i think there's a game-changer with fintech coming out this week, square and paypal just got approved think they're going to be able to sweep up a lot of these very small vulnerable businesses. >> businesses have 27 days on average, karen says, of cash. regular folks, we've been saying for years, those of us in personal finance, you have six months to a year but that's just not true. the government shutdown told us a lot of people don't have a month at their disposal. these are government workers, by the way. not the least among us. we have a whole lot of gig workers. we have a whole lot of people in america who don't know if they qualify for the $1,200 check because they're part time, in contract, and this crisis is laying that bare. >> absolutely. one of the things i think has happened is we allowed ourselves to cannibalize the labor force in particular ways and it's all been kind of under the idea of the mantra of the job creators, job creators, and we weren't really talking about what was good for job creators, not necessarily being good for the people who actually hold those jobs

. >>> coming up, we're going to dig into the role of the fintech industry and getting relief out thes and getting american businesses back on troord with former starbucks ceo howard schultz taking a look at the price of crude oil. look at the complex -- not the complex, but the different months there's may, june, july and august you can see that the may contract has rebounded quite a bit from its low of minus $40 yesterday. now the june contract is dropping sharply down almt os1/4. stay tuned, you're watching "squawk box. every financial plan needs a cfp® professional -- confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org. >>> welcome back to "squawk box," everybody. been watching the futures this morning. right now we're just at about our weakest levels of the morning. down roughly 600 points which would be a mirror of the decline that we saw yesterday when the dow was down 592 points. right now dow futures down by 614 points the s&p down by 60 the nasdaq down by 109 joe? >> than

. >>> fintech companies could be in the small business lending program. we'll talk to the founder of square that they could play to get money to businesses. >>> jamie dimon said there are things about the crisis that remind him of 2008 you can watch or listen to us live on the cnbc app >>> welcome back to "the exchange." here's a look at the biggest calls on the street today. first up jeffries upgrading tesla to a buy but lowering the price target to 650. the firm saying the only original equipment manufacturer in the space legacy free, doubling market coverage and leads the technological transformation shares up 5.5% to just about $507 today credit swiss downgrading zoom to underperform today while raising the price target to 105. the firm saying zoom with an ultra premium valuation and the richest in the software space and the recent surge to prove short lived and comes from users difficult to monetize and also worries about zoom's growing competition. zm down nearly 9%. finally g finally guggenheim is upgrading ebay ebay which we haven't talked about i

we do have, we are more efficient than maybe some of the banks because we have an affiliated fintech lender which is able to create online portals and processes to work in a more efficient manner and that enabled us to not only become -- process these loans more efficiently but also to provide broad access to the program, to the smaller business owners. liz: so writing loans, you were more efficient. i like that. how do you find the sba process and if you had the ear of congress right now, as they are about to maybe within the hour, less than an hour, grant more money into this and replenish it, what would you say needed to be changed, if anything? >> well, nothing i think at the congressional level you could do to change it. the issue we all face, we are laser beam focused on getting the -- processing the loans we have approved to disburse the funds in a timely fashion to again, the smaller tier of small business owners, but i will say that the sba system, they processed in less than one month, they processed over a decade of loans and we are seeing basic errors like recognition of

as a leading fintech company, we are probably better set up than most of the open market.ur staff are working remotely, and all their jobs are safe, which is probably the most important thing for them. matt: have you found it at all difficult to get dollars? >> certainly, there's been short squeezes. rates for overnight dollar swaps have gone up a bit. it's coming down. i think the stimulus announced a couple of weeks ago has certainly helped those dollars to filter through. i would say now the markets are back to near normal or as near-normal as we will see for the for seeable. anna: maybe a new normal. let's hope not. let me ask about the proper functioning of markets. you talked about the small number of people who actually need to have presence in your offices. if london was completely locked down, would we see proper functioning of fx markets, given london's role in fx? are you concerned about the proper functioning of the market that you watch? not for now, to be honest. i think everyone is well set up. the banks and leading proprietary trading firms have good busine

