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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

Updated 2 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

4 hours ago - Health

CDC director says COVID-19 messaging should have been clearer

Rochelle Walensky. Photo: Stefani Reynolds-Pool/Getty Images

Rochelle Walensky, director of the Centers for Disease Control and Prevention, said in an interview with the Wall Street Journal that the messaging around the COVID-19 pandemic and changing guidance should have been clearer.

State of play: Walensky is being coached by media experts and is planning to have more press briefings by herself in order to ensure that CDC is seen as an independent, scientific entity, rather than as a political one, the Journal reports.

5 hours ago - World

UAE asks U.S. to reinstate Houthi terrorist designation after attack

Secretary of State Tony Blinken (left) listens to United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan during a joint news conference at the State Department iin October. Photo: Andrew Harnik/Pool/AFP via Getty Images

Emirati Foreign Minister Abdullah Bin Zayed asked Secretary of State Tony Blinken in a phone call Monday to re-designate the Houthi rebels in Yemen as a terrorist organization, a senior Emirati official told Axios.

Why it matters: Less than a month after he assumed office, President Biden rolled back the Trump administration’s decision to make the designation. He said it hampered humanitarian assistance to the Yemeni people. Since then, the Houthis have escalated their attacks against Saudi Arabia and other countries in the region — including an attack Monday in Abu Dhabi.