welcome back, everybody. welcome back to our breaking

news coverage. we begin today with the dow up about 700 points now as you'll see in a moment. it has been a whip saw day for wall street as virus fears loom. the dow dipping below 20,000 but zooming back as much as 1,000 points as the federal reserve and the administration step in to calm investors. health care companies are targeting the virus from treatment to testing solutions there you see it up. the ceo will join us this hour >> here is what you need know. there's more than 5600 confirmed cases of coronavirus in the u.s. marriott will furlough tens of thousands of workers as the hotel giant shuts down locations. we have coverage of this today

we have more on the white house plans here bob is watching the market seesaw steve is all over the latest move from the federal reserve. ka kayla, let's start with you. >> reporter: we're waiting comments fr comments from capitol hill the rough contours were about $250 billion for small business loans and about $500 billion for a payroll tax cut. it appears to have been taken off the table. earlier the treasury secretary at the white house coronavirus task force briefing said the administration is now in favor of those direct payments to americans because they will be aquicker salve for the bottom line for these american households and they will go toward the americans who will find themselves out of work. that's an idea that has been

warming among gop senators on capitol hill and could find some welcome reception from that side of the aisle interestingly president trump asked to elaborate on the change of heart said he still hopes payroll tax cut is possible. the payroll tax is something i've always liked. it does take a period of time, months before they really see something. >> they believe that employers not having to pay this payroll tax would be one of the quickest ways for them to lower costs and recoup revenue they have lost as they are having to grapple with this economic slowdown on another note, kelly, we have noticed that the federal reserve has been making swift moves to

stabilize the financial markets. introducing a trillion dollar facility to buy commercial paper. considering relaxing bank leverage rules that is something we could see happen in the coming days. bank executives say that would do more than any rate couut woud >> thank you very much >> the vix is flatting although elevated we almost hit the 23.51 range. that was december 24th low right at the open here

it's still very defensive oriented the consumer health care is the leadership group, text okay. that's holding up. banks still not doing anything energy is notably underperforming. the two things that move the markets, positive medical news and federal action we're getting it. i had people asking why isn't boeing up. they're talking about mass ifr assistance for the airlines. they aren't going anything here today. i think there's concern about the old 2008 system where a number of companies were bailed out and a lot of equity was wiped out. we don't know if that will happen here. i think there's some memory of that out there

he reiterated believe in keeping the markets open it may be open it was trading hours here. i know what ising the trading day. everybody saying we're keeping themarkets open. back do you. >> let's get over to the cme now. that's where rick is monitoring the bond markets after the latest fed moves rick >> it's kind of wild day in terms of pricing in the fixed income and foreign exchange markets. i picked tens three day because friday was a very key day. that's the highest intraday yield we traded. slightly over 1% we're getting close. we're at almost 90 basis points.

we're up 16 basis points major steepening let's look at the world in a macro setting on ten year charts our tun years and boons are getting closer together. that's a good thing. but boons, the best credit in europe is distancing themselves from the different southern economies like italy is widening gents the against their tens in france it's widening. that's important this is since february remember, february 20th we had the high close for the dollar index going back to april of 2017 we are getting very close to that as you see on that chart.

kelly, tyler, the whole gang, back to you. >> thank you very much we go to steve who has the latest on federal reserve action to inject more liquidity into the credit market today. this is a very esoteric area one of the policies they seem to be worried about sb the money market some seem to be targeted at that right. >> exactly right this is the commercial paper market where companies go in for short term funding they fund their inventories. you can get an sate backed facility that funds auto loans or mortgages in there. really the grease that grinds the wheel. money markets provide the cash companies take the loans out from there that was really getting strained

first is the commercial paper funding facility really dusting off the program from 200 2008 t the federal reserve use. i know secretary mnuchin said a trillion dollar. i ran it down. it's 700 billion dollar in terms of who might be eligible however, while the stock market seemed to like this development, not so far for people in the market that is involved here i just got on the phone with a senior market participate tnt nobody is going to use it. the commercial paper market still not functioning well the reason is the fed set a rate of 200 basis points called the ois. the paper is only trading 122

basis points over it you'd have to go and pay more at the federal reserve. that's something i'm hearing from a couple market participants here. it does set a ceiling. that's good. the fed did say it might go back and change the terms but right n now the fed came in over the market setting too punitive a rate it's not having the affect we would have hoped it would have had. it's also very essential to the workings of the treasury market, the money markets and ultimately the stock market >> steve, it's really like trying to fix the plumbing while the water still flowing, right >> that's exactly right. it's really good way to put it it's very hard when the water is still flowing. things are moving around the fed is moving very quickly here let's be clear they did a whole bunch of stuff on sunday night.

