it comes from the sba that is running the program. thank you for your honest challenges in the sense of what is happening. my district has a lot of tourism aspect. with a lot of hotels in hospitality that are struggling. you know how difficult things had been. folks are trying to do everything they can to make that important. the way in which you had been talking to. it has been incredible. you are seen across the board. you're seeing this on a macro level which is helping fill out some of the conversations here. as a father of a 3-year-old and a 5-year-old i know how tough it is for child care centers and you're trying to do everything you can to try to do this right. and keep our family safe. it is a tough business even in normal times. thank you for what you're doing there. i really appreciate that. for us and congressman wayne. the solution for these seeking forgiveness. we have to keep in mind that complicity will be key for most small business. like we've had today. the challenge of that many that we are facing. we are facing ad

with the sba. their guidance is usually very prescriptive and clear. this is not the case with the pp per ppp program. we certainly understand the speed at which they had to give out guidance. but it's come piecemeal and it's confusing. and if it's confusing for the lender, that just translates to the borrowers. we can't help our borrowers if we ourselves don't understand the guidance. so, that's what has been my opinion one of the biggest problems. the application itself is burdensome. as you just heard so eloquently from your three witnesses, every single one of them can point out the problems in the application process. again, i talked about the ez form which is not easy. it's just different. and it still requires the same amount of documentation. and i also talked about the problems in the ppp with the conflict of interest. it puts the lenders in a really bad position. we're unclear of our role. are we -- when we jump into this with both feet because we absolutely wanted to support the communit

as part of additional sba appropriations, we very much support long term loans. particularly for the types of businesses that you're focused on >> what specific loans do you have available for folks like these small hoteliers? >> what i said was -- again, we support additional money to small hotels that's what they need. additional sba loans are something that we have looked at as well as ppp loans they don't fit in many of the cases these small hotels do not fit into main street because they already have other indebtedness and many cases they are not allowed to take additional loans are too levered to qualify >> the small ones that do fit in, you're saying that sba has a program for them >> what i said is part of additional legislation, the sba economy has proposed additional money, long term money for small businesses as part of a new program. that's something that we have looked at and we would support many of the small hotels that you're talk about don't have any revenues those hotels would qualify for additional ppp loans there's over $130 billion that's bee

aretional sba loans something we have looked at, as well as ppp loans. hotels not fit the small do not fit into main street because they already have other indebtedness, and in many cases they are not allowed to take additional loans or they are too levered to qualify. >> so the small ones that do fit in, you are saying sba has a program for them? sec. mnuchin: as part of additional legislation, the sba committee has proposed additional money, long-term money for small businesses as part of a new program. that is something we have looked at and we would support. many of the small hotels you are talking about do not have any revenues. those hotels would qualify for additional ppp loans. there is over $130 million appropriated by congress that we need authorization to use, and that would be the best solution for them. >> thank you. i asked we stay cognizant of these folks. they are good americans, there hard-working, they are an important part of our economies and they deserve our attention. thank you very much. >> thank you remise. i now recognize the gen

additional sba loans are something that we've looked at as well as ppp loans. they don't fit, in many of the cases, the small hotels did not fit into main street because they already have additional -- they already have other endebtleness and in many cases they're not allowed to take additional lows or too levered to begin with to qualify. >> so the small ones that do fit in, you're saying that sba has a program for them? >> what i said is -- >> small mom and -- >> as part of additional legislation, the sba committee has proposed additional money, long-term money for small businesses, as part of a new program and that is something that we've looked at and what support. again many of the small hotels that you're talking about don't have any revenues. so those hotels would qualify for additional pppp loans. there is over $130 billion appropriated by congress that we just need authorization to use. and that would be the best solution for them. >> thank you. i would ask that we stay cognizant of these folks ander that important part of our economy locally and natio

many of the things the committee found, i would suspect sba, when they review those loans, also willind those things in electronic basis. all loans over $2 million will have 100% audit. >> ok, thank you. so my guess is that you disagree thatthe senate bill contains this streamlined forgiveness for those loans up to $2 million. to be eligible for a ppp loan, applicants must have been in operation as of february 15, 2020. right? secretary mnuchin: yes. >> do you know how many loansies received ppp that were not in existence prior to february 15? secretary mnuchin: i saw that. let me emphasize that these loans were based on certifications. the certifications that were wrong, we will get the money back. over $30 billion was returned immediately. in regard to your other comment, the senate bill has been changed so that even with streamlined forgiveness, they will be subject to audit by the sba. todayyou know prior to suspendedusinesses have received ppp loans? 90 $6 million. secretary mnuchin: i understand that. i appreciate the committee's work. let me emphasize we are working with sba,

