Fourth straight week. And struggling americans are running out of options. Is more help on the way . Treasury secretary Steven Mnuchin and Senate Minority leader Chuck Schumer join me to discuss in moments. Hello, im jake tapper in washington where the state of our union is waiting for relief. Today marks 50 days, 50 days since the first coronavirus death in the United States, a day on which the Vice President of the United States told me, quote, were ready. It is now devastatingly clear we are not ready. More than 39,000 americans are dead as of this minute, a number that has nearly doubled in the last week. Its a toll that has left the nation desperate for relief from the Ongoing Public Health crisis and mounting economic losses. And the Public Health battle, there are more encouraging signs that social and physical distancing measures are working to flatten the curve in the nations hospital spots. But governors in states across the country say they still do not have the testing needed to begin to safely reopening despite the Trump Administrations assurances that testing is, quote, sufficient. On the economic front, the numbers are frankly overwhelming. More than 22 million americans have filed for unemployment in the last month. On thursday the Program Designed to help rescue Small Businesses ran out of money, leaving desperate people at the mercy of ongoing political negotiations between the Trump Administration and Democratic Leaders on capitol hill. And lets start there. Joining me now, the treasury secretary Steven Mnuchin. Secretary mnuchin, thanks for joining us. I hope everyone in your world is safe and healthy. Its been 72 hours now since the Small Business administrations Paycheck Protection Program ran out of funds for emergency Small Business loans, having gone through some 349 billion. Democrats say they want to make sure the next tranche of money goes to underserved Small Businesses and mom and pop shops as opposed to big chains such as ruths chris steakhouse and potbelly. Are you going to try to fix that . Where are you in negotiations . Jake, its gareat to be with you. I think were making a lot of progress. Ive had multiple conversations over the weekend with the leadership in the senate and house. I spoke to Chuck Schumer this morning, i know hes on after. I think were making a lot of progress. On the ppp program, three weeks ago the president signed the law, we had the program up and running in a week, which was unprecedented. Its impacted now over 30 million americans. Let me just comment, the Community Banks have done an extraordinary job. 60 of the loans have been approved by banks that have 10 billion of assets and below, and 20 with 1 billion and below. So the Community Banks have done a terrific job here getting these longdistance approved. Loans approved. Two weeks ago you promised businesses, if you cant get the loan, dont worry, there will be money. Some analysts and experts tell cnn that ultimately the Paycheck Protection Program might need upwards of 1 trillion. What do you think . I dont think thats the case. Were incredibly pleased with the participation rate. And because of that, we Want Congress to approve more funds right away. We think that another 300 billion, thats what were talking about, should be sufficient to reach almost everybody. And let me just comment, weve also reached an agreement on sba disaster loans. So there will be another 50 billion appropriated which can do over 300 billion in disaster loans. These two programs are unprecedented response to Small Businesses, which i think, you know, is about 50 of the american workforce. When do you think the deal will be done, when do you think there will be an agreement and Small Businesses that werent able to get in on the first 349 billion will be able to get some funding that they desperately need . Im hopeful that we can reach an agreement that the senate can pass this tomorrow, and that the house can take it up on tuesday. Wednesday we would be back up and running. Oh, so you think a deal might be done today . Im hopeful. I think were very close to a deal today. Im hopeful that we can get that done. Democrats are also pushing, as you know, for more funding for hospitals and for state governments in this bill. Republican governor larry hogan of maryland says, quote, without sufficient federal relief states will have to face the prospect of significant reductions to essential services, unquote. Will funding for hospitals and state governments be in this deal . Jake, hospitals are very important. These are really the people who are the front line. And we have two issues. We have, one, the issue of hospitals that are overwhelmed with covid patients. But we also have hospitals that are doing no business because theres no elective surgery. So this is really an issue that impacts hospitals across the board. The good news is, in the last bill we have 100 billion thats allocated. Ive been working very closely with mark meadows who is overseeing this for the white house. Weve already distributed a lot of money. And weve agreed to have another 75 billion in this bill. Plus an unprecedented investment in testing. I know everybody is talking about testing. Were talking about a 25 billion federal program, money that can be used with the states, with new technology, to invest in testing. So it sounds as though theres going to be money for testing, money for hospitals, money for Small Businesses, but it doesnt