Bipartisan process we sat down, democrat and republican, in four Different Task forcege on put together the elements of the legislation. As a result, the bill before you tonight, the one were talking about, reflects republican priority t and democratic priorities. And the gore did takendal the te to walk through it and to talk about some ofs those the people understand whats in this legislation. I was pleased to see the democratic leader say at the end he believes we can figure this out over the next several hours. He said 24 hours. I hope its not 24 hours. We cant wait that long. We need to move and move quickly. We see with the marketed and globally. We know with the markets are going to do here. Weve seen with the futures are important we see thehe impact ad our states, among our citizens. Democratic leaders had more money needs to be put against hospitals and states and workers. There is an unprecedented amount of money for all three of those in this legislation, unprecedented. And necessary by the way. Because we are in a crisis. But you say theres nothing here that helps hospitals, oh, my gosh, im going to talk about this with specificity but 100 billion, pretty good start. 75 billion of which goes to hospitals. To say theres nothing for workers, the Unemployment Insurance provisions in here come from the democratic side of the aisle. Its the most generous Unemployment Insurance plusup by four ever in the history of our country. Adds more money to Unemployment Insurance than the Current System has been by the way, it adds eight times more funding into the unemployment system for the rest of this year than is currently the expense. Think about that. Thats not generous . And by the way, we republicans also agree that those who lose their job for no fault of their own should bes able to get a generous unappointed check while we work through this coronavirus and get our economy back up and going again. So let me walk through some of this. This coronavirus is something that is urgent for us to address. Its closed businesses. Its close to schools. Its a change every aspect of our daily life. Its left us uncertain, and for many america to its left, literally selfol isolated. Its put tremendous strain on our Healthcare System and thats why this legislation addresses about. Our amazing first responders, our ems, our Police Officers are doing their part as those our physicians, our nurses, other medical professionals who were on the front lines combating this disease. God bless them. It is also done great damage to what was a strong and growing economy. Only a few weeks ago with unemployment numbers that were at 50 your low. With 19 straight months as of last month of employment increases, and over 3 wage growth every month. But now, now we see businesses shuttering or kweisi thousands and now millions of americans ofmployed through no fault their own. We see thousands the purpose of this legislation is to allow people to get back on their feet, to allow as to get back to normalcy. Extranet times like this require us to unify as the country at i see it in my home state of ohio and around the country. Everybody has a role to play. Everybody needs to be practicing social distancing as they call it, the sick, washing your hands quickly, using hand sanitizer. Part of the strategy of flattening the curve as youve seen, would use dr. Fauci and others the presentations, is we need to reduce our overall risk for exposure so we dont overwhelm our nations Public Health system. We can all play a role in this and in the end that will help save lives of our family members, of our neighbors, of our friends and people we may never be bute we come in contact with animals vulnerable in our society if you follow the guidelines put out by the cdc guidelines. Were going toav be safer. Were going to save lives. It all depends on us, all of us doing that. But it also depends on what we do here in the United States congress both in slowing the spread through the lips that efforts ive talked about tonight, but also in getting this economy back on its feet so people can get back to work and get a paycheck and begin to make ends meet. And ohio weve been taking the lead on this. We have been pretty aggressive and sane people need to social distance that restaurants and bars need to close the wee one of the first couple of states to say that. Schools need to be close. Governor mike dewine, our Ohio Department ofs health, dr. Amy acton, assistant director, i think theyve done a good job in responding to thisri unprecedend crisis. As of this morning we have 247 confirmed cases, and three deaths. By the way the first person to die in ohio was a man i know. I knew. I knew him and i respected him. His name was mark wagner senior on toledo, ohio. He contracted this disease and succumbed to it. Unfortunately we are going to see more cases, more deaths what we are doing the things to begin to contain this, to begin to slow the spread and that needs to happen at every level including here and thats why this legislation is so important to pass tonight. Two weeks ago congress started this effort by passing the first major relief effort called phase one which was 8. 3 . 3 billion to address Health Care Needs associated with this pandemic. Ohio has already received 15. 