charlie gasparino with new inside details on these high level discussions. hi, charlie.rlie: how you doing, liz. i'm getting this from wall street sources who are dealing directly from the white house, with the white house, and some political types in washington. there is a second round stimulus being spoken about. some of this is public out there. we heard nancy pelosi say we should bail out the cities and the states. we have heard mitch mcconnell make some noise. but i'm starting to get granular here is on in the near term might happen, what type of stimulus in the near term might come out of this. listen, even before this money is spent and before the small business loans get doled out, i think tomorrow is the day they are supposed to begin, right, $350 billion worth of small business loans? here's what we know. the white house and wall street and people in congress, they are talking about a second round stimulus. they are talking about a second extension, an extension of that small business loan. we have $350 billion now. what they are saying is they are going to eas

charlie gasparino joins us with more details on that one. how so, charlie?ie: you know, we have been reporting this out because if you listen to real estate executives, wall street executives, of all the businesses that they are talking about facing real economic problems going forward, maybe even having to bankruptcy, this is what they are saying, it's wework. all the financial difficulties that involve the botched ipo by softbank, adam neumamn's exit, the fact they are involved in an office space sharing business that has gotten hit hardest in this coronavirus crisis. we have been talking with wework executives who say not so. what's coming out -- what came out of our conversation with them, there is going to be a business model change. first and foremost, they are cutting back. there are going to be more layoffs. they are reducing the footprint that was established by neumann and all these businesses that had nothing to do with office sharing, they will get down to that core business. then it's how they sell that core business going forward which is reall

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charlie gasparino, thanks. stocks at session highs. we'll be right back. . .ates suddenly dropping to near record lows, my team at newday usa is helping more veterans refinance than ever. the newday va streamline refi is the reason why. it lets you shortcut the loan process and refinance with no income verification, no appraisal, and no out of pocket costs. one call can save you $2000 every year. call my team at newday usa right now. ♪. liz: nasdaq leading the rally charge on this wednesday. you can see it is moving higher by 241 points. new high for the dow was 595. we're at 496 right now. so a little bit of selling into the close. want to quickly tell you about facebook. facebook is pitching in more than seven percent to the nasdaq. spending $5.7 billion, in a indian company called reliance industries. the social media giant looks to roll out services for india grocers and small businesses through it is popular messaging platform, whatsapp. facebook is a top holding in a special etf that our "countdown" closer said you really should have in your portfolio to

let's get to charlie gasparino now on how democrats in the past couple of hours have begun strategizinglock in a win for the presidency. they are going to need the big wall street money, aren't they, charlie? charlie: and they have it. guys like jim chenos, mark lazzery are lining up and will be giving money to joe biden. i don't think joe biden will have a problem raising money. mike bloomberg i'm sure will help him out a little bit. he said he would. donald trump will have a huge war chest, from what i understand. at least that was all before the pandemic hit. will it change the calculus of fund-raising, because you have to hold as you know these virtual fund-raisers now. but the big story today is something that i hit on earlier in the week and obviously, you know, the dynamic has changed now that bernie sanders is out and biden is, you know, the democratic nominee. the big story today is who his vp will be. he's obviously, he's said it in the past, it's going to be a woman. from what sources tell the fox business network, there are about nine women on a short l t list. this selectio

to charlie gasparino on whether and which of the big banks are on board and how processing is going. arlie? >> well, liz, they are all trying to be on board, but i think you could say and listen this was somewhat signalled. we have been reporting that there was some degree of confusion as this loan program was ramping up over the past week. indeed there is a lot of confusion, mass confusion amongst small business owners who are telling the fox business network that particularly at bank of america, it seems to be that's one of the pressure points that they can't get their applications processed by bank of america. we should point out as i'm reporting this president trump came out with a tweet congratulations bank of america doing a great job. if you talk to small business owners who are trying to go through that bank, they are saying anything but, it seems like at least from the business owner standpoint is that bank of america as it's facing an onslaught of loan applications is performing a type of triage. it is essentially looking for reasons to turn people away because it can't hand

