kate rogers is speaking with the small businesses themselves who have a lot of questions, kate, about this >> reporter: that's right, kelly. we've been hearing a lot of concerns from small businesses and we're learning a bit more about what's been going on behind the scenes. sba and treasury did hold a call with trade group representatives yesterday. and here's what two sources on that call told me. that there are still many questions about program readiness and trade group representatives are really questioning officials if they had confidence that banks would actually lend with 0.5% interest rates to these small business owners the sources said that the officials did not say if they were confident or not, but rather, they simply justified those low rates. it also seemed that officials were still working out how to handle independent contractors one source said, this is likely why contractors were punted to filing dates for next week, because it's unclear on how to handle them. and an official familiar with the ppp program did tell msnbc gnat official guidance for banks is not yet fi

for that, let's go to kate rogers kate >> hey there, brian.rbucks just announcing it's going to be extending catastrophe pay and other covid-19 benefits for its employees through may 3rd. let's take you through this what looks like here. this pay is for any partner who is sick and self-isolating and chooses to stay home during this time originally this program was intended to be for 30 days ending near the end of april those who are healthy and choosing to come to work will receive an additional $3 an hour with service pay the company also announcing that temporary cafe closures and modified operations will continue through may 3rd in addition, it will be sending thermometers through all company-operated stores for those who want to moderate before shifts begin. they're looking into non-medical grade mask options for workers and it's donated $3 million to response efforts and updates for starbucks workers who are opting to stay home, are sick and taking care of loved ones and those choosing to come in if they're healthy enough to work back ove

we'll see you soon thank you. >> thanks for having me. >> and now let's get back to kate rogers with an update on the sba. kate >> hi, jon we're hearing back from the administration in response to reports that sba's e-tran system suffered out annuals aages and l systems. that's what banks submit to get approval number for the loans. a senior emergency official sba notifieded lenders that pacing of applications into the system would occur, all lenders would be able to submit at the same rate per hour. the pacing mechanism prevents any one lender from submitting thousands of loans an hour into the system if a lender goes above the pacing limit they will get timed out. they're not saying what pacing limit is also not saying whether or not the outages and reports of them are true saying this is a pacing mechanism that's going on. we'll continue to bring you any updates as we get them back over to you. >> thank you and meanwhile, 42 billion in two-year notes up for auction moments ago. rick santelli what's the demand like >> you know, deet mand was shockingly strong. i gave it an a-minus,

kate rogers, good to see you thank you. >>> as round two of the ppe begins its rollout, as kate justed, investor attention continues to focus more on main street and the countless small business owners that are struggling through all the lockdowns and stay-at-home orders as new york unveils its plan to slowly reopening the state as of may 15th perhaps the brightest spotlights are two states that are already starting to do that. that is georgia and that is colorado georgia beginning today allowing restaurants to resume dine-in service and movie theaters can once again welcome the public inside the theater after friday's phase one that allows, salons, tattoo parlors, bowling alleys to resume operations. in colorado the governor calls safer at home or a dialed back stay-at-home order where retail businesses are allowed to reopen, albeit with curbside pickup what do these various phased reopening look like on the ground with people that run these businesses joining us are two companies in georgia and colorado vince is the owner of the mystic owl tattoo located in marietta, georgia, outsi

kate rogers joins me with a look at the numbers kate >> same store sales rose by 3.3% even as socialstancing requirements hit the broader industry hard. digital grew 81% accounting for more than a quarter of sales in q1 digital sales more than doubled in march that's more important as covid-19 impacted in store arrest rant sales and mostly inside malls and shopping centers. joining us now is chipotle ceo brian n kiccol. thank you for being here. >> great to be here. >> congratulations we know it's something that you have focused on during your tenure at chipotle so far. i'm l curious how much you think the pandemic will alter consumer behavior moving forward and if those customers will really stay and continue to interact with the brand that way digitally. >> yeah. so look. obviously as you mentioned, we have invested quite a bit over the last couple of years for the digital access point and consumer behavior because of the pandemic okaccelerated the adoption of the digital xhanchas and i think that behavior is one that people like the experience where they can order ahead, select a