5 million by the way from that first phase one p legislation. And, of course, much more needed to be done. By the way we need to listen to the people who are most affected by an weve been doing that. I was joined by Infectious Disease expert from you visit cincinnati dr. George on a Facebook Live town hall last week so we can answer questions about this crisis. He told us what the Health Care System needs. We know whatha it needs and we responding in this legislation. Last week i hosted conference was here in washington with a number of heavily impacted groups including the hospitals back in ohio and other people in healthcare,h healthcare provides with our food banks in with our Small Business owners, with workers come with nonprofits from all around the state. The charities who are out there on the front lines doing all they can to help if we spoke to employers of all sizes the web Conference Calls with hotels, with restaurants and moores hearing directly from those Key Stakeholders helped us to understand and this reflects what our needs are in this community. We have to continue to listen to people because things are changing, and as there is an there,g threat out Congress Needs to be evolving as well. So last week we passed the second major bill called the phase two package would provide federal funds individuals exposed to the virus to get healthy. As an example, if you want to get tested for the virus, that is now free. Our hospitals needed more resources to combat the Health Crisis so we provided more care, more funding for our healthcare network. Im glad the president signed that bill immediately intoat la. We also provided Additional Resources to state Medicaid Program and concerned about being overwhelmed by an influx of individuals suffering from the virus. Phase two provided needed help in terms of more masks, markdowns and other protective gear, and more funding for the antiviral therapies that are coming. Thats incredibly important. People know if they get this virus and they can have Something Like tamiflu for the regular flu, that gives them a lot, a lot of reassurance and comfort, and its necessary to protect the health of our citizens. That legislation also put money into getting the vaccine going as quickly as possible. Its not going to be here soon. It takes a while to get the vaccine going but it will be done at unprecedented speed because of the funny were putting into it and provides expansion for emergency Food Assistance including for childrenie who rely on free or reduced lunch from the School Cafeteria and no longer have access to those needs. It provides paid sick leave and family leave benefits to some lustily work because the coronavirus now knows they can still pay the bills. Most important late this paid leave is provided at 100 from the federal government dollar Small Business. Thats really important. Larger businesses tend to have paid to leave but now we have a way for everybody under 500 employees to be able to get that paid leave to the federal government reimbursement. Its good we acted on phase onee and phase two as i talked about that is clearly not enough. Things have not gotten better in the meantime in the last few days. May have gotten worse. I bought more has to be done to contain this virus to help people weather the storm in the meantime. The crisis is unprecedented and in the best interest of Public Health with effectively chosen to pump the brakes on our economy. We decided to do that as a country because it is in the best interest of our Public Health but, unfortunately, that means businesses of all sizes, small, begin, large are having to either shutter their doors or slow down their production, letting people go, so money parts of our economy now are feeling the pain of this rapid slogan applications for unemployment and ohio this week as compared to last week increased 20 fold. That means there was a 2000 increase in ohio on claims for unemployment. Obviously that is overwhelming the system. Ive worked with my colleagues on stop of the past three days to put together this phase three package that will provide some relief to millions of American Workers and Small Businesses who have made our country and our economy the strongest in the world. Our goals are simple. First, slow the spread of the virus. Again if that doesnt happen, peoples help health is at riskd the negative Economic Impact that is hurting so many families will continue. So slowing the spread of the virus is not just about the virus. Its also our economy. Second, we need to help employersis to continue paying their employees through this crisis. Our objective to be to keep people at work, keep them connected t to their employer as much as possible. Thatsy where they get their healthcare. Thats with a get the retirement for the most part. That enables us to be able to ensure that as we wrap up our economy, they can ramp up more quickly because people will be there at work. There wont be the process of hiring and retraining. So one of our objectives in this legislation is not just to slow the spread of the virus but also keep people at work to the extent possible. And third, recognizing that not every employee will be able to keep employees. Even those who have some business going dont have enough business. We want to be sure were providing the resources toen hep those individuals but these are the people who are falling between the cracks. They can stay work because there work no longer has any revenue. We need to assist those people. Again as we talked about, ohios unemployment claims have skyrocketed but so have unemployment claims all around the computer up on what is our coach is not to be able to come back until we slow the spread of this virus. Imle pleased to say the phase three package with negotiated by the way accomplish all three of those objectives, all three. We do it through four major policy areas to we do it now right away to bring relief to the people we are representing which is why were to pass this legislation and pass it now. First in terms of helping people, this phase three packe provides direct payments. Thesend are direct payments, checks individuals, 1200 per person. If you are a couple its 2400. And. And then its 500 per