let's bring in fox business network senior correspondent charlie gasparino now because in some ways,t's very helpful, were starting the week talking a lot more about the reopening, what is it going to look like, how will it work, and the scope of it, how quickly can i be done. what are you hearing from the business folks about what they're thinking can be possib possible? >> well, most people are playing that he will starting to beget open at least early. but that's a first step. that's a necessary step to get the economy going. or probably, right now, and a very deep recession. how far down, we don't know. look at it this way, dana, you basically have this, a $20 trillion economy, and about 10 trillion of that has been shut down. that's the small business side of the economy. that is devastating. so we have stimulus out there, a lot of monetary stimulus from the fed which is definitely helping wall street a lot. wall street guys couldn't make a lot of money out of this. the stimulus to the small business community, and individuals is a lot more complicated. the tracks, many of the c

let's go to charlie gasparino right now.s been looking at sort of surgically going back, who knew what and when, appreciated gravity what was to come and those by and large did not. which is most folks. charlie what do you have? >> make two points what i'm hearing in the great segments before. number one italy, i should tell you i have family members there my father-in-law is it tally, it is the lockdown of all lockdowns. it is nothing compared to what we have here. you can't leave your house, if you do, cops stop you on the streets. if they're getting it under control, they're getting it under control because of strict quarantines going on there. tell you what is going on in new york city hospitals. my brother as you know runs the icu at brooklyn hospital, there may be a leveling off, maybe, but it is from such a high level it's hard to essentially determine whether that's, you know, that's the peak. so just be clear here. this is, we still probably have more to go here and i should point out that morgan stanley came out an

charlie gasparino.re in and out of session highs right now, latest news out of china, wuhan province, that is accounted for vast majority of 60 million in the lockdown, you can leave, lockdown done. more after this. together, we'll weather this storm. it's a voice on the other end of the phone. a note to say you're on our mind. a willingness to come to you. the world and how we interact with each other is changing. but that will never change who we are at lexus. now, more than ever, you and your needs come first. find out what service options are available in your area at lexus.com/people first i was blessed to be part of building one of the greatest game shows in history. during that time, we handed out millions of dollars to thousands of contestants. i thought, "what if we paid the contestants their winnings "in gold instead of cash and prizes?" back in 1976 we had a wonderful contestant named lee, whose 3-day winnings, were valued at $12,850. and you know what? that was a pretty big haul back in 1976

charlie gasparino joining us now. the axis spinning, the ipo world has apparently ground to a halt, has it not? charlie: yeah. i want to get into that in a second but we do now have some breaking news on maybe what's moving the markets today or at least some of the sentiment. there's a lot of things that move markets, it's not only one thing. but here's some of maybe the underlying sentiment. wall street sources are telling the fox business network, these are wall street sources, liz, that do speak with people, members of congress and the white house, what they are saying is that a next phase of the stimulus package could come approximately in mid-may. this next phase, the numbers that are being bandied about here is between $1 trillion and $1.5 trillion. now, what it will provide, we can't tell you. it will probably be more small business loans, it will probably be payroll tax extension. we have spoken about that. now we are starting to get some real numbers and dates here as to when it's coming. looks like it's comi

neil: all right, charlie gasparino, thank you very, very much, my friend.e we get to my next guest, an interesting little side note, deaid coming their way, major airlines are getting really pummeled with american airlines down more than 7%. delta down about 6.%. united and southwest at 7%, 5.3% respectively. there are concerns here, even with this help, and again there are not a whole lot of bunch of strings attached here but airlines expressed reservations about some of the aid but it might be in response to the slight uptick in energy prices, jet fuel prices are a very big part of their overall cost or might be the realization, this doesn't get away from the fact that they have sidelined 1/3 of their planes, about 1700 planes. they might say even with this help it won't dramatically change our prospects anytime soon. but that is a very noteworthy fall off here but something encouraging is going on here. a lot of these companies are finding other sources of things to do, to help out. you heard what 3m is doing and gm is doing and ge is doing making everyt

charlie gasparino has an exclusive story right now, i don't know, charlie, is my blood going to startoiling on this? charlie: yeah, it is. i'm surprised robert left out that one of the people who is defending some of this practice is his business partner, anthony scaramucci. scaramucci has been on record saying maybe hedge funds should get some of the money. i'm telling you, let me just go through my story, then we can get into that. i spoke with banking executives today. here's what they said, that they received a surge of these ppp applications from hedge funds, financial advisers, law firms and other high end businesses. these companies can qualify for the program even though the spirit of the small business lending plan you know is aimed at salons and factories and the people that we have on who are really not getting access to it. the interesting thing is my banking source is an executive who runs a midsized bank. spoke to me on the condition of anonymity and spoke to me about this because he's really worried that when we get out -- when the lockdowns end, that there's going to b

