>>> TOMORROW THE HOUSE IS SET TO
>>> TOMORROW THE HOUSE IS SET TO VOTE ON A SENATE PASS BILL THAT
VOTE ON A SENATE PASS BILL THAT INCLUDES $320 BILLION TO
INCLUDES $320 BILLION TO REPLENISH THE PPP, PAYCHECK
REPLENISH THE PPP, PAYCHECK PROTECTION PROGRAM, THAT IS
PROTECTION PROGRAM, THAT IS AIMED AT HELPING SMALL
AIMED AT HELPING SMALL BUSINESSES, AND $60 BILLION OF
BUSINESSES, AND $60 BILLION OF THAT WOULD BE CARVED OUT FOR
THAT WOULD BE CARVED OUT FOR UNDER-BANKED BUSINESSES.
UNDER-BANKED BUSINESSES. NOW, THE NEW BILL ADDS MONEY,
NOW, THE NEW BILL ADDS MONEY, BUT IT DOESN’T CHANGE THE
BUT IT DOESN’T CHANGE THE WORDING OF THE PROGRAM, SO
WORDING OF THE PROGRAM, SO LARGER, MORE ESTABLISHED
LARGER, MORE ESTABLISHED BUSINESSES CAN STILL GAME THE
BUSINESSES CAN STILL GAME THE SYSTEM AND TAKE RELIEF AWAY FROM
SYSTEM AND TAKE RELIEF AWAY FROM THE COMPANIES WHO TRULY NEED THE
THE COMPANIES WHO TRULY NEED THE LOANS.
LOANS. OUR NEXT GUEST ZEST AMERICAN
OUR NEXT GUEST ZEST AMERICAN SMALL BUSINESSES ARE TOO BIG TO
SMALL BUSINESSES ARE TOO BIG TO LET FAIL, THAT IT IS TOO
LET FAIL, THAT IT IS TOO IMPORTANT.
IMPORTANT. HE THINKING CONGRESS NEEDS TO GO
HE THINKING CONGRESS NEEDS TO GO MUCH, MUCH FURTHER.
MUCH, MUCH FURTHER. HOWARD SHULTZ SAID WE NEED A
HOWARD SHULTZ SAID WE NEED A MARSHALL PLAN.
MARSHALL PLAN. WHAT DO YOU THINK ABOUT THE
WHAT DO YOU THINK ABOUT THE LATEST MOVE?
LATEST MOVE? >> STEPHANIE, THANKS FOR HAVING
>> STEPHANIE, THANKS FOR HAVING ME.
ME. I COMMEND CONGRESS FOR THE
I COMMEND CONGRESS FOR THE SECOND ROUND OF PPP, BUT LET ME
SECOND ROUND OF PPP, BUT LET ME EXPLAIN WHY IT’S KNOTTS ENOUGH.
EXPLAIN WHY IT’S KNOTTS ENOUGH. THERE ARE 30 MILLION SMALL
THERE ARE 30 MILLION SMALL BUSINESSES IN AMERICA THAT
BUSINESSES IN AMERICA THAT EMPLOYED APPROXIMATELY 60
EMPLOYED APPROXIMATELY 60 MILLION PEOPLE.
MILLION PEOPLE. WITHIN THAT GROUP, 500,000
WITHIN THAT GROUP, 500,000 INDEPENDENT RESTAURANTS EMPLOYS
INDEPENDENT RESTAURANTS EMPLOYS 12 MILLION PEOPLE.
12 MILLION PEOPLE. NOW, IN YOUR FIRST SEGMENT, YOU
NOW, IN YOUR FIRST SEGMENT, YOU DEMONSTRATED HOW DIFFICULT IT’S
DEMONSTRATED HOW DIFFICULT IT’S GOING TO BE TO OPEN UP NEW
GOING TO BE TO OPEN UP NEW BUSINESSES.
BUSINESSES. APPROXIMATELY 25 TO 40% OF
APPROXIMATELY 25 TO 40% OF PARITY WILL BE THE VOLUME THAT
PARITY WILL BE THE VOLUME THAT MOST BUSINESSES AND INDEPENDENT
MOST BUSINESSES AND INDEPENDENT RESTAURANTS WILL HAVE.
