if they didn't have a big loan with those big banks, they could not get a ppp loan. as a result so many of us, including myself, got tons of calls from minority small businesses who couldn't get through, didn't know where to go and were without resources for those small business loans. so this is why we then created a set aside, a ppp set aside for the community bank t credit unions and the community financial institutions to be able to lend to those underserved businesses, women, veterans, businesses of color, so that they could have the access to ppp loans that they needed. >> i'd like to bring you back onto the impact of these racist attacks. you are a member of the congressional asia pacific american caucus. what was the impact to neighborhoods? how were asian-americans managing who were running small businesses and what was the impact on their neighborhoods at that time? >> when -- first started there were very heavy rumors and misinformation that was being spread that there was coronavirus emanating from those businesses. and as a result some businesses were ta

an relationship -- having a relationship with financial institutions was important to getting your ppp loan approved and forgiven in record time. >> there are a lot of people, including some of our guests today who do not realize that there are americans who are basically excluded from the global financial system. that is something you are familiar with? >> i have lived that reality of being outside of the financial system for about half of my life. i will say this, for millions of americans around our country, who need more help, more access to loans and opportunities. it is imperative upon us in the positions that we hold to make it easier for those who are creditworthy to get the credit that they need. think about homeownership and the disparities between the races. one of the ways we bridge that gap is by helping those who cannot afford it be part of the system and helping those who have been repaying their rent on time, that information should be scored by the credit agency. when that happens, you have more people who have the beauty of experiencing the american dream, building eq

relationship with your financial institution, especially as a small business, was important to getting your ppp loan approved and forgiven in record time. mike: and, senator, i think there's a lot of people, including maybe some of our guests today, who don't realize that there are americans who are basically excluded from the global financial system, but that is something you are very familiar with. sen. scott: i am. i have lived that reality of being outside financial systems for probably half my life almost. the older you get, the harder it is to say that, of course, but for the millions of americans around our country who need more help, need more resources, need more access to loans and opportunities, it is imperative upon us in the positions that we hold to make it easier for those who are creditworthy to get the credit they need. you think about homeownership and the disparities between the races. one of the ways we bridge that gap is not by extending loans to people who cannot afford it, but helping those who can be part of the system and those who have been paying their rent on time, e

the second one is the ppp loan that is forgiven.s that not the very definition of socialism, maybe for rich people? the third one is we have a real problem where nobody -- one party does not want to raise wages for working people. but because every family now needs two working people, a wife and husband both have to work, aren't we just basically saying let's keep wages low but are taxpayer money is going to fund the child credit in the build back better? are we giving big corporations and all the -- host: we have your point. guest: as i said earlier there are many different definitions at the federal level for small business. generally the small business administration considers a small business a business with fewer than 500 employees, although they have some variation based on industry. other programs have different definitions. as far as ppp, i disagree it is socialism for rich people. these businesses were -- many businesses were shut down or limited as a result of covid-19. i think the paycheck protection program provided a lo

government, which was in turn going out and spending money on ppp loans to small businesses, assistance checks to the $1400 checks earlier this year. that went to the citizenry. we have spent a lot more money and this shock compared to 2008. that has been one difference in the response time. host: the next call comes from park in north carolina. caller: good morning. first i want to say c-span is wonderful. this program is probably the only true sense of journalism out there. my question is how can we sustain a debt-based economy? host: why do you ask that? caller: because our -- it is hard for me to say. i'm not exactly an economist. if our money is based on debt and the more money we make, the more debt we have, how can we pay back the debt? how do we sustain it? guest: we spent a lot of money this year and last year in response to the pandemic. the u.s. has a larger data. it has a larger debt burden. the cost of servicing that debt will be greater than in the past when the fed has to raise interest rates. that has to be a concern. over the past decade, we have gotten used to this ide

i was not getting the ppp. i was not getting loans. >> he introduces us to everybody in the kitchen. it doesn't matter if you are the fryer or president clinton. >> he sits down on this chair to get to her level. what do you want to know? she is like, do you like broccoli? >> when someone famous dines at new deli at the end of the night he flips over the chair and write that person's name with a sharpie. this one anthony hopkins. >> the fish and vegetable guy, no brain. >> i know. >> that visit from hann ib al may not have happened if not for a patron's daughter. she learned of the restaurant's troubles and gave an ass ist. >> every disaster has a seat of opportunity. today i'm way more stronger than when i entered the pandemic. >> the path you took. >> the 64-year-old laughs even when facing staffing shortages and inflation pressures these days. the list goes on. business is picking up but his message to anyone facing pandemic hardship is clear. >> most important thing, hope, verses hopelessness. trust verses

