tv After the Bell FOX Business July 9, 2020 4:00pm-5:01pm EDT
picks spdr mid-cap. dgs. wisdom tree emerging markets. spdr small cap. peter. [closing bell rings] it is not a pretty picture for the dow of the nasdaq once again calls it a winner. takes the trophy. connell: new record indeed for the nasdaq. the dow, is lower but ends off the lows of the session. this morning the supreme court ruled that manhattan's chief prosecutor indeed could access president trump's tax returns. market went down after that. came back a bit. at the white house the president signing an executive order on the hispanic prosperity initiative. we'll keep an eye on that event. we'll bring you any breaking headlines that come out of it thanks for joining us. i'm connell mcshane. jackie: i'm jackie deangelis in for melissa francis. this is "after the bell." the nasdaq once again the major winner for the averages.
closing at record new high for the second day in a row, with amazon, microsoft, facebook, netflix, we seem to say those names a lot. we have fox business team coverage. edward lawrence in washington, hillary vaughn following the biden campaign in dunmore pennsylvania. and jeff flock in chicago. we'll start with latest from edward. reporter: big news today, two supreme court rulings, one for the president, and one against the president. it denied democrats in the house to president's records and tax returns. decision by chief justice john roberts who written, who wrote that, basically the lower courts did not take into the account the separation of branches of government. the subpoenas should meet specific legislative objectives. he added this in the language, quote, the specificity of subpoena request sufficient safeguard of unnecessary intrusion into the office of the
president. now house speaker nancy pelosi says that she will keep this going in lower courts. >> there was never any way they were going to gives the records right now. but they would give us a path to the records. this isn't so much about the president's records although we would like to know, you know, how russia funded his operation all those years but that is not what was at stake. what is at stake is the president above the law. reporter: the president believes that this is all politically motivated just meant to make him look bad going into the november elections. >> rulings were basically starting all over again, sending back down to the lower courts and you start all over again. so, from a certain point satisfied. from another point i'm not satisfied because frankly this is a political witch-hunt. reporter: on the president's loss it was 7-2 additional
howing manhattan district attorney cyrus vance to get the president's tax returns and financial records. in a statement he says our investigation which was delayed for almost a year by this lawsuit will rue assume, guided as always by the grand jury's solemn obligation to follow the law and the facts wherever they may lead n that ruling chief justice john roberts writes the president is not immune from handed over evidence in a criminal case, however he says the president's attorney can argue other facts and make another argument in a lower court related to this. that is exactly where it es going to go. the president's attorney jay sekulow says he is going to do. that the bottom line, no tax return handed over today. none will be handed over next week and likely none handed over by the election. back to you. >> edward, thank you. busy morning. this case not closed yet, connell. connell: no it's not. james freeman our friend from the "wall street journal's" editorial page, assistant editor, fox news contributor. joins us right now. good to see you again.
haven't talked to you in a while. jackie says it was busy at the supreme court. i think for investors they look at these types of things at this time, in an election year everybody is trying to hedge their bets to figure out whether a decision like this, the idea that cy vance, manhattan d.a. would get access to the president's financial records make it any less likely that the president gets reelected. does it? >> i don't think short term it's a big market issue. this probably pushes everything past the election. for those investors thinking about long-term health of the united states, this goes for voters as well, you have to think about how much power you want to give what congress or a local prosecutor to harass the president, even if it's, may be a president you don't like at this moment. in the future maybe one you like, you hope that the president would be able to carry out has duties without this
constant legal harrassment. connell: the takeaway is, if you're a democrat, be careful what you wish for. this could be a president biden in 2021 with republicans going after him. >> that is exactly right. i know a lot of voters would like to see tax returns. i think as a voter it is nice to get more information but it has not been a requirement. it has not been a legal requirement. on the specific issue of the manhattan d.a., we don't even know what hypothetical crime he is investigating, just test alito points out in his dissent, there are more than 2300 local prosecutors in the united states. do we really want all of them to engage the presidency in a fishing expedition? connell: now as i said a lot of this is read in a way, this may not have an effect how it might affect the election and you know the market is trying to figure that out. for a while now, it looked into the polls, could be wrong, looks