RESTAURANTS WILL HAVE. AS A RESULT OF PPP, WHICH IS A
AS A RESULT OF PPP, WHICH IS A GOOD PLAN, GOOD INTENT, BUT THE
GOOD PLAN, GOOD INTENT, BUT THE WRONG MEDICINE, THAT WILL ONLY
WRONG MEDICINE, THAT WILL ONLY GET THEM THROUGH EIGHT WEEKS.
GET THEM THROUGH EIGHT WEEKS. THE QUESTION IN FRONT OF THE
THE QUESTION IN FRONT OF THE CONGRESS IS HOW DO BUSINESSES 30
CONGRESS IS HOW DO BUSINESSES 30 MILLION-PLUS, OPEN UP AND
MILLION-PLUS, OPEN UP AND TRANSFORM THEIR BUSINESS IN A
TRANSFORM THEIR BUSINESS IN A WORLD IN WHICH THERE IS NOT
WORLD IN WHICH THERE IS NOT GOING TO BE ENOUGH REVENUE?
GOING TO BE ENOUGH REVENUE? SO WHAT’S NEEDED IS A BRIDGE TO
SO WHAT’S NEEDED IS A BRIDGE TO THE VACCINE.
THE VACCINE. THAT IS AN ECONOMIC PLAN IN
THAT IS AN ECONOMIC PLAN IN WHICH THE BANKS CAN HAVE A
WHICH THE BANKS CAN HAVE A RESOURCE TO LEND THE MONEY TO
RESOURCE TO LEND THE MONEY TO EVERY SMALL BUSINESS IN WHICH
EVERY SMALL BUSINESS IN WHICH IT’S BACKED BY THE GOVERNMENT.
IT’S BACKED BY THE GOVERNMENT. IF THIS DOES NOT TAKE PLACE, NO
IF THIS DOES NOT TAKE PLACE, NO MARSHALL PLAN FOR SMALL
MARSHALL PLAN FOR SMALL BUSINESSES AND INDEPENDENT
BUSINESSES AND INDEPENDENT RESTAURANTS AS EACH STATE
RESTAURANTS AS EACH STATE REOPENS, WHAT’S GOING TO HAPPEN
REOPENS, WHAT’S GOING TO HAPPEN IS 30% TO 40% -- LISTEN TO
IS 30% TO 40% -- LISTEN TO THIS -- 30% TO 40% OF SMALL
THIS -- 30% TO 40% OF SMALL BUSINESSES AND INDEPENDENT
BUSINESSES AND INDEPENDENT RESTAURANTS WILL CLOSE PINCH
RESTAURANTS WILL CLOSE PINCH NENLY.
NENLY. THAT WOULD RESULT IN SUCH
THAT WOULD RESULT IN SUCH ECONOMIC CARNAGE, ALSO
ECONOMIC CARNAGE, ALSO FRACTURING THE SOCIAL FABRIC OF
FRACTURING THE SOCIAL FABRIC OF EVERY NEIGHBORHOOD.
EVERY NEIGHBORHOOD. THE COST OF NOT DOING THIS IS
THE COST OF NOT DOING THIS IS FAR GREATER THAN THE BOLD
FAR GREATER THAN THE BOLD DECISIONS NECESSARY.
DECISIONS NECESSARY. THESE BUSINESSES DO NOT HAVE THE
THESE BUSINESSES DO NOT HAVE THE LOBBYING EFFORT, THEY DO NOT
LOBBYING EFFORT, THEY DO NOT HAVE THE VOICE IN WASHINGTON.
HAVE THE VOICE IN WASHINGTON. IF POLITICIANS BELIEVE WHAT THEY
IF POLITICIANS BELIEVE WHAT THEY SAY, THAT INSTITUTIONAL BUSINESS
SAY, THAT INSTITUTIONAL BUSINESS IS THE ECONOMIC GROWTH OF OUR
IS THE ECONOMIC GROWTH OF OUR ECONOMY, THEY MUST BE SAVED.
