Senate Republicans unveiled a deal on a new economic aid package they hope to pass Tuesday afternoon.
The bill appropriates $321 billion in additional money for a small-business loan program that was depleted of money last week.
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It also includes $25 billion to boost coronavirus testing and $75 billion for hospitals and medical facilities to treat patients with the virus.
Majority Leader Mitch McConnell is expected to bring the measure to the Senate floor Tuesday and attempt to pass it by unanimous consent.
The measure will replenish the Paycheck Protection Program for small businesses. The program has run out of the nearly $350 billion Congress appropriated last month.
President Trump urged Congress to pass the measure and pledged to Democrats that, after he signs it into law, he will begin working on another economic relief package that will include additional funding for states and local governments that Democrats unsuccessfully fought to include in the current bill.
Democrats were able to win significant changes to the initial $250 billion request Treasury Secretary Steven Mnuchin sent to Congress earlier this month.
In addition to winning $100 billion for hospitals and testing, Democrats negotiated a provision to fence off $60 billion for underserved small businesses that traditionally are unable to get loans.
The fenced-off small-business funding will be split between large and small lending institutions.
The House is expected to take up the measure as soon as Thursday morning if the Senate is able to pass the bill later Tuesday.
Democrats had delayed passage of the bill for days in a bid to win additional funding and secure changes to the way the small business funding is allocated.
“I am encouraged that Democratic leaders have finally agreed to reopen the Paycheck Protection Program and abandon a number of their unrelated demands,” McConnell said in a statement. “This bipartisan agreement will provide more than $320 billion in additional funding for the Paycheck Protection Program, which is already helping millions of small-business employees receive paychecks instead of pink slips.”
