indication tomorrow. we will be -- unless there is a reason not to be in which case we will come back to you, and we will be in person together in this room unless you hear otherwise at 2:00 p.m. god bless you all. thank you for everything you are doing. keep it up. .it is new jersey no state in america is doing what we are doing right now. that's a tribute to all 9 million of you out there. god bless you. thank you. kaelin, it was here to talk to us about what is going on with the federal small business loan program. tell us what the paycheck protection program is and why is it out of money? guest: the small business lending program was created by $2 trillion economic rescue

package. totaled $350 billion. it was meant to serve as a bailout for small businesses with fewer than 500 employees. incentive to keep employees on their payroll. you can apply for this loan, as long as you are promising to keep your employees. you will not fire anybody. you will pay everybody the amount they were making. in exchange, the loan can be forgiven. this pot of money has proven in normal sleep popular. it ran out of money just yesterday. that was expected all week. congress is obviously deadlocked in terms of what to do. do we swiftly replenish the funds for just this program or provide funding for other priorities as well? caitlin, exactly who gets this money and what can they do with it?

can businesses get this money and use it for other things besides employee paychecks, or is it designated for employee paychecks only? caller: it was primarily drafted at -- guest: it was primarily drafted as an incentive to keep employees on the payroll. like i said, in exchange for the funds, the loan can be forgiven if you are promising to essentially retain all of your employees and maintain their salaries as well. this has proven enormously popular, more than 1.6 million and at least 5000 lenders participated. it was exhausted very quickly once the program was essentially set up. 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. speaker pelosi and house democrats, they want some conditions placed on any new infusion of funds. for example, house democrats want to ensure that any new funds, at least some of that is going to community-based lenders , underserved lenders, underserved small businesses owned by women and minorities that they are ultimately getting some of this money and not being cut out. in addition to that, house democrats also want to provide $150 billion for state and local governments, about $100 billion for hospitals, and they want to increase the maximum food stamp -- republicansis are essentially saying, you know, these are the priorities

that are not as urgent as the small business needs. --s small process program small business program ran out of money. states have not run out of money yet. two trillion dollar economic package last month provided $150 billion for states. they argue that the small business program needs action now and the other things can wait until congress comes back in early may and they start negotiating a huge package, but immigrants are pretty insistent on the fact that state and local governments are signaling a dire businesseslike small at this time, in addition to health care providers. they are saying, this is extremely urgent. it requires urgent action as well. there was essentially a logjam all week when it comes to this discussion, but we started to see some signs of progress when it comes to today. said mccarthy congressional leaders were

inching along when it came to figuring out exactly what to do. politico's daily newsletter that publishes in the morning, it publishes also in the afternoon, had some early details on what a legislative framework might look like. not yetobviously very finalized, very, very much subject to change, but it does anear that there is agreement may be forming around possibly providing more than $250 billion for small businesses, in addition to making some funds for community-based lenders, something like $75 billion for hospitals, but all of those details are very much subject to change. it is possible we can see an agreement may be early next week. last question a for you -- is anyone checking to make sure that the businesses that are getting these loans is using the money for what it is supposed to be used for? we remember during the last depression, corporations got government funding and used it

for stock buybacks. is anyone checking behind this money to make sure it is being used for what they say they needed it for? right. the huge economic relief package that congress passed last month, it was the largest infusion ever of federal funds into the economy. definitely eclipsing the 2008 financial crisis. that did come with a number of oversight provisions, which are slowly getting off the ground at the moment. basically, when it comes to a small business loan, that comes with its own oversight. but in terms of some of the other big pieces of the bill, congressional leaders found that it was very much necessary to have sort of a three-pronged oversight approach when it comes to implementation of the huge relief package. essentially, those three things again,ll, you know --

this bill was passed a few weeks ago, so the money is starting to flow, but not all of the mass of oversight protections are there. there are some provisions that prevent recipients of the aid, especially corporations, from stock buybacks, from executive bonuses, things like that. basically, congress is trying to establish a five member congressional panel that will not oversee the small business loan, but the separate $500 billion corporate relief fund for big businesses, big distressed industries in addition to a special inspector general appointed by the president and confirmed by the senate will also separately oversee that fund. as the third prong of oversight, a sort of pandemic relief panel made up of inspector general's across the federal government will oversee basically general implementation of the bill. again, those three things are

still kind of getting off the ground, you know ca -- you know? the president has gone some criticism for intervening too much in the process and trying to interfere with oversight. hopefully in the next week we will see those three oversight protections become fully formed. thankwe would like to caitlin emma, budget and appropriations reporter for politico, for coming on the program this morning. >> the coronavirus pandemic is having a impact on the congressional schedule. members will not be back for legislative business until monday, may 4. senate majority leader mitch mcconnell has announced the same. that is two weeks after the chamber was originally scheduled to return. ofbers have been advised sufficient notice overturning if

tion about coronavirus was considered before may 4. see the house on c-span and the senate on c-span2. >> c-span has round-the-clock coverage of the federal response to the coronavirus pandemic. it's all available on demand and c-span.org/coronavirus. watch white house briefings, updates from governors and state officials, track the spread throughout the u.s. and the world with interactive maps, watch on-demand, anytime, unfiltered at c-span.org/ coronavirus. president trump leads the white house coronavirus task force leaving this afternoon. it is scheduled for 5:00 eastern. watch a live here on c-span. >> next, world bank president david malpass on the global economy.

answered questions on financial transparency, work from home challenges in developing countries, and the pandemic's effect on tourism. this virtual press briefing is in our. -- an hour. >> welcome to the spring meetings 2020 virtual press conference with world bank president david malpass. president malpass will give brief opening remarks and we will turn to your questions. thank you to all the reporters from around the world who have been submitting questions. we may have to group some of them to get through as many as we can and we may edit for brevity's sake. as you send in questions, please submit only one per outlet. with that, president malpass, over to you. >> thank you and good morning to everyone. i'm happy to speak to all of you.