ECONOMY, THEY MUST BE SAVED. THE QUESTION THAT EVERYONE NEEDS
THE QUESTION THAT EVERYONE NEEDS TO UNDERSTAND WE HAVE A TWO TO
TO UNDERSTAND WE HAVE A TWO TO THREE-MONTH PERIOD, THEY HAVE LO
THREE-MONTH PERIOD, THEY HAVE LO CLOSE, IT WILL BE OVER AND WE
CLOSE, IT WILL BE OVER AND WE WON’T BE ABLE TO TO GET IN TOUCH
WON’T BE ABLE TO TO GET IN TOUCH WITH THEM.
WITH THEM. WE NEED TO FACILITATE A PLANS
WE NEED TO FACILITATE A PLANS WHERE BUSINESSES AND MOST
WHERE BUSINESSES AND MOST IMPORTANTLY INDEPENDENT
IMPORTANTLY INDEPENDENT RESTAURANTS GET THE FUNDING TO
RESTAURANTS GET THE FUNDING TO MAKE IT THROUGH FOR A BRIDGE TO
MAKE IT THROUGH FOR A BRIDGE TO THE VACCINE.
THE VACCINE. >> BUT SHOULD BANKS BY THE
>> BUT SHOULD BANKS BY THE VEHICLE TO DO THAT?
VEHICLE TO DO THAT? THERE ARE SO MANY COMPLAINTS
THERE ARE SO MANY COMPLAINTS THAT BANKS ARE PRIORITIZING
THAT BANKS ARE PRIORITIZING THEIR CUSTOMERS.
THEIR CUSTOMERS. OF COURSE THEY WOULD.
OF COURSE THEY WOULD. THAT IS HOW BANKS WORK.
THAT IS HOW BANKS WORK. WHY WOULDN’T THE GOVERNMENT TAKE
WHY WOULDN’T THE GOVERNMENT TAKE THIS ON THEMSELVES?
THIS ON THEMSELVES? FULLY FUND THE SBA?
FULLY FUND THE SBA? THERE ARE NO REPORTS ABOUT THE
THERE ARE NO REPORTS ABOUT THE SBA BEEFING UP OUR CREATING MORE
SBA BEEFING UP OUR CREATING MORE JOBS TO EXECUTE ANY OF THIS.
JOBS TO EXECUTE ANY OF THIS. IT SHOULDN’T BE A SURPRISE THAT
IT SHOULDN’T BE A SURPRISE THAT BANKS ARE OPERATING THIS WAY.
BANKS ARE OPERATING THIS WAY. IF THE I.R.S. CAN COLLECT OUR
IF THE I.R.S. CAN COLLECT OUR TAXES, WHY CAN’T THE GOVERNMENT
TAXES, WHY CAN’T THE GOVERNMENT MANAGE THIS?
MANAGE THIS? THEN THERE WOULDN’T BE
THEN THERE WOULDN’T BE PRIORITIZATION.
PRIORITIZATION. >> I COMPLETELY AGREE WITH YOU.
>> I COMPLETELY AGREE WITH YOU. WE COULD DO THIS A NUMBER OF
WE COULD DO THIS A NUMBER OF WAYS.
WAYS. I DON’T WANT TO ARGUE WITH YOU,
I DON’T WANT TO ARGUE WITH YOU, OBVIOUSLY, AS TO HOW WE DO IT.
OBVIOUSLY, AS TO HOW WE DO IT. THE QUESTION IN FRONT OF US IS,
THE QUESTION IN FRONT OF US IS, IS THIS SOMETHING THAT MUST BE
IS THIS SOMETHING THAT MUST BE DONE?
DONE? THE GOVERNMENT COULD CERTAINLY
THE GOVERNMENT COULD CERTAINLY OVER-FUND THE SBA, WHICH
OVER-FUND THE SBA, WHICH OBVIOUSLY DOESN’T HAVE ENOUGH
OBVIOUSLY DOESN’T HAVE ENOUGH RESOURCES TO TAKE CARE OF THE
RESOURCES TO TAKE CARE OF THE PROBLEMS.
PROBLEMS. YOU SEE BIG RESTAURANTS OR BIG
YOU SEE BIG RESTAURANTS OR BIG BUSINESSES SCAM THE SYSTEM.