level and giving more color there even though it did officially pull its full-year guidance >> kate rogers on starbucks. starbucks, tim seymour, i think you like this name i'm looking at tim's shot and i think it's frozen. i'll go to steve grasso there. >> they gave us information when they withdraw guidance and is there anything different out of this quarter that makes you think any differently about this investment >> no. i always compare, and i throw starbucks in for dunkin' donuts and starbucks is always outperforming and my nervousness is what made it a great stock is that social engagement so the more you dip into the digital side of starbucks makes me think that they're getting away from their grassroots and what makes it a successful company. >> the other side of it is, china is still devastatingly terrible, and the more that last, the more they're going to get into digital and the more they move away from what they do best >> hold on >> hold on >> i don't think they'd be out of the woods >> it sounds like grasso, like the whole notion of using free wi-fi in the bathrooms even if y

business loan program has been so enormous that the program has now officially run out of money kate rogers here with the very latest. what do we know, kate? >> hi, kelly well, right now, we know that over 1.6 million loans have been given those all-important sba e-tran numbers for loan approval from some 5,000 lenders exhausting this fund the sba did note, that is more than 14 years worth of loans in less than two weeks. but many questions still remain. what happens to businesses that started this process with their banks? do they get to stay in their place in line? also, what amount of aid could even be enough to service the nation's 30 million small businesses when this $350 billion went to just 1.6 million loans? also, how much aid has actually been paid out? it's something we continue to ask. the ceo of the consumer bankers' association estimated that tens of billions of dollars had been paid out in aid yesterday, adding that banks had a horrendous start with the sba. another layer to the story, additional funding for economic injury disaster loans has also now been paused. that progra

. >> let's check in with kate rogers as we approach the one week mark. and kate, there must be some disappointment that the senate didn't approve more funds today. >> certainly, kelly. a lot of concern about that. and for businesses who are still in limbo on that ppp funding, there is another option, it's called an economic injury disaster loan of up to $2 million, directly from the sba to cover emergency expenses like payroll and bills. the sba had been touting that business owners could get an advance on the loan of up to $10,000 within just days of applying, but much like these ppp loans, business owners are telling us they haven't heard anything from the sba about these grants we haven't been able to find anyone who had gotten that funding. the sba also declined to comment on eild amounts and processes after changing its guidance earlier in the week to just $1,000 per employee, as a part of that grant program. now, business owners like erin girdiman, a gym owner in ohio are applying for all the aid they can get and just hoping that something comes thr

kate, thanks so much kate rogers. let's get to robert frank right now with a look at some of those big bank clients that have received their loans robert >> well, kelly, more than 90 publicly traded companies receive funding under that ppp program, totallyi intolding $36n for many of those publicly traded companies many have been burning cash and warning of business failure way before this covid pandemic many pay their executives seven or eight-figure salaries before this and some of them say, even now, they don't plan to bring back their laid off workers all of which has raised questions around how the banks decided who got funded now, nearly 8,500 of jpmorgan's private and commercial bank customers who applied receive funding, nearly all of them, were assisted by what some called a concierge banking service. now, only 1 in 15, by contrast, of the smaller business customers, actually received those ppp funds. jpmorgan saying in a statement that the vast majority of its loans went to smaller business clients and that

after the break, kate rogers will walk us through the process.e'll be right back. >>> welcome back let's get to some of the big calls of the day goldman sachs added verizon to the conviction buy list, one barry james liked at the top of the hour verizon's around 53 today. goldman sachs saying they think the stock is the most attractive combination of total return in risk and three reasons why well covered and a strong balance sheet. verizon down just about 1% today. >>> meanwhile kbw upgrading jpmorgan to outperform while lowering the price target saying jpmorgan well positioned to withstand the recession and come out better because of the balance sheet and say investors because it's a high quality franchise. down 6% today in a tough session for financials. >>> finally, mkm upgrading papa john's to a buy with a $64 price target saying that segment is better positioned than other restaurants with digital and the delivery infrastructure. there are reasons for the upgrade is clear evidence of same store sales momentum. and management that can furthe

