"After days of intense discussion, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic".
The Senate is expected to vote on the deal shortly after it reconvenes at midday Wednesday.
President Donald Trump is expected to sign the bill into law if it is passed. "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".
Education emergency assistance totaling $30.9 billion includes $13.5 billion for elementary and secondary education formula funding directly to states, to help schools respond to coronavirus and related school closures.
"Much of what we have in our bill is reflected in this supposed agreement", Pelosi said. Cargo haulers would be offered US$4 billion in strings-attached aid.More news: Ian Lipkin, Medical Consultant on 'Contagion,' Tests Positive for Coronavirus
The prohibition extends to the children, spouses and in-laws of any of these government officials.
Democrats demanded and won a series of restraints on corporations that benefit from loans or investments from the Treasury Department, as well as an oversight mechanism for who gets money. (Chip Somodevilla/Getty Images) Senate Majority Leader Mitch McConnell (R-Ky.), center, leaves a meeting in Washington on March 24, 2020. Corporations receiving government aid would also be banned from so-called "stock buybacks" that critics say boost a company's stock price and enrich executives at the expense of workers.
There is a separate pot of more than US$350 billion for small businesses. The loans used for payroll, mortgage and rent will be forgiven. Couples making up to $150,000 would receive $2,400, with an additional $500 per child.
The bill expands unemployment insurance to cover freelancers and gig workers, a provision of interest to the entertainment industry, where work is typically temporary. "So there's no decision about timing until we see the bill". Student loan borrowers who get assistance from their employers on paying those back don't have to pay income tax on the aid.
Health care systems would receive $130 billion, including $127 billion for a Public Health and Social Services Emergency Fund, according to the fact sheet. No one will be charged for coronavirus tests.More news: Mobile launches its $15 5G plan ahead of the Sprint merger
The Senate is likely to pass the measure Wednesday afternoon.
Futures contracts traded higher early Wednesday following the surge in regular session earlier on anticipation over the legislation.
The size of the stimulus package is unprecedented, dwarfing the approximately US$800 billion Obama stimulus that passed five months after the 2008 financial crash.
"We have a deal", White House legislative affairs director Eric Ueland told reporters around 1AM, according to the Washington Post. The World Health Organization said the US has the potential to become the new epicenter of the global pandemic as the number of known infections soars.
The proposal is the third - and biggest - plan by Congress to confront the coronavirus crisis as the disease spreads. Congress has already approved an $8.3 billion bill for health agencies and a roughly $100 billion bill aimed at providing free coronavirus testing, paid leave for those affected, additional Medicaid funding and food assistance.More news: New Zealand declares emergency