like joe biden more likely to win than donald trump. the market has been fine for the most part. we're down a little bit today. we'll talk in detail what former vice president biden said in pennsylvania later in the show. you posted a column on the journal's website this afternoon about it, talking about biden's bigger government and i want you to talk a little bit what you think we'll see from vice president biden. he promises obama-style taxes and red tape but trump style trade fights which has been one issue that not necessarily seen eye-to-eye with the current president on, i guess biden is not a free trader either? >> yeah, thanks, connell. it has got to be a concern. you mentioned investors, given all the monetary stimulus we don't really know what to make of stock prices but i think certainly one thing that has been supporting them is the idea that okay, biden may be for more taxes and regulation but we'll
get some trade piece. i think his new message, basically, adopting the trump message on trade, suggests that you're not going to get a lot of pro-growth stimulus there either, or pro-growth incentives, trade fights, higher taxes, higher corporate tax rates, more regulation, hard to see where the growth would come from in a biden presidency. connell: the timing is curious because you figure, hypothetical clay he would come in at a time the virus is still the story and we're trying to stimulate the economy and you're trying to bring growth about and these necessarily might not be the politics or the policies that do that. investor to some extent, looking at, he will not go nuts with the tax hikes and all the rest at first. they could be proven wrong by that. he might. >> well i think it should strike people as kind of weird, given where the economy is, that he has not backed off at all from
the 4 trillion-dollar tax hike plan, and it looks likes we're going to get more given the new spending that is tied to his announcements today. connell: yeah. you're right. more again on biden in a few minutes, from pennsylvania. but it is interesting because that is the prism people are seeing things through these days. good to see you again. james freeman. jackie, back over to you. jackie: all right. the u.s. reporting more than 50,000 new coronavirus cases in a single day as texas governor greg abbott suspends elective surgeries in dozens of new counties. fox news's casey stegall in dallas with the latest there. casey. reporter: jackie, up until today elective surgeries were on hold in eight counties in the state of texas but today's proclamation of the governor expanded it to 113 counties. that is out of 254 in the entire state. so no elective surgeries for the time-being in 113 counties here in texas because not only is hospital bed space running tight
in texas and also other states where they're experiencing surges of cases, officials say staffing also has become an issue. the feds are sending in additional help in fact. more than 1000 doctors, nurses, other medical personnel deployed to places like california, arizona, texas and florida. six federal teams alone to the lone star state. more than 9600 patients are now hospitalized with covid across texas. 2816 have died since the outbreak. while in arizona, the number much new daily cases slowly started to decline but the data shows a recent jump in fatalities attributed to the virus. 75 in the last 24 hours. before that the record was 40 on june 25th. more than half of the state's ventilators are in use and critical care bed capacity sits at 89%. listen to why leaders say that
is not sustainable if this trend continues. >> covid patients in an icu bed, they're not there for a few days, week, two weeks, longer. so that bed is taken out of circulation. i can say i'm worried. this is one of those moments, regardless how old the age group is. reporter: officials say hospital space is also getting tight in florida, after the sunshine state has experienced significant community spread of the virus in recent weeks. to help contain it, jacksonville is one much three communities across the country where new federally run surge testing sites are now open. anyone can be tested for free in those spots. anyone without symptoms even which is hard to do in many places across the country. baton rouge, louisiana, and edinburgh, texas, are the two other locations where the federal government is operating those surge testing facilities. jackie? jackie: casey, thank you for that report. connell? connell: all right. seems like a shift in message to
some degree. former vice president joe biden laying out the economic plan we referenced with a more populist vision. seems like he is going after president trump with that. critics say the push could backfire on the presumptive democratic nominee. so are they right? we'll talk to a major player, someone working closely with the biden campaign. plus a safe path forward for students, and despite florida's order to fully reopen schools in the fall, one district is planning to keep the classrooms closed. we'll talk to the miami-dade superintendent about that move. that is coming up next. one-stop shop for customer needs. why one industry is making a post-pandemic push into primary care. stick around. i should get a quote. do it. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
♪. jackie: president trump threatening to cut funding if schools do not fully reopen in the fall but many of the nation's large school districts disagreeing with the push to bring back in class instruction. joining us miami-dade superintendent. great to have you with us, sir. good afternoon. >> good afternoon. jackie: i want to talk to you about how difficult the decision the state has to make. the state issued an order the