sound like local and state funding will be in this bill. The president has heard from governors and is prepared to discuss that in the next bill. Right now we have a lot of money were distribute to go the states, 150 billion, weve distributed half, well distribute the other half. The president is willing to consider this in the next bill but wants to get this over the finish line with focus on Small Businesses, hospitals, and testing. Two threads seem to be emerging in the business community. I know you have a lot of relationships there. Some Business Leaders say the economy needs to open up now so people can provide for their families, even if testing isnt exactly where it should be yet. Other Business Leaders say we need to reopen the economy but we need to do it once, the right way, even if it means waiting until testing is up to speed. Where do you fall in these two camps . I was on the phone with the president this week. I think you know he spoke to over 150 Business Leaders. He spoke to governors. He spoke to republicans, he spoke to democrats in both the house and the senate. And everybody agrees we need more testing, were now up to about a million tests a week we can do which i think people should give people a lot more confidence. That is ramping up very quickly. As the president has said, hes now put in place federal guidelines to make sure we have a procedure to open up states. Some states will be ready quickly, some states will take more time. The president s number one focus is the health of the American Public and the number two focus is the economy. And i think we have a very good plan to deal with both at this point. More than 22 million americans have filed for unemployment for the first time in just the last month, essentially erasing almost all of the jobs created since the great recession. Gdp is poised to plummet. How long do you think it will take for the u. S. Economy to recover . Will it be months or will it be years . Well, let me just say, you know, im very sympathetic to those who have been impacted by both the Health Issues and the economic issues. Weve shut down major parts of the economy, so its not a surprise. Theres a lot of people who are on unemployment. The good news is part of the last bipartisan bill, thats enhanced unemployment insurance. Theres also the direct deposit payments we started sending out last week. I would like to give a quick pitch for people to go to irs. Gov and click on get my payment. Weve had over 40 Million People authenticate there. We have 5 Million People who uploaded instructions. We ask more people to do that. That combined with the ppp is getting a lot of money into the economy and into the hands of americans. But do you think it will be months or years before the economy is back to the strong position it was before the pandemic . I think it will be months, i definitely dont think it will be years. We are going to conquer this virus, we are going to have terrific breakthroughs. I know not just on the testing but on the medical front, we begin to have virals. I think theres things that are being developed for vaccines which will take a little bit longer. But one of the things we heard is people want testing. People also will react very positively, they know if they get this disease there will be medical treatments available as well. Now, you said two months ago that, quote, i dont expect that coronavirus will have an impact beyond this year. That was obviously two month ago. Looking forward, facebook has canceled events all the way through june 2021. The Congressional Budget Office says coronavirus could affect the Unemployment Rate through the end of 2021. The city of los angeles says it may not hold any concerts or sporting events until 2021. Isnt it almost certain at this point that the coronavirus will have an impact, im not saying as bad an impact as right now, but have something of an impact beyond this year . Jake, let me just say, this is an unprecedented time. Weve never been in a situation where weve closed down the economy. And i think, rightfully so, people are being cautious. On the other hand, as we get comfortable reopening the economy, i think well see a big rebound. Again, very sympathetic to the people, the americans who are impacted by this, the economic impact. I do think were all working very closely together and were going to get through this. You told lawmakers last month that the Unemployment Rate could theoretically climb as high as 20 if the u. S. Does not do enough to help the economy. Some estimates have put the current Unemployment Rate somewhere between 15 or 18 . Do you think its still possible that the Unemployment Rate could reach 20 . I think if were successful, if we get more money out to the ppp, we get more people hired back to work, we make progress on testing, we open up the economy, hopefully we wont be there. But the good news is the president has put in place with bipartisan support an Economic Program thats going to help americans get through this. Stimulus checks for 1,200 are being mailed out to Many Americans, some already have them through direct deposit, but theyre being mailed to help americans through this crisis. For the First Time EverPresident Trumps name is going to appear on an irs check thats being put in the memo line because the president isnt authorized to sign the checks. Did the president personally suggest this idea . Well, let me just correct you and say the checks