i was told they moving at warp speed. it's hard to do this sort of stuff. when the fed does it, it had to work the facility was open today. by the way this runs for a full year this stuff has to work you've got to make the fix while the water is running and there might be a problem here the fed has to go in back and adjust >> thank you very much you'll be watching it and explaining it to us. >> let's get a quick check on oil here which is down about 3%. it's sinking towards $27 a barrel it went below 28 >> thank you very much thanks to all the innovation from the federal reserve and the government stocks are rising at this hour

let's bring in larry glazer of m mayflower. welcome to both of you jimmy lee, let me start with you. you're in las vegas. ais i'll start with the obvious question what is lieit like in las vegas now. >> many people are worried it's hit main street employers have announced layoffs and furloughs. parents are having to deal with kids at home a lot of different issues that market decline in the past haven't given them it's a big deal. everybody is hopeful it's a concern >> you know i'd like to get you to comment on something. the decline we're in from the top is nowhere near unprecedented. true in fact, we're not even at normal bear market levels. true i hear a lot of people saying, i don't include you among them

this is not 2008 don't forget this isn't 2008 that doesn't make me feel any better, jimmy. my life has been turned upside down i'm not speaking to me i'm talk about the american public why is this one hitting us so much harder even than some of those other occasions where the fall offs were deeper and more pronounced >> i agree with you. it's hitting us because it's changing our daily lives we haven't had bear markets affect people's daily lives that we'll be faced with now. i really believe we need to have faith and perspective. faith that the virus will pass who knows when but it will pass. the economy will recover and even spiritually perspective like you said. people are shocked that the market was lower 15 months ago december 24, 2018 and bear markets are normal

we're just about there as a financial adviser, identify been in this business 25 years working with investors we have been through the dot come -- com bubble burst i could convince more investors to allocate more to their equity portfolios we want to make sure that adv e advise advisers, this is our time to shine. there are many client os on the phone, minute by minute, the outcome will be critical we need to have play book. the one option not in my play book is pandex selling >> larry, one of things that has been taking place in the market over the past decade or so have been massive buy backs that's money, cash, capital that

corporations have used to buy in stock, to raise the price of the stock, to inflate throughaccoun these companies will find, aren't they, two things. they don't have the cash reserves that their dividends will be a little harder to meet. number two, they may have to tap their revolving credit lines to which they have and don't you think they wish they had that cash now >> you make a good point we have seen record buy backs the last few years to the middle class. i like higher stock prices as much as anyone what we have done is exceeded all levels of buy back and

transferred the burden due to the tax cuts that we saw a few years ago onto the american public the record deficit, the record debt has enabled this level of buy back if you look at airlines and industry that is very much in the news today, they have squandered 96% of their free cash flow the last decade on buy backs and now they are asking the u.s. government for buyback for bail out is it my responsibility as a taxpayer and a small business own who are has been fiscally responsible to bail out those airlines is it the waitress who loses her job, is it her responsibility to bail out those airlines? i think we have learned nothing from the financial crisis if this is where we are and we don't tie some strings to these bail outs.

>> we're going to boar reto fund whatever packages are coming through the pike i keep hearing from learned people, this is not a financial crisis as though i'm supposed to be reassured by that this is not 2008 okay it's not bad for the banks i love that. at some point if hundreds and thousands of businesses call on their revolve credit lines at once, the banks won't be in great shape, am i right? >> even on that point, most families live paycheck to paycheck and most businesses live paycheck to paycheck as we are finding out right now. we go to familiar terminology in times of turbulence like we're seeing we talk about recession, financial crisis those terms don't apply in a global pandemic. there's no play book for a global pandemic.

