Trump signs COVID-19 financial relief into law 2

SLOWDOWN: Pale San Vitores Road is empty of pedestrians and holds only a few cars March 22 in Tumon after non-essential businesses were shut down. David Castro/The Guam Daily Post 

The U.S. Senate and the White House have reached an agreement on a massive, nearly $2 trillion economic stimulus bill to alleviate the economic impact of the coronavirus pandemic.

"We have a deal," White House official Eric Ueland told reporters early on Wednesday after days of negotiations on the package, Reuters reported.

The Senate's Republican majority leader, Mitch McConnell, was expected to speak on the Senate floor about the agreement, according to Reuters.

On Twitter, McConnell said: "At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. We’re going to pass this legislation later today."

The text of the agreement was not expected to be available until later on Wednesday in Washington, D.C., Reuters reported.

U.S. Treasury Secretary Steven Mnuchin, who engaged in negotiations with Democratic and Republican leadership in the Senate, described the bill's draft as having language stipulating a $350 billion fund for small businesses to mitigate layoffs and support payroll. He said on CNBC Tuesday small businesses can borrow money from the bank with the federal government's guarantee and if they rehire laid-off workers or keep workers on the payroll, they wouldn't have to pay it back

A draft of the Senate measure also offered cash payments of up to $1,200 for individuals, $2,400 for married couples and $500 per child. An individual who makes more than $75,000 or a couple earning more than $150,000 would get lower amounts, according to the draft.

Guam Del. Michael San Nicolas previously stated a version proposed by the U.S. House Financial Services Committee would provide most eligible American adults $2,000 a month and $1,000 per child.

This is a developing story.

Recommended for you