we appreciate it mark zandi, ryan detrick, and brian weinstein. well, $350 billion of those small business loans will be made available starting tonight at midnight, but is the government truly ready to roll out the program? kayla tausche is looking at how washington is trying to get this up and running and kate rogers has been speaking with small business trade groups about what to expect kayla, let's start with you. >> reporter: kelly, banks who are going to be making these loans have been warning washington that the program is not ready for prime-time first, they don't have general guidance, they haven't been provided an application to become sba lenders and there are some more specific questions about the structure of this program that i'm told multiple industry executives raised with the treasury secretary directly in a series of calls arranged by trade groups over the last few days hear what the two specific asks were smaller banks wanted treasury to increase the interest rate paid if these loans are not forgiven for a company. it's currentl

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this is more like a great paralysis, mark zandy at moody's says if you look at it now, you have had essentiallyhat would amount to a 75% decline in gdp in the united states. how do we comprehend something like this? >> the metaphor i've been using is that this is -- it's like a medically induced coma where doctors deliberately shut down a lot of the brain's function in order to give a patient a chance to -- a chance to recover from severe blow. what we have seen so far is mostly not a recession in the normal sense. recessions happen when there is not enough spending, there's not enough demand more goods. what's happened instead we have deliberately shut down a large part of the economy because we're trying to avoid activities that can spread the disease. we have done that way too late. but it's what has to be done. and overwhelmingly what we're seeing so far, you know, the 10 million jobs -- sure it will be 15 million by the end of this week that we lost in the u.s. are because of that deliberately-induced coma. the -- that's pretty bad in itself. for millions that's a total loss of income. the

. >> yeah, mark zandi, appreciate your time.. >> sure. >>> a new cnn poll finds half of american polls say the coronavirus has caused them financial hardship. one say that hardship is severe. record numbers filing for unemployment week after week. the people feeling most pain, vanes vanesv vanessa yurkevich reports. >> reporter: this probably sounds familiar. >> hang up and call back. hang up and call back. >> it was tough. the system does crash. >> reporter: right now, millions of americans, no matter their age, sex or race, are confronting a chilling but shared reality. unemployment conferences around the country ill equipped to deal with the volume. sites crashing and lines of americans in miami waiting for paper unemployment. >> i can't swim and literally feel like i'm drowning. >> reporter: jacori wright lives in dallas. the most he's ever made. $18 an hour, but wright still lives paycheck to paycheck and now, without health insurance. >> my insurance, i have to go through the process of getting my medicine paid for again.

mark zandi put that number at 25 million coming up over the next several months really, they are goinged the money coming in because you have to keep the mortgage system coming even if borrowers can't pay. >> fannie and freddie have their own issues they said if this were to go on for more than 30 or 60 days and you saw more than 25% borrowers ask for any forbearance like, this they would be facing some big issues too. >> reporter: exactly that's why they need the liquidity facility they need the government to step in they are doing that with fha ginnie mae is providing the liquidity. that's not the bulk of the mortgage market. you have private label, not a huge part of the market, but it's going to be in trouble as well they need to start pumping money into the servicers so they can just keep the service going. >> diana olick thank you very much. >> andrew? >> okay. still to come on "squawk box" this morning,mohamed el erian is going to join us with his take on what investors can expect when wall street opens for business this week always great to hear his perspective on where things

zandi,ining me is mark movies economics chief economist. i break down what the imf has been talking about. what are some of your takeaways? you agree with that? mark: it sound similar to our forecast, with the u.s. we are down 6% gdp for 2020. , smallas a flat year positive, small negative. global growth at 3.5%. that sounds very consistent. his on would push back the bounce back 2021. i would expect the economy to grow next year because this year businesses are shut down by the end of the year into next they will reopen and that would add to growth. i would expect that growth to be relatively muted and modest. we will not take off until we have some kind of vaccine or effective treatment for the virus. a lot depends on that and the timing of that that will determine what 2021 looks like. alix: we talk a lot about that in terms of the recovery. when it was just in china it was a v-shaped recovery, then the conversation became a u. are you putting a letter on it? do not mean to be cheeky, but how do you imagine what the recovery will look li