even though they got some crumbs through ppp and some of these other loans, small businesses were never properly compensated for what was taken away from them. and in many cases the complete murders of their business. steve: actually this what else the basis of trying to get restitution and we'll keep following that. if you want to see the full conversation with carol. be sure to check out the podcast. it's time for this week's let's speak biden. this was the week biden spoke to chain atmosphere authoritarian dictator. they say how do you know him and how much time have you spent together. that doesn't sound so good now. so instead say this. >> we know each other well, we are not old friends. it's just pure business. steve: that's strange. >> good to see you, mr. president and your colleagues. i'm very happy to see my old friend. steve: when you have the perfect opportunity to and up for america and demand accountability from china and their role in starting the and --the pandemic. you know how biden will handle that one. >> and umm, what am i doing here? steve: we'll be right back. i a

we all heard about the debacle of the first round of the ppp. this time around everybody is focusing on the hardest hit and the most devastated. thank you for that. i am a veteran owned business, a minority owned business, a woman-owned business. we cover although spectrums. there were a lot of small businesses who were getting access to capital. the other thing that is important is they are addressing a lot of our needs. in our survey a lot of times people were talking about the devastation from the standpoint of not having access to capital and not having access to affordable health care. i believe the build back better act will address those immediate needs. host: let's let some of our viewers take part in this conversation. we will start with sandra calling from georgia. good morning. caller: i have a question -- does not the federal government define a small business as one that has up to 500 employees? in the black community, small mom and pop businesses, nail salons, beauty supply stores, those businesses typically do not invest in the bl

act, the ppp, massive amount of money going to corporate america.lk about inflation when these programs are designed to help the people who have the greatest needs. i agree we have to give people something they can feel. people inside the bubble can pat each other on the back and say we've done a good job. until the people who need it the most start to feel it, it doesn't matter. talk about messes, republicans have no standing in talking about creating a mess. >> just to add, i want to point out the fact republicans talk about inflation in terms of a gold mine. you have democrats trying to solve it, actually trying to give checks to people, put money in people's pockets, while republicans are here trying to run on it as a campaign issue. people are hurting. biden was put in power to fix things. what is he doing? he's working on fixing them, getting us back from this pandemic, we had a jobs report that we are up 4.6 unemployment. experts did not believe that was going to happen for another two years. our economy is coming back. supply does not meet d

it enables our customers to adapt through dynamic times, enable them to get a loan whether it's ppp orgh square we think we're a key piece of helping those sellers adapt. >> i was concerned yesterday you paid a lot of money for after pay, a similar product why did you need to do that? i mean, it's getting crowded by now, pay later. >> here is where we see the potential for buy now, pay later. when you look at millennials and gen zs, they distrust traditional credit it is an open and transparent way to manage your spending. it is in its infancy it is 2% of e-commerce sales today. e-commerce is booming in terms of the sales overall we want to be a part in influencing the direction of this afterpay is a brand that speaks to gen z and millennials they have 100,000 merchants. we have millions of small and medium-sized businesses. we have 70 million on cash app on an annualized basis we think there is so much we can do together as we cross sell our products together. >> i want to be sure because you have a panoply that few have are people spending? >> absolutely. there is confidence in the e

they facilitated a lot of lending and growth through ppp loans and other things.hat was a strength of our system, and i think a lot of that came out of dodd-frank and other things that we learn from the financial crisis. but there's a lot of things outside the banking system that remain unregulated, unsupported, and we need to think about those things. i wrote a speech earlier this year that said the lender of last resort is what the fed does, but use them regularly, that is not a good system, so we need to really think about how we make sure all aspects of our financial system are sturdy and ready to do what we need them to do, which is intermediate and lend and make money move around in times of strength and growth and in times of crisis and recession. alix: we are talking to mary daly, the san francisco fed president. mary, thank you so much for giving us so much of your time. i wanted to just mention that there was a statement by president biden on today's economic news on inflation, saying that reversing inflation is a top priority, particularly in the energy

i was not getting the ppp, i was not getl loans, nothing. every disaster has a seed of opportunity.nger than when i entered the pandemic and that's because of my community. >> san francisco recognized the restaurant as a legacy business last year. the honor is giverring to longstanding businesses for contributions to their communities. >>> now to a story that is out of this world. >> overnight nasa launched a rocket to send a dart satellite craft into space and it's mission is to collide with an aste are, oid on purpose. >> 3, 2, 1. and lift off of the falcon 9 and dart. >> dart is on top of the space x rocket it. will start a nine month trip as part of a test to see if crashing into an aste are, oid can shove it off course. >> here we had the potential to prevent an asteroid impact that could cause devastation across the regional area. this way we can do something about it. >> good thing. the dart is self driving with a camera to send back photographs and to just be clear, nasa said it doesn't know of any dangerous aste are, oids threatening to impact the earth. >> have to add that