BUSINESSES SCAM THE SYSTEM. OF COURSE WE DON’T WANT TO SEE
OF COURSE WE DON’T WANT TO SEE THAT, BUT THE QUESTION IN FRONT
THAT, BUT THE QUESTION IN FRONT OF US IS WE HAVE A LIMITED
OF US IS WE HAVE A LIMITED AMOUNT OF TIME BEFORE THERE’S
AMOUNT OF TIME BEFORE THERE’S PERMANENT CLOSURE OF ALMOST 40%
PERMANENT CLOSURE OF ALMOST 40% OF BUSINESSES.
OF BUSINESSES. I KNOW WHAT I’M TALKING ABOUT.
I KNOW WHAT I’M TALKING ABOUT. I BUILT A NATIONAL RETAIL
I BUILT A NATIONAL RETAIL COMPANY.
COMPANY. IN ’87 WE HAD 11 STORES AND 100
IN ’87 WE HAD 11 STORES AND 100 EMPLOYEES.
EMPLOYEES. I WAS A SMALL BUSINESS.
I WAS A SMALL BUSINESS. YOU OPERATE UNDER SMALL MARGINS
YOU OPERATE UNDER SMALL MARGINS MONTH TO MONTH.
MONTH TO MONTH. THEY WILL NOT HAVE ENOUGH MONEY
THEY WILL NOT HAVE ENOUGH MONEY TO MAKE IT THROUGH.
TO MAKE IT THROUGH. PPP IS A VEHICLE TO PAY YOUR
PPP IS A VEHICLE TO PAY YOUR PEOPLE FROM SEVEN TO EIGHT
PEOPLE FROM SEVEN TO EIGHT WEEKS.
WEEKS. WHAT HAPPENS AFTER THAT?
WHAT HAPPENS AFTER THAT? THEY WON’T HAVE ENOUGH MONEY TO
THEY WON’T HAVE ENOUGH MONEY TO TRANSFORM THEIR BUSINESS IN AN
TRANSFORM THEIR BUSINESS IN AN ENVIRONMENT WHERE THEY’LL ONLY
ENVIRONMENT WHERE THEY’LL ONLY ARE 20, 30, MAYBE 40% OF THE
ARE 20, 30, MAYBE 40% OF THE VOLUME THAT THEY’VE HAD IN THE
VOLUME THAT THEY’VE HAD IN THE PAST.
PAST. THESE BUSINESSES ARE GOING TO
THESE BUSINESSES ARE GOING TO NEED FINANCIAL HELP.
NEED FINANCIAL HELP. IF CONGRESS WANTS TO MAXIMIZE
IF CONGRESS WANTS TO MAXIMIZE THEIR INVESTMENT OF PPP-1 AND
THEIR INVESTMENT OF PPP-1 AND PPP-2, THEN THEY HAVE TO PROVIDE
PPP-2, THEN THEY HAVE TO PROVIDE MORE MONEY.
MORE MONEY. OTHERWISE IT’S A WASTE OF MONEY,
OTHERWISE IT’S A WASTE OF MONEY, THE WRONG MEDICINE, AND WE’LL
THE WRONG MEDICINE, AND WE’LL LOOK BACK AND REALIZE WHAT WE
LOOK BACK AND REALIZE WHAT WE NEEDED WAS TO SOLVE A LONG-TERM
NEEDED WAS TO SOLVE A LONG-TERM PROBLEM AND WHAT WE DID WAS A
PROBLEM AND WHAT WE DID WAS A SHORT-TERM SOLUTION THAT DID NOT
SHORT-TERM SOLUTION THAT DID NOT WORK.
WORK. >> NO DOUBT THIS NEXT $310
>> NO DOUBT THIS NEXT $310 BILLION WILL BE GONE IN THE
BILLION WILL BE GONE IN THE BLINK OF AN EYE.
BLINK OF AN EYE. YOU ARE CALLING ON CONGRESS TO
YOU ARE CALLING ON CONGRESS TO HAVE MORE OVERSIGHT.
HAVE MORE OVERSIGHT. BUT HERE’S MY QUESTION --
BUT HERE’S MY QUESTION -- OVERSIGHT OF WHAT?
OVERSIGHT OF WHAT? THEY SET THE RULES.
