Senate leaders reached an agreement with the White House early Wednesday morning on the much anticipated coronavirus stimulus bill which rings up at approximately $2 trillion.
"Ladies and gentleman, we're done. We have a deal," top White House aide Eric Ueland told reporters about the sweeping and unprecedented deal.
It is the largest economic rescue package in history.
The revamped Senate proposal will inject approximately $2 trillion into the economy, providing tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions aimed at shoring up individual, family and business finances.
The deal includes $500 billion for a major corporate liquidity program through the Federal Reserve, $367 billion for a small business loan program, $100 billion for hospitals and $150 billion for state and local governments.
It will also give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.
Majority Leader Mitch McConnell said:
"After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. It will rush new resources onto the front lines of our nation's health care fight. And it will inject trillions of dollars of cash into the economy as fast as possible to help Americans workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar."