Yes, the loop is the thing that looks like a black plastic handle. CBS is on channel 10 though (Fox on channel 8), so the reflector won't help with that. Do you have an east facing window? If so, placing your antenna in that window will help. Also, make sure the antenna is pointed to receive signals from the east (the loop running north-south), and that it hasn't been damaged recently.
Let us know if that doesn't work and we can give you some suggestions on a replacement.