WEBVTT 00:01.769 --> 00:03.370 I’M SURE OTHER STATES WILL, PART OF THAT GROUP WILL CONFIRM THE 00:03.371 --> 00:03.670 OF THAT GROUP WILL CONFIRM THE SAME. 00:03.671 --> 00:05.238 SAME. IN THE MEANTIME, WE TOLD YOU A 00:05.239 --> 00:07.974 IN THE MEANTIME, WE TOLD YOU A LITTLE WHILE AGO THAT THE 00:08.008 --> 00:09.943 LITTLE WHILE AGO THAT THE MONEY’S RUN OUT OF THAT ALMOST 00:09.977 --> 00:11.177 MONEY’S RUN OUT OF THAT ALMOST $360 BILLION SMALL BUSINESS 00:11.178 --> 00:11.678 $360 BILLION SMALL BUSINESS RELIEF PLAN. 00:11.679 --> 00:13.079 RELIEF PLAN. NOW THEY ARE GETTING INTO THE 00:13.080 --> 00:15.548 NOW THEY ARE GETTING INTO THE WEEDS HERE AND DISCUSSING THE 00:15.550 --> 00:17.551 WEEDS HERE AND DISCUSSING THE POSSIBILITY THAT MAYBE NOT ALL 00:17.552 --> 00:18.652 POSSIBILITY THAT MAYBE NOT ALL THAT DOUGH WENT TO SMALL 00:18.653 --> 00:19.686 THAT DOUGH WENT TO SMALL BUSINESSES EXCLUSIVELY. 00:19.687 --> 00:22.289 BUSINESSES EXCLUSIVELY. JACKIE DeANGELIS ON THAT. 00:22.323 --> 00:23.290 JACKIE DeANGELIS ON THAT. JACKIE: GOOD AFTERNOON, THAT’S 00:23.291 --> 00:23.590 JACKIE: GOOD AFTERNOON, THAT’S RIGHT. 00:23.591 --> 00:26.693 RIGHT. THE PPP PROGRAM WAS MEANT FOR 00:26.694 --> 00:27.794 THE PPP PROGRAM WAS MEANT FOR EMPLOYEES, EMPLOYERS TO KEEP 00:27.795 --> 00:29.429 EMPLOYEES, EMPLOYERS TO KEEP THEIR EMPLOYEES ON THE PAYROLL, 00:29.464 --> 00:30.597 THEIR EMPLOYEES ON THE PAYROLL, TO PAY THEIR EXPENSES, TO KEEP 00:30.632 --> 00:32.032 TO PAY THEIR EXPENSES, TO KEEP THE BUSINESSES GOING WHILE WE 00:32.066 --> 00:33.667 THE BUSINESSES GOING WHILE WE SLOW DOWN AND THEN RESTART THE 00:33.668 --> 00:35.068 SLOW DOWN AND THEN RESTART THE ECONOMY, BUT YOU’VE GOT SOME 00:35.069 --> 00:36.903 ECONOMY, BUT YOU’VE GOT SOME SMALL BUSINESSES UP AT ARMS, 00:36.938 --> 00:38.304 SMALL BUSINESSES UP AT ARMS, SAYING WHY AREN’T MY LOANS BEING 00:38.306 --> 00:41.008 SAYING WHY AREN’T MY LOANS BEING APPROVED WHEN SOME OF THESE 00:41.009 --> 00:42.376 APPROVED WHEN SOME OF THESE LARGER COMPANIES WHERE IT’S 00:42.410 --> 00:43.577 LARGER COMPANIES WHERE IT’S LEGAL BUT NOT INTENDED PERHAPS, 00:43.578 --> 00:45.279 LEGAL BUT NOT INTENDED PERHAPS, ARE GETTING THEIR LOANS 00:45.280 --> 00:45.612 ARE GETTING THEIR LOANS APPROVED. 00:45.647 --> 00:47.380 APPROVED. TAKE HIGH END RESTAURANT CHAIN 00:47.415 --> 00:48.882 TAKE HIGH END RESTAURANT CHAIN RUTH’S CHRIS. 00:48.883 --> 00:51.284 RUTH’S CHRIS. IT’S RECEIVED $20 MILLION. 00:51.286 --> 00:53.587 IT’S RECEIVED $20 MILLION. BUT THE COMPANY FILED FOR LOANS 00:53.588 --> 00:55.422 BUT THE COMPANY FILED FOR LOANS BY HAVING TWO SUBSIDIARIES AND 00:55.423 --> 00:56.823 BY HAVING TWO SUBSIDIARIES AND APPLYING UNDER EACH OF THEM. 00:56.825 --> 00:59.226 APPLYING UNDER EACH OF THEM. THEN YOU HAVE POTBELLY SANDWICH 00:59.261 --> 01:00.794 THEN YOU HAVE POTBELLY SANDWICH SHOPS ALSO SECURING $10 MILLION 01:00.829 --> 01:03.230 SHOPS ALSO SECURING $10 MILLION JUST AFTER ONE OF ITS EXECUTIVES 01:03.265 --> 01:04.965 JUST AFTER ONE OF ITS EXECUTIVES RECEIVED A $100,000 BONUS. 