kate rogers has that story for us kate >> hi, kelly, that's right many small businesses are still in wait-and-see mode over this funding. but as cash is making its way to main street, there are more questions now cropping up from small business owners over when and how they should use this money. advocatesy groups report their members are worried about the time frame for forgiveness, with some pushing for more flexibility. borrowers have eight weeks of receiving their loan disbursement to bring back staff in order to qualify for forgiveness, but businesses fear they may run out of cash as soon as they get if shelter in place orders and mandated closures are extended the fine print still very much a work in progress last hour, the sba sending out a new notice to lenders, essentially saying that it will close etran, which is the application system that banks use to submit these loans to the sba for an eight-hour window tonight. to all lenders with more than $1 billion in assets, they're basically saying to ensure smaller lenders and their businesses have access to ppp, this, of course,

kate rogers here with details. kate >> calle . >> hi, sara, that's right. source familiar with the program says it could run out as early as this evening and that puts renewed pressure lawmakers to come up with a deal with a second round of funding for this program. as of this afternoon house speaker nancy pelosi asking that aid be allocated for banks, small businesses and state and local governments and hospitals that are on the front lines of the covid-19 fight as of this afternoon more than 1.4 million loans had been aloned those sb alone numbers for a total value of $308 billion. we know this program was funded for $350 billion one question we still don't have the answer to, is how much cash has made its way out to main street from banks and we continue to ask and as we get that number, we will report it. >> based on the j.p. morgan numbers, it's probably a quarter of it if they had anything to go by they said they'd funded about a quarter of the loans approve and we don't have the final for the banks. kate rogers. >> yeah, that's right. as soon as you

to kate rogers for what to expect from chipotle first kate >> analysts are looking for eps of $2.90 on1.4 billion. same store sales projected to increase by 4.7% that's a high number given some of the comp warnings we have seen from other businesses during this pandemic the big things to watch out for beyond those same store sales, the digital growth number which has grown at about 80% or even more in the last few quarters as well as any commentary on delivery outside of the pizza chains, analysts positive on chipotle's ability to withstand some of the pandemic business hit as customers have grown used to eating chipotle via delivery and carry out. back over to you guys. >> kate rogers, thank you. this is one of your new favorite stocks the question is, how much has already baked in had a pretty substantial run-up with this market rebound over the last few weeks >> you're right, sara. we didn't even get to buy very much we bought 1% position in our portfolios i would like to this one at 3% to 4% level. i'm hoping for a little bit of a pullback but earnings aren't going to matter the ba

kate rogers with more. >> good morning. we are hearing from small business owners still in limbo over their ppe funding we are really frustrated to hear that big companies like ruths chris and shake shack had been able to access funds shake shake said it will return its $10 billion. saying that money will go back but loans can't be made against that until more money is made available. data showing that 75% of loans were in sectors of $150,000. industrials receiving the most were in manufacturing, professional services and construction highest loan count to small business ratio north dakota, nebraska and south dakota. new data showing 25% of small businesses got ppp funding but nearly 80% are unclear where they stand almost 25% think it will not be until 2022 or later before the economy returns to normal. advocates are calling for at least $220 billion to be allocated to the smallest businesses with 20 or fewer employees because of the way the fund played out the first time >> this story for the stock market and for business

let's go to kate rogers for the latest >> the system that the banks used to submit these applications to the sba called e tran started experiencing sec a technical difficulties in statement, a senior administration official said the system was designed to slow down the process saying it prevents any win lender from submitting thousands of loans an hour into the etran system. questions remain about how quickly the $310 billion might run out. it took less than two weeks for the fall need to be tapped out focus continues to remain on large companies returning funds. the sba administrator tweeting more than $2 billion of the first round of paycheck protection program funding was either declined or returned and will be made available during the current application period the late ets big name to return funds. cnbc can affirm that no other teem teams receive the small business >>> coming up, financials are leading while energy is doing much of what it has done oil prices continue to sink and diamond offshore is the latest energy company to file for bankruptcy we have more on that >>> as ame

for many owners still trying to get access to that money, there may be an alternative option kate rogers joins us now with that story >> good morning. we'll kick it off with what we do know about the ppp. telling us dispersement amounts to banks and businesses won't be able for some time but the sba says some 430,000 applications have been assigned loan numbers to the value of $110 billion another option is called the economic disaster loan that is for covering emergency expenses like payroll and bills. business owners can get an advance on the loan of up to $10,000 within days of the application. they can roll it into their ppp loan provided the monies are not used for overlapping expenses. declining to comment on the amount and processes business owners, a gym owner in ohio are applying for all the aid they can get and hoping something can come through for them >> i haven't had any clients oregon rated any revenue since march 16 i'm waiting to see what is going on with government aid i'm hoping we get some resolution to this very soon >> communications are ongoing. senate imamajority l