schools should resume in person on august 24th. you're looking florida one of the hotbeds or if not the new epicenter of covid-19. how do you work through the process with time slowly running out? >> number one, thanks for giving me the opportunity. look, it is my sincere wish and will to introduce students back to the in house experience that is the biggest experience we can provide. the biggest challenge we face, miami-dade county stands at epicenter of covid-19 in the entire country. so much so the entire state of florida has evolved to phase two, while south florida is under phase one. here is the challenge, according to the white house's own reopening plan as well as the state of florida reopening plan, schools cannot physically open at least not at full capacity until they transition, until the community transitions into a phase two status. phase two status requires a sustained decrease in hospitalizations, sustained
decrease of at least 14 days of number of covid-19 positive cases. that is a challenge we're facing w that said, we have a reopening plan that provide as five-day a week experience for parents side by side with innovative options for parents that rely on remote learning as well. but that's a challenge that we're facing right now is, the rush as you correctly said, to reopen schools at a time when quite frankly restaurants shut down this week. so we are emptying restaurants but we, with the idea of actually packing up schools. there is something logically inconsistent with that. jackie: i hear what you're saying. i'm not disputing challenges you're face as you make a very difficult decision but at the white house press briefing this afternoon, caylee mcdonald was asked aboutdkiley kaley mcenany was asked about reopening
schools. challenges with child care of parent trying to go back to work but also crucial meal services. she talked about some statistics with respect to kids learning remotely. they're not necessarily getting most out of the programs. she even mentioned things like child abuse occurring more frequently as kids are staying home. how do you respond to those? >> i think that a number of those are extremely valid points. look, since the last quarter of last school year we had served over five million meals out of 50 distribution sites. we continue to do so during the summer. so we know that sometimes if the schools are closed down kids would go without eating. therefore we continued the meal distribution process. secondly, we have opened hotlines for social, emotional support as well as mental health support for employees as well as students. and lastly, look, we are touted by even secretary devos is one of the most effective school
systems in america in terms of our model for distance learning w that said, look, there is nothing better than a teacher in front of a child in a school environment. however, the biggest challenge for us, right now, is the fact that our community is under phase one based on health conditions. federal guidelines as well as state guidelines, right now, published in the white house as well as the state of florida present the opening of schools while in phase one. so we hope the transition to phase two, obviously welcome back students into the best type of education they can benefit from. jackie: really quickly, i'm wondering how you would respond to the fact that if you don't reopen come august 24th, you could perhaps see cuts in funding when this is a time all the schools are saying they need more funding to be able to reopen properly, to sanitize classrooms, to maintain social distancing, to maintain the fact
that, and insure the fact that they're checking the kids to make sure they don't have temperatures, that kind of thing? you're response to that, sir? >> well i was actually heartened by vice president pence's statement yesterday that while there is a moral imperative to actually return kids back to school in the fall that he recognizes that there are some districts that are facing significant limitations and that to me gives me hope there will be some degree of flexibility as we transition to a phase two scenario, allowing for the students return without sacrificing the much-needed resources that these kids deserve. so we're going to continue to work with our commissioner of education, with whom we have a terrific relationship. our reopening plan i think will be seen favorably bit state of florida. the state of florida in its guidance and emergency order declares they will be working closely with us and the local health department to insure pa safe, timely return back to the schoolhouse.
jackie: and we wish you the best with your planning. thank you so much for joining us today. alberto calvaho. connell? connell: we'll is stay on the topic, important to many people as schools reopen in the country as districts finalize plans to open in the fall. you talked about miami-dade, new york city, which is the largest school district in the nation, has a plan where students will alternate being online and having personal instruction. live to laura engle with details on that. reporter: connell, new york city mayor bill de blasio says, schools cannot hold all their students at any one given time. so this blended learning plan is really the best solution they have right now moving forward. you mentioned their blended learning was unveiled by new york city mayor bill de blasio to have students going back to schools two to three days a week with masks and the other days the students will
continue remote learning during the spring. that needs work president of united teachers federation, saying that working parents will have to work to pull this off. >> there is crisis in city of new york and other communities, the blended learning model means children are not coming to school every day and there definitely will be a child care crisis. that is something the city needs to tackle to get on top of. reporter: now the mayor's proposed model needs to be signed off on by governor andrew cuomo. the state officials will make the decision for 700 school districts in the state in august. whether child online only classes choosing which some parents already said they will take advantage of. >> in my opinion doesn't matter if you're there for five days or for two days, you're still in that environment with the other kids, with the germs and, kids