we are working with sba. i look forward to this committee and all the other oversight committees making sure they are comfortable with sba's audit plan. >> thank you. that benefitse increase consumer spending, benefiting small businesses? sec. mnuchin: yes. that is why we would like to extend enhanced unemployment. >> thank you. i yield back. >> thank you. first, i have unanimous consent request. i would like to enter into the record a recent article on how the expiration of the $600 unemployment on -- unemployment assistance and the failure to pass the heroes act or any alternative has harmed american families. americans are spending less on groceries. it is a sign that americans are , as stimulusash remains on hold for most recipients. americans spend less at the grocery store, published on the wall street journal on august 7, 2020. i seek consent to have that entered into the record. >> without objection, so awarded. >> thank you. thank you, mr. secretary, for appearing here. i would like to speak more abo

we are working with sba. i look forward to this committee and all the other oversight committees making sure they are comfortable with sba's audit plan. >> thank you. that benefitse increase consumer spending, benefiting small businesses? sec. mnuchin: yes. that is why we would like to extend enhanced unemployment. >> thank you. i yield back. >> thank you. first, i have unanimous consent request. i would like to enter into the record a recent article on how the expiration of the $600 unemployment on -- unemployment assistance and the failure to pass the heroes act or any alternative has harmed american families. americans are spending less on groceries. it is a sign that americans are , as stimulusash remains on hold for most recipients. americans spend less at the grocery store, published on the wall street journal on august 7, 2020. i seek consent to have that entered into the record. >> without objection, so awarded. >> thank you. thank you, mr. secretary, for appearing here. i would like to speak more abo

in fact, the sba reports that in may 2020 employment in leisure, hospitality and food service was down 41% compared to may 2019. we are still hearing reports of more and more farmers facing bankruptcy. this pandemic is for the highlighting an economy that was not working for everyone. prior to the pandemic 40% of americans didn't have $400 in the bank for an emergency, and more than 20% of households experience food insecurity. in the past six months as millions of americans are unemployed, amazon, facebook, target, and walmart stock prices are near all-time highs. this is a tale of two economies. one that is working for wall street to main street businesses are left behind. many small businesses across the food system are still in the difficult position of figuring out how to pay rent and survive, while many have shut down forever. as we work to help assist the american people and america's small businesses, i look forward to hearing from our panelist today. about how congress can address the ongoing challenges facing our food system and how we can further assist in the recovery here

kid, job, more ppe, sba, long term loans and we do need congressional authority to use it in other areas. we have a lot of money leftover in the ppp that's been appropriated by congress that with simple legislation could allow many hard working small businesses to get a second loan. >> thank you both for your leadership i yields back. >> thank you i now recognize the gentleman from california, mr. vargas for five minutes >> thank you very much i appreciate it. i want to thank the secretary first and also the chairman for being here today i appreciate your testimony very much i have to say i've heard some pretty tortured language and tortured logic from some of my colleagues today a member said that we're not bailing out businesses, quote, compensation for regulatory taking that sounds a lot like use my words against me when you say you won't for supreme court justice on election year for president. the reality is when you talk in absolute you get into these situations where logic is twisted to try to fit things and the other thing i heard today is we should pass the -- congress should pa

