The White House and Senate leaders struck a major bipartisan deal early Wednesday morning to aid the struggling economy amid the coronavirus (COVID-19) pandemic.
According to multiple outlets, a massive $2 trillion coronavirus spending bill was agreed upon after days of negotiations by Congress.
Senate Majority Leader Mitch McConnell formally announced the agreement on the Senate floor a little before 2 a.m. Wednesday, NBC News and CNN reported.
“At last, we have a deal,” McConnell said on Twitter. “After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. We’re going to pass this legislation later today.”
Treasury Secretary Steve Munchin told reporters, per NBC News, that President Donald Trump will “absolutely” sign the bill if it passed by Congress.
Senate Minority Leader Chuck Schumer said on the Senate floor that passing the massive spending bill was “not a moment of celebration but one of necessity.”
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Full details of the bill have not yet been released. But previous negotiations indicate that people making up to $75,000 a year are expected to receive checks for $1,200, while couples making up to $150,000 would receive $2,400, with an additional $500 per child.
An income cap for the checks will come at $99,000 per individual or $198,000 for couples, per NBC News and CNN.
The bill is also expected to give roughly $100 billion in assistance to hospitals, $350 billion in assistance to small businesses, $500 billion in aid for corporations — including airline companies and cruise lines — and about $150 billion for state and local stimulus funds, according to NBC News.
The legislation also ensures that Trump, 73, and other government officials and members of Congress won’t receive loans or investments from Treasury programs, CNN and The Washington Post reported.
In addition, the bill is reportedly expected to increase the maximum unemployment benefit that a state gives to an individual by $600 per week.
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While the bill is expected to pass in the Senate, members of the House are currently out of session, so their decision could take longer.
Rep. Mario Diaz-Balart from Florida, Rep. Ben McAdams from Utah, and Sen. Rand Paul have all come forward with confirmed cases of coronavirus.
As of Wednesday morning, March 25, there are at least 53,852 confirmed cases of coronavirus in the United States and 728 deaths.
As information about the coronavirus pandemic rapidly changes, PEOPLE is committed to providing the most recent data in our coverage. Some of the information in this story may have changed after publication. For the latest on COVID-19, readers are encouraged to use online resources from CDC, WHO, and local public health departments and visit our coronavirus hub.