don't think about social distancing the way that we do. even if you explain it to them. reporter: district officials say they do have plans to do deep cleaning of the schools overnight. of course they will clean them throughout the day. then they will adjust as guidance fluctuates as they move forward. we'll see how that goes, connell. connell: that first issue, child care, that was the big story at the start of the pandemic, the big economic side of it in terms of people going back to work. thank you, laura engle. reporter: thank you. jackie: calling for a relocation of resources, ford employees are demanding that the automaker stop making police cars. the ceo is responding to that. a ceo promising washington redskins progress on a long-awaited deal if the franchise changes its team name g for this for a long time. they will, but with accident forgiveness
allstate won't raise your rates just because of an accident, even if it's your fault. cut! sonny. was that good? line! the desert never lies. isn't that what i said? no you were talking about allstate and insurance. i just... when i... let's try again. everybody back to one. accident forgiveness from allstate. click or call for a quote today. that's why i've got the power of 1,2,3 medicines with trelegy. the only fda-approved, once-daily 3 in 1 copd treatment. ♪ with trelegy and the power of 1, 2, 3, i'm breathing better. trelegy works 3 ways to open airways, keep them open,
and reduce inflammation for 24 hours of better breathing. trelegy won't replace a rescue inhaler for sudden breathing problems. trelegy is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. think your copd medicine is doing enough? maybe you should think again. ask your doctor about once-daily trelegy. we know times are hard and we're here for you. find support at trelegy.com. we know times are hard and we're here for you. ♪ ♪ we've always put safety first. ♪ ♪ and we always will. ♪ ♪ for people. ♪ ♪ for the future. ♪ ♪ and there has never been a summer when it's mattered more. wherever you go, summer safely.
♪ connell: calls to cut ties. some employees are calling on ford to cut production of police cars. jeff flock live in chicago. reporter: in support of the black lives matter movement, connell. i'm at the ford explorer plant in chicago, which is home to the most popular police vehicle in america. this is where they are made. this is the ford explorer which is the police interceptor, the police version of. that perhaps you have seen it. i suspect you have, because ford controls 2/3 of the police vehicle in the market in the country. but now as you point out, a group of employees from ford, we believe it's a fairly small group, about 100 or so employees, black and white, written to the company, i quote from the letter now, throughout our history the vehicles that fordesn,n,n,n, build b,uilduild ve bhaeeven been used used aso celi brutalirutylindty and oreio ut that tha gharghae ford, for emplexa,xa, was kille
ey all c oalnl t ohen theompaomny qu qu devel dopevmeelntop,ment, prnd saleff all a st police vehic vehlesndnd products. does the c tomheny s about thisth???well, as you might expe company make as fair frit of of revenue from the sale of these vehicles. jim hackett, speaking on behalf of himself, the ceo of ford, ford chairman bill ford, i quote him from a letter sent to employees now, we've clearly said that black lives matter. the issues plaguing police credibility though have nothing to do with the vehicles they're driving. hackett says taking away police interceptors we would do harm to them and their safety and making it harder for them to do, to do their jobs. so hackett is saying both support for both the black lives matter as well as the police. i point out though when people point out that ford makes a lot of money from these vehicles, it actually less than 1% of their
sales last year were from sale of police vehicles. i also point out the perspective to both general motors and fiat chrysler also make police vehicles. i suspect this is all emblematic where we are, connell in this country where one group of people can see a particular issue one way and another group can see it in a completely different way. where we are. connell: that is so true. you think of ford and police cars. interesting less than 1%. jeff, thank you. reporter: back to -- connell: yeah. all right, thank you, sir. jackie, back over to you. jackie: all right. 700 billion-dollar plan to restart the economy. presumptive democratic nominee joe biden unveiling his buy american agenda in a key battleground state but it has got some experts sounding the alarm. plus a growing number of retail chains are hoping you trade in your doctor's office for your local drugstore.
looking to make working from home a bit more luxurious? barbados is introducing a 12-month barbados welcome stamp. it would allow visitors to stay for entire year, to work remotely, once the caribbean country reopens to tourists on sunday. ♪ ♪ it's like walking into the chocolate factory and you won a golden ticket. all of these are face masks. this looks like a bottle of vodka.
amazing school district. the hoa has been very involved. these shrubs aren't board approved. you need to break down your cardboard. thank you. violation. violation. i see you've met cynthia. at least geico makes bundling our home and car insurance easy. and it does help us save a bunch of money. two inches over regulation. thanks, cynthia. for bundling made easy, go to geico.com ♪.
