The month as the Coronavirus Crisis takes its toll on the economy. So no wonder thousands of Small Business owners began lining up before dawn to tap the governments rescue coffers. With 349 billion dollars in loans ready for the taking were about to get the realtime numbers from the fed. But why are some banks both huge and small waiting to grant the loans . Right now still . The ceo of a Community Bank, serving hundreds of desperate Small Businesses is here. Why the ceo is teaming up with regional competitors to launch the loans on monday. Its a fox business exclusive. Meanwhile, one financial tech loan Company Thinks the covid19 catastrophe could accelerate the death of paper money. The co founder and the ceo of a firm, a big thinker is going to join us in a fox business exclusive with why he thinks that Paper Currency is going away. One of the nations biggest producers of the medical community, most valuable commodity right now, after doctors, is here. The ceo, the top producer of, yes, ventilators, nick farrell is here to update on how his company is upping production of lifesaving ventilators, but where they are going once they are completed. We are less than an hour to the closing bell after a very difficult week on this friday. Glad you are with us. Lets start the claman countdown. Breaking news, weve got to get you to look at Brent Crude Oil prices. They are spiking on what appears to be the first confirmation that russia is apparently on board with a plan for opec plus to cut oil output by as much as 10 Million Barrels per day. Weve got brent up 15 right now. Standing at 34. 58. Lets flip it over to what trades here. Brents overseas. West texas intermediate is what trades here. It too is spiking nearly 13 on news that putin reportedly told russian oil ceos about the possible cuts to come. The backdrop is the same, for President Trump, who is meeting at the white house at this hour with top u. S. Oil executives from exxonmobil to chevron to Occidental Petroleum to a whole bunch of other names. They are among those invited to the discussion in the cabinet room. What were going to do is bring you the video of that meeting and headlines from it as soon as we get them. In the meantime, we flip it over to the marks. Markets. They may be sliding but tesla is rallying. The electric vehicle giant said it produced nearly 103,000 vehicles and delivered more than 88,000 during the First Quarter. Tesla whose stock is up 5 right now also said that model y production started in january and deliveries actually began during the month of march, and that is ahead of schedule. So tesla stock stands at 478. 64. Flip it over to autonation. It is stalling out after announcing it will be laying off some 7,000 employees after seeing year over year declines in sales of approximately 50 over just the last two weeks here, folks. That stock is down 3 . And the last two weeks, yeah, so bad that the employees will be placed on unpaid leave and there will be pay reductions for associates and higherups. All right, underarmour seeing gains after announcing it will be laying off workers at its u. S. Brand and factory house stores and 600 employees that work at its u. S. Based Distribution Center. That stock is doing the opposite of what autonation is doing. It is up 5 1 4 . The retailer will pay bonuses to Distribution Center employees who continue to work during the crisis. Underarmour has pulled its First Quarter and full year guidance over all the uncertainty, that so many other businesses are seeing. Lets get to lulu lemon, an upgrade, even as Stores Remain closed. B riley upgraded the retailer to a buy saying it is well positioned to benefit as it increases loyalty through online exercise classes. That is not helping the stock. Down about 2 3 4 . Rosenblatt securities has initiated peloton at a buy saying it will benefit greatly in the shortterm as gyms remain closed. Peloton stock jumping another 7 1 2 . By the way, peloton also launched an Android Tv App for those working out of their homes. Breaking news at this hour, we as i understand it are just now getting the latest number of applications for Small Business rescue loans. Weve been getting these numbers on an hourly basis, and we now understand that 6,000 Small Business loans under the Paycheck Protection Program or ppp which began today have now been processed by both large and Smaller Community banks. I said processed. They amount to more than 2 billion dollars. To Charlie Gasparino on whether and which of the big banks are on board and how processing is going. Charlie . Well, liz, they are all trying to be on board, but i think you could say and listen this was somewhat signalled. We have been reporting that there was some degree of confusion as this loan program was ramping up over the past week. Indeed there is a lot of confusion, mass confusion amongst Small Business owners who are telling the Fox Business Network that particularly at bank of america, it seems to be thats one of the pressure points that they cant get their applications processed by bank of america. We should point out as im reporting this President Trump came out with a tweet Congratulations Bank of america doing a great job. If you talk to Small Business owners who are trying to go through that bank, they are saying anything but, it seems like at least from the Business Owner standpoint is that bank of america as its facing an