House Speaker Nancy Pelosi praised the deal, which was worked out principally by Senate Democratic leader Chuck Schumer and Treasury Secretary Steven Mnuchin over several days of marathon negotiations. It will also inject some $100 billion into the healthcare sector, give hundreds of billions of dollars in loan guarantees to small businesses and disburse funds to step up testing for the coronavirus, among other provisions.
"In order to protect the safety of Members and staff and prevent further spread of Covid-19 through Members' travel, the Republican Leader and I expect that the House vote on final passage will be done by voice vote", Mr Hoyer wrote in a letter to colleagues.
For individuals the package provides direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child.
Any company receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year. Businesses owned by members of Congress, heads of executive departments and Vice President Mike Pence also would be blocked.
House Minority Leader Kevin McCarthy of California said he wants to make sure the U.S. House of Representatives reviews the legislation, but doesn't slow it down and moves it to Trump's desk "as soon as possible". It would create a half-trillion-dollar program to loan money to US corporations and municipal governments, overseen by an inspector general and an oversight board. In Asia markets, USA futures pared early losses after news of the deal.More news: Bob Levinson's Family Says US Concludes He Died in Iran
But just as significant is the bill's expansion of the unemployment insurance program - or as Democrats call it, "unemployment insurance on steroids".
Democrats also rejected the $3 billion sought by the Trump administration to buy oil to fill the Strategic Petroleum Reserve.
A last-minute obstacle to passage of a $2 trillion coronavirus economic stimulus bill in the U.S. Senate was in the process of being resolved and would likely clear the way for prompt approval of the measure, Senator Lindsey Graham said on Wednesday.
That would also require the unanimous consent of all House Republicans.
Small businesses are eligible for a tax credit that would cover 50 percent of wages paid to workers during the pandemic, in addition to $350 billion in small business loans of up to $10 million each.More news: Rams change logo in National Football League ; hard criticisms by 'design of 99 cents'
The size of the stimulus package is unprecedented, dwarfing the approximately $800 billion Obama stimulus that passed five months after the 2008 financial crash.
White House legislative affairs director Eric Ueland announced the agreement shortly after midnight at the US Capitol.
It's a whopper of spending, at a time when Washington is already running $1 trillion deficits.
Only two other nations, China and Italy, have more coronavirus cases and the World Health Organisation has warned the United States looks set to become the epicenter of the global coronavirus pandemic.
The proposal is the third - and biggest - plan by Congress to confront the coronavirus crisis as the disease spreads.More news: US Judge Charges Man With Terrorism for Coughing on Grocery Store Worker
It will offer $30 billion in emergency education funding and $25 billion in emergency transit funding. It also will send tens of billions in fresh aid to states.