THEY SET THE RULES. THESE BIG BUSINESSES WHETHER
THESE BIG BUSINESSES WHETHER IT’S SECRETARY MNUCHIN OR THE
IT’S SECRETARY MNUCHIN OR THE PRESIDENT, ARE COMPLAINING
PRESIDENT, ARE COMPLAINING SHOULDN’T GIVE THE MONEY BACK,
SHOULDN’T GIVE THE MONEY BACK, THEY TOOK THE MONEY LEGALLY.
THEY TOOK THE MONEY LEGALLY. YOU CAN’T HATE THE PLAYER.
YOU CAN’T HATE THE PLAYER. YOU’RE THE ONE WHO SET THE RULES
YOU’RE THE ONE WHO SET THE RULES OF THE GAME.
OF THE GAME. >> WELL, OF COURSE.
>> WELL, OF COURSE. YOU’RE 100% RIGHT.
YOU’RE 100% RIGHT. LET’S LOOK AT THE MACRO ISSUE,
LET’S LOOK AT THE MACRO ISSUE, NOT THAT THEY TOOK ADVANTAGE OF
NOT THAT THEY TOOK ADVANTAGE OF IT OR THE FEW THINGS THAT AREN’T
IT OR THE FEW THINGS THAT AREN’T WORKING.
WORKING. THE OPPORTUNITY FOR CONGRESS AND
THE OPPORTUNITY FOR CONGRESS AND THE PRESIDENT IS TO RECOGNIZE --
THE PRESIDENT IS TO RECOGNIZE -- IF YOU BELIEVE WHAT YOU SAY,
IF YOU BELIEVE WHAT YOU SAY, THAT SMALL BUSINESS IS THE
THAT SMALL BUSINESS IS THE ECONOMIC ENGINE OF THE ENTIRE
ECONOMIC ENGINE OF THE ENTIRE COUNTRY, THAT YOU MUST SAVE 60
COUNTRY, THAT YOU MUST SAVE 60 MILLION PEOPLE WHO ARE EMPLOYED
MILLION PEOPLE WHO ARE EMPLOYED AND 30 MILLION SMALL BUSINESSES
AND 30 MILLION SMALL BUSINESSES AND 500,000 SMALL INDEPENDENT
AND 500,000 SMALL INDEPENDENT RESTAURANTS, SAVE THEM.
RESTAURANTS, SAVE THEM. DO THE RIGHT THING.
DO THE RIGHT THING. IF YOU DON’T THERE WILL BE
IF YOU DON’T THERE WILL BE ECONOMIC CARNAGE THE LIKES OF
ECONOMIC CARNAGE THE LIKES OF WHICH WE HAVE NOT SEEN BEFORE IN
WHICH WE HAVE NOT SEEN BEFORE IN EVERY COMMUNITY OF AMERICA, THE
EVERY COMMUNITY OF AMERICA, THE SOCIAL FABRIC WILL BE FRACTURED
SOCIAL FABRIC WILL BE FRACTURED AS A RESULT OF THESE
AS A RESULT OF THESE EXTRAORDINARY SMALL BUSINESSES,
EXTRAORDINARY SMALL BUSINESSES, ENTREPRENEURS, FAMILIES, THESE
ENTREPRENEURS, FAMILIES, THESE ARE NOT JUST NUMBERS.
ARE NOT JUST NUMBERS. THESE ARE NOT JUST NUMBERS OF
THESE ARE NOT JUST NUMBERS OF BUSINESSES.
BUSINESSES. THESE ARE HARD-WORKING PEOPLE,
THESE ARE HARD-WORKING PEOPLE, FAMILIES, ENTREPRENEURS, WHO PUT
FAMILIES, ENTREPRENEURS, WHO PUT THEIR LIFE SAVINGS, AND THROUGH
THEIR LIFE SAVINGS, AND THROUGH NO FAULT OF THEIR OWN, THEY’RE
NO FAULT OF THEIR OWN, THEY’RE FACED WITH A PERMANENT CLOSURE.
FACED WITH A PERMANENT CLOSURE. WE MUST SAVE THESE BUSINESSES.
WE MUST SAVE THESE BUSINESSES. IF WE DON’T, WE’RE GOING TO HAVE
IF WE DON’T, WE’RE GOING TO HAVE A LEVEL OF UNEMPLOYMENT AND
A LEVEL OF UNEMPLOYMENT AND ECONOMIC CARNAGE THAT WILL BE SO
ECONOMIC CARNAGE THAT WILL BE SO SIGNIFICANT.
