Numerous reports say Senate Democrats and Republicans have agreed to a stimulus package that totals more than $2 trillion early Wednesday morning.
“At last we have a deal,” Senate Majority Leader Mitch McConnell said Wednesday on the chamber’s floor, according to Bloomberg. “I’m thrilled that we’re finally going to deliver to the country.”
Bloomberg reports Senate Democratic leaders Chuck Schumer called it an “outstanding agreement.”
McConnell is still drafting the legislation and the Senate will need to vote on it Wednesday. The bill would still have to pass the House before it can be signed by President Donald Trump.
According to reports, the plan includes about $500 billion that will be used to back loans and assistance to companies, with also $50 billion for loans to U.S. airlines and state and local governments.
It also has more than $350 billion in aid to small businesses and $150 billion in aid for hospitals.
Bloomberg reports the package provides direct payments to lower-and-middle incomes Americans of $1,200 for each adult and $500 for each child. Unemployment insurance will also be extended by four months.
CNN reports that Americans who earn $75,000 in adjusted gross income would get direct payments of $1,200 each and married couples would get $2,400 each. Single Americans making more than $99,000 will be phased out of the payment plan and $198,000 for couples without children.
Talks of a stimulus deal on Tuesday gave stocks their highest percent gains since 1933. The Dow Jones on Tuesday rose 11%—2,112.98 points—to 20,704.91. The S&P 500 grew 9.4% and had its best day since 2008.
The Nasdaq Composite increased 8.1% for its best day since March 13. Both the Dow and S&P 500 were coming off their lowest levels since late 2016.
CNBC states the Dow fell 582.05 points, or 3%, on Monday to a new three-year low. It was on pace for its worst calendar month since 1931.