Ranking members and chairmen of all the ranking committees worked together to get this done. The key elements are still there, its Unemployment Insurance for americans, including 600 plus to be able to go through the process. There is support for Small Businesses that will actually pay the payroll. We dont want individuals to end up on Unemployment Insurance. Its better if they stay connected to their same company. Theres a unique new proposal that will say a Small Business can go to any bank rapidly to be able to get a loan there which will convert into a grant if they maintain their current employee numbers. That keeps people connected to their business and keeps people assured of a job at the end of all of this when it all finishes it out. It is a Grant Program for larger businesses thats designed to say if youre a very large company, youre not going to get a grant, youre going to get a loan through this process. At that moment you will get a loan and if you dont have capital or acc
We do know this is an unprecedented amount of money. Congress has never passed a rescue package like this before before, 1. 5 trillion on top of about 200 billion that was in the legislation that passed only a couple of weeks ago on top of the 8. 3 billion that was in the first one. This this is phase three. And then, finally, number three, this legislation does provide the help to the Health Care System, quickly, the Public Health care system to be able to provide the protective gear thats needed for Health Care Workers, the additional ventilators needed in our hospitals. The antiviral medication that can help when someone tests positive to know theres going to be a way to minimize to reduce the effects of this virus, the infection. And really significantly to not only lab corps said they can do 300,000 tests a week. We need to use the cotton swab to get them the swabs. There needs to be a process to get them. Now were starting to come online, this funding legislation will help them t
Sharp selloff by friday. Look at the week that was with dow industrials down 4,000 points on the session. Thats 17 on the week. The nasdaq was down 995 points, 12 and a half percent lower and s p down 406 points, 15 lower on the week. President trump deploying the National Guard to new york, california and Washington State to fight what he calls the invisible enemy as more people are told they must stay home in the heavilyhit states. More companies stepping in the fight the war against coronavirus, meanwhile, they are working with the white house to manufacture mustneeded supplies and medical equipment. Plus more businesses forced to shut down as tighter rules go into place. St. Louis Federal Reserve president warning that Unemployment Rate could soar to 30 . Mornings with maria is live right now. Maria lets check Global Markets with ftse 100 in london 236 points, european indices red across the board. Cac quarante down 150 points and dax index down 243 down. In germany Angela Merkel i
Since february 5 and 6 thats right, it has been about a month and a half since february 5 and 6 for the dow and february 13 for the s p 500. Right now, it looks like the yield is at 0. 858 andrew we have a huge lineup of guests today out of washington James Bullard talking about headlines. Tom barrack and former federal chairman ben bernanke. Living through the crisis of 2008 and studying the Great Depression all of that coming up over the next three hours to the news that broke overnight. The white house and the senate announcing a deal. Well get to leaSteve Liesman f more on that and eamon with more. It was in the 1 00 a. M. Hour that it broke overnight. What we have here, joe, is a handshake deal we dont have a vote and we dont have the explicit text what we have is a deal here is how Mitch Mcconnell announced the deal at 1 00 a. M help is on the way. The American People are already rising to this great challenge the senate is about to follow suit well pass this legislation later to
Coronavirus briefing with vermont governor phil scott to keep longterm commitment to coverage of the us senate. You can watch the remainder of this briefing on cspan. Org. Senate lawmakers are completing work on the third coronavirus economics to me was plan, final vote on the bill is expected today. Now live coverage of the u. S. Senate on cspan2. The president pro tempore the senate will come to order. The chaplain, dr. Barry black, will lead the senate in prayer. The chaplain let us pray. O god, our father, we lift up our hearts in prayer because we trust in you. Lord, we know well the weakness and the insecurity of our hold upon this life. Comfort those who have lost loved ones during this Global Health crisis. When we wrestle with sad memories of mortal loss, give us all the glorious hope of life eternal. Lord, provide our lawmakers with the confidence that your allsufficient grace and power will enable them to become more than conquerors during this time of trouble. Remind them t