'sba, and it's already available in parts of select cities. like los angeles. and in new york city.ive capacity. it's like an eight-lane highway compared to a two-lane dirt road. 25x faster than today's 4g networks. in fact, it's the fastest 5g in the world. from the network more people rely on. this is 5g built right. only on verizon. >> that's all the time we have tonight. i'd like to thank daisy ridley, nurse kellie, my frozen cohorts, and my number one snuggle buddy, jimmy kimmel. brad paisley will host tomorrow night with his guest rainn wilson. "nightline" is next, goodnight. ♪ >>> tonight generators across the state are on full blast as earithout electricity due to the fire danger. >>> smoky skies and high fire danger. i'll let you know when you can expect a change coming up. >>> a possible setback in the race for a vaccine. the astrazeneca trials are on hold after a volunteer became wh mns t brea trials which were about to begin. >>> south bay business owners find ways to reopen indoors, but they know that opportunity could slam shut again. abc 7 news starts right now. >>> b

the sba has been absolutely wonderful. you been able to pass the ppp disaster loan, me personally, there is no way that my business would still be alive if it wasn't for you. so we do have different types of events, and one event that we have every single year is our fundraiser. im going to be honest, would've loved to have nominated the governor. towas an honor and privilege nominate the governor of nevada, but importantly, i couldn't find myself to actually nominate him because he has killed our businesses. so i went ahead and nominated on and i will tell you that friday, you won the nomination. we have to go through that process and we hope you will accept it. pres. trump: i will accept it. >> thank you, and once again, we absolutely love you. pres. trump: i appreciate that. very nice, beautiful. >> i didn't think i would be chosen to be one of these once here. my mom said when you meet president trump, you've got to tell him, i love him. ,'ve been affected with covid i believe you but were put in this position to help

the process of hoping to get some sort of financial aid with the disaster relief program, that the sba offers. low interest rates and good repayment terms. if we could get good financing in place and that it would be fu tremendously heto us. to be able to get caught back up with the six months of no revenue, really. ag >> joe ta with world gym in san francisco, joe, thanks for your time. >> of course, my please, thank you. >>> meanwhile, on capitol hill, cal speaker nancy pelosi said wi the house remain in session to hammer out the new economic relief bill that would include federal unappointed nefits which ended july. but some question whether a massive relief bill is needed well on tracto recovery. is that is the opinion our next guest, joining me now by sky from los angeles, chs barber, the founder of beacon economics. so chris, let's talk first of all about why you think a new round of federal belay funding is not need. le >> well, s be clear about what the first one actually has done. and what it has done for the future of theconomy right now. if you look around at the numbers, an

sba approval. some actions have been in conjunction with doj or other criminal authorities executing , who execute search warrant at the same time we go to court for an emergency tro. state regulators are joining us or taking action against recipients of our ftc morning warning letters. canada, sweden, and elsewhere have worked with us on investigations and enforcement. some of the private partnerships have been just as remarkable. i mentioned u.s. telecom robo call trace back initiative, which has been invaluable in leading us to the source of illegal robo calls. andpartnerships with aarp bbb has enabled us to reach literally millions of consumers with our message. in fact, one aarp presentation early in the pandemic was viewed by more than 850,000 people. we are always open to new ideas about how to better educate and protect consumers from these pernicious covid-related scams, and i look forward to our conversation on this topic. thank you for the opportunity to testify. i look forward to your q

, florida living quarters and my company thanks you and your administration qualified for our first sba times the size. [applause] it doesn't end there. i signed an exclusivity to sell only american made blinds shades and shutters. [cheering and applause] i said no to china. i will not sell chinese products in my store. [cheering and applause] last year in one year we saw 300% growth. [applause] when covid-19 hit, we were the second quarter into our newly expanded showroom and we had to make tough choices. i still remember the words from congressman waltz, keep pushing, the second wave of ppp is coming and thanks to you and your administration, we qualified not only for the ppp loans, but also for the sba loan forgiveness for six months. [applause] it saved every job, even our intern from the local college. mr. president, i want to thank you personally for -- because i feel you've done more than what you promised. you say promises made, promises kept. you did more than that for a business like mine. [cheering and applause] it doesn't end there. [laughter] like you in 2016 i ran for offi

>> whabut i say this as a part f the additional legislation, the sba committee has proposed additional money, long-term money for small businesses as a part of a new program and that's something we've looked at and we will support. again, many of the hotels you are talking about don't have any revenues, so those hotels would qualify for additional ppe loans. there's over $130 million that has been appropriated by congress that they just need authorization to use and that jt would be the best solution for them .. >> and to follow up what he asked about a few minutes ago as it relates to the forgiveness. what i have heard from small businesses throughout my district and the state of tennessee we are thankful of ppe it literally saved our business. but there is the concern about the complexity of the forgiveness. so my question is have you considered administratively forgiving certain loans of 150,000 or less through administrative action? >> we have consider that. we don't think we have the authorization to do that in the context of the law. we try to make it very simple for small busine