kate rogers with the latest. >>> stocks are selling off look at may ago at negative $37. lowest level ever. huge collapse in the last hour or two has does it mean for markets drove at stewart frankel and fast money trader. steve, your thoughts. >> hey, kelly. this is an unbelievable terrible day for oil historically what does it mean for markets. i'm shocked that the market is only down 400 points it's an oddity to say that but when you look at the sheer demolition that's done, there's ways to explain it, right, you talk to 50 people, you get 50 different explanations like you've been doing. so when you look at the expiration, the closer you get to expiration of a crude contract, the only people buying it are those that can take the physical delivery. you're not going to get a refiner taking physical delivery, an airline is not going to take physical delivery because there's no flights anywhere there's zero byron net for any of these oil products. that's why you see it. >> the point you make it one jim made well and people are picking up on, thankfully the energy sector o

kate rogers is here with a look at that for us >> that's right.s of right now, 130,000 loan s have been given for a value of $38 billion the question remains how much that $38 billion has actually made its way to main street. remember this is faia first com first serve program. we heard from some who have been turned away from banks some are waiting in cues some have been quacontacted by their banks to move forward. we heard from two business owners that have gotten loan numbers from sba we are told by the bank they needed next steps and guidance from the administration before the loan could actually be d disbursed. we seen some tweets talking about small business ordinary reason and prudence who have accessed their money we know more than 2400 lenders are a part of this program that's fwoods negood news. it's up from last week the sba has a lender hot line, they told us, that will be up and running to help on board more lenders and get more cash out the door first come, first serve. a lot of business owners want to know how much money has gone ou

kate roger has a look at what else small business and the sba is doing to help kate >> hi, there theree other options available for small business owners including economic injury disaster loans you have to apply directly with the sba to get the loans of up to 2 billion companies we have spoken to have not gotten their disaster grants an official tells us that funds will being disbursed nearly four million businesses have apply congress has only allocated 17 billion for that program beyond that within the cares act small business owners with current 7a loans can have payments waived for six months according to senator chris coons. >> these are some of our most vulnerable small businesses. if they got an sba loan, they probably had difficulty getting a traditional bank loan. these are the companies we want to make sure know we want to make sure they don't need to do anything they are el vibl figible to makr payment for the next six months. >> big news as of this morning loans assigned those all important sba e tran numbers did surpass the 1 million mark remember there are about 30 milli

joinings now is kate rogers with a first on cnbc conversation with dave. >> thanks so much. >> thanks, kate. good to see you. >> you, too. so nearly every restaurant that we've heard from was talk iing about how strong the consumer was pre covid. du tell me when you think we'll get back to that place >> yeah. you know, kate, we were, we had a strong, our strongest quarter in the six years and you know, as the crisis hit, we got into this quickly and did all the right things and were guided by a simple principle of just doing the right thing. for us, we accelerated very quickly into this. we got into safety measures ch very rapidly and as you may have heard on call this morning, it's a brand standard for us that gloves, masks, flexiguard is a standard for us as well as we shipped thermometers to all the restaurants. so that's been a big focus make iing sure we're safe and secure during this look, the last couple of week, whether it's stimulus or people moving and some of the markets, we're tarting to see green chutes so we're enkouncouraged that and we're seeing our numbers h

. >>> we have some breaking news on the small business administration kate rogers with the details kate >> hi, kelly we are learning of some new issues with the small business administration's economic injury disaster loan program applications nearly 8,000 businesses were notified that the information may have been potentially exposed to other applicants within the sba portal. this is a program that businesses apply directly with the sba for. not the paycheck protection program to work with the big banks. an official told cnbc that personal identifiable information of a limited number of economic injury disaster loan apply kanlts was potentially exposed to other applicants on the sba loan application site. we addressed the issue and relaunched the application portal the sba notified potentially impacted individuals and offered them one year of free credit monitoring you had to be in this portal nearly 8,000 businesses potentially impacted the's no sign of an attempt to misuse the information but they have let all of the business owners know and yet another bump in the road as the progra