01:04.999 --> 01:07.501 RECEIVED A $100,000 BONUS. PEOPLE ANGRY ABOUT THAT. 01:07.502 --> 01:11.605 PEOPLE ANGRY ABOUT THAT. TACO CUBANA GOT THE LOANS, TOO. 01:11.606 --> 01:12.139 TACO CUBANA GOT THE LOANS, TOO. WHAT ARE THE RULES? 01:12.140 --> 01:13.841 WHAT ARE THE RULES? THE ELIGIBILITY FOR THE PPP LOAN 01:13.875 --> 01:15.743 THE ELIGIBILITY FOR THE PPP LOAN DEPENDS ON THE BUSINESS 01:15.744 --> 01:17.511 DEPENDS ON THE BUSINESS EMPLOYING LESS THAN 500 PEOPLE 01:17.545 --> 01:18.846 EMPLOYING LESS THAN 500 PEOPLE PER PHYSICAL LOCATION. 01:18.880 --> 01:21.548 PER PHYSICAL LOCATION. SAY A CHAIN HAS, FOR EXAMPLE, 20 01:21.550 --> 01:22.716 SAY A CHAIN HAS, FOR EXAMPLE, 20 LOCATIONS, LESS THAN 500 PEOPLE, 01:22.751 --> 01:24.852 LOCATIONS, LESS THAN 500 PEOPLE, CAN YOU APPLY 20 TIMES FOR THE 01:24.886 --> 01:25.986 CAN YOU APPLY 20 TIMES FOR THE $10 MILLION LOAN? 01:26.021 --> 01:27.054 $10 MILLION LOAN? NO, OF COURSE NOT. 01:27.089 --> 01:29.156 NO, OF COURSE NOT. BUT IT IS ELIGIBLE TO GET ONE OF 01:29.157 --> 01:30.958 BUT IT IS ELIGIBLE TO GET ONE OF THOSE LOANS APPROVED. 01:30.959 --> 01:32.560 THOSE LOANS APPROVED. IN THE CASE OF RUTH’S CHRIS, 01:32.561 --> 01:34.328 IN THE CASE OF RUTH’S CHRIS, HOWEVER, IT GOT TWO BECAUSE OF 01:34.362 --> 01:36.864 HOWEVER, IT GOT TWO BECAUSE OF THAT SUBSIDIARY PROVISION. 01:36.865 --> 01:39.166 THAT SUBSIDIARY PROVISION. POTBELLY GOT THE ONE $10 MILLION 01:39.167 --> 01:40.768 POTBELLY GOT THE ONE $10 MILLION LOAN BECAUSE ITS LOCATIONS 01:40.769 --> 01:41.569 LOAN BECAUSE ITS LOCATIONS EMPLOY LESS THAN 500. 01:41.570 --> 01:44.238 EMPLOY LESS THAN 500. THE CASES WE MENTIONED DON’T 01:44.239 --> 01:45.172 THE CASES WE MENTIONED DON’T BREAK THE RULES PER SE, BUT IT 01:45.207 --> 01:45.773 BREAK THE RULES PER SE, BUT IT LEAVES THESE QUESTIONS. 01:45.774 --> 01:47.475 LEAVES THESE QUESTIONS. WHERE ARE THE LOOPHOLES IN THIS 01:47.476 --> 01:48.576 WHERE ARE THE LOOPHOLES IN THIS PROGRAM AND ALSO, WHY ARE 01:48.577 --> 01:50.978 PROGRAM AND ALSO, WHY ARE CERTAIN LOANS GETTING APPROVED 01:50.979 --> 01:52.012 CERTAIN LOANS GETTING APPROVED BEFORE OTHERS? 01:52.047 --> 01:55.483 BEFORE OTHERS? NOW YOU FIND OUT TODAY NO MORE 01:55.517 --> 01:56.250 NOW YOU FIND OUT TODAY NO MORE APPLICATIONS ARE BEING ACCEPTED. 01:56.285 --> 01:57.285 APPLICATIONS ARE BEING ACCEPTED. REALLY TOUGH ON SOME OF THESE 01:57.286 --> 01:58.185 REALLY TOUGH ON SOME OF THESE SMALL BUSINESSES. 01:58.187 --> 01:59.420 SMALL BUSINESSES. WE DID REACH OUT TO TREASURY TO