here is what we do know. this is a depressive dislocat n dislocation. it's going to affect almost all segments of the economy. if we're honest with the investors and american people, the volatility will pass for now, it's volatile we know the sell offs will pass. i'll tell you what's really optimistic here is you see private equity firms in and around the boston area firms we talk to on a daily basis finding value in the public markets that's the first time in a decade we see dividend yields on how quality blue chips so volatility is unimaginable. >> jimmy, larry, spirited conversation see you next time. we have some breaking news on macy's that's shutting all locations nationwide >> that's right. they are now announcing it will be closing its fleet

that's all macy's, bloomingdales. this adds to the list of retailers closing stores this is going to keep growing. by my count we have more than 80 brands that have announced store closures so far. come from big names like nike and apple but up and comers. look at some of these numbers. foot locker has more than 2600 locations. they are all shut. american eagle, more than 900. ulta, more than 200 stores they are so many stores. all in all by my count, more than 23,000 stores in the u.s. are closed i actually think that's a conservative count because there are more when you add in canada and europe we're looking at do mi ining amc

totals these numbers show that these retail sales in total fell 0.5% in february from january that ease the big e month over month drop since december of 2018. growth from 0.3% january stronger, february weaker year over here february retail sales grew more than 4%. interestingly, grocery and health care stores fell slightly that's with the panic by grocers toward the end of the month. that metric is curious to me those fell 1.4% and 1.2% respectively back over to you >> we will bring him in to talk about the shutdown of businesses if you want to chime in get my

attention and ask a question welcome. good to have you with us >> how are you kelly, nice to be with you >> i'm pretty good i think i'm better than a lot of your members are now how many of these stores and these store chains are going to survive what they are going to have to go through over the next, who know, two months, three months >> that's the first thing i've say. i think that's clearly reflected in the closers that you talked about. i think every one recognizes

that the focus in what i spoke to the president about what has simply we have to take care of the work force and our consumers healthy. make sure we can get through this period of disruption knowing we'll get through it at some point in the meantime we need access to liquidity and make sure those businesses continue to take care of their employees and when we get to the other side take care of their customers >> we can applauds the retailers that have taken steps to protect their employees and the public and follow the public health advice that is coming out. do you like what you're hearing

out of washington. >> we're very encouraged it went well i think many of us have lost track. people like speaker pelosi and chairman neil. they are all committed to this they recognize the seriousness of the issue and are trying to move very quickly. you're seeing the discussion about the things that are being discussed in the senate and leader mcconnell and his members are talking. i think we're encouraged it's positive. sochl this takes some time we consider today's conversation with the president and the

secretary a real indication they understand the challenge they recognize that the liquidity issues are real. they're going to move very quickly both to address those issues and as you've heard later this afternoon, to put packages together that will help consumers and to help individual working american who is will need some assistance and i think if we can all stay focused on those priorities, we're going to be in a good position when we get through this which is going to be disruptive in the near term but we will get there >> let me bring in courtney who has a question for you >> i wanted to ask, this has been a largely consumer led expansion. we propped up the economy on the shoulders of the consumers will this will be a consumer led recession. you know the leading edge of

this was the hospitality industry we talked about the airlines and travel industry. i think there's a clear recognition on the part of the administration that over the last few years this really has been about consumer activity and consumption. we need the small businesses and retailers to be out there to employ people because those employed people become consumers and not part of the economy. they are trying to do both of those things at the same time and through the loan programs we'll see coming out of the sba and some of the things that have been talked about with the fed that you were talking with stooefr abostev about there's going to be

support for consumers. we need to do both at the same time to make sure it becomes consumer led recovery. >> final question. federal support, federal assistance is one thing. state support, state assistance is another but what would you say to landlords and mortgage holders who could have a role to play in providing to relief to retailers who may not be able to make their rent this month >> having heard from some of the developers and spoken to some of them and know what they are thinking, they recognize that we're all in this together they're committed to finding solutions that will work because they want to provide business continuity opportunities for their tenants and they know they don't have a business. they will be creative and they will be resourceful and support ifr supportive as well >> thank you for your time i hope we'll be able to you or

you available to us as we move forward. >> thanks. we want to get a check on the markets. the dow is up about 950 points after yesterday's massive and historic sell off. the big move today comes after coordinated action from the federal reserve. >> that's exactly the case when you look at the retail sales numbers, we have this morning. bear in mind that most consumer spending is services and doesn't include hospitality, leisure, travel those kinds of things. if you look at gdp and you can imagine maybe a 5% contraction in gdp, if that happens in one quarter, the gdp numbers will