but we are talking about fintech companies that can take advantage of both technology as well as being at the financial sector. those are the kinds of companies we are looking at. we have seen the fed getting into the $4 trillion muni market here. they are going to buy state and government bonds. that may be a positive catalyst, but at the same time, you have people like mitch mcconnell saying they are thinking of allowing states to file for bankruptcy. do you have confidence in this market? loreen: we do. we liked municipals a lot. when you look at what the fed is saying, the fed was offering lending that would need to be paid back to the fed. when we look at default rates in municipals, they are very low. with the recent volatility we have seen in municipal bonds, that has more to do with liquidity issues that now are no longer an issue. that has been taken away by what the fed said. we don't anticipate huge issues in that area of the market. therefore, we say it is an area to look at now that it has been hit, and look for an area of a good entry point into municipal bonds. does it w

the small business administration opened it up to fintech firms. for example, lendio over the weekend said they did 2500 loans for a tune of $500 million so you have expansion there. but yes, wildly popular and it looks like if this trend continues, we could possibly be out of money with the payroll protection program by friday or at least into the weekend, very close to being out of money by friday because some of the big banks have started to process but they really haven't in bulk put their loans through. stu? stuart: okay. thanks very much indeed. it seems like the speed at which the money is getting out there is truly remarkable. ashley, good morning to you. come in, please. the money's already hitting people's bank accounts, i think. ashley: yeah. that's absolutely right. good morning to you. 80 million americans are expected to get that check, actually it's going to go into their bank accounts via direct deposit, this week. 80 million americans. in fact, the majority of americans say the treasury department eligible americans will be receivi

facebo facebook, revenue was slow coming into this crisis so it needed to pivot towards e-commerce fintech needs to stop fears after the privacy concerns you will expect to see the company see a massive hit from the advertising part of the business they did ink a deal with whatsapp microsoft, many of us have been using teams, you'll see pick up. the daily record 2.7 billion meeting minutes up 200% from what you had in mid-march as lockdowns were beginning that's a strong jump apple, who wants to buy $1,000 plus iphone when their job is in doubt. also the iphone 12 cycle, how it will be rolled back, whether pushed back to the holiday season to ensure smooth rollout across the board that's what we're looking at and amazon clearly the winner. as you've seen a real pick up in deliveries don't forget amazon web services used to support the rollout of the marketplace, but the marketplace might look a little healthier. a lot for investors to rake over on the growth side. >> looking forward to your analysis as the results come through. >>> we'll squeeze in a break when we come back, president trum

urge treasury to do now is get that money out not just through banks, but let's use some of the fintechssome of the technology companies that have come on the scene. i'm thinking square and stripe and quickbooks. they know where small businesses are. they talk to them. some of them have 10 million small businesses that they can verify their payments, and we are not using them at the moment because we're just using the banks. and i think we need to use every channel at our disposal. and the other thing is some of the most vulnerable small businesses are the ones that square, for instance, takes care of. they, on average, only borrow about $6,000. well, the banks don't service them. so we need to use all of our channels. and if we do, you know, small business owners are resilient. but this is as tough as it gets. so they can hang on for a while, but i'm told that come may 1st, that is a day of reckoning. they've paid their april 1st bills and they have a few weeks of cash left. if we can get money to them, that might be good. but april -- if we don't by may 1, you know, we could really sta

sectors are sort of changing like we said telehealth and automation seem to be bigger there's things in fintech. we saw stripe raising a new round of capital and they cited coronavirus. they say this shift they thought would take several years happened in matter of weeks thanks to covid. >> thanks so much. for more on how coronavirus will reshape silicon valley, let's welcome in duncan davidson to pick up on what kate was saying, you also think there will be a rotation? >> ecommerce amazon might become a $2 trillion company digital ads, i think old media really will be in trouble here retail if people can get buy without the ads in the local newspaper, why do they keep advertising remote collaboration, that's an obvious category i think the two that are less obvious are the gig economy. it's thriving. people thought it was on it last leg. the final one is reindustrialization and what some people caught the fourth industrial revelation which is the next big thing coming out of this >> he's pick up on that. he said it's time to build manufacturer and hardware is not something silicon valley has b