charlie gasparino joins us now on the latest of the small business owners in the midst of the pandemics an interesting angle that has not been covered, we have been covering the inability for a lot of small businesses to get the money and we've been covering how hedge funds are posing as small businesses because they technically are, they have less than 500 employees, they still make income, they should really qualify for this program which is intended for mom-and-pop shops and salons, people with a real need and not -- no income coming in, they had to lay people off, here's another interesting side aspect of the ppp program, the payroll protection program that is supposed to give loans to small businesses, it's administered by the banks, the big bakes hand these out or you apply through them or you get your check from them and you get your application, obviously the reign of the first 350 million, here's what the banks are worried about, they say there has been very little guidance from the treasury, broad-based mandate, you basically go out there and you can hand checks to anybody wi

charlie gasparino with us now. charlie, you could see these numbers as well as i.ow wall street is digesting either what the president said last night, maybe some of the economic data, announcements from companies today. how is it sorting out? charlie: well, the wall street major traders, i speak to a few of them at least, they were preparing for this. what i have been hearing for the past two weeks, even as we have been having 1,000 point up days is that there's more downside risk on the way, that the volatility index known as the vix is still very high, meaning you can have another major leg down. this is despite as you know, massive monetary and fiscal stimulus, but usually these things don't end with just the stimulus package. after the stimulus package, it needs to be digested. reality hits with unemployment numbers and all the other numbers that are going to come in soon. that will put downward pressure on the market. the big investors, you know, these guys are nimble. they are smart enough to hold some cash. they know there's buying opportunities out there.

charlie gasparino joins us now with the exclusive details. charlie?rlie: liz, i will get into why there's a real technical reason why oil is getting crushed right now more than just a fund going down. i can get into that later. before i get into this muni bond story, this is pretty fascinating. what sources are telling the fox business network is that the big banks are now working with treasury, the treasury department, to plug some of those loopholes you and i have been reporting on in the ppp program. as you know, congress, the white house is getting ready to announce and put out another batch of ppp money, $250 billion is the number i believe that's out there. we understand that jpmorgan is now talking to treasury about possible fixes to the lending program that allowed major restaurant chains, financial firms, very profitable companies, essentially to get to the top of the list because they have very deep banking relationships, get the money while real small businesses essentially got screwed. and are complaining now they didn't have access to thi

charlie gasparino on what they might be. hey, charlie. charlie: hey, neil.of getting our economy going is having a sports season, every league is looking at when it should start. as you know, major league baseball took the biggest hit. right now we should be in the season, as we speak. we should be watching major league baseball. we're not because of the pandemic. but that doesn't mean there won't be a baseball season. i have been talking to senior executives at major league baseball teams and the league itself. here's what we know. they are exceedingly confident there will be a major league baseball season in 2020. they say the timing of it, still remains up in the air. the best guess we can get right now is that july, it looks like in july, we are going to have major league baseball games. now, here's where it becomes very interesting, neil. they are considering a number of ways to do these games. this has been out there but i understand from my sources, it's all what's being in the mix. maybe having baseball open with all the teams in three states, three

neil: charlie gasparino, thank you very much.that, also looking at businesses now that can reopen, particularly in georgia. a few run as great and well-regarded fitness studio. here is the problem though, getting customers to come back. apparently a lot easier said than done, after this. for many of our members, being prepared... won't be a new thing. and it won't be their first experience with social distancing. overcoming challenges is what defines the military community. usaa has been standing with them, for nearly a hundred years. and we'll be here to serve for a hundred more. it's my own thing that i can do for me. since i don't have time to read, i mean i might as well listen. if i want to catch up on the news, or history, or learn what's going on in the world, i can download a book and listen to it. i listen to spanish lessons sometimes to and from work. yea, it makes me want to be better. audible reintroduced this whole world to me. it changes your perspective. it makes you a different person. see what listening to audibl