one of the things we try to do to my chairmanship and small business committee is find ways for more sbaams to be about making it possible for smaller and new companies to enter that space and create competition. what i would argue those incentives are already in place our laws already incentivize large businesses to do things. we have for example, incentivize them to move manufacturing overseas and then friendship ts back into the united states with the free trade agreement at very low prices. some make goods for less somewhere else and send it into the united states for sale. we already have incentives that i am kissing incentives are the wrong ones. people are going to incentivize behavior issue the behavior that is good for behavior in behavior that is good for american jobs to be created because that's what would help our country be stronger and our communities be stronger. ideally there's a role to play, for example, by modernizing as i tried to do and we are trying to do the reauthorization of the small business administration into a 21st century agency that tries to create a path

economic management and macro n themic policies tha package of fiscal and monetary in 2018f which the sbased. in the context of a recession that program deepened the recession. we are moving forward to a different kind of program. we are having a constructive engagement with the imf, and it will be a complex process. announced that we will send the program to the national congress to be approved before we have the final bill. alix: you said you would not be asking the imf for more money. the question is what are all of the steps that have to go right for everything to work out? it is hard to rule out completely when you're in the middle of covid and the whole world economy is a mess. minister guzman: there is massive uncertainty in the context of covid. argentina's relationship with foreign debt has not gone well in the past. we have had a number of sovereign debt crises and the fact the country borrows in foreign currency has much to do with that. we have been focusing on developing the market. we have been experiencing a very positive dynamic in the process of developing the domestic ca

fortunately, we were able to secure an sba fund around august, so that is helping extremely right noween fortunate enough to get some business spotlights, helping to expand the awareness of our business and meet more customers. greg: i wanted to ask you about the fact, it is great that you survived, have had some tough times, but do you feel the worst is behind you? sayerly: it is too hard to because we don't know what covid will do. in phase three right now in washington, d.c. i know some states have had to revert back to phase i and phase ii. we have been hearing that it may get worse in the fall. tellnk it is too soon to but i am feeling really optimistic. i think that is helping me to push through, knowing that right we have thesaid, ppp fund, i know that will help us. we will be able to stay in our current space at least through the end of the year. but i am really optimistic that we are going to stay above this and actually grow. alln't want this to be negative. there are some small businesses that are growing through this pandemic. we are just hoping that we can do so. tomorrow

to bring t entrepreneurs together like the small business entrepreneurship counsel the chamber andma sba. in closing thank you for the opportunity to testify today we need to find ways to own and define what it means to be salt and nimble and able to respond fast in the small towns and neighborhoods everywhere the not only keep the economy but the spirit of the country o alive and prospering the food we eat the measure of good service and the technology of thend future share knowledge and bigger and better and stronger communities thank you for making smart policies to support one - - support small business. >> i truly appreciate your testimony. thank you all for sharing with us. now we will begin the question portion i will begin by recognizing myself for five minutes. your work and childcare and in the childcare sector it is extraordinary dealing with challenges you are not expectingve when you took over this endeavor but can you speak why it w was important in the things that were different when it comes to childcare in the cities? >>. >> we went out to our organizations and they supp

that is according to data from the sba.sses enacted at the height of the pandemic was designed by treasury for the honor system. maybe that is not working out. the bank is working with law enforcement officials where to identify the abuse of the system. at the time this program was heavily criticized for technology problems, changing lending rules. there were accusations some of the banks favored their bigger clients over smaller businesses who some now argue, did at the time needed the cash. there is currently impasse in washington extending elements of the program. this news today may not help those negotiations, charles. charles: it might not but i'm glad it is out there, cheryl, because a lot of people thought maybe something like that was happening. thank you very much, appreciate it. >>> well folks, the s&p 500 rebounding pretty nicely today but the message of the market the last five days, you know, left for dead retailers they have been the big winners, believe it or not but are investors bottom-fishing there or are