have not gone out yet, because were hoping that more people, as i said, will go to irs. Gov. Its much safer to send out direct deposits. As it relates to the president s name on it, the president could have been authorized to sign the checks. That would have slowed things down. We didnt want to do that. We did put the president s name on the check. That was my idea. He is the president , and, uh, i think its a terrific symbol to the American Public. I want to ask you just to follow up on a question i asked you earlier, ive been hearing from a lot of Business Owners, and im sure you have too, people who run like a small shop, not a chain, a small mom and pop restaurant, not a chain, and they say that its been much easier for the potbellys and the ruths chris steakhouse chains to get money, and if you dont have a relationship with a bank, its tougher to get these loans. I know this program was ramped up very quickly, but it does seem as though, when some Business Owners say is there some way we can make sure that Small Businesses, underserved communities, get these funds through paycheck protection, it does seem like they have a point. Is there anything in this bill that will help expedite this money to these people that might not have a preexisting relationship with a bank . Jake, thats something we did correct already last week. We wanted to make sure that the banks fairly allocated across the board. The one thing i will say is, because there are know your customer requirements, it was always going to take banks a little bit longer. Again, we couldnt be more pleased, the average loan size is about 250,000. So yes, there are some big businesses, that was in the bill. But let me say, the majority of these are going to Small Businesses. I heard stories from my local cleaners and other areas that were really pleased they were able to get these loans quickly. I know theres other people who are still waiting in line and were going to try to make sure all the banks get to them quickly in this next batch of money. Last question for you, sir, is Senate Majority leader Mitch Mcconnell on board with the deal that youre optimistic could be cut today . Ive had constant discussions with him as well as kevin mccarthy, as well as the president and mark meadows. Were all on board with the same plan. Secretary mnuchin, thank you so much for your time, good luck, and i hope everyone in your world continues to stay healthy and safe. Thank you very much. As secretary mnuchin and congressional leaders are negotiating a new stimulus package, President Trump is attacking Senate Democrats motives. Joining me now, Senate Minority leader Chuck Schumer, democrat of new york. Senator, thank you so much. I want to talk about this funding for Small Business loans, the program has run out of funding, as you know, because of provisions democrats want to add. Karen mills, former head of the Small Business administration under president obama, say democrats should go along and fund this program now, she says, quote, complexity is not our friend here, things that have to be implemented quickly cant have a lot of bells and whistles and we dont have time to delay. What do you say to karen mills . I would say the very things democrats are fighting for are now going into the bill. If you had a connection with a bank, it was pretty easy to get a loan. If you didnt, from one end of the country to the other we have been hearing that people cant get the loans. The local restaurant, the local barbersh barbershop, the local drugstore, even startup businesses, manufacturing or services, that arent happening. So we democrats said, yes, we want to put more money in but lets set aside money to make sure it goes to the rural areas, the minority areas, the unbanked. And the 60 billion for the disaster loan was our proposal and now the administration is going along with that. Setting aside a good chunk of the money, about half of it, so it goes to these unbanked people who dont have a connection with a bank or the smaller ones, was our proposal, and its going. To leave out a large, large segment, i would say half of the Small Business community, wouldnt have made sense. And now its going to happen because we democrats said lets get this done this way. So you agree with treasury secretary mnuchin that the deal could be done today and voted on in the senate tomorrow, the house on tuesday, and then signed by President Trump on wednesday . Well, Speaker Pelosi and i have had constant discussions with secretary mnuchin. Our staffs are meeting 24 7. Weve made very good progress. And im very hopeful we could come to an agreement tonight or early tomorrow morning. Youve got a lot of details, a lot of dotted is and crossed ts. But i am very, very hopeful. Many of the things weve asked for on the banking side, on the testing side, on the hospital side, theyre going along with. So we feel pretty good. We still have a few more issues to deal with. Lets talk about the testing. You were on the call with Vice President pence on friday when Senate Democrats grew increasingly frustrated with the administrations testing response. Did you get any indication from the call that the federal government has a coordinated plan to roll out testing and to make sure governors know where all the tests are . Okay. Let me talk about testing. Angus king, who is a mildmannered maine guy, was very upset. The president now said testing is up to the states. Theyve been bac