The US government continues to execute on its multi-phased plan for providing economic relief to the many individuals and organizations impacted by COVID-19. Its most recent legislation (phase 3.5), earmarks an additional $484B for the Paycheck Protection Program, hospitals, and COVID-19 testing. In this episode, three Deloitte leaders share insights on the likely collective impact of the government relief packages to date, as well as the business and economic implications of the most recently enacted legislation. They also look ahead to the next wave of stimulus (phase 4.0), exploring how this developing legislation may help spur economic recovery for businesses and consumers. As the US Congress considers potential tax policy changes and funding for infrastructure enhancements to support telehealth, telework, tele-education, rural broadband, and more, we discuss how business leaders might consider the possible opportunities and risks related to these various sources of aid.