why gloria stephan makes a great escape from her suite at a dolphins game. good day, everyone. i'm richard lui in for chris jansing on this monday. 500,000 jobs. begin with that number. it's a law that promises just that. president obama signed the $42 billion law today. but before signing it he explained how small business jobs act would help. >> right now there's a waiting list for loans more than 1,400 names long. these are people who are dead toy di to hire and expand, who have been approved by their banks, but who have been waiting for this legislation to pass. well, when i sign this bill, their wait will be over. >> all right, cnbc's john harwood joins me live from washington. john, good day to you. 500,000 jobs sounds pretty good. but how long is it going to take? >> well, it's not going to come quickly, richard. anything the administration can do now is going to have a phase-in time, a lead time. this bill is principally about creating a loan fund so community banks can lend money to small businesses to hire. but that doesn't happen overnight. you can't just flip a swit