[silence] [inaudible conversations] [inaudible conversatis] [audible conversations] mike check. One, two, three,our. Mike check. [inaudible conversations] [inaudible conversations [inaudible conversations] a reporter with the wall street journal, it focuses on data and analyzing the numbers, the wall street journal yesterday, hundreds of companies that got stimulus aid has failed, ppp loans have filed for bankruptcy after the money ran out, thank you for joining us remind our viewers with the Paycheck Protection Program is. It was a form of stimulus the treasury in Small Business administration started Small Businesses april and they plan to forget the loans as long as the funds were used to fund payroll and other related expenses. How much money was left out and what businesses received the money . Is about 525 billion, i think. More than 5 million recipients of loans got some of the funds and it was all kinds of businesses, Small Businesses. Some larger business as well. The one that filed for bankruptcy, there were restaurants and hotels and businesses in the accommodation business industries. You wrote, the total amount of companies that went bankrupt was to 20 million and 509 million. They identified by the journal filing for bankruptcy since august. Dozens of recipients come from nearly every state, the pandemic is a primary enter for bankruptcy. What about the pandemic . One of the companies i spoke with, some cited specifically lockdowns. One of the main examples i have in my article, was in owner had two locations and shut down after 20 years of operation. Successful operations. He said statewide ban on large gatherings killed his business so can similar conditions for hotels and other places operating at capacity. There are other conditions like ppe equipment and so on and so forth. There is other expenses witnesses have to consider. These businesses filing for bankruptcy, what happens with the money they received from the government for the Paycheck Protection Program . Is it forgiven, do they have to pay back . Keep in mind, it can be forgiven. Theyre looking into that now for companies that apply for that but what happens to the loan, theres an unsecured claim that has lower repayment priority secured claims which might be back by property and things like that so the Business Owner is in charge of the negotiations will go to the creditors and come up with a repayment plan. There almost always less than the original values alone at the government decided not to forget the loans, if the company use funds appropriately, they still only be able to recover pennies on the dollar in most cases. We want to hear from our viewers on this topic. If you live in the Eastern Central part of the country. If you received ppp funding, we want to you this morning. Want to hear your story, how the process worked for you and if it helped you stay afloat or if you yourself, like in this story had to file for bankruptcy. You write in the wall street journal about the government watchdog tens of thousands of companies received ppp loans for which they appear to have been ineligible such as corporations created after the pandemic began. Businesses exceeding workforce limits generally 500 employees or fewer. You have paid database because they already owe money to taxpayers. Tens of thousands of organizations appear to have received more money than they should have based on the headcount and compensation rates. How did this happen . We have to look at the underwriting process which is not traditional banks the actual loans and Small Business administration think they are going to guarantee peace loans as long as they are used for the right ones. When the program came out, it was quick, they wanted to get as much money to as many businesses as possible. The underwriting process. There wasnt much of the prevention framework in place prior to making these loans so now the government has had more time to review who the recipients are it is clear that they should not have applied for the money and received it and they will have to go through a fallback process and that will play out over the coming weeks and months. You know what that process will look like . We will have to seek. [laughter] like in california, you are up. Good morning. Good morning. I am in california, there is a lot of talk recently about the tax ability of the forgiveness of these loans. Originally they said they werent going to be taxable when they were forgiven then it turns out through internal revenue, the forgiveness of the debt is taxable but expenses that you expend the money for, that will not be deductible. Then its a matter of okay, when is it taxable . Most everybody said well, its going to be taxable when the loan is forgiven. Now apparently the irs issued a notice saying well, we think maybe sections are not deductible in the year you got the money, not when its forgiven even though you dont know if its going to be forgiven and the thing that irritates me mow most of the beginning of the process when different congressman, when it was explained to them that the money is going to be taxable they said no, we will change the law because that was not our intent. Well, nobody doing anything to protect businesses will give them hard and fast rules on this and the other thing, there are some businesses that probably got the money they didnt make it so is that going to be taxable to them on something, forget about paying the money back but what they have to pay money or pay tax on money that they dont have . So i dont see a single congressman seeming to be concerned about this when it was unanimous, all republicans and democrats were all putting in the ppp loans but then when it comes down