charlie gasparino here now with the exclusive details. charlie, the first time around, didn't exactly work as it was supposed to. charlie: yeah. we should say i believe there is that hospital, there is hospital spending in there. the democrats got some of what they wanted. fox business.com is going to have a full report on what's in the draft language in the bill. that should be published shortly. i believe hospitals are in there and yes, expanded money for small businesses. but the problem that small businesses face at the first go-round is that most real needy small businesses couldn't get access to the money because the money was being handed to players that quite frankly were profitable, had business deals with various banks, meaning they had to be taken care of first, and also, several public companies which were exempt from the rules and these are big public companies, and the real travesty there is this. shake shack gave back the money but think about it this way. shake shack went for the ppp money initially instead of going to the

charlie gasparino, i know you may or may not be making a big, your usual easter dinner, you going to a zoom easter with your fam? charlie: thisesat's a good ques. we just got a shipment from stew leonard's which by the way, amazing guy. he's a friend of fox and does such a great job and makes it very easy for people to get through this. i think my wife and i are going to have a nice easter. i will make lasagna or something. it will be all right. unfortunately, there's a lot of hurting out there during this time and a lot of the hurting involves people that are losing their jobs because of small business, their small business needs a loan right now and they are having a hard time getting a loan. we have been doing tremendous coverage on this, as you know, on your show, shining a light on these issues of the small businesses not being able to get access to virus stimulus loans, the ppp, it's called. i have been doing a lot of this reporting with you and neil cavuto and we are basically leading the charge on this. i have been talking to some of the executives at the big banks who want a

i want to go to charlie gasparino right now.een like a dog with a bone just chasing this, you know, paycheck protection program and every little nuance and every wasted effort here. just keeping on top of something this humongous. i don't know if things have gotten better or smoother. i do know the demand is high. that's the problem. lot of people want it, don't they? charlie: lot of people want it. not a lot of money in comparison to other bailout programs during the pandemic. but there was a degree of abuse and we were -- at fox business were on the forefront of covering how financial firms, various types of financial firms, brokers, also known as independent financial advisers, small teams of brokers, they are very profitable, they work on fee income, hedge funds, again, very profitable, work on fee income, and even some large companies were able to tap in on this while many small businesses couldn't get the money and are now facing bankruptcy essentially. little good news here to report. the fed, meaning the federal governme

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charlie gasparino joins us now with more details on who else may join biden's 2020 ticket. , charlie. charlie: i think this is a long shot but there's clearly a movement out there and you know, it's been rumbled about i think for months now, ever since new york governor andrew cuomo assumed a higher stature based on his handling of the coronavirus in new york. he's gaining a lot of points out there for that, for that leadership, and now there's an official draft cuomo movement out there to try to persuade joe biden to appoint him as his vp. again, i think it's long odds but from what i understand, two -- a bunch of -- there are several democratic governors who are close to cuomo who are pushing this. the two at the forefront, what democratic party sources are telling me, is connecticut governor ned lamont and tom wolf, the governor of pennsylvania. those are the two that are at the forefront of this trying to push cuomo as the vp for biden. again, this is a long shot. biden has publicly stated he wants a woman, as we reported i think on "the claman countdown" just last week

charlie gasparino.hat would be a big 180 if joe biden had to take back a promise he had made to put a woman on the ticket in favor of andrew cuomo. among the women that he has apparently been considering as well is the governor of michigan, in a world of controversy right now with some of the strict provisions she's added, the stay-at-home provisions some are saying is over the top and it's bringing out protests the likes of which we have not seen in years, saying she simply went way too far. grady trimble has been following all of that. what's the latest? reporter: well, some people here say that governor whitmer is putting such strict provisions in place because of her political aspirations. that's the complaint of some people. you can see it's hard to estimate how many people are here, but i would say in the thousands but there are cars and trucks as far as you can see and they are all protesting that stay-at-home order, not necessarily the fact that they have to stay at home but certain provisions o