look pretty scary because they are reported in annual rate. it gets really amplified if it happens all at once. we do anticipate the situation bottoming out and probably late april, may then slowly building i think there's a concern we come out the other side, you get towards the end of this year, you're at a level of economic activity that is lower than what we're starting in now. obviously, the key point of all of this is there's uncertainty we really don't know how bad things are going to get. efforts by the fed to ensure lick quidit liquidity. efforts by washington to help ease the pain, those things are important and they may help with recovery >> this is just a different downturn than what we have seen. the big news from the administration today is this idea from secretary mnu chin the will try to get checks within

households hands within two weeks. >> we heard talk of cutting payroll taxes. it doesn't do any good if you lost your job. the consumers haven't lost their job or more likely to spend the money or save the money rather than spend it. if you can target the money to those that need it most, that obviously is what you want to do it's very, very difficult. it's simply easier to give everybody money and those that need it will be able to buy food and make mortgage payments and things like that >> to you that is -- look, i've seen plenty of folks on twitter saying if i get this $1,000 and i don't need it, i'm going to make sure i donate it to cause or spend it at a local restaurant, spend it in the economy. i think people understand the more we can spend and keep business as normal, the less worse off this will all be there's announcements about

deferring taxes. i've seen new york is talking a about not collecting debt for three months if you add it all up, can this help the economy keep going? >> i think it can -- i think it will help. it's bridging the gap. the big unknown here is that we don't know the economic damage that's likely to happen. we don't know enough about the virus right now and the lack of testing has been woefully inadequate we can get a handle on where the virus is hopefully we'll see an end to the social distancing. probably within a month or two i think what the policies that are being put into effect are very important i think it's the right thing to do >> we appreciate it.

thank you, sir scott brown. tyler. oil sinking into the close let's go to the cnbc commodity desk >> prices at the lows of the session and accelerating into the close. you can see wti crude down almost 6%. 5.75%. brent crude down about 4.4% a barrel just weeks ago you remember we talked about $50 a barrel being a key level for some of these oil producers to stay afloat prices have dropped almost 50% in the last month. these are some of the lowest levels since 2016. back to you. >> here is the latest.

we have new numbers for you. the number of confirmed cases world wide has broken above 190,000. germ m ny with more than 8600 italy reporting over 2500 deaths that's roughly a third of the total. amazon telling third party merchants it will temporarily prioritize household staples amazon will take in sought after household items before any other products the change is expected to last until april 5th. maryland has delayed its primary from april 28th until june 2nd because of the outbreak. election officials are working on a plan to prevent the plan of the virus. the french open, tennis tournament the latest being postponed until september 20th the grand slam event was set to start on may 24th. qualifying for the french open

would have started in the coming week just the latest large scale sporting event to be cancelled kelly, back to you let's take a quick check of these markets. we had a large scaimilar lus -- stimulus. there will be a push for additional direct payments if needed in the coming weeks you can see this helping to push the dow up over 1,000 points still not quite up at session highs. the president also announced earlier today that states are allowed to prove coronavirus testing kits within their own borders. one company working on those tests and asking the fda to fast track them is beckton. they will include capacity to screen patients to thousands of tests per day.

the market is looking for solutions here we need to test if we see people have coronavirus we need to see if they are rid of it once they are ready to return to normal liech we need tons of tests in this country. >> we do if you were to think about how the tests were evolving, you see the cdc put out tests for state laboratories what you saw then last week, the president announced the partnership with some of the big reference labs they will be ramping up to in the millions very, very quickly. they are probably near that

volume right now those typically take one to two days to get those back we have hundreds placed across the country. what our test is aimed to do is allow the testing to take place in the hospital that the patients are going into with turn around time in two or three hours. the clinicians can get results much faster and act much faster on patients. >> one more question and i'll bring in meg we heard from officials earlier that they really want to make sure these tests are solid the analogy that was used is we don't want any false positives like when hiv was the main concern. related to that is this big call to make these tests available at home so people don't have go anywhere, per se

are you confident in the quality of the tests and what about bringing them so people can take them at home >> what you see more is probably more of the collection happening in either drooi through locations. you saw that being very successful in south korea. you're seeing that in the u.s. and varying locations across the country. we know people will be doing the swap collection at home but not the test collection yet. we're working on a point of care test you have about 29,000 poicht care instruments akros the country in doctors offices and retail clinics they are used today and use a lot of right now for flu testing, strep testing they use it to differentiate flu versus coronavirus it's about the size of a cell phone that could be very mobile. that test will take longer we don't have timing on that