it's a pointless depoint in sba it's a short-term measure.'re asking mem to upend their lives, make a big sacrifice, but the point of doing that is to buy government's time so they consistency institute mass testing, get results quickly, do contact tracing and isolating. we saw the government here squander that very golden opportunity earlier this year when all of us were doing shelter in place. maybe we might need another lockdown, i don't know if that's going to happen, but again, the problem is you need to not just have short-term measures like that, but really long-term planning forgetting this pandemic under control. >> but then you know we're at this point in the virus where people, a lot of people have fatigue, including myself, frankly. it's hard to have the momentum to just keep going and keep going when it's still very unclear when a vaccine is going to be widely available. and you talk about the lockdown. look at countries in europe that did lock down, everything dipped down very low, the infection rates, and now they're going way

it takes the big groups like the sba published a very vocal letter, a warning sign. lobbying groups, agencies in washington have the lines into the senators office, congressman and women's office. that is who they listen to. do they pick up "the financial times" every morning? not so sure. they listen to the groups in d.c. who have their ear right now. charles: i think with covid now they don't have to go home to the boisterous town halls that they hate so much. they would be getting an earful if they had to go home, they all would. thank you so much. tell -- >> jerry nadler got big earful from constituents at grocery store here in new york. just thought you should know. they're not immune. charles: thank you very much. next time you do a video it. all right. folks, let me bring in belpointe chief market strategist david nelson with more on this you know, david, of course over the weekend untimely and tragic death of supreme court justice ginsburg fueled this sort of political divide and we heard all kinds of sabre-rattling and threats. we were already anxious about

he is doing a real good job with that, stablizing that economy, by giving sba loans and ppp plans andney to historically black colleges and universities, with the criminal justice situation, people coming out of jail, making sure they can be employed and have something to do. so both candidates would have to pay close attention to the economy. melissa: why do you say that vice president joe biden spending more money wouldn't work? in fact he spoke earlier in the day and he did say that. i mean that was, we've got to spend money on schools. we've got to send money out to people. all of his solutions involved really big government spending. why is that not the answer? >> if you're taking all of the money from the tax dollars without stablizing the economy and making sure that you're working with the private sector, that they're stablized and balanced and are willing to continue to work, to have their businesses safe and their businesses prospering, so that people can have money, then of course you can spend more tax dollars. but if everybody is locked up at home, can't go to work, the p

have to address if you find a way to resolve this issue. >> i will go back and address this with the sbathis afternoon. >> thank you mr. secretary. >> chairman powell i understand the focus needs to be getting our economy back to a place firing on all cylinders but can you briefly discuss how you view the evolution of the fed's balance sheet to recognize this is a different type of a situation from back in 2007 through 2009? we talked then what was on the balance sheet and moving around can you share the philosophy you like to follow with regard to the balance sheet today? >> it continues to grow because of asset purchases and it turns out the volume of loans we are making under the programs is much less than might have been the caseee which is to say they haven't worked but we haven't had to buy a lot we are a buy-and-hold investor we allowed access to mature and run off and certainly we are a long way away fromis that at this point. he will start doing that until way down the road then we will. the economy will grow and the size of the balance sheet relative to the economy really is th

, which are really suffering and we saw that the banks have really been unable to do this under the sbaistration because the events are just too slow on the other hand, financial markets, a lot of ipos and a lot of spacs and a lot of the venture capitalists are specialists to get the money out to people who need the funding, especially people who will be innovative and shift their business modelling to be more adaptive in a covid world. i think that's where we need to go >> you're saying small businesses should be directly able to go to the markets, supported by the fed, maybe borrow that way and keep their businesses going the tools you're describing by the fed aren't necessarily balance sheet tools. you talked about the fact that quantitative easing needs to go to the right places. are you worried that's not happening right now, or are we just in the early innings of this economy >> it scares me that the fed's balance sheet is no larger than it was in june it scares me that the lending program really has not taken off, so the fed clearly is not in the position to be able to do it itse

we would like to focus on other areas of the economy that can be better served, kids, jobs, sba, and long-term loans. that we do need congressional authority to use it in other areas. as you know, we have a lot of money left over in the ppp that has been appropriated by congress that with simple legislation could allow many hard-working small businesses to get a second loan. >> thank you both for your leadership and i yelled back. i now recognize the gentleman from california for five minutes. >> thank you very much, madam chair. i appreciate it. i want to thank the secretary and also the chairman for being here. appreciate your testimony very much. i've heard pretty tortured language and tortured logic from some of my colleagues today, members that we are not bailing out businesses, "compensation for regulatory taking." that sounds a lot like to use my words against me when you say you will not vote for supreme court judges on election year. when you talk in absolutes logic is twisted. the other thing i heard is we should pass the second cares act. we did that. we passed it. it is c