onslaught of loan applications is performing a type of triage. It is essentially looking for reasons to turn people away because it cant handle the volume. And in doing so, its basically picking the best customers that can and processing those Small Business loans first. Not sure if thats what the treasury intended when it issues these guidelines that just came out yesterday, on the Small Business loan program, which is tied to the pandemic and to basically lift the economy out of whats closely becoming a depression because so many Small Businesses as you know, the backbone of the u. S. Economy, employing about 50 of the workforce are getting hit hard by this, by the various quarantines, but it looks like bank of america is the one in the crosshairs. We should point out that jpmorgan just started its application process late today. Excuse me, this afternoon. Its basically up and running now, but this morning it was not. We should point out that wells fargo has yet to enact its program, neither has citigroup, bank of america had no comment. But, you know, listen, on one hand, liz, you have to give them some leeway here. I mean, they basically had a couple weeks to put this together. They basically got not basically, they did get the guidelines from the treasury on how to handle the loans last night. Thats why jpmorgan took more time to make sure its systems in order. That said, whats going on at bank of america, at least from the Small Business owners stand point is not very good. One Small Business owner said that he had a longterm line of credit with the bank. But he didnt have a credit card. That meant he didnt get his loan processed. That is the type of stuff liz oh, come on. We should point out the president thinks they are doing a great job. The Small Business guys on the ground dealing with bank of america personnel thinks that bank is not doing a great job. Obviously not a lot of time to prepare for this, but it is what it is, as they say. Back to you, liz. Liz we knew the rollout would be a little herki jerky, i get that, but thats Something Like the old wells fargo would have said you need to sign up for another credit card or another line of credit, thats not great. Charlie, thank you. Charlie gasparino. One point i want to make here is that weve been reporting this for a week. Thats what journalists do. They kind of alert you about a problem. Its funny how they basically ignored us. Weve been ahead of this story. They ignored us. Listen, the price you pay for that, Bad Customer Service is you lose customers. Liz yeah. Charlie, thank you. Well, guess what . The jpmorgans of the world arent the only ones waiting to fire up the loanwriting pens for desperate Small Businesses. Let us take you now up to up state new york, where 150yearold Community Bank founded after the civil war to give loans to returning veterans is waiting till monday to write up the rescue checks. The ceo is joining us live. When i spoke to you this morning, you had about just over 150 businesses applying. First, whats the very latest number of applications you have received . Hi, liz, we are well north of 200 people that are poised and ready to submit applications digitally at the beginning of next week. Separately weve had hundreds, and i would be guessing, but its somewhere near 4, 5, 600 phone calls, emails, and texts to our rather small staff and myself. These are Small Community businesses, multigenerational businesses, may or may not know, tourist destination, a ton of eat res, distilleries. Were foodies up here, breweries, boutique hotels. Some just put their flag in the sand, you know, three, four months ago and Third Generation of doing this. Theyre the folks that need the money. So theyre coming out of the woodwork so to speak. I echo the last gentleman that said, you know, its chaos. It was absolutely a chaotic rollout of a very beneficial program. Liz well, i hear you on that. I hear you on that. But that is why youre waiting until monday, as i understand it to start writing the rescue loans. Talk about that, because apparently now and as i understand it, youre teaming up with competitor banks, three others at least, under the umbrella of what used to be the new york Community Bankers i believe new York BusinessDevelopment Corporation now called pursuit, to do it together on monday. Why . So we want to make sure not just we but pursuit wants to make sure that we get this right, that when we execute, the community will be served the way they need to be served. This is their blood line. This is life and death. In the midst of chaos. When we have the likes of bank of america, wells, chase, not really getting their arms around it but some of it is not their fault. That is not an arena of a small Community Bank who serves the community where they live and the businesses that thrive on us and we on they, we cant get it wrong. It will bring them down. What we have done is stay in lock step with each other. Each of the communities ceos, many of us, we talk daily and multiple times through the day. And every single time, its heres the lesson i learned. Lets not do that. Lets do this. Have we thought of that . Its been very enlightening to see a Community Community leaders, bank leaders, come together with one goal in mind, that when we get on the other side of this, that were here and here to stay, not just the banks but all the businesses that support us