yet. >> meg >> what's your expectation in terms of when you'll get the go ahead to start provieding these tests? >> we'll be ready to ship as soon as we get approval. we have them in inventory and ready to go. what is really positive is typical time to develop these types of tests is two or three years. the expedited fda process is moving this down to two weeks. we'll be working with fda. i look forward to start shipping that >> one of the issues we're hearing about now and i'm still hearing this from people in the industry is it's becoming more you are jen urgent the materials needed to return the tests are getting into short supply at places across the country. is this something you're hearing from your client, people in the field.

what is this status of this and how much will that affect our ability to be doing these tests? >> there's a lot of work right now happening on the collection devices themselves we have -- we have been working closely with the white house and fda, air freighting in that product in in an expedited way as well as validating some alternatives to try to increase the capacity there a lot of focus on looking at some of those ancillary components >> all right more on this volatile market day. the dow up 1100 points recoup about a third in points terms of what it lost yesterday. plus we'll talk to new jersey's mayor. one of the first cities to institute a curfew and put

restrictions on bars and restaurants. again, we'll talk to the mayor of hoboken, next through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. but when allergies attack,f any the excitement fades. allegra helps you say yes with the fastest non-drowsy allergy relief and turning a half hearted yes, into an all in yes. allegra. live your life, not your allergies. we see hat emerson,kthroughs when issues become inspiration, creating a better world isn't just a result,

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president trump meets with a number of tourism ceos >> they're in discussion with president trump at the white house. discussing the negative impact

of the coronavirus epidemic on their bottom lines and occupancy levels some comments from the ceo of hilton saying i've been in this business for 35 years. i've never seen anything like it it's strikingly similar everywhere around the world. they are experiencing 15% occupancy. then we focus on marriott. the ceo said business in china fell 90% he said worldwide they are losing business every day. this comes after marriott expects tens of thousands of employees to be furloughed that is due to the drop in occupancy that not only marriott is experiencing but a number of other hotel operators. the owner of best western said he is asking for financial help with loans it's clear they are taking their concerns to the white house and really trying to figure out what type of financial help they can get from the government especially for those 8.3 million hotel workers across the u.s

>> thank you very much meantime, president trump also calling on americans to avoid unnecessary travel and gathering in public spaces our next guest was the first to close bars and restaurants he's got quite a few of them let's welcome the mayor of hobeken, new jersey. what made you move so fast and decisively >> we were trying very actively to implement this policy of social distancing. the problem we were observing is despite our best efforts, there was a spring like break atmosphere in our bars and restaurants. they were packed with patrons in their 20s and 30s who just were not getting the message that being in close quarters in a contained space was not healthy.

even if they were not among the more vulnerable population, individuals in their 20s can go to their parents or people in vulnerable populations and carry the virus. >> when did you notice that sort of surge of individuals into the bars and restaurants any of you know it's a lively fun place to go. can't blame people for going there. when did you take action >> we took action when we realized on saturday evening when we realized that despite our best efforts to educate the public, our bars were still packed, our restaurants were pack and people were not implementing the practice of social distancing. that left us with no choice but to inaenact measures to protecth public health and safety of residents and people in hobeken

and for the purpose of trying to save lives >> what's open now and to what extent are things open >> we have closed all bars and restaurants. however, we are allowing restaurants to provide both take out and delivery service and we are seriously considering the closure of further nonessential places of public accommodation the economic impact upon this is not lost upon me, upon both small businesses as well as the employees that work for them we're taking very proactive measures to address that concern as well. >> how close in contact are you with the governor who has announced his own curfew or social distancing policies for the entire state >> we are in contact with the governor's office as well as our federal delegation to see where we can do to unlock funds?

>> hopefully it will address the small businesses impacted by necessary measures we have tyke as mayors at the local level to protect the public that hopefully will include relief for low and middle income hourly, part and full-time wage workers who rely upon jobs to live and sometimes who live paycheck to paycheck just to pay the rent we're very focused on that and very focused on advocating and in cooperation with our federal delegation to make sure that future rounds of relief address these very real concerns >> let me interrupt you for a moment we're going to go to breaking news i'm not sure if we'll come back to you .

