Sen. Schumer Says $500B Relief Deal Reached - Trump Administration Says `Very Close'

Sen. Chuck Schumer said that a deal on a $500 billion relief package had been reached. The Trump administration says the two sides are "very close."
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Congressional leaders and the Trump administration have reached a deal on a new $500 billion emergency economic rescue package, Senate Minority Leader Chuck Schumer (D-New York) said.

A Trump administration official told Bloomberg that the two sides are "very close" to a deal.

House Majority Leader Steny Hoyer (D-Maryland) said that the House would convene on Thursday and that a coronavirus deal was close.

The plan would replenish the country's small-business-rescue fund and provide money for expanded coronavirus testing and hospitals.

The new nearly $500 billion aid package includes more than $300 billion for the small-business payroll loan program. 

Hospitals receive another $75 billion in funding while testing initiatives get $25 billion, the Associated Press reported. 

The initially $350 billion earmarked for small businesses, which are struggling while the economy is basically shut down, was disbursed inside of two weeks.

For the new package Republicans had originally proposed a $250 billion bill designed solely to replenish the small-business-loan program. 

Senate Majority Leader Mitch McConnell (R-Kentucky) initiated a Tuesday congressional session in hopes that an agreement could be reached. 

Meanwhile, the House of Representatives has said that a vote on the proposed legislation could come this week, with an eye toward Thursday. 

The original $350 billion package was part of a larger $2 trillion relief bill that Congress passed in March to help the country's economy weather the coronavirus pandemic. 

The Paycheck Protection Program reached its capacity after approving nearly 1.7 million loans in just a couple of weeks.