because they are our blood line as we are theirs. Liz im interested to know the anecdotes of what people are telling you. I would imagine theres some real desperation here there is. I mean, we have a huge Restaurant Business here in the hudson valley, and you have owners that are working 12 and 15 hours a day just to do Curbside Pickup just to keep the lights on or keep a couple employees working. Its true desperation, and it happened so suddenly, liz, you know, theres a decline in the economy where we all start to see this happening. This is a tidal wave. We saw the shadow and then it was done the next day. Nobody was working. And to go from full throttle to nobody working, you know, thankfully we are in a tight community in the hudson valley, and we rally for each other, but this is going to have lasting effects. I dont know that theres an industry that will be unharmed from this, in some way or the other. Liz cheryl, thank you for taking time out. I know you have been bolted to your desk, taking all the applications. Let us know how it goes on mondays when you begin actually processing them and writing the loans. A 150yearold bank still trying to serve all these customers during a very terrible time. She said it was true desperation, almost like a tidal wave. One minute the shadow comes and then everybody is out of work. Fox business will get a full recap of the first day of lending in the Paycheck Protection Program when treasury secretary Steven Mnuchin joins lou dobbs tonight. Thats at 5 00 p. M. Eastern. And you can bet that lou will get all of the numbers, and he will push for the real story of how it went, on this first day of rolling out the rescue plan. Closing bell ringing in 46 minutes. Dow jones industrials down about 402 points. Lets get to what has been an ongoing ugly thread through this whole story, demand for ventilators and face masks has been off the charts, as the number of coronavirus cases worldwide surges past the 1 million mark. Up next, the u. S. Based respiratory equipment maker, they make ventilators, now racing to triple its output to save lives across the globe. The companys ceo is here. We will ask him, once these things come off the assembly line, where are they going . The claman countdown comes right back. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Liz Governor Cuomo has now ordered the National Guard to move ventilators from other parts of new york state and to bring them to the new york city area. Governor cuomo promising the equipment will be returned to their original locations in the state, after being used here in the u. S. Or that hospitals will be reimbursed, but the need is at desperate levels here in the city. Meanwhile Global Leader and respiratory medicine resmed are one of the top if not the top makers of ventilators has announced it is tripling its output of the machines and also scaling up ventilator mass production tenfold to meet the demand. Resmed ceo mick farrell is joining us now live. Were thrilled you have taken out some time now. I know you are busy. Talk to us about where you stand, how many of these you are able to churn out. Forgive me, i dont know, by the hour, by the day. Liz, thank you very much for having me here. I wish it was under better circumstances. Were the number provider for sleep apnea worldwide. Top five ventilators in every country were in and top two in terms of noninvasive ventilation. We made last year over 2. 5 million sleep apnea and ventilator devices. We made tens of thousands of ventilators last year. We are going to triple that production. Weve got our plants in sydney, australia, and in singapore, running at full tilt and really importantly it is not a manufacturing problem, it is a parts problem. Were getting our supply chain to triple their outputs so we can get those ventilators, to italy, france, germany, United States, and particularly as you said in your intro, the city of new york is one of the biggest demands were seeing worldwide. Liz mick, i know that you are making these all over the world, and im sure you are getting calls from all over the world for countries that are feeling the wave of the coronavirus swirl around them and continue to march west. Where are the finished ones going . The United States is desperate for these right now because we are the ones most hammered by the covid19 virus. Yeah, liz, it is a really good point. We have a global epidemiology ethical model thats looking at the flow of patients with covid19. We saw the surge up in china, where we were there, providing ventilators in wuhan across china. We saw the surge in south korea and taiwan and singapore and those have levelled out now, as the virus has moved to europe. Were in the midst of supplying italy, france germany and the u. K. Through the National Health service and for the last four weeks we have been working with the u. S. Federal government, with fema and with state governments across the United States and in some cities, big cities like new york city and directly with hospitals. Were doing everything we can between ourselves and our competitors to triple manufacturing here, to triple production and really importantly to triple distribution of not only the ventilators, but also the masks and the tubing thats needed for the patients so they can rest while their body fights covid19. Liz im sure you heard that President Trump had hinted that he was angry w