there's another name on thissco the upside i think fintech is a really interesting spot this is one of those names where it's almost a must have. it's a range i look at paypal as you buy it a 100, you start getting light it's been crazy. obviously tied to a lot of the news about what's been going on with the pandemic. i still think the trade inexpensively. it's had great run to the up side i've been in it. i got out. i got back in. i pulled back a back we continue to see incredibly large option of players in the gilead space we're talking about something out there an continues to be out there is saying if things go well with some of these drugs they are working on, they think this is a company that will be in the triple digits, not in the single digits. >> i want to take that opportunity because we're talking about gilead sciences and what's happening with coronavirus headlines. let's now go to new york governor andrew cuomo who spoke moments ago about the latest coronavirus numbers. let's listen in. >> it's down a tick which is good news. the change in hospitalization is down number o

representing on our screen about $3.4 billion in eight different companies ranging from broker dealers to fintech. would any of the american ones have been eligible for loans and i know you didn't -- i know they didn't, but would they have been eligible and should they be? >> well, it depends. some of them are not small businesses with less than 500 employees and those that are small businesses with less than 500 employees, of course they would be eligible to apply. and you know, i think if they have a minority investment, any company, any small business that has a minority investment from any kind of investor, we want to encourage private investment in small businesses and i don't know why those investments in small businesses preclude them from taking part in the program. liz: which i guess would include some businesses private equity has a stake in. you know, for people who aren't familiar, you are somebody who really faced the fire back during the last crisis, 2008. you ran the uk based bank barclays. you bought lehman brothers when it was severely distressed. why are smaller banks, i have to

one is, they have to allow fintech lenders to participate in the distribution of that's loans.y have the technology available. they're set up to handle high volume. and they can participate. in addition to the community banks and the large -- and credit card unions that are participating. the other thing is that most financial institutions don't have the balance sheet or the capital to fund the demand of loans out there. so if the treasury can give some guidance on how a lending institution can fund the loans and then get reimbursed or replenish their capital so they can keep funding the loans to the business owners that are out there, there is so much demand. a lot of these financial institutions are going to go through their capital way too quickly. >> i agree. >> all right, brock blake and julia chatterley, thanks to both of you, appreciate it. >>> coming up, who lives and who dies. it could come down to a patient's score on a point scale. in a worst case scenario, they're talking about it. stay with us. at papa john's, we want you to know that from our 450-degree oven, to b

these fintech players, as they're called, are more agile. to lend to far smaller businesses, those with less than five employees. so in terms of getting cash to the lifeblood of the economy, this could be a real game changer. that's the good news. the bad news is, these guys still have to get approval from the small business administration as well. so again, we've got the same choke point here, getting cash out there. i think we should be talking about a solution that bypasses the small business administration at this stage. i hear those talks are beginning. >> interesting. cnn business anchor julia chatterley, thank you so much. >>> breaking news, vermont senator bernie sanders has officially endorsed his former rival, former vice president joe biden, for president. >> so today, i am asking all americans, i'm asking every democrat, i'm asking every independent, i'm asking a lot of republicans, to come together in this campaign to support your candidacy, which i endorse. >> cnn's jessica dean is live for us now. jessica, this endorsement cam

fintech, financial technology, getting in on the action of the paycheck protection program. square, paypal and intuit all getting approval to provide small business loans to struggling companies out there who need them. clients of the non-traditional lenders will now be able to apply for low interest forgivable loans from the government's $350 pool. they are all moving higher by 4% apiece. >>> up next, we will get you an update, the very latest numbers on how the ppp is performing. the personal paycheck protection money. and we will tell you what other silicon valley power player is doing to try to keep the doors open at the microbusinesses that use its web services. the godaddy ceo is here next on "the claman countdown." i've got some terrific news for veteran homeowners from newday usa. interest rates have dropped to record lows. newday usa makes it so easy to refinance that one call can save you $2000 a year. newday's va streamline refi lets you refinance without having to verify your income, without getting your home appraised and without spending one dollar out of pocke

with all of the attention that fintech companies and big banks oftentimes receive with technology thatvals the pentagon and global call centers, you know, and i think what we've seen through this process is when called upon, small businesses that be act more like start-ups, we call them community banks, are willing to step up and help main street hopefully in furnish help wall street. but this has been an incredible process to watch everyone work together it's very unfortunate, as you know, it doesn't discriminate. and i am very optimistic about where this program and our economy in the future is going >> one interesting sort of caveat, john, i believe, is that a lot of banks now have to hold, is it 5% of the loans they're extending in order to have some skin in the game to kind of make sure you're not just throwing money around willy nilly, but that you're a partner in making some of these decisions. are you concerned about being left holding the bag if this money is not repaid. if the economy or the virus worsens and people have to close up shop and can't make you whole on these loan