>> new york mayor holding his news conference. his daily briefing or one of them he says there are discussions currently ongoing regarding a shelter in place order he says quote, new yorkers should be prepared right now for a shelter in place order end quote. he expects that decision will be made within the next 48 hours. it would be interesting to get the reaction from the hobeken mayor about that particular situation. now saying in 48 hours, new yorkers may be under a shelter in place order >> we will get that reaction right now from mayor you heard what sue said. possibly a shelter in place order for the city of new york just as has taken place in the city of san francisco. what do you think? >> that is refreshing. you might see that coming out of hobeken very shortly whether it's shelter in place or self-isolation, it's a distinction without a

difference the idea is people should conduct themselves as if they may have been exposed and act accordingly. that means do not go outside of your home unless absolutely necessary. the action that we're taking here in hobeken that are being taken on other jurisdictions like new york city, san francisco are very refreshing because they will literally save lives by containing this virus >> mayor, just so i understand, for example, if this works into all of new jersey where i'm a resident, does that mean i'm not going into the office? does that mean i'm not going to the grocery store and how long would something like this last a day or two or weeks or indefinitely what's on the table? >> we're exploring all options if you can work from home, we're encouraging residents to work remotely from home

only essential purposes to be outside are being permitted. it's okay to do things like walk the dog to go jogging but practicing this custom of social distancing is necessary in order to contain the nothing further spread of this virus >> all right, mayor. hopefully you'll be able to us in the future. thank you very much. we have breaking news as we more details on the stimulus package that's being negotiated, hammered out on capitol hill through the administration and the congress >> reporter: tyler, the numbers are still fluid but i spoke to a senior administration official who said it's more accurate to use ranges here between 500 and $5 50 -- $550 billion is what is the cuts it's what is earmarked for small

business assistance and 500 to $100 billion for airline and industry relief. these numbers are still in negotiating phase and will require some prescription from congress we'll hear a bit more from the treasury secretary momentarily i've 750 or so. coronavirus is shutting down

businesses across the country. the president did express support and at the press briefing earlier but has not announced any specific action. senior research analyst, it's a real tough situation for restaurants because in a lot of places they're still allowing carry out and delivery the president even seemed to encourage that i'm thinking about these shelter in place orders that may be coming from new york and are already in place in san francisco. that would suggest no mas for the restaurants. >> we are saying expect less the reality is that it's not getting better it's getting worse it's the uncertainty around this situation that government officials are dealing with, that companies are trying to figure out, consumers are trying to understand and ultimately it's meaning that ultimately sales and earnings are going lower and we're probably looking at, you know, a 60-day period in which

we've got restaurants which are not generating much in the top line and the bottom line is going to bleed profusely. >> we heard from a restaurant owner -- one second, bob, more breaking news. >> i'm going to have to break in here, bob and kelly. capitol hill and treasury secretary mnuchin. >> we look forward to working with the senate, very pleased to hear that the leaders say they're staying here, their priority is working on what we call bill number three and we had very productive discussi discussions. the president wants to emphasize, this is a situation where we have requested that many people stay home so we don't spread this disease. this is not like a normal economic situation the government has requested that parts of this economy shut down and the president is determined you can think of this as business interruption money. the president is determined, we will put money back into this economy to protect hardworking americans and small businesses. >> secretary mnuchin, you want

the senate to approve the house bill unchanged, number one number two, shouldn't congress be concerned about rising deficits as you think of proposing a trillion dollar package here that congress should -- >> i think congress should be concerned about the american workers and small business interest rates are incredibly low, so there's very little cost of borrowing this money. as i said, in different times, we'll fix the deficit. this is not the time to worry about it this is the time that hardworking americans are impacted by government decisions. that's when the government has to step up to put money into the economy. >> what about passing the housebill? should senate pass the house bill >> we're having conversations with them on that and that's an ongoing discussion >> what about the airlines >> sure. i've had conversations around the clock with all the airline ceos, all the -- i haven't had cargo, but have had

