce is small businesses under 500 people. the president, the vice president, the administrator and i want to make sure this part of the economy is ready and intact when we're ready to re-open. >> is there a certain category of small businesses that you're most concerned about, restaurants, hair salons and

things like that >> that's a great question we are concerned about every small business there's 30 million small businesses that we're really focused on and we're working feverishly to provide the available funds to them as soon as possible. the other businesses are being dealt with with the ppe, the paycheck protection and the disaster with the injury or economic injury disaster loan, and then there was an advance associated with that particular program, as well, so to answer your question, we are concerned about all businesses, and as the secretary indicated we are looking at employees being ready and not lost in this process we want businesses to stay intact because they represent half the -- half the gdp so if we spend a trillion to support ten trillion or 11 trillion, i think that's a significant investment and that's what we're focused on >> is there a certain segment

that is particularly vulnerable? >> i just want to make one comment for explanation because i want to make sure everybody understands this if you're an independent contractor and sole proprietor, you are eligible for this as well that program won't be up and running until next week, but this is a very broad definition of small business. if you're an independent plumber, if you're an independent contractor you're covered under this program slightly more complicated, you have to come into their bank and give them more information, but starting next week that part of the program will be up and running. also charities charities, as well very important the vice president and president made sure that we covered small issue charities in this. >> churches and religious non-profits? >> it does although there are some technical issue, but yes, it does include faith organizations. >> and that's under the sba program? >> under the new ppe and the new sba program, they are covered. >> okay.

>> thank you all very much thank you, steve >> thank you okay so that begins right away and they start handing out checks and a lot of people will have their businesses built back up quickly, i hope, and we'll see complicated, big, small businesses and actually big business so i thank them both, and please, good we have some great gentlemen -- let me see, great gentlemen, that's correct thank you very much. today my administration is also issuing new guidelines to protect elderly americans who remain the most vulnerable by now nursing homes should have suspended the entry of all medically unnecessary personnel. today we are further -- >> we will step away because the business part of the white house press briefing does seem to be finished and major headlines crossing from treasury secretary

mnuchin. two things that stick out. they'll raise interest rates on the loans and if you are a sole prop righter, you are a business of one like so many are, this program will work for you. it won't be rolled out until next week. you will have to fizzecly physi into a bank, but secretary mnuchin saying yes, this program will work for you. will fr wilfred frost monitoring it, as well >> we broke that j.p. morgan chase most likely will not be ready to accept applications tomorrow as you just said, the treasury secretary made some fresh announcements and alterations to the tpp plan increasing interest rates from 0.5 to 1% and i can confirm that had never been a concern of chase's that alone won't change their decision on this, their readiness. their concern is they haven't had the broad guidelines from the sba in time to be ready for tomorrow and under that same

issue, i can confirm that one of the other top four lenders in the nation whoey spoke to about 20 minutes ago and also in the same position. without those guidelines they are also not ready to go by tomorrow though they had a slightly more optimistic tone to it saying if the guidelines came in they could be ready within a couple of hours after that again, not something we got there from secretary mnuchin in the press conference one other point that stood out to me during the press conference, brian. the treasury secretary made clear than the $350 billion that was allocated tothis they will get back in front of congress, that is particularly important if tomorrow this does go live with only some banks being ready and others not because you need to apply small business to your existing bank to get one of these loans if you want to get it quickly if all of that 350 billion got drawn down very quickly before certain banks were up and running then small business customers may be excluded by virtue of simply when they bank

with and it is important there to hear the treasury secretary there say they'll seek to extend the size of this program if necessary. he was clearly very optimistic and he said it would be up and running. i spoke to the ceos last night and they said they're doing everything they can, but we know as of 40 minutes ago, fresher than last night chase saying most likely they won't be ready. brian. >> yep makes it all the harder when a lot of people are working remotely as we are, wilfred. businesses need that, wilfred frost, thank you very much let's bring back in our trader panel. treasury secretary saying this is not a bailout you've got to keep your routes you have to keep most of your employees and this might not be for you. are you happy vis-a-vis the airlines and the airline stocks? i was happy with it because i think those are unprecedented times as we all know and we've

all talked about it and unprecedented measures that the government will throw at this. so they have to go out there and they have to say there are strings attached what does that really mean it doesn't mean they'll let them fail so today the airlines did not act well we saw the hotel stocks and they did not act well it sounds like if you ask this administration is going to give. i would be a buyer of delta. it's too early to be buying these stocks now you have to weight for a real confirmed rally, but i think ultimately, go to where it was before the whole thing started and by the way, brian. did you hear the numbers he was throwing around? back at the top of the show that's why gold will continue to move higher and make new highs, but airlines, you're safe, not now, when the smoke starts to clear. >> yeah. i mean, nobody i've talked to thinks the 350 billion for small business is going to be enough

that aside, guy adami, these airlines, we had an airline analyst last night, the days are running into each other, hunter k. thought these airlines will take the money and they'll still need more down the line. are the airlines investable at all right now? >> in my eyes, i don't know how you can. what is the airline industry going to look like six months from now will people be clamoring so sit in middle seats? will there be middle seats it's hard to answer that question and i'm just being honest i want to dove tail on what steve said because he's 100% right. one of the things i heard mr. mnuchin say is we had $6 trillion at our disposal no, he doesn't they can make it up. they can create it out of thin air, but they don't have that at their disposal grew started the show asking why gold is going higher that's exactly why gold is going higher >> yeah. all right, guy, and steve thank