. >>> charlie gasparino has been covering the paycheck protection program since day one and followingng, the treasury department and small business administration unveiled some new rules today. charlie, let's talk about this, because we have the vote happening right now, walking through the floor of the congress voting on this huge package that once again will replenish the coffers for the ppp program. charlie: yes. we will have i guess semi-breaking news on the new york stock exchange in a minute. let's just unpack this. the treasury department after reporting from fox business [ inaudible ] about how unevenly these pandemic stimulus loans were given out, how real small businesses were not getting a lot of these loans, how they were going to companies like the one you just mentioned, they had banking relationships and the banks had to prioritize the lending money given all the amounts of requests they got, because treasury didn't give much guidance on how to hand it out. we got some guidance now following our reporting. i guess we embarrassed them into this. here's what they are doin

let's get the reed on this, we have jackie deangelis, and charlie gasparino, what did you think about your own power. powell might be changing minds, i don't know about the one in the oval office but what do you think. >> it is very mixed record, the guy in the oval office might not be in the oval office to reappoint him. we should point that out coming november. so a lot is in flux about powell's future. listen, i have a problem with what the fed is doing in the sense or what the government is doing. you can throw trillions of dollars of fed easing and backstops and everything at this economy and it could have just marginal impact because the real problem is a mainstream problem it's what steve morris said. if everything is shut down how are people going to be able to go to the bank and get a loan to expand the restaurants if no one is going to eat those restaurants. i think that's part of the problem of the government's response, if you think about it the fed has pumped $10 trillion, and being conservative into this economy. the small business portion of the bailout plan from the fe

let's get to charlie gasparino. who will be breathing down the banks' necks here? harlie: i will get to that in a second. let me make a point of what robert just said. the know your customer rule is an anti-money laundering rule so if you are a new customer and you go to jpmorgan, they got to do a deep dive into your background. remember, that takes in and of itself, what i have been told, and we reported this out already, 45 days, something along those lines. so the banks couldn't give -- they had to give to their best customers first. the second thing is, everybody is getting excited about regional banks. remember, regional banks are the banks that are least likely to survive a severe economic downturn if we have massive defaults. those are the banks, just so everybody knows, if they do hold loans from the oil patch, those are the banks that could face serious trouble going forward. so know your regional bank, if you are going to be buying the stocks and try to figure out what their portfolio is, where they are putting money because they could take big hits. that'

let's ask charlie gasparino. harley what are you hearing?looks like the treasury has been following our reporting on this network, your show, claman's show on the problem with the ppp. i spoke with treasury department officials yesterday about that. here is what i'm hearing now. this is pretty interesting breaking news, i don't know how it could be, how this will all work out but what i'm hearing now is that the treasury plans to institute what has been described as voluntary clawbacks of ppp money. that is the low interest loan money for small businesses that are going to outfits that don't really need it. it is more than just public companies like shake shack which actually gave it back and some other companies. as we've been reporting, it is hedge funds. it is very profitable businesses. because they have banking relationships with the banks, they automatically get to the front of line. the banks almost have to give them front-line treatment. the treasury didn't specify in the rules how the loans should be dealt out. they deprived real sm

charlie gasparino telegraphed that yesterday with his report that there would be more money in all of this. let's get to charlie right now. i know you heard treasury secretary mnuchin say don't worry, don't worry, the president has said he will give more money if necessary. of course, it's just a printing machine but what are you looking at right now, charlie? charlie: you know, if you follow "the claman countdown" from last week, we have been saying that they are going to increase the small business portion of the loan by billions. i think i mentioned on your show sometime last week, that was our sources on wall street who were dealing directly with the administration and congress. yesterday, it was interesting, we moved the market 500 points at the close up because we said there would be another trillion dollars in stimulus money coming sometime in mid-may. so you know, this is what sources are telling us close to the administration. these are wall street sources that are dealing with congress and the administration. but here's what's really interesting from the banks' standpoint. w

. >>> now we go to charlie gasparino. you talked about wework yesterday but now we are talking about social distancing becoming the new norm. banks looking for ways to capitalize on work from home movement, right? charlie: wework's problem is everybody's problem, obviously to a much bigger extent. as you know, yesterday we reported that a lot of people on the street, people that follow wework's finances think this company is one of those that, you know, there's always a few that don't make it through one of these market upheavals and that's one of them. so we will keep an eye on that story. but the other story out there is what's going on at the big banks and how are they going to adapt to this. here are the two themes i hear from sources at the banks. these are people that work at the major banks, jpmorgan, morgan stanley, goldman sachs, citigroup, you name it, bank of america. this is what they are saying. they are all like publicly saying they are keeping their dividends, right? citi's ceo was on cnbc today saying he's