conversations. we obviously have a situation where there's very little traffic. we want to maintain that although we've told people nonessential travel, they shouldn't do essential travel we want to have airlines that operate, maybe on a more limited basis airlines have a short-term liquidity issue and, absolutely, that's something we talked about today. i've also spoken to the speaker about that so, we are absolutely part of this airlines, hotel, travel, other areas we're talking about dealing with that. >> secretary mnuchin, are there any plans for global economic stimulus are you talking to other leaders about a global stimulus? >> sure did. the president had a g-7 leader summit yesterday director kudlow was part of that they called for central bankers and finance ministers, weekly calls of the g-7 finance ministers and central bankers and i think you know the fed has been in ongoing discussions with their counterparts. >> can you talk about the bills

that you are proposing for americans, the direct checks >> i don't want to go into specifics. we're going to work with congress on this the president wants to put money in the economy now this is where if there are people, small businesses that can't make payroll because their business has ceased to exist we've told people in restaurants, don't go into restaurants. we want to make sure that those business owners have money to pay their employees. we're not going to put money in those business owners for the sake of them keeping it, but we're going to help them with liquidity to meet the payroll. thank you, everybody. >> again, treasury secretary steven mnuchin there with some more detail about what the government's plans are kayla tausche standing by about what we learned from treasury from mnuchin just now. and a plan may now be under consideration. >> kelly, he is defending this

big number, saying that is what is needed in this time of economic uncertainty, saying that in different times we'll fix the deficit, but noting now is not that time he's also defending the plan that the administration is putting forward, which he says is a trillion dollar injection into the economy on top of an estimated $300 billion in deferred payments to the irs that taxpayers will not be on the hook for in the coming months he is defending this big program. and the part of it that is going to go directly to businesses you just heard him talking about how any money that's going to restaurants or small businesses is for them to pay their workers, essentially saying it's not fair because the administration is asking people not to go to restaurants they're asking people not to take essential travel and that it's now on the administration to make up for those losses. >> so, how might this work, kayla? in other words, how does this money get into the hands of businesses, whether it's the

small coffee shop on my block in the jersey town in which i live or into a large restaurant or into a hotel restaurant? how does it work >> you have to imagine, tyler, that those industry trade association memberships are going to be really valuable, because those are the people who have been calling the administration off the hook. you have to imagine that it would be harder for a mom and pop shop to be able to get that type of payment because they don't have the representation that some of these larger changes and larger publicly traded companies do. that being said, the administration has said over and over that it will try to get this money to small businesses in any way that it can i spoke to a bank executive earlier today who says that the line of industries who are going to wait or lobby for some of this stimulus money is only expanding, that they're even recommending that reets be part of a future stimulus bill because they want a way for a subsidy of sorts to be credited

toward small and medium-sized businesses who are tenants because rent is the number one bill for these businesses and they don't want leases to be ended over a slump in sales that goes on for longer you can imagine this list is going to be long there will be a lot of businesses knocking on the door of the administration and it's going to be really tough work to figure out how to allocate it. >> california has something -- the hibernation act. this could happen on the state level and bubble up. for markets, kayla, it's probably going to come down to a dollar figure. is there anything we learned this afternoon, other than it may be na expanding to checks to households in the weeks ahead. >> reporter: we learned that the buckets of money comprise, at present, $500 billion in direct payments or payroll tax cut which the president, as you heard earlier today, still likes.

$200 to $300 billion in small business assistance and 5ds 00 to $1 billion to those are not set in stone they'll be heavily and painstakingly negotiated with congress that's the range we're talking about right now. we are in the realm of $1 trillion of stimulus to the economy. and that's just with the package that the treasury secretary is talking about on capitol hill. >> kayla tausche, i know you'll be following this the rest of the afternoon and probably long into the evening thank you very much. kelly, this is an amazing time never seen anything like it. none of us have. very interesting approach here there might be a payroll tax holiday, which helps people who have payroll tax withdrawn from their paychecks, but many don't have that. so there may be payments to individuals and a tax holiday if you owe tax.

>> that's a major economy, like you said, the bay area already doing it. >> it absolutely s where would the exceptions be? the mayor of hoboken saying you can go out and walk your dog, take a job but beyond that, you are pretty much sheltering in place. our breaking news coverage as we head into the final hour of trading stay with us it does, indeed. thank you, tyler thank you, kelly welcome to "the closing bell." i'm wilfred frost sara eisen will join us after the bell as we do our part to social distance here on cnbc while bring you the most important market moves today we're about 750 points on the dow, 3.8%, a little off the highs, though, which was close to 1200 points higher. let's look at what is driving the action fed launching another massive liqu