jackie: challenging president trump's agenda, former vice president, presumptive democratic nominee for president joe biden releasing his build back better economic plan today. hillary vaughn is on the scene in dunmore, pennsylvania, with those details. hillary? reporter: jackie, former vice president joe biden's pitch he should be the person in charge of rebooting the economy in a post-covid-19 world he would care about how the local economy is doing versus what he thinks president trump is doing right now, worrying about wall street. >> donald trump loves to talk and talk and talk but after 3 1/2 years of big promises, what did the american people have to show for all of the talk? use this opportunity to take bold investments in american industry and innovation so the future is made in america. all in america.
reporter: and that sound as lot like what we heard from president trump on the campaign trail in 2016. biden today saying his key to getting the economy going again is build american, buy american, and hire american. part of his plan would do this. invest $400 billion in his first term to federal purchases of u.s. products including clean vehicles american steel, medical supplies and artificial intelligence. the plan also includes a made in america tax credit to provide capital to small and mid-sized manufacturers. biden also wants to invest 300 billion in research an development in industries like national institute of health and department of energy and investment in technologies like five 5g and a.i. he would punish those that shut down here and move jobs overseas. and woe claw back the public investments in those companies. biden's push towards
american-made product, not only similar thing we heard from biden that align with what trump's priorities been so far. over past 3 1/2 years, one thing for his recovery plan will be cracking down on china. he wants to make sure that the trade relationship is balanced. he wants to crack down on china's cyber threats. also their currency manipulation and all of these things are things that we have heard from the president but biden today saying he is the best person to actually get it done. jackie? jackie: hillary, thank you so much. some of that sounds very familiar, connell. connell: it does. we'll talk about that with fred hochburg, former president and chairman of the u.s. export-import bank under president trump. from what i understand he is working closely with the biden campaign. fred, thank you for coming on. in the time we have i would like to do i think taxes and trade maybe in that order with what the former vice president spoke about today. on taxes first, saying things time to end era of shareholder
capitalism, talking about raising the corporate rate from went all the way down to 21. wants to get it back he said to 28, i think time something important to investor at least, probably to other people. if the economy is still not in good shape when biden comes in if he were to win, is that the time really, do you think he would still push forward to raise corporate taxes? >> vice president biden understands that we need to have some balance here, balance in tax rates for individuals and corporations. we obviously put a lot of money into stimulus for the airlines and many other companies including small businesses. we need to make sure we put our fiscal house in order. we have run up huge deficits under president trump. we have to be more responsible. joe biden, having worked in government for over 30 years understands we have to pay the piper. we also have to be responsible. connell: but a tax hike before the virus rebound is complete? >> i don't think, again, speech came out today.
i don't think he is talking about at day one initiative to raise corporate taxes. you know, there was without question, president obama and joe biden knew this when they were in office, our corporate tax rates were much too high. there was never question about that. did they have to go to 21%? probably not. that deprived our government of a lot of money. so i think vice president biden said we have to have some balance here. he is not saying on day one. most important thing get americans back to work, put investments on buying things made in america and giving real incentives to working people. joe biden is very clear, cares about working people, not wall street. we've seen president trump, he is fixated on wall street and stock market and dow jones industrial average. connell: on that point about, and he did sound similar to some extent to president trump on made in america and all that as was noted in our report from pennsylvania, what about trade though?
interesting conversation, i don't know if you heard a few minutes ago with james freeman from the "wall street journal" was on with us, his general point he thought that a lot of wall street types were looking at former vice president biden saying you know what? we're not a huge fan of president trump's trade policy. biden might not be as protectionist as trump but today, sounded like he might be even more protectionist than trump. he might go harder at china. what do you say? >> let me unpack that for a minute. there are a couple things there. one, joe biden having been chairman of the foreign relations committee understands the importance of global alliances, understands importance economically of working with others to get what america needs and to serve america's interests. he can be very tough on china. the way to be tough on china is not just to have willy-nilly tariffs but work with allies, together, we can all stand up together to china because that is what china will listen to. joe biden understands that very
clearly. connell: okay. last point, fred on tone, we talked a little bit on details but on tone, fair to say biden is going after the trump voter, maybe somebody in pennsylvania who voted for president obama, four years later voted for president trump, rather than going all-in on "medicare for all" or green new deal and going to the left on those issues. is that start economics and politics from where you sit? >> i have known joe biden, goodness, 30 odd years. he is, i think joe biden is clearly a pragmatic person. it is about what can i get done as president of the united states that will work for the most american people. he is not just an ideologue, putting americans back to work, having people sense of pride in the workmanship, pride in family. that is what this agenda sounds like to me. connell: all right. fred hochberg, as he said
himself known former vice president biden for many years. thanks for being with us. appreciate that. keep covering this for months to come. jackie? jackie: connell, sometimes it is all about finding middle ground. what one congressional leader he will offer the washington redskins in the team abandons its current name. we're live on capitol hill where things stand on that. experience the joy of a bigger world in a highly-connected lexus vehicle at the golden opportunity sales event. lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer. come on in, we're open.
♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪ [camera man] actually anyone 50 or over is at increased risk for shingles. the pain, the burning! my husband had to do everything for weeks. and the thing is, there's nothing you can do about it! [camera man] well, shingles can be prevented. shingles can be whaaat? [camera man] prevented. you can get vaccinated. frank! they have shingles vaccines! -whaaat? -that's what i said. we're taking you to the doctor. not going through that again. [camera man] you can also get it from your pharmacist! talk to your doctor or pharmacist about getting vaccinated.
talk to your doctor or pharmacist because now you can expewatch all your favorite hulu shows and movies on xfinity. you're only a voice command away from award winning shows like the handmaid's tale, to new hits like little fires everywhere. and fx originals you can only watch on hulu. that's just the beginning of what you can experience with hulu on xfinity. tv made simple, easy, awesome.
♪. jackie: "fox business alert." the kentucky governor issuing an executive order requiring everyone to wear a mask in public starting tomorrow at 5:00 p.m. eastern time. connell? connell: okay. that's from kentucky. to our nation's capitol. for decades congress and washington redskins have had a messy history over the team's nickname. the team facing more pressure to change that name, especially if it wanted to move back to play in d.c. again. chad pergram, live on capitol hill with more on the story. chad. reporter: back in early 1990s, the washington redskins, they won three super bowls. they wanted to move into a new arena. there was attractive land north of rfk stadium controlled by the federal government. a senator from colorado, ben
campbell, i will let you use that piece of land, but i will block it in the senate unless you changed the name. guess what, the washington redskins moved to maryland. here is ben nighthorse campbell. >> i didn't mention the name of the team or jack kent cook in the bill. it would have wanted any team that wanted to use federal land who wanted to use derogatory name. he told me the majority of his patrons for the football team supported that name. reporter: why the redskins moved to maryland. they played there since 1997. democratic harry reid would deliver lengthy floor speeches railing against redskins owner dan snyder. reid would say the name desecrated native americans. >> during the time i was there, kept hoping publicly would lose all their games. i doubt if i had anything to do with it. they didn't have a winning
season for a long time after that. reporter: the team is looking to move back to washington, d.c. rfk stadium where they
used to play will be raised next year. that is one of the cites the team is looking at. eleanor holmes norton, nonvoting member of congress will put through a bill to build the stadium on the old site where rfk stands currently but they have to change the team name. the path back to washington, d.c., redskins, the team, it will go through the halls of congress. connell. connell: interesting story. even if they don't come back to the district, seems like the name is on its way out. chad pergram on capitol hill. jackie. jackie: racing against the clock. since april third the paycheck protection program gotten more than $521 billion in low interest loans out to more than 4.8 million businesses in america but a lot of companies spent the money before congress relaxed the rules and are now struggling as the pandemic
persists. what are those businesses doing at this point? we've got the cfo of one, neil abramson much eci stores, joins us
now. neil, i guess the logical place to start here, what kind of predictment did you find yourself in in march when this all started in? what kind of a loan did you get with respect to paycheck protection and why is it you find yourself out of funds now? >> jackie, thank you so much for having me today. i really appreciate you telling the storied of small business what we're facing here. back in march, we faced -- it was grueling. many businesses like ourselves were closed about we knew we were closed. business trailed off as the virus started to sweep across america, foot traffic stopped, sales stopped for businesses across america. and we were no different than that. we had to furlough all 22 of our staff back in march, which was heartwrenching. we never had to do anything like
that and that was the emotional toll that took, to have to do that and not knowing when we would be able to come back. there was no end in sight from that. that was really hard. one of, you know, several of our people were, that have been with us a long time were like, really, worried that they would never be able to unlock the door of the stores they were putting the key into that night when we made the decision back in march to close, for the safety of our community. jackie: yeah. >> for our staff, for our customers. we did what was write. small businesses around america did what was right for their community. jackie: part of the problem really has been as you mentioned, you locked the door. you didn't know when you would open it again. this has gone on a lot longer than most people have expected including the government, right? >> this has. it has gone on longer than anyone expected. but, you know, small business is stubborn in its goals and