the ppp program is out of money and is no longer accepting loan pl applications kate rogers is here witht >> that's right. this program really had overwhelming demand from day one which is why you're seeing so many small businesses scrambling right now as 1.6 million of these loans have been approved and assigned the loan number completely exhausting this $350 billion fund many questions remain. what happens to these businesses that started the process with their banks. do they get to stay in their place in line. what amount of aid would be enough to service the 30 million small businesses when this $350 billion went to just 1.6 million loans. how much aid has been paid out we continue to ask the ceo of the consumer bankers estimation. tens of billions of dollars in aid had been paid out. as lawmakers continue to work on a deal toward an additional round of funding, we caught up with senator from new hampshire. >> when need to address some of the concerns that we discussed when we were framing this program around how do we prevent businesses who may not need the money as much from gettin

unprecedented demand despite the blow back about which companies are severing the relief let's go to kate rogers with the latest >> the sba telling us there were double the number of users accessing the system compared to any prooefrs devious day of the ppp. from the minute it opened, the sba says more than 100,000 loans were processed with more than 4,000 lenders as of yesterday. the processing automation will make it more reliable and accessible as outrage continues over large companies accessing ppp funds, steve mnuchin said there would been audit for a loan above $2 million. >> it's the borrowers who have criminal lieblability if they me this certification and it's not true we'll do a full audit of every loan over $2 million this was designed for small businesses it was not a program designed for public companies that had liquidity. >> now, remember, these companies legally applied for this funding some returned it after public backlash or seeing the new guidance out last week back over to you >> thank you very much we appreciate that >>> coming up, merck is under pressure saying it will tak

america being the only lender up and running and some of its customers are still getting shut out kate rogers have been talking to business owners about how they are navigating, what they are experiencing and finding kate >> that's right. as this program gets under way, small business owners are anxiously awaiting to hear from their landers. earlier in the week we introduced you to jason duff remember he runs a company called small nation. they revitalize small siz cicitd towns. he owns a few restaurants and a landlord of many consumer facing businesses due to late changes, duff had to resubmit a new application to his lenders this morning and he's hoping that help comes soon >> the anxiety is high i'm logging into my bank account waiting for the funds to show up i have employees to pay. i have rent to pay i have a food truck that is showing up in a few hours that i need to make sure when i write that cash that i can cash it they have received loan as of just yet the sba administrator says the program has made more than 5200 loans. more than 1.8 billion. that's a total of $334,000 per loan pe

from the government's lending program, but when will companies actually start seeing that cash kate rogers has the latest details. hi, kate >> hi, tyler we've been speaking to business owners all over the country, dozens in recent days, and we did find one that made some progress so far. he's the owner of a primary care clinic in florida. he says he applied on saturday with chase by tuesday, he had a $120,000 p ppp loan cash in hand. in fact, he was able to get payroll out the door today for his nine employees for friday. but more broadly, the sba say figures that have gone out from banks to small businesses are not yet available. what they can tell us, 330,000 applications have been assigned those sbae-tran loan numbers many businesses are still in a holding pattern, waiting for these first-come, first-served funds. today we heard from steven mnuchin trying to ease some of tharz fears that this cash might run out. >> i want to assure all small businesses out there, we will not run out of money the president has asked us to go back to congress we hope they pass this tomorrow and friday and

. >> kate rogers is following the program from the small business side and joins me now live kate, what's the latest in how well this is functioning >> as of this morning, the small business administration said 330,000 of those loans had been assigned an sba e-tran loan number for a value of some $88 billion but remember we remind folks this is one step in the process. a senior administration official tells us that the sba won't be releasing how much cash has been paid out to small businesses for sometime now, treasury secretary mnuchin on cnbc this morning said he was working with congress on the additional $250 billion for the ppp and congressional democrats want it for community banks of farmers and businesses owned by women, minorities and veterans no wonder congress is considering expanding this program. ppp is extremely popular 96% of swing state voters support the relief package for main street and mainly all think it is important to get small businesses relief and talking to owners all over the country, many are still waiting, some have been assigned the sba lon numberser and hear