you very much. tim and karen, we'll get to you in just a moment and we want to bring in a special guest kevin cramer, a republican from north dakota who joins us by phone enroute to the white house. thank you very much for taking some time. first and foremost, i want to ask about protocol are you okay fiphysically going are you being or have you been tested for covid-19, obviously as i understand, the executives of these oil companies either are or will be >> that's my hope, as well, that i can be tomorrow. i have had zero symptoms and i haven't completely self-quarantined since being from washington to north dakota and i've been locked in to my own space doing a lot of this and a lot of conference calls and a lot of meetings. so i feel very good and we'll take every precaution. okay when i put the news on cnbc, the

seven ceos that were going and what was likely to be discussed everybody started screaming bailout. the energy companies are very keen to tell us the media and others this is not a bailout is this a bailout of u.s. oil and gas? not at all there's no one asking for one. i'm not suggesting one my main interest is policy around saudi arabia's behavior and particularly, of course, especially in conjunction with rush abu the oversupply of an already glutted market at a time when demand was down is just the wrong move for lots of reasons, but especially at a time like this because it's my sense that they're taking advantage of this coronavirus situation and the drop in demand and it's trying to put the american shale business out of business and in north dakota, we take that pretty personally. >> sure. i've met a lot of good people in the business and some people,

senator, will push back and say, well, the industry simply grew too fast took on too much debt and overproduced what do you think about that >> well, you know, we have a lot of agriculture in north dakota and sometimes the same is said of them, but i would say this, that in the normal course of business i would agree, but when hit with a virus like this, a pandemic that's global and demand was down nearly 25% at the time that russia and saudi arabia decided to cut production, increased production by about that same percentage, to me it looks like dumping. to me it looks like collusion. it looks like a direct attack on the shale industry trying to put the united states out of business and they've tried this before and we were able to outproduce them. they hopefully have learned their lesson, but now in this time of pandemic, it doesn't look good at all it's also, brian, and i've been

pretty open about this, this is a time when the united states of america has at least 2500 servicemen in saudi arabia we have several missile defense batteries defending the oil assets of their country and we stood with them in the war on yemen and we defended their assets and now at a time when they were just attacked a few days ago and i talked to the ambassador today about it, but for our defense systems those missiles might have struck riyadh instead, they were stopped this isn't how friends treat friends. so my hope tomorrow is frankly, what i'd like to see the president do is make an appeal, not necessarily a policy, but an appeal to the multinationals and the refiners that they use u.s. crude during this emergency and show some corporate patriotism in that way. >> you have, senator, the power of the u.s. senate behind you. if the idea of quotas, production quotas, divvied up by

company, public and private, is brought up would you support the idea of artificially limiting company output >> well, that i would have to be convinced of, brian, i don't mind telling you i would just as soon, and i would like to see it -- i wouldn't like to see it manipulated by our friends and adversaries. we'd have to see i prefer some sort of a voluntary action by the refiners we currently export about the same amount as we import if we cut off imports for a while at least during the emergency and retooled our refinery to the degree they need retooling to take u.s. crude, i think we can keep our industry afloat i think that would be a reasonable emergency response at a time like this senator kevin cramer, we'll let you go we know you're enroute to washington be safe, first and foremost and

let us know what went down at that meeting tomorrow. thank you very much, sir. >> thanks for the opportunity as always >> sure, thank you, sir. >> tim seymour, huge move for oil and a big move for stocks. cold comfort, and based on what you heard, would you change your views on oil and gas at all? >> well, i don't think you should be changing anything in terms of understanding the supply/demand fundamentals each in the short to medium term. getting a deal is about changing sentiment in the sector and obviously then changing supply fundamentals and i think there has to be one, and i love the fact that the senator referenced all that we are doing in that part of the world and at some point enough is enough so i think the 48% trough to peak intraday move on brent or crude or -- i tend to follow brent. extraordinary, tells you where positioning is right now we don't have to chase oil here

and i think the bottom is in for this cycle >> all right let's start to wrap it up here karen finerman, your theme for the markets tomorrow, looking out next week, next month. what's key to you? >> key to me is the credit markets. i want to see them continue to function, and there is a little firmness today we've seen some, but to me, credit will drive the equity markets and then, of course, any news on coronavirus and any hint of flattening the curve. >> yeah. and steve grasso, 30 seconds to you. what are you watching for? >> yeah. so you have to see corona is leading the market, but getting back to oil, ten times more important than the cut is when demand comes back and that will be dove tailed where corona cases. corona is leading it, oil is secondary. >> amazing, guy adami. 6 million plus americans file for unemployment americans and we barely brought it up and do you care about the jobs number tomorrow morning >> of course, i do, because it's

real people. they're not just numbers do i care about it i absolutely do, brian that's why i care. >> yeah. every one of those numbers is an actual person and a family thank you for joining us o my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain you, but to educate, teach you, put it in context call me 1-800-743-cnbc tweet me @jimcramer. this market is so desperate for good news that buyers are willin