any credit union, sda lenders and fintech lenders. he will get the money the same day. this to pay your workers. please bring your workers back to work if you have let them go. you have eight weeks plus overhead. this is a very important progr program. i am pleased to announce we will raise the interest rate on the loans. they are paid for as part of the program prior to the bar does not have to pay this to 1%. we announce that it will be 50 basis points. we have heard from some smaller community banks that there deposit costs, even with the government borrowing at three or four basis points, this is a 90 day loan to make it attractive for community banks. we have agreed to raise the interest rate. i encourage everyone to take out the paycheck protection program. i am also pleased to report that the economic impact payments, i have previously said that it will take three weeks, i am pleased to report within two weeks, the first payments will be direct deposited into taxpayers accounts. and as the president said, last night, the president authorized me to say that anybod

hours ago, do you really think we're going to get ourselves to a place where we're working in paypal, fintech and angie's list? >> i'm very nervous about that. it was 10:00, 11:00 last night they're still working on the language of what the rules are. so i don't think it's realistic that you would think the banks are actually going to be able to get the money out. and, a, to not be able to get this money out before may 1, when a whole bunch of bills are going to come due, threatens to have mass bankruptcies of small businesses in the country. but on top of that, we've got this major credibility gap that's developing, and it's a terrible -- it's terrible that we have that. so when the president, they announced there would be 27 million tests by the end of march. and they announced testing in walmart parking lots. and google was going to have a website up that you could check your symptoms and it would tell you where to go. if we extend that kind of bumbling, we're trying to get it to work out, but it's not quite working out as we said. if that extends into the economic sphere, we could transfo

then people go right back to them i think fintech is doing quite well no, i want to take the other side of the trade on visa. that's a very good company it's a mistake to downgrade it >> there was a good upgrade of j & j, they go to 175. they say the decision to price the vaccine at not for profit is a master stroke when it comes to fighting the overall pharma pricing pressure from the hill >> alex gorsky is doing everything right there my favorite line is don't worry about the talc and opioid. do you remember that was all that mattered and alilex gorsky was on the defense every day j&j is a revered company there was a note found by me where i called it a great company and the media wanted to crush me that's not fake news it's great one of the reasons why it's great, they're doing what they're doing with the vaccine and what they're doing with the anti-suicide drugs they're trying to get veterans to stop killing themselves alex gorsky, a distinguished graduate of the united states military academy, that company is worth revering and they're doing a lot of things right. if anyone is goin

a program that there's almost 5,000 banks, it's your community bank, it's your credit union, even fintechgoing to small businesses it's actually a grant. if you use 75% of it to pay your employees, even if they're already laid off, that's a grant to you the rent, the utilities, it keeps you alive. look, i started my first business when i was 20 i could not survive today in the climate we're in i had an individual text me last night, a small business that has been in my community, that is actually an ambulance company. she called me almost in tears thanking me that she's not going to lay anybody off and she's going to stay afloat for when the 911 call comrs in that they're going to have somebody for them this is what's happening, but right now, democrats are playing politics there's no need for politics, no policy changes what they're even requesting is making it harder on the small business to get the loan they want more data from you we brought this down to two pages. it's not a time to argue it's a time to provide the resources needed to keep you afloat and keep you hired. >> and what d

as of friday the sba put out the new document to allow other banks, credit unions and fintech companiescome certified ppp participants it's in our interests -- banks are doing everything they can to serve their customers, clients and communities. it's critically important. i would note even before this program was put on the books, the banks have been doing that for weeks. i know the diamond letter articulated that community banks, mid-sized banks have been doing everything they can to ensure that the economic tale associated with this health care crisis is as minimal as we could make it. the banks are in a strong position in terms of capital and liquidity to help right now and be part of the solution and they're stepping up in incredible ways. >> rob, obviously this is kind of unprecedented to try to see a program like this pulled off i can't imagine how many complications there are, how many difficulties there are in trying to pull it together at the same time, talking to small business owners here this weekend, for instance, the guy who owns the salon that i go to, he owns three salo