i was not getting the ppp, i was not getting loans, nothing.ter has a seed of opportunity. today i'm way more stronger than when i entered the pandemic and that's because of my community. >> san francisco recognized them as a legacy business last year. >>> happening today san francisco mayors past and present are set to help ring in the thanksgiving holiday by serving the community at saint anthony's. this afternoon the mayor will join four former mayors in preparing saint anthony's for the holiday. the mayors will carve turkey, fill pies and create kits for guests. the fire and police chief will attend. the turkey cavre starts at four this afternoon. >>> it's 5 # 2:00. still ahead, streaming on cbsn bay area. >>> eye first of it's kind defense mission for nasa. the early morning lawn and of how it could one day save earth. ersation] -great party, carlene. you must have blown your budget. -not exactly. -you have great name-brand snacks, tons of meat... and where did you get this imported cheese? -hello! grocery outlet, bargain market. -♪ grocer

i was disappointed with a lot of money in the ppp program that when two people who did not need to helpme of the mom-and-pop operations did not get it. we did things, but i do not know if the money did as much good as it should have. host: north carolina, independent line. good morning. caller: good morning. i think the results of the election shows somewhat of a pushback against some radical stuff the democratic party is doing right now. one of the problems with the build back better program is you are trying to throw a switch on several different things that should be brought up individually. you can all get together and vote on it, as opposed to this big monstrosity and trying to get it passed all that once. what is happening is i think the democrats will lose their majority next year. they are trying to get as much done as they can. host: congressman cohen? guest: he is a wise man. there is a concern about losing the majority. i do not know if it will happen this time. i fear that it might. there is an attempt to get as much done as we can in the first two years. i think a lot of th

hence the word e ppp. enhanced pathogens ... >> the health alliance took the virus and combined it with w iv one and calls to recomment virus that doesn't exist in nature and it made nmice sick or that had humanized cells. you're saying that's not gain of function research ? >> according to the framework guidelines. >> what you're doing is simply saying it doesn't exist because you change the definition of the nih to website. this is terrible and you're completely trying to escape the idea that we should do something about trying to prevent a pandemic from leaking from the lab. there's a preponderance of evidence now points towards this coming from the lab and what you've done is change the definition on your website to try to cover your. [bleep] basically. that's what you've done. you've changed the website to have a new definition that doesn't include the risky research that's going on. until you admit it's risky we're not going to get anywhere. youhave to admit this research was risky . the nih has rebu

ppp. >> the first one i got paid for the rent.llenge. >> what does the government assistance do or not do because of it actually hurt us in some case. >> we're critically low end of inventory seeing prices skyrocket. supply chain issues. >> given me wisdom about things we need to focus on. brian: seemed like a very inform it will tiff. >> really smart, talented people who are investing their time and making sure that the government works better for them. brian: where have you brought me. >> to my childhood home where i grew up when my parents got divorced moved in with my grand parent small house 700 feet right down this road: dirt then and dirt now right in the middle of metropolitan north charleston. basically what the house was. brian: what are your thoughts seeing this. >> a lot of memories flooding back. lots of love in the house. remember how much you had inside the house even though what you had around the house is completely bare. brian: what does your mom think of about what you have achieved. >> most excite guilty part i

the second one is the ppp loan that is forgiven.he very definition of socialism but maybe for rich people? in the third one is, we have a real problem here where one party does not want to raise wages for working people, but because every family now needs to working people, the wife and husband both have to work, aren't we just basically saying let's keep wages low but our taxpayer money is going to fund the child credit in the build back better? so aren't we giving the big corporations -- host: we got your point. thank you. guest: as we said earlier in the program, there are many different definitions at the federal level for small business. generally, the small business administration considers a small business a business with fewer than 500 employees, although they have variation based on industry. other programs have different definitions. as far as ppp, i disagree it was socialism for rich people. these businesses -- many of these businesses were shut down or limited as a result of covid-19. i think the paycheck protection prog

i have not having the ppp loan is much as my colleagues because i come from a banking background, andas there director of up -- i was the director of a small community bank, and i understood the ppp loans. a lot of them went to restaurant owners and people who desperately needed to keep people working in business is open, but there were a lot of instances of people getting those loans and now they are forgiven. they never missed a beat. they had the best year they ever had last year during covid. you cannot have 81-size-fits-all government program. you are going to always have waiters -- cannot have a one-size-fits-all government program. you are going to have winners and losers. there are too many government programs, too much waste in the programs, it has been happening under democrat and republican administrations. democrat congress, republican congress, he needs to stop. to me, it does not seem anybody is out there fighting for the taxpayer. that is what i want to do, fight for the american taxpayer. host: we will head out to big sky country, montana, republican, good morning. cal