child. That check getting out to people would give people some extra dollars to make the difference in big apple to pay bills, paying a car payment, paying rent, being able to put food on the table. It will give t people some comft to know that theres at a leasa little help coming directly and quickly. Of worke who are out these checks also serve as a bridge to getting into the new Unemployment Insurance system ill talk about now. Because the checks are going to be necessary. In most states is going to take a couple of weeks, a few weeks. In some states several weeks to set up the system. In ohio they say two weeks. This is the most significant expansion of our Unemployment Insurance system in history, by far. Its going to significant expand the number of individuals who are eligible to receive benefits particularly selfemployed. So broad as those who qualify for Unemployment Insurance. These folks but we have never been covered by an opponent insurance before. Whats more p it provides a flat increase of 600 per week per person in the unappointed insurance system. This means that for low, low Median Income folks from 403000 bucks a year, it will essentiallypl have wage replacement now through unemployment interest. This this is a big difference. And an opponent insurance is i onethird of your wages for the same individuals. Now it will be topped up. So to the point that this is highly partisan bill, im sorry, this legislation reflects the priorities of democrats and republicans. And this isge an example of tha. And we have two of knowledge it. Is the bill perfectly no. No bill is perfect certainly gwen graham tried responder crisis like this and we are pumping out more of our federal tax dollars and borrowed federal treasury dollars than ever in history of our country through this process would you add the phase one, a two, phase three. To be able to help heem, to to have the Financial Security to pay their bills and to stay afloat and by the way, we have funds to state and federal offices to fund their costs as they shift to this dramatic new system provided through this legislation. So thats for people directly. Second, the stimulus package is going to provide relief for Small Businesses trying to stay afloat making sure they will have access to credit and liquidity needed to weather this storm. One is through a major expansion, whats called the Small Business administration 7a loan program, this is going through businesses that are currently providing funding to Small Businesses. So its a community bank. Its the savings and loan. Its the credit union. Its the regional bank, wherever people are banking theyll be able to get these loans directly. Specifically were providing hundreds of billions of dollars in loans to small and medium sized businesses they can use for a variety of expenses, including payroll, including paying rent, paying mortgages and by the way, if they use it for that, the loan is forgiven. It really converts into a grant. If they use it for payroll, again, let me repeat, to keep workers, because thats one of the objectives here, if they use it for rent, if they use it for mortgage payments, the loan is written often entirely and this is why the Small Businesses are excited they want to keep their employees and keep their doors open. Theyre waiting on the edge of their seats seeing what we do tonight and tomorrow. Ive talked to many businesses back home who say i can wait until monday, but i cant wait any longer. Im bleeding cash. I have no revenue. I want to keep my people, i want to try to keep the doors open. Youve got to give us some help. As i said before, the best way to protect workers and get our economy back up and running is to enable employers to keep paying their employees. This new program for small and medium sized businesses does just that. For businesses that might not be eligible for sba loans, phase 3 stimulus helps provide immediate liquidity through a number of ways, Large Businesses say over 500 employees, one is through the tax code, specifically our bill provides businesses that allow businesses that allow them to put cash in the hands of companies to keep their employees employed and back up and running when the crisis is over. These tax incentives are things not having to pay the employer side of the f. Fica, give us a break on that for 2020 and we can keep our doors open. Thats probably the biggest single one. Guess what in 2021, and 2022 theyve got to pay that back. The best part of the tax incentives, the large majority of timing changes. Direct reductions in taxes in 2020 when they need it, much of that reduction is going to be paid back in coming years. Based on the ref estimates weve seen, the tax provisions could provide up to 500 billion in immediate cash flow increases. Again, with more than half paid back to the federal government during the budget window. Third, the phase three package takes precise and targeted measures to relieve particularly Distressed Industries at risk of member rajjing jobs and closing down if we dont. I know the Democratic Leaders said he doesnt think that help should go to businesses. I understand that democrats want to give more help to some businesses so i guess theyll pick and choose the businesses, but in this case, these are the businesses that we all know are unfortunately facing the possibility of shutting down unless we do something. Think of the airline industries. Think of the airlines that right now have seen their passengers be reduced by 80, some say 90 , think of the airports that are closing. Think of the hotel businesses. Think of the other travel and tourism businesses. Entertainment businesses. So these folks will be able to access whats called the exchange Stablization Fund to be able to get a loa