to, it is to be difficult and challenging but theres no help whatsoever. All right, lets let him way and. The tax issue is outside my field. I have not into that so that is great great idea but bring up how legislatures didnt think about all of this just in terms of bankruptcy. The underlying law, the fda Small Business administration has disqualified borrowers qualifying for ppp funds while in bankruptcy so weve seen all kinds of interesting maneuvers from Companies Filing for bankruptcy, then received funds and filed for bankruptcy again and that is basically okay. Proposed legislation thats out there, there are modifications to the pp program that will address issues around bankruptcy but i dont know how these issues will be treated at this time. What are some of the Company Names receiving the funding that had more than 500 employees that should not have received the money . I dont have that list in front of me to look at that but when you look at the database, theres nobody in there that says they have more than 500 employees so you have to look at the sources of information to find out that they actually have more employees than that and we dont have the full list yet. What kinds of businesses were hardest hit that filed for bankruptcy . Restaurants, hotels, Energy Companies were surprisingly in the but thats likely more to do with the economy in the the way the Internet Energy industry doing with oil prices and stuff. Manufacturers, companies that might contract with boeing and stuff like that. Really, Accommodation Services industries it artist so far just by the sheer fact that they cant operate at full capacity and some wont even be able to open their doors. Concerts, they are looking at a full year of zero revenue essentially almost they have no timetable for reopening so there are lots of businesses on the brink and we are just the tip of the iceberg here bankruptcy filings. Gary in new jersey. Hi, how are you for taking my call. I believe in order for Small Businesses, i am 82. I spent 50 years in corporate world. The Small Businesses have to get federal support. Need federal support because in the constitution, we the people, most of the politicians elected come from very extreme wealth. They have no idea the hardships. In my community, a number of companies have gone out. Two of my gyms have gone out, they declared bankruptcy restaurant cant survive. Politicians, lets take the majority leader of the senate. The one in texas, hes been there a long time. Lets take pelosi. They dont understand people who own Small Businesses. Thank you. The current negotiations, is Congress Talking about more money for this Paycheck Protection Program . I dont have exact figures on the Paycheck Protection Program funding. If you look at the democrats, they have around 2 billion in stimulus they want past republicans have about 650 billion that i have seen and i was early november. Six 2 trillion for democrats. 250 billion for replicants. Look at the Paycheck Protection Program, 525 billion so moments are looking at here more than what was already given out to Small Businesses. Buffalo, new york. Good morning. Good morning. Question, in this Opening Statement a few moments ago, i noticed the 500 employees, didnt use dollar values. Is it the number of employees . Why was that deleted . We do cite how much money went into these companies. I dont recall what the revenue was but at what was declared the paperwork filed the fda so what we have is jobs supported, what industries, a lot of information is what was billed out. He was incomplete in many cases. William in pennsylvania. Hello. I vote republican and i think this stimulus for Companies Just another way for businesses to rip off the government. I dont think businesses are failing because of this pandemic and everything they should be allowed to fail. It will clean out the week, the ones, and the ones that are strong will survive. Define the difference between the Paycheck Protection Program throughout about an Economic Injury disaster loan program. Well, the ppp loans are forgivable as long as larry used to support jobs and that is primarily what they are designed to do. The design to keep people on payroll. The disaster loans have more of a typical underwriting process. There is more of a review of the financial state and loans are a much smaller amount than what you see in the ppp loans. To learn more about this reporting on the Paycheck Protection Program, go to j. Com. There is the headline for you. Thank you very much. [inauble conversations] [inauble conversations] and notle conversations. [inaudible conversations and notable conversations. Waiting for members of the White House Coronavirus task force to give anpdate. We continue to wait, here is covid19 briefing wit pilot governor, kim reynolds who issu a statewide mask mandate. Good morning. Over the last seven days, iowa has seen an increase of more than 22000 new covert case is in the average statewide Positivity Rate of 17. 