in light of the ppp extended to them, many are on the verge of not making it because they can't get thes to market. and one of the things we must look at and understand as the experts in the transportation industry looking to you for answers and help as we go forward and what you have given out today in your testimony is extremely helpful so we can make good decisions to help with this crisis it won't happen overnight but we have to have good legislation to move forward and allow us to get back to where we were to get the goods to the consumers including the small men and women in small businesses. >> now we will move to a second round if anyone wants to participate i will start with myself. i remember years ago using the step program for our business to help with tradeshows and market our brands overseas and how we need to be a country to fill empty containers and send them overseas and want to salute you and your enterprise to be among the 1 percent of small businesses that actually ask for internationally. i would love for you to share with this body how does that program help you wi

and in light of the ppp that was extended to them, many of them are on the verge of not making it because they can't -- they can't get the products to market. and i think that one of the things that we must look at and we must understand is that as the experts in the transportation industry, we're looking to you for answers and help as we go forward, and i think what you have given out today in your testimony is extremely helpful so we can make good decisions to help with this crisis. and it's not going to happen overnight, but we have to have good legislation that will move forward and allow us to get back to where we were to get the goods to the consumers, including the small business men and women across this nation. i see i'm over time, mr. chair. thank you very much. >> with that, we're going to move to a second round of questioning. anybody who wants to participate in another round, i ask you to join me. with that, i'll start with myself for five minutes. mr. loe, i remember years ago using the step program for our business to help with trade shows and market our brands overseas. we

any community banker, the banks are awash in cash right now there's so much cash out there with the pppth the stimulus package that's already passed the biden administration, now they're talking about trillions more there's so much money out there people have to put it somewhere so they put it in the stock market the negative part of that is, the stocks are going up but also goods are going up because we're seeing inflation for the first time in two decades. >> a final word to you congressman khanna, is it surprising to you the poll numbers are where they are given that the stock market is where it is? >> no. because working class americans are hurting and that's always been the problem inflation is a monetary phenomenon, you can talk about the fed and easing, but the reality is what can the federal government do? invest in manufacturing, get people back into the workforce, which is what this bill does by helping child care, and put more money into people's pockets so they can deal with higher prices this is the largest tax cut for working families that's why i'm comfort it will pass an

high degree of morbidity and mortality and that you do experiments to enhance that, hence the word the ppp, enhanced pathogens -- [inaudible] >> and combined it and caused a virus that doesn't exist in nature and it made mice secure that have humanized cells. you say that isn't a gain of function research? >> according to the framework andha guidelines -- >> you are simply saying it doesn't exist because you change the definition on the nih website. this is terrible and you are completely trying to escape the idea that we should do something about trying to prevent a pandemic from leaking from a lab. there is a preponderance of evidence that points to this lab and what you've done is change the definition on the website to cover yourself basically. that's what you've done, you've changed the website to have a new definition that doesn'tsi include the research that's going on. until you admit that it's risky we are not going to get anywhere. you have to admit that it'ss risky. the nih coming your own agency has rebuked them. but you're still unwilling to admit when they say they became sick

we all heard about the debacle of the first round of the ppp.time around everybody is focusing on the hardest hit and the most devastated. thank you for that. i am a veteran owned business, a minority owned business, a woman-owned business. we cover although spectrums. there were a lot of small businesses who were getting access to capital. the other thing that is important is they are addressing a lot of our needs. in our survey a lot of times people were talking about the devastation from the standpoint of not having access to capital and not having access to affordable health care. i believe the build back better act will address those immediate needs. host: let's let some of our viewers take part in this conversation. we will start with sandra calling from georgia. good morning. caller: i have a question -- does not the federal government define a small business as one that has up to 500 employees? in the black community, small mom and pop businesses, nail salons, beauty supply stores, those businesses typically do not invest in the black co

i have to admit that last year, ppp was very helpful for that, but it has come back tremendously fors. host: robert in sanford, florida, good to hear. humble, texas, susan. go ahead. caller: good morning. i was working at the airport in the beginning of the pandemic. and we went home and made our family sick and they died, which is not really work-related -- host: sorry to hear that. caller: we did our best. one lady lost seven family members. we did not know about the virus yet. anyway, i worked at the airport, and when we came back, when business started up again, they only hired half of the staff. so i eventually decided to leave that job, and now i have been working a temporary covid-related health job. it has been quite a ride. but i did not mind getting my vaccination card. i was not upset about that. some people same to be. but everyone has a different expectation. host: how much were you making at the airport job versus what you are bringing in now? caller: in the beginning, it was minimum wage, $7.25, and miscellaneous tips, if we did get them. i was a wheelchair attendant,