. >> our kate rogers is following all of this from the small biz and joins you now. how's the process for people trying to get money? >> reporter: hey there, kelly. from the information made available to cnbc we understand the process works like this. small business owners would contact the lenders they have relationships with and submit the ppp application from sba.gof to the bank. new applications were released last week and some small business owners to resubmit applications to the bank and then the bank verifies the information on the application an submit that form to the small business administration. the sba then gives each application an sba loan number from the e-tran system w. that loan number back to the bank the sba said the banks have delegated authority to make the loans but according to industry sources more information is needed many small businesses say they have not received the funds as their banks are awaiting guidance from the sba. larry kudlow told cnbc this morning the sba given out 130,000 e-tran numbers but unclear how much $38 billion made t

we heard from kate rogers, our small business reporter that she's hearing from some of her small businessrces that they're just now getting the application processed and we spoke to the ceo of a bank on power lunch who said just today he was able to get money out the door and according to cnbc.com saying the two largest bank, j.p. morgan chase and bank of america saying they've been able to disperse a small fraction of what has been created to help provide relief for small businesses so that's the update now it's a large program it's still very early in the process, but again, more snags for that program we've been hearing about that all week, brian, back and forth reporting from kayla tausche and reporting from aaron rodgers, but more snaps on the program. >> the ceo of t.g.i. friday's, and we'll ask him what he needs to get back on his feet and mick sure h make sure his employees are taken care of. a lot to cover through >> we have another special markets in turmoil at 7 cocke p.m. eastern time. >> coming up on "fast money. call it the tech triple way. we haven't forgotten the core miss

but first, let's go to kate rogers for more details on how the sba and the treasury think this program is intended to function kate >> reporter: hi, tyler well, for many small business owners out there, there are a lot of questions remaining on the ppe front, like when they should start using their cash once they receive it, if they do want this loan to be forgiven. now, remember, these are loans of up to $10 million, based on 2.5 times average monthly payroll. they have 1% interest rates and max terms of two years they are meant to be used on payroll, mortgage, interest, utilities, and rent, even while the business is closed, in order to be forgiven the funds must be used over an eight-week period that begins at the time of dispersement treasury advises that 75% of the forgiven amounts should be used for payroll. now, a senior administration official tells us, the covered eight-week period does begin at the time of loan disbursement. rehiring must happen within that period in order to have the loan forgiven the purpose of the funds is to make payroll and benefits even if employees are

. >> right jim, our kate rogers just tweeted the update on the payroll protection program it was given $350 billion initially. he said it almost hit that and congress left last week without approving more funds the time is of the essence it could run out of funding tomorrow or the next day. >> yeah. so you're using a magic word funding is a measure of liquidity being extended to the market right? we have to think about this in a framework of liquidity, solvency and what the fed is trying to do is extend a bridge loan to create solvency for these companies right now to get through this difficult period of time where earnings might be a little bit short because people aren't outside spending. you don't want a liquidity problem turn into a solvency problem and you can be insolvent to the extent that some earnings are not coming in the way people hoped they would and hurts an ability to repay the debts but as long as you don't lose access to funding you can be in that period of time for an extended period of time i should say and in essentially that's what the government is doing is provid

guidelines on what needs -- what is needed from customers to extend a loan and they haven't got thatyet kate rogers, in fact, tweeted out that an official at the sba familiar with the project said that guidance had not been finalized yet. that's the problem and that's what we're waiting for and this executive at a major bank suggests we're too close to deadline now even if we get the guidance today it's highly optimistic they would be ready by midnight tonight. guys >> all right wilfred frost, thank you >>> let's get to eamon javers for some details on white house efforts regarding the oil industry and supply. eamon? >> yeah, jon, we're expecting the oil ceo meeting at the white house tomorrow i've been talking with an oil industry source over the past little while who gives me an expectation of what the industry or the players in the industry will be asking for from the president and the main thing is, this issue of oil tariffs which some players in the industry believe the president is inclined to do here even with this announcement in the past hour or so on a potential deal with the saudis and r

