Coronavirus aid bill bars Trump, family from benefiting from hospitality industry loans

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McConnell said he expected the Senate to pass the legislation later Wednesday after it returns at noon ET. But a single objection from any of the 435 House members would require lawmakers to come back for a floor vote.

Schumer said the deal was meant as a "Marshall Plan" for hospitals and medical needs. It could also lead to potential changes to the legislation that would have to be reconciled with the Senate.

The sudden movement on the legislation occurred after House Speaker Nancy Pelosi said Tuesday that Republicans and Democrats had seemed close to bridging disagreements that had previously stalled the package. "We have a deal", White House legislative affairs director Eric Ueland told reporters around 1AM, according to the Washington Post. "After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic", Senate Majority Leader Mitch McConnell, R-Ky., announced from the Senate floor shortly before 2 a.m. Wednesday. Lawmakers approved an $8.3 billion bill for health agencies and a roughly $100 billion bill aimed at providing free coronavirus testing, some paid leave and unemployment benefits, as well as additional Medicaid funding and food assistance.

The massive bill includes a $500 billion fund to help hard-hit industries and a comparable amount for direct payments of up to $3,000 apiece to millions of USA families. "You stay on that employer's work list". Individuals making $99,000 or above or married couples making $198,000 or more would receive no check.

An extended unemployment insurance program for laid-off workers that will allow for four months of "full pay", according to Schumer, rather than the usual three months for most.

There were also provisions for supporting small business, and for a special inspector general to oversee the administration of funds.

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The stimulus has provisions for providing $500 billion in loans and loan guarantees to businesses affected by the COVID-19 outbreak through the treasury department.

Democrats had twice rejected Senate Republicans' earlier version of the bill, arguing that the $500 million bailout fund lacked proper oversight.

The deal follows two stoppages by Senate Democrats looking to secure stronger worker protections and stricter guidelines for which corporations could receive government loans. "Because we have to save some of these great companies". Hospitals are also expected to get a cash injection of $75 billion to help them manage a rush of coronavirus-stricken patients.

$150 billion to state and local governments to address spending shortages related to the coronavirus pandemic.

The potential for a deal was good news for USA stocks that have been battered by the uncertainty surrounding the coronavirus.

"If we get this package, we'll be setting the stage for a good rebound in the second half of the year", said Larry Kudlow, the White House's top economic adviser. It will apply to traditional workers for small and large businesses as well as those who are self-employed and workers in the gig economy.

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