from several of our existing facilities so the talf takes commercial mortgage-backed securities and sba commercial real estate deals, then the new york fed purchases agency cmsbs directly. in addition, i would say main street helps businesses pay their rent. so we are helping real estate, you know, in a number of other ways, commercial real estate. also, cmbs issuance has resumed, spreads have tightened on cmbs. a couple of issues. one is just that commercial properties with cmbs loans often have covenants uniformally, i think, that forbid them to take on more debt. so you have a situation and -- you have a situation where without a legal change or some kind of innovation that defies discovery so far, you have a hard time providing mass relief with regard to real estate that's in commercial mortgage-backed securities. we are still working on it, still looking. i would say it may be that further support for commercial real estate will require further action from congress. >> for the last question, brian chung. >> thank you, chair powell. it seems like a lot of the inflation framework is

commerce, historic preservation organizations like heritage of ohio and resources and grants from the sba. covid-19 and the ongoing pandemic poses an unprecedented new set of challenges for small businesses as they strive towards recovery. mckinsey estimates between 1.4-2.1 million small businesses could probably close and that was based on just the first four months of the pandemic. the disruption is also created a host of new business opportunities and industries that small and local businesses can play an important role and win against the multinational competitors. we've seen the creativity of the american entrepreneurs in ways that prepare and deliver food, create and provide education and training and using technology and beat you in ways we never thought were possible. we've seen how businesses can set up and solve important health and safety needs during the pandemic from creating masks, shield a much-needed ppe, businesses of all sizes are responding and willing to serve. small businesses are all essential. at the heart of all this are people who listen, solve problems and create

and we would still retain our right to have the sba audit as appropriate. >> you know, and mr. chairman, or mr. secretary, i agree with you. i think in whatever number we put together or whatever simplified form we put together, the ability to be able to go back and to audit at a date in the future is critical. we don't want to have fraud involved. but it looks to me like there's a huge amount of work out there that we're expecting lenders to do that basically they're not going to get done in a timely fashion, and we will have a problem that we'll have to address if we don't find a way to resolve this particular issue. chairman powell -- did you, mr. secretary -- >> i was just going to say i'm going to go back and, again, address this with the sba this afternoon. >> thank you, mr. secretary. chairman powell, i understand the focus in the near term needs to be on getting our economy back to a place where it's firing on all cylinders. but can you briefly discuss how you're viewing the evolution of the fed's balance sheet? recognizing that this is a different type of a situation t

--y give advice to the sba, alwaysich several months follow.if the fda take that route, a lot of us will have more confidence in the process. in addition, my advice would be, politicians stand back. let this now be a professional decision, support the professionals and we will start to restore confidence in the process. indicated hemp might get involved in this process, the fda administrator was before the senate this week. long,s about two minutes but i want to play it for viewers to let him hear -- let them hear about the process of vaccine approval and come back and ask about it. [video clip] sponsor reaches the conclusion that the data from its phase three clinical trials are adequate to submit to fda, they will decide whether to apply for approval or emergency use authorization. this will be based upon the trial meeting prespecified success criteria established by that sponsor. this is really important. they should also be consistent with fda recommendations regarding those criteria. fda will receive that application or submission, and our

. $15 billion in sba to states. somethinge close to like 150 billion dollars off the sidelines. that may be the better way of doing it and still preserve the ability to come back and finish that degree, because no matter what is said, you can still at night, if it makes sense, complete the degree. but i do not know the answer. i have not thought about it before to provide v.a. benefits for the entrepreneurial enterprise you have underway, and i forget what the tuition here is. it is actually quite low here compared to other community colleges. but would you be able to use that? the other complication, i must tell you, is when elected, i promise you that we are going to for the votes to do it for anyone to qualify for the community college across the board, so then there'd would be no question about how would that work. you understand? we will have the woman who runs this to get in touch with you and see if we can work something out, and i will get back with you on what my position is, but i think it might be better to go through the existing program, but i will look at it. forme