eight-hour window for small lenders last night has created a stir over potential loan prioritization kate rogers> hi, kelly some in the banking community are asking why this was necessary and how this is even allowed. remember, the program is first-comed, first-served and here the administration is being accused of tipping the scale with that reservation window the sba and treasury said it would enhance the system for all and ensures access for smaller lenders and their customers. did smaller lenders actually need this help the most recent data from the sba show that the vast majority of loans approved so far in this round have been by smaller lend lenders. of the 960,000 loans approved through yesterday evening, nearly 80% were from lenders under $50 billion in assets. we've reached out sba repeatedly for clarification upon why this was done beyond just easing up the e-tran system. investors are saying they're seeing some relief, but accuse the sba of playing favorites at small business customers who bank with large lenders. and it's safe to say that the clock is ticking here with more than $90

i want to get to kate rogers who joins us with some numbers now on how it's going. , over to you. >> reporter: hi, andrew. good morning as of late last night the administration told cnbc that 175,000 loans had been assigned an sba loan number from the etran system for a value of $50 billion. that's just one step in this long process a senior administration official told us that disbursement amounts won't be made available for some time. yesterday we heard from businesses in many different phases of the process, some being turned away from banks, some in ques some told us their sba loans were approved and given the loan numbers but the banks wouldn't disburse the funds until more guidance was given to them from the sba. they said the etran system went down which the administration then denied. beyond just the ppp rollout, small business owners are increasingly losing optimism the nfib is out with the sentiment showing a drop of 8.1 in march to 96.4 the group's chief economist saying in a statement, it is vital that these businesses have access to federal funds that ar

. >> yes kate rogers.nterested to see this lots of drive throughs not the online ordering that others have. this should be interesting this global company. mcdonald's quarterly results just released. let's get right to kate rogers. >> reporter: eps coming in at $1.47 a share. analysts looking at $1.57 a share. global same store sales fell 3.4% the u.s. managed to see a small same-store sales increase of 0.1% for the quarter like many other restaurants, pre-could he have individual sales were strong and march alone saw a big decline of 13.4% in the u.s 75% of mcdonald's stores remain open globally. most are adapted to focus on drive through, delivery and take away this includes 99% of u.s. stores drive through does account for 2/3 of the business in the u.s. allowing for continued operations during this time. the company previously this month did withdraw its 2020 outlook and long-term outlook due to uncertainties surrounding the impact of covid-19 additional steps taken for financial security is increasing

starbucks issuing a warning about how coronavirus is impacting earnings and kate rogers has those details for us. kate >> that's right. starbucks out with that warning after the close yesterday issuing some guidance that it's q2 earnings would fall by roughly 50% from the year ago quarter due to the ongoing impact from covid-19 now the last two weeks of march made a major impact on starbucks' bottom line earnings are now 19 cents below prior to the u.s. lockdowns. the company says u.s. same store sales fell 2% and in china, fell 50%. the company also withdrew guidance and temporarily suspended buybacks then today the national restaurant association sending a letter to congress to highlight issues with the need to act with urgency with the loans add thag 3 million jobs so far within the restaurant industry have been lost 15% of restaurants are permanently closed and revenue loss rs approaching $100 billion. those are some devastating stats as they urge raw makers to take action on clarification and additional funding back to you. >> thank you for that. mike, want to get your thoughts on al

kate rogers has more on what small business owners are saying start with you, kayla. what do we know about this point? >> it's supposed to be unveiled in a matter of hours, but many banks do not have the guidance from the small business administration, do not have an application to participate in that program as such, a lot of them are raising concerns with the treasury secretary in several calls arranged by industry groups in the last few days about some structural issues and broader issue s about how quickl this is going to be put together and some issues that might affect its ability to be rolled out in a seamless manner some banks have a concern about the interest rate. b about half a percentage rate that would be the interest rate on the loan if not forgiven. they say because their cost of capital is so high, they would have to issue the loans at a loss and have asked the treasury secretary to change that rate to change that dynamic. unclear if that will happen. seco second, the big banks are raised concerns about some of the antimoney laundering and fraud p prov

unions to lead the way back in this economy >> richard, thanks for joining us >> thank you >>> kate rogers has been speaking to small business owners all day, all week, about their experience with the loan program. she joins us now with the loan program. what are you hearing >> well as this program gets underway, small business owners are anxiously waiting aupdates from their lenders we spoke with the ceo of omg accessories. she's cut her staff from 20 employees down to 50 as customers cancel orders of her signature unicorn backpacks. >> i'm hoping these loans are going to give us the necessary funds to bring back all of our staff and have everything functioning the way it did before all this happened >> many of the business owners e we've spoken to are in the same boat they've prepped these applications they're anxiously awaiting any word from their banks and lenders. this program is first come first serve so as you can imagine, there's a lot of stress going on on main street i've canvassed businesses all over and i have yet to hear from one who got a loan i hope that changes because a lo