neil: great reporting as always, charlie gasparino on that, the president at the white house commentingdevelopments including oil and a number of intriguing comments as oil prices are down for the third straight day, already recovered about 50% in the last couple of trading days, jackie deangelis on what he is saying and who he is talking about. >> good afternoon, some headlines i want to bring to you, trump saying that russia and just one comment on that. even if the saudis and russia together cut the 15 to 20 million barrels a day, that's almost half their production. i'm not necessarily sure how they could possibly do more than that but the president is saying they could make further production cuts. meantime, trump is floating the idea that the u.s. government could buy fuel for the united states in advance. one issue that i would comment on there is the fact that one of the problems that pushed oil prices down was it was difficult to find storage. so having said that, it's something to watch for. the treasury secretary also saying that it could be soon that the trump administration

charlie gasparino with us right now. also harold ford jr., former tennessee congressman.l begin with you. they obviously want to do something. the devil's in the details in getting it done fast, because this program has already been exhausted. it's tapped out. >> hopefully the wait over the weekend that senator schumer, at least what you just reported, if that is true, they will come back and help make business owners like the business owner you just had on, the cosmetic studio owner, help make her whole since she is doing the right thing by her employees and by her business. i think a larger point here is two questions. one, are we taking care of larger, bigger, more established enterprises quicker than we are taking care of smaller ones. it seems like the answer on the surface might be yes. and two, how long are we willing to make these investments in main street across the country. that's a big question not only for the president but for congress. we have heard governor cuomo and other governors talk about the need for more funding for testing which is a separate issue

thank you very, very much, charlie gasparino.w right now a lot of company earnings that are starting to come out have already telegraphed ahead of time that they were going to be in a world of hurt. better than 85 we're talking about the guidance issue, not knowing where things were going forward. so they kind of prepared the street for this confusion but it is safe to say many companies, though not all, financial names and others have surprisingly beaten estimates but by and large that group, that group, collectively has taken it on the chin. a lot of might have to do with the fact that their customers, who might be hard-pressed to make good on mortgage payments and the like were already seeing increase right now with the number of individuals who are missing mortgage payments, at least for this latest month, might continue doing so. half of all small businesses didn't pay any april rent at all. so let's go to david work on all of this, national housing conference ceo. david, these would be largely expected, not a surprise. i'm

charlie gasparino is looking at fine print, where this could be going, because that has has been bonearlie? reporter:ring on the problems as i said in other problems, fox business was ahead of this, we saw this with loan part of the ppp program, stimulus plan, that small business, real small businesses weren't getting the money. somehow there were loopholes allowed large private companies getting through the bureaucracy, get the money fast. hedge funds, other entities, like that, got stimulus money ahead of coffee shops and salons. cordtoring the treasury department, i know because i spoke to the treasury department officials about this, to sort of tighten up the rules and here's what we have now. there are still loopholes, just so you know but better than nothing. basically what they're saying is that large profitable companies that could theoretically apply for the loans, have to do so in good faith. that means if they really don't need the money this, is the interpretation that the treasury and sba put out, they can get the money clawed back, they could face some legal issues from

charlie gasparino on all of that. charlie? >> i can't tell you if it is working now.will work in the future, but, neil, i've been speaking to wall street executives who deal with the fed all the time. the fed has regular meetings with top wall street executives to give them insight into the plan, and check with the plumbing of the banking system. here's what they are saying, that they are basically saying this level of fed stimulus is historically unprecedented. it's far surpasses anything that occurred in 2018 when the banking system needed stimulus, when it was basically insolvent. it's around, i guess if you're going to add it all up, it is at this point, we're talking 10 trillion, maybe more just from the fed. and this is all, this is all as part of easing and quantitative easing and low interest rates and all the various programs you're seeing including the one today, the additional one today. here's what has some people on wall street nervous, even if you see the stock market go up. markets go up on low interest rates and fed easing because obviously, you, if in

charlie gasparino has been looking at that, charlie?e talking about a major collapse in commercial real estate, neil, if lock downs continue. they probably will continue through may. look at this way, if you can't pay the rent, the banks will foreclose on your property, guess what will happen? you will, lay off everybody anyway whether you get a ppp check or not. that is essentially what is going on right now. banks have been ramping up foreclosures. businesses are being put out of business. obviously lay offs are going on, spiking, spiking unemployment to very high levels. there is a cascading effect if it keeps going. if the lockdowns continue, as you know, they probably are into early, at least early may, this is going to be, have a cascading effect. so at least one major real estate investor, commercial real estate investor pitched an interesting plan kind of along the lines of your last guest. he is scott schiel. on fox often. he is a big commercial real estate investor. he rents properties to planet hollywood and wendy's you name