>> it is and you have probably not probably not heard on the ppe money, the sba has nine days to determiney need to do things right for the american taxpayer. but we want to invest in our future, and a lot of that throughout our platform of restaurants we can't really spend the money. we feel paralyzed until a ppe gets forgiven and everyone in the industry is feeling that we need some stimulus in some parts, but we need the old stuff forgiven so we can go forward and take our capital investments going forward. i want to switch quick on the retail side as well. we have a lot of retailers and the ones doing well are selling accessories, purses, shoes, things like that what is hurting is men's suits and things like that it is a true economy of the have and have notes. women's apparent has recovered, but it's the men side that stalled out. >> we mentioned a surge in cases. the lullish argument is that it will not result in greater hospitalizatio hospitalizations even if it does lock downs are not coming back, but others say this is a dark chapter as we go into the fall. where do you think the

. >> we need a relief package done to get this sba extension approved. it is not about the psp extension. enormous bipartisan support. about getting a relief package between now and october 1st. reporter: fed chairman jay powell says there may be targeted need for help. he targeted the airline industry and hotels. a lot of folks are reaching their hands out but it is air on the other side as of right now, neil? neil: give or take a trillion dollars. i can remember a time when that was the entire budget of the united states government. that is amazing. reporter: numbers have grown under covid. neil: like they're pennies. numbers have certainly grown. thank you, my friend. we'll continue following developments out of washington. meantime the battle over a vaccine, how soon one comes. whether it does come soon as the vice president actually raised, as a possibility. whether it is safe. the back and forth on this. first from joe biden and then the president of the united states. take a look. >> so let me be clear, i trust vaccines, i trust scientists but i d

from several of our existing facilities so the talf takes commercial mortgage backed securities and sba commercial real estate deals and new york fed purchases agency directly. in addition i would say main street helps businesses pay their rent so we're helping realize. cmbs, spreads have tightened on cmbs a couple issues, commercial properties with cmbs have covenants that for bid them to take on mosh debt. you have a situation where some innovation defies discovery, providing mass relief in commercial backed securities we're still working on it, still looking. further support for commercial real estate will require further action from congress. >> the last question, go to brian cheung. >> chairman powell, seems like framework is about shaping inflation expectations but average american as to why the fed is overshooting inflation what's your explanation to main street, average people and what the outcome will be for those. thanks. >> it's a very important question and i actually spoke about that in my jackson hole remarks a few weeks ago. it's not intuitive -- it is intuitive high infl

i do believe at the end of the day the sba will keep its word and forgives the loans. >> sandra: frustrated for those small businesses struggling to survive right now. >> bill: meanwhile another weekend of deadly violence across chicago. 48 said to be shot. 7 dead. chicago sun times reports the deaths include mean between the ages of 17 and 66. 5-year-old girl also stabbed to death. according to reports in chicago, her mother was charged with first degree murder in the child's death there. body cam ra footage in the breonna taylor case raising questions. reports the ballistics analysis from the kentucky state police doesn't match claims by the attorney general daniel cameron a week ago. we sort through it. what does the new information perhaps tell us, bryan? >> good morning, breonna taylor's boyfriend kenneth walker while his lawyer says that ultimately that frankly that -- police say he fired that first shot when officers went into breonna taylor's apartment. which caused the police to fire in self-defense. well, that attorney says frankly that the kentucky state police ballistics report

then the package of fiscal policy and monetary policy on which the sba and 2018 was based.at program deep in the recession. now we are moving forward. a very constructive engagement with the imf and it will be a complex process. the program has to have legitimacy in the society. we announced we would set a program to the natural caught -- to the national congress to be approved. , italy'sll ahead finance minister tells bloomberg the economy will rebound faster than had previously been anticipated. we'll bring you more from our exclusive interview, next. right now, we are looking at gains across european equity indexes, including the index in italy, the ftse med that trades in milan. up 1.6%. 1.75%x and the cac 40 up and the ftse gains 2%. this is bloomberg. ♪ leigh-ann: it is time for the bloomberg business flash. a look at some of the biggest business stories in the news. it is a sign the world's largest oil exporter sees demand wavering. saudi arabia cut prices for sales in october. saudi aramco reduced key arab light grade by more than expected for asian customers. u.s.