but mcdonald's and panera bread responding to the pandemic kate rogers is looking into that story. > hi san jose sharks , sara restaurant transactions have fallen 42% for the month and march 29th some like panera are getting creative the company is turning to selling groceries since dine-in locations are closed you can order online via the panera app and through grub hub. and mcdonald's saying that 75% of its restaurants around the globe are operational either with delivery, take-away, or drive-through of course, but the company said the covid-19 crisis has impacted in a big way. closures are impacting its business with same store sales globally down 22% in march, in the u.s. down more than 13%. the company also says it's going to be cutting spending on new restaurant innovations and pulling back a bit in opening up new global locations as a result of this and also the new ceo is cutting his salary in half through at least september 30th. back to you. >> kate, thank you jane wells s has the latest on america's food supply. jane >> hey, sara over the next few months 40,000 farm worke

rog v ka kate rogers has the details >> those loans will be available beginning friday and senior trishls say the capital could be in the hands of small businesses as soon as same day. the sba ask wois working on a pl where small businesses can find lenders. then they'd apply online through that bank. the sba is alsobroadening out the rules about who can lend to include any fdic insured bank. these loans will have 0.5% interest rates for a two-year term payments will be deferred for six months and there is loan forgiveness available if employees are either retained or rehired and the loan is used for certain expenses like payroll or rent and utilities. the loans will also be available on a first come, first served basis, and demand, as you can imagine, is likely to be very high, which raises a lot of questions about available capital, particularly for sole proprietors and independent contractors who will have to wait until april 10th to apply an important note, we've heard from treasury secretary steve mnuchin saying if the money runs out he plans to go back to congress to ask for more ai

kate rogers joins us now with more on how businesses can access that capital. loans will be available beginning friday and senior administration officials said yesterday that the capital could be in the hands of small business owners as soon as same day. right now the sba is working on a portal where small business owners can enter this in a zip code and find lenders in their area if they don't already have a working relationship with a bank then apply online with that bank right now some 1800 lenders are a part of the program but any fdic insured institution is eligible to register with the sba and the administration expects many of them will participate in the program loans will have 0.5% interest rate and payments can be deferred for up to six months. loan forgiveness can be forgivable lean must be used for certain competences. these loans are 100% backed by the sba and administered by the banks. they will be available on a first come, first serve basis which is important for businesses to know demand will be very high and a lot of questions remain how this d

kate rogers joins us now she's got more on how the process is kind of playing out as we get a little into this kate, good morning >> reporter: hi, becky good morning from the information that's been made available to cnbc, we understand the process would work like this small business owners contacted the bank that they currently have a relationship with and submit their ppp application from sba.gov new applications were released late last week, which meant that some small businesses had to resubmit to their bank the bank then verifies the information on the application and submits that form to the sba. the sba then gives each application an sba loan number from the etrans system with that number that is sent back to the bank, the sba says the banks have the delegated authority to make these loans. according to industry officials, more information is needed many small businesses say they have not received their funds as they say their banks are awaiting guidance from the sba as of sunday evening they said the sba had given out 100,000 sba loan numbers and given out $30 billion. it's u

first, let's get to indicate rogers with the latest numbers and what to expect as ppp round two opens next week. kate >> we know 1.6 million loans ate up the first round of $350 billion in aid in less than two weeks and the next set of aid is expected to start to be out on monday many banks are saying that businesses that applied last time but did not get aid are still in their place in line the consumer bankers association warned the money may already be spoken for before this gets up and running due to demand. there's some 30 million small businesses and estimates has been as high as $2 trillion for what will be enough to help them all in this time how will the $60 billion that's been designated for smaller institutions be allocated? there that be monitored in realtime or with an automated system guidance issued in the last two days on larger companies and limiting their access and hedge funds being ineligible points to the government seeking to ensure it makes into the hands of small businesses many businesses are really eager and anxious to see if they do access that aids this time around back ov