Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Senate Majority Leader Mitch McConnell leaves a meeting in the Strom Thurmond Room during negotiations in Washington, D.C. Photo: Chip Somodevilla/Getty Images

After days of intense negotiations, the White House and Republican and Democratic Senate leaders struck a bipartisan deal early Wednesday over a $2 trillion stimulus package designed to ease the economic impact of the coronavirus outbreak.

Why it matters: The emergency legislation that Senate Majority Leader Mitch McConnell (R-Ky.) promised to pass later Wednesday will deliver vital aid to workers, small businesses, corporations and health care providers under strain from the illness, which has infected more than 55,000 people in the U.S. and killed more than 800.

The state of play: White House legislative affairs director Eric Ueland told reporters just before 1 a.m. that a deal had been reached but the bill's text was still being finalized.

  • "Ladies and gentlemen, we are done. We have a deal," Ueland said.

Between the lines: Democrats nearly derailed negotiations over the weekend to secure key provisions in the Senate Republican bill — and those efforts seemed to have paid off.

  • The new stimulus measure includes several priorities Democrats pushed for, including more money for hospitals, increased worker protections, strict oversight of how the money is being spent, more state funding, expanded unemployment insurance and the creation of a "Marshall Plan" for the health care system.

Here's what is expected to be in the final bill, though specifics are subject to change because its final text has yet to be distributed:

  • Direct payments: The bill would distribute up to $1,200 to Americans in the form of a one-time direct deposit, $2,400 for couples, and $3,000 for family of four. The payments will be phased out based on income levels.
  • Small businesses will get $367 billion to keep making payroll while workers have to stay home. "Companies with 500 or fewer employees could tap up to $10 million each in forgivable small business loans to keep paychecks flowing," the AP notes.
  • Federally guaranteed loans will provide eight weeks of assistance for qualifying employers who maintain payroll. Those who meet requirements would have costs such as utilities, mortgage interest and rent forgiven.
  • Unemployment benefits: $600 per week would be added to normal state benefits for up to four months with an extra 13 weeks of benefits — adding up to 39 weeks of regular unemployment insurance "through the end of 2020." The coverage would be effective Jan. 27. The deal extends to gig economy workers, Axios' Kia Kokalitcheva notes.
  • Health care and social services: $242 billion would be set aside "in additional emergency appropriations to fight the virus and shore up for safety net programs," per the AP. It'll fund public health providers including hospitals, the CDC, child nutrition programs, food stamps and transportation agencies.
  • Industry: The final number for big businesses like airlines is still up in the air, but Republicans are seeking $500 billion in loans. Provisions against potential employer abuses are also still subject to negotiations.
  • Payroll taxes: The measure enables individuals to defer payment of their 2020 payroll taxes until 2021 and 2022.
  • States and local governments will get $150 billion, with $8 billion set aside for tribal governments.

The timing: The delay in delivering a final version of the legislation "came, in part, because aides launched a painstaking scrub of the bill’s text, to make sure that one of the most ambitious pieces of legislation ever attempted by Congress — thrown together in little over a week — actually said what lawmakers wanted it to say," the Washington Post reports.

  • Senate aides say a final bill will be released in the next few hours, and a vote on the bill is expected later today.
  • House Speaker Nancy Pelosi said she wants to pass the measure in the House via unanimous consent. If there's no opposition to the deal, the bill will fly through the chamber — potentially as soon as today, though a vote Thursday is more likely.
  • However, if just one member objects, the House could be forced to return from recess to vote on the legislation in person.

Editor's note: This article has been updated with new details.

Go deeper

Judge temporarily blocks South Carolina ban on school mask mandates

South Carolina Gov. Henry McMaster. Photo: Eric Thayer/Bloomberg via Getty Images

A federal judge on Tuesday temporarily blocked South Carolina's ban on mask mandates in schools, ruling that it discriminated against students with disabilities and violated the Americans with Disabilities Act.

Why it matters: As mask bans extend to public schools around the country, parents and disability rights activists have sounded alarm bells. The ruling may signal the outcomes of legal fights playing out across the country.

DeSantis takes legal action against Biden efforts on immigration

Gov. Ron DeSantis (R) Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

Florida Gov. Ron DeSantis took legal action on Tuesday to try to stop the Biden administration's immigration plans.

Why it matters: The Republican governor, who is running for re-election next year and is possibly eyeing a 2024 presidential bid, is picking a high-profile fight with Biden while re-upping his hardline stance on immigration.

Left: Senate's threat "insane"

The famously press-shy Sen. Kyrsten Sinema speaks briefly with reporters on Tuesday. Photo: Chip Somodevilla/Getty Images

Rep. Ro Khanna (D-Calif.) lambasted Sen. Kyrsten Sinema (D-Ariz.) on Tuesday, saying "it's insane" that "one senator" is blocking attempts to settle on a palatable figure for President Biden's proposed $3.5 trillion budget reconciliation package.

Why it matters: The figure is the linchpin to getting progressive support for the companion $1.2 trillion bipartisan infrastructure package. Khanna's statement reflects broader dissatisfaction among House progressives with Sinema and her fellow holdout, Sen. Joe Manchin (D-W.Va.).