charlie gasparino is following all of that. >> it would be too critical, it's hard to handout $350 billionmoments notice. but here's what we do know, we know that a number of banks are not administering to programs by today even though we were told by secretary mnuchin that they should be up and ready by today to do the $350 billion stimulus program, these are bridge loans to small businesses. j.p. morgan chase, the nation's largest bank is one of the banks that has essentially delayed the implementation of the program. the online portal is done but not ready for use because they want to make sure that they get through all the kinks. one of the problem i think j.p. morgan faces throughout the banking business, they will get a rush of applications, they want to make sure the portal can handle the applications and the last thing that they need is to be sued, some monday morning quarterback and as what happened in 2009 when the feds, after they forced j.p. morgan to buy their intake of risky actions started suing j.p. morgan and j.p. morgan had to pay settlements for following the feds direct

charlie gasparino has an been assimilating all these different numbers and joins us right now. il, a lot of different things going on between the nexus between washington and wall street. first thing i want to tell you, clearly there is a second stimulus bill that is being discussed and taken seriously on both sides. my wall street sources who are dealing with the treasury and dealing with the fed and also yesterday on the call with the financial services forum, that is a lobbying group for wall street, they're basically telling, they're basically telling us simply this, the trump administration, congress, they're definitely going to do another stimulus package. how it takes shape no one knows. the best bet is they will reload the small business loans going forward. because those loans i guess kick in on friday, something like 300, $400 billion. they think they will run right through that. that will be reloaded. there is whole bunch of stuff on the table to bail out cities and states. there will be a lot of money pumping into the system. clearly a second bailout is being discuss

charlie gasparino with more on all of the above. hey, charlie. >> hey, neil.re is some narrative out there that people are getting loans from the small business loan program. i believe it is something like 500 billion now allocated to small businesses for low interest loans but i will tell you this, anecdotally the complaints that we're receiving here at fox business shows something dramatically different. that the program is still flawed. the money is not flowing and that small business owners say banks are blaming the government for various reasons that they're not getting their money. so i called up small business owner that i know. guy named joe shamy. he has a factory that employs 300 people. $300 million in annual revenue, just the type of business that you think qualifies for this program. we have him on the air. joe, are you there? >> hi, how are you, charlie? thanks for having me on fox. >> good. thank you. just give us a little bit of background what happened. you went to wells, wells essentially, wells fargo the big bank, you're a banking client for

now to charlie gasparino, who has reported on these problems almost from the get-go. not a shock, i guess, but what do you make of this, charlie? charlie: couple things. the treasury secretary is not quite explaining the certification that the banks had to sign. it was much more broad. it was like, you know, it was something along the lines has the pandemic hurt your business enough to take the loan. so it was much broader than that. it wasn't just, it wasn't something very specific and i think that's one of the problems that he has. the other problem is, it's not just small banks and dealing with the sba, it is the sba not being able to certify loans when the big banks push them through. so in many ways, the government was pretty much unprepared for this, obviously, in a situation like this, you're not going to be able to stop every glitch in the system, but it was really lousy guidance from the government and i think if they hold hearings on this which i think they will, which i will get into in a second, a lot of this stuff is going to come out so it's not going to

charlie gasparino on this.o want to touch this with you, if you don't mind that could be indication of people looking at the at least the near-term picture as not very promising. we know this global halt in activity is a good reflection of that. >> yeah. neil: maybe it is a halt or a slowdown that takes a while to unwind. what do you think? >> well, two years ago, two years ago, feels like two years ago, two weeks ago on your show, neil, i reported that what i was hearing from my wall street sources, people in the restructuring business, they're obviously looking to restructure some shale oil companies that may go bankrupt amid this pandemic recession. what they were tell me and what i said on cavuto was simply this, the real price of oil was six to $10 a barrel. it was not what was stated in the futures contract which was $20 a barrel. the real price of oil reflects the real economy. as you get the contract, it is up tomorrow, the futures contract, that reality gets priced into the contract. what those other t