5 . A decrease from the seven days prior when new cases totaled 30 to 6000. The average Positivity Rate was 28 . At the county level, we see Positivity Rate are beginning to stabilize in many areas and these are welcomed signs and while we may be cautiously optimistic, we have a lot of work to do to bring the numbers down to a level where we can safely manage the virus while getting back to normal. Hospitalizations remain high across the state but yesterday was the first day and we were we saw a slight decrease in overall numbers of hospitalizations so it gives us hope as well but one day far from a downward trend. Over the next week will be critical we see hospitalizations rates stabilize. Every day we are monitoring it closely and working directly with hospitals and Healthcare Systems to understand their situations and assistance needed. Best majority of the hospitals continue to be, those hospitalized continue to be older islands, currently 74 of all hospital patients with covid are age 60 and older. It underscores the importance of taking measures to protect those that are most at risk due to age or Underlying Health conditions. As we approach the Holiday Season and even small gatherings occur among family members, we need to be mindful of how our behaviors can impact others. Giving an update on longterm care facility optics later today and additional 20 longterm care facility optics will be recorded. As a reminder, moving to outbreak status with three residents in a facility test positive for the buyers. That will bring the total number of longterm care outbreaks at this time to 114 and i think we have around 443 longterm care facilities. We will also do an update this afternoon to the long care term dashboard on coronavirus. Iowa. Gov. To make sure that they their in place is critical to preventing this virus from entering a facility or stopping its spread after exposure. Training is available on Infection Control appropriate ppp use in Emergency Planning and in an effort to morris assist longterm care facilities with staffing concerns the state has provided up dated guidance on preparation and implementation of emergency staffing plans. The state hygienic lab continues to support her longterm care facilities including when an outbreak occurs so in addition the lab is also providing antigen test cards support routine surveillance testing and more than 240,000 cards have been distributed to facilities across the state for this purpose. Im also announcing today that 14 million of cares funding will be allocated to iowas longterm care facilities to assist with the increased costs related to testing and staffing. Like our hospitals is important if we also provide assistance to longterm care facilities at this time and that every iowa and continues to do their part to protect our health care workforce. Also as positive cases have increased so has the caseload for investigations conducted by Public Health departments whether at the state level or locally. The volume of cases at this time require Additional Resources and as we announced earlier this week we are working to increase our Case Investigation resources. In the meantime its important that iowans are prepared in case they are someone in their family tests positive. Today ive asked to help inform iowans about what they need to do if a member of their immediate household tests positive for covid19. Thank you governor and i want to talk a little bit about to traditional Public Health activities that we do for a variety of diseases and have done for a long time. Those are Case Investigations and contact tracing. When we talk about Case Investigation we are talking about an individual who has received a positive covid result so they are infected with the covid19 virus regardless of whether or not they have symptoms. We reach out to those people and ask questions about them and we do that for a couple of reasons. Partly because we want to understand a little bit about these people and to the viruses affecting so your age, maybe your Underlying Health conditions, what you do for a living and that helps us better understand the virus that we havent known about for just under quite a year now. As we get a little bit more information about the individual and who they are we also try to understand a little bit about what activities they might have anticipated them to put if could have put them at risk for becoming sick or because this is a persontoperson virus it can be hard to know that for certain especially as people engage in increasing numbers of activities which we do see. When we have identified that person whether somebody infected with covid the Public Health recommendation is to stay home for 10 days and we call that isolation. Anybody who has received a positive result indicating that you have covid19 we ask that you stay home for a 10 day period either from the beginning of your symptoms or from the day you got that tests positive if you never had symptoms than we do that to limit the spread of the virus to other people. In addition to that in the course of those conversations we asked people about who else they have been around and its members have increased we have increasingly focused on highrisk situations which includes households. We know that households are a place where all kinds of illnesses can spread quickly whether we are talking about the flu or norovirus when weave that together. They are more chances chances for a virus to move between us and so we want to do what we can to protect other people who may have been exposed and are at higher risk to becoming sick. That means we start to talk about quarantine which is a recommendation for Healthy People who have been exposed to somebody with covid to stay home themselves. We ask people to do that for 14 days regardless of whether or not they have a negative test and the reason is because you can still be incubating the virus or you might not have become sick yet. By asking people who are sick to isolate and stay home and by asking people who are exposed to someone with covid to quarantine and stay home what we are trying to do is limit the spread of the virus from one person to another so its important that everybody continue to follow that Public Health recommendation. Even if you dont fit into either of those two categories that i just described people who were actor people who quarantine i want to remind everybody that there are things we can all