flexible in our methods. small businesses across america have had to pivot throughout this, okay? they have worked with their community partners. they worked with their bank. i mean enterprise bank, i can't say enough about them, how they helped us through this. and countless other businesses. our community leaders like our mayor here in massachusetts, a great leader. he was doing live updates. you've seen so many mayors do across the country. but he was going into closed businesses, businesses having to be closed, he was doing updates from there, to let people know the businesses are still there, they're still fighting to get to the other side of this, okay? great landlord partners, one of my landlords, paul, who has been phenomenal working with with his tenants because he wanted to see everyone of his tenants to reopen. he was really small tenants. he has really large national tenants. all these community partners throughout this that are helping businesses see our way through
to the other side. jackie: the community partners are one piece of the story of course, but the government is the other piece and the ppp loan i'm sure helped for a while but let me ask you in the time that is left, which is brief, what can the federal government do now to help you as it drags out longer? what exactly do you need at this moment? >> we need two things. we need congress to take up the senate bill 46 of 17 which would allow for automatic forgiveness of ppp loans under 150,000. they don't get a lot of noise but 86% of the loans were under $150,000 and they represent 26% of the money spent. but that is real small businesses like ours that got that money and it would help the paperwork because they're going to spend thousands, these small businesses are going to spend thousands on paperwork to get their loans forgiven t would be a huge step to simplify that. the other thing they could look
at targeted industries like retail which represents one in four jobs in america to, to give, to allow for a second ppp loan. industries like retail, hospitality, restaurants that have been extremely hard hit by this have seen their revenue go to zero would be with a second ppp. jackie: you make a fantastic point. certainly i don't think the jury has not come back yet with a final deliberation on this. it is possible if this pandemic continues in this way more funding to come. we'll watch it closely. we really appreciate you telling us your story, today, neil. >> thank you so much, jackie, i appreciate you and fox news for taking the time to tell our story. have a great day. jackie: okay. connell? connell: all right. in a moment banking on convenience. we have a major chain that is hoping americans are ready to turn to their local drugstore for a trusted health provider. ♪ and etfs
connell: so the coronavirus pandemic is really changing the way that pharmacies serve their customers. now, we have one big chain that's really making a push to provide more than just prescriptions, and we have that story live thousand from gerri willis -- now from gerri willis. >> hey, connell, that's right. well, your next doctor's visit may be to the drugstore. we have walgreens announcing a deal to roll out 500-700 clinics hiring 3600 doctors who would work in the stores. we talked to village m.d. ceo tim barry. here's what he told us. listen. >> we're incredibly excited about the partnership, truly to work with the level of scale and trust and brand and commitment to the same model of caring for all populations and doing the right thing for patients. this is about delivering clinical superior results, to it's a different model of
primary care than when we're used to. >> the move comes after villagemd tested the concept in five houston, texas, stores. clinics will accept medicare, medicaid and, of course, employer-based coverage. the idea, though, is not new. two years ago cvs bought aetna, they opened minute clinics, walk-in facilities. the idea of momentum as drugstore chains were designated as essential retailers. listen. >> cvs and walgreens are concerned, i think they've done a really good job of making people feel comfortable throughout the entire pandemic in terms of being able to go in and retrieve prescriptions or have them delivered. all the delivery fees have been taken away. >> so not good news today though
for walgreens,com, as they reported -- connell, as they reported a loss on the bottom line. long term it could be good news. back to you. connell: amazing how much has changed. thank you, gerri. jackie and i will see you tomorrow, thanks for watching. "lou dobbs tonight" starts right now. ♪ lou: good evening, everybody. if we begin with another -- we begin with another extraordinary, bizarre twist in the radical dems' and deep state's effort in the persecution of former trump national security adviser general michael flynn. clinton-appointed judge emmett suggest -- sullivan is now demanding the entire for d.c. court of appeals which overruled him, he wants them to rehear the decision from two weeks ago, a decision from that three-judge panel that, well, created an end to flynn's case. calling upon the judge to dismiss the case and move on. judge sullivan refuses to do what his
IN COLLECTIONSFOX Business Television Archive Television Archive News Search Service
Uploaded by TV Archive on