SIGNIFICANT. WE DON’T HAVE A TWO TO
WE DON’T HAVE A TWO TO THREE-MONTH WINDOW BEFORE PPP
THREE-MONTH WINDOW BEFORE PPP RUNS OUT TO SAVE THESE
RUNS OUT TO SAVE THESE BUSINESSES, OR THEY WILL BE
BUSINESSES, OR THEY WILL BE PERMANENTLY CLOSED.
PERMANENTLY CLOSED. >> WE’RE GOING TO LOSE MAIN
>> WE’RE GOING TO LOSE MAIN STREET AMERICA.
STREET AMERICA. WE COULD LOSE SOMETHING ELSE,
WE COULD LOSE SOMETHING ELSE, TOO, HOWARD.
TOO, HOWARD. WHEN YOU CREATED STARBUCKS, THE
WHEN YOU CREATED STARBUCKS, THE IDEA WAS TO CREATE THIS THIRD
IDEA WAS TO CREATE THIS THIRD SPACE, THIS COMMUNITY WHERE
SPACE, THIS COMMUNITY WHERE PEOPLE CAN CONNECT.
PEOPLE CAN CONNECT. WE’VE TALKED A LOT ABOUT HOW
WE’VE TALKED A LOT ABOUT HOW BEING ISOLATED IS IMPACTING
BEING ISOLATED IS IMPACTING PEOPLE’S ABILITY TO SOCIALIZE
PEOPLE’S ABILITY TO SOCIALIZE AND HAMPLING OR MENTAL HEALTH.
AND HAMPLING OR MENTAL HEALTH. HOW CONCERNED ARE YOU, AS THE
HOW CONCERNED ARE YOU, AS THE PERSON WHO TRULY UNDERSTANDS,
PERSON WHO TRULY UNDERSTANDS, FOUNDED THE IDEA OF THE THIRD
FOUNDED THE IDEA OF THE THIRD SPACE, HOW CONCERNED ARE YOU
SPACE, HOW CONCERNED ARE YOU THAT WE’VE LOST IT?
THAT WE’VE LOST IT? >> I THINK WE HAVE LOST IT IN
>> I THINK WE HAVE LOST IT IN THE INTERIM.
THE INTERIM. I THINK PEOPLE ARE ONCE AGAIN
I THINK PEOPLE ARE ONCE AGAIN REALIZING AND LONGING FOR THE
REALIZING AND LONGING FOR THE SENSE OF HUMANITY, FOR THE SENSE
SENSE OF HUMANITY, FOR THE SENSE OF GATHERING, FOR HUMAN
OF GATHERING, FOR HUMAN CONNECTION.
CONNECTION. CERTAINLY AS EACH STATE AND CITY
CERTAINLY AS EACH STATE AND CITY REOPENS, THERE’S GOING TO BE
REOPENS, THERE’S GOING TO BE RULES AND REGULATIONS ABOUT
RULES AND REGULATIONS ABOUT MAKING SURE WE’RE ALL SAFE AND
MAKING SURE WE’RE ALL SAFE AND SECURE AND STAYING HEALTHY.
SECURE AND STAYING HEALTHY. I HAVE GREAT FAITH IN THE
I HAVE GREAT FAITH IN THE AMERICAN PEOPLE.
AMERICAN PEOPLE. THERE’S GOING TO BE A DAY WHEN
THERE’S GOING TO BE A DAY WHEN WE ALL COME BACK TOGETHER AGAIN,
WE ALL COME BACK TOGETHER AGAIN, A THIRD PLACE, A GATHERING
A THIRD PLACE, A GATHERING PLACE, THESE RESTAURANTS, THEY
PLACE, THESE RESTAURANTS, THEY SMALL BUSINESSES AND COMPANIES
SMALL BUSINESSES AND COMPANIES LIKE STARBUCKS I THINK WILL
LIKE STARBUCKS I THINK WILL STRIVE, BECAUSE PEOPLE WILL BE
STRIVE, BECAUSE PEOPLE WILL BE LONGING FOR HUMAN CONNECTION.
LONGING FOR HUMAN CONNECTION. >>> WITHOUT A DOUBT.
