thank you sir mayor Gainey great
progress on this phase three legislation
negotiations continue we've had
continued reports I've been up there
with secretary of inertia and secretary
monition continues today with the chief
of staff mark meadows checking in with
the president they were getting closer
and closer they expected vote as soon as
possible I just want to walk through a
couple of key points
this legislation is urgently needed to
bolster the economy provide cash
injections and liquidity and stabilize
financial markets to get us through a
difficult period a difficult and
challenging period in the economy facing
us right now but also to position us for
what I think can be an economic rebound
later this year we started the year very
strong and then we got hit by the
coronavirus in ways that probably nobody
imagined possible we're dealing with
that as best we can this package will be
the single largest Main Street
assistance program in the history of the
United States the single largest Main
Street assistance program in the history
United States phase two delivered the
sick leave for individuals hourly
workers families and so forth phase
three a significant package for small
businesses loan guarantees will be
included we're going to take out
expenses and lost revenues as a
president said eligibility requires
worker retention we will maintain the
people eligible will maintain their
payrolls during this crisis period and
on top of that we will have direct
deposit checks of roughly $3,000 for a
family of four and that will bridge to
enhanced Plus dup unemployment insurance
benefits that will essentially take
those up to full wages this is one two
three four you know a strong workforce
requires strong business you can't have
a job without a busy
to work for and hope here is that the
companies that are operating very well
at the beginning of the year when the
economy was in good shape we will help
them and their employees get through
this tough period so they will come out
the other side let's say this later this
spring or summer and will continue their
operations that's the key point
now don't forget there's income tax
deferrals for individuals and
corporations without interest in
penalties there's student loan interest
and principal deferrals without any
penalties and finally I want to mention
the Treasury's exchange stabilization
refund that will be replenished it's
important because that fund opens the
door for Federal Reserve firepower to
deal a broad-based way throughout the
economy for distressed industries for
small businesses for financial
turbulence you've already seen the Fed
take action they intend to take more
action and in order to get this we have
to replenish the Treasury's emergency
fund it's very very important not
everybody understands that that fund by
the way will be overseen by an oversight
board and an inspector general it will
be completely transparent so the total
package here comes to roughly six
trillion dollars two trillion direct
assistance roughly four trillion in
federal reserve lending power again will
be the largest main street financial
package in the history of the united
states liquidity and cash for families
small businesses individuals unemployed
to keep this thing going we're heading
for a rough period but it's only going
to be weeks we think weeks months now
going to be years that's for sure and
hopefully pave the way for continued
economic recovery after this crisis
departs thank you