Republican Senate Majority Leader Mitch McConnell said Sunday evening that a deal had finally been reached on a $900 billion package to provide the first new aid in months to an economy hammered by the coronavirus pandemic.

Moments ago, in consultation with our committees, the four leaders of the Senate and the House finalized an agreement.

There will be another major rescue package for the American people.

If our citizens continue battling this coronavirus this holiday season, they will not be fighting alone.

Democratic Senate Minority Leader Chuck Schumer said the package should have enough support to pass both chambers of Congress.

The package would be the second largest economic stimulus in U.

S history following the $2.3 trillion aid package passed in March.

The new package would give $600 direct payments to individuals, boost unemployment payments by $300 a week and give hundreds of billions of dollars in additional aid to small businesses, sources said.

It would also provide $25 billion for rental assistance.

The bill leaves out two of the most contentious elements in the negotiations.

Legal protections for businesses from coronavirus lawsuits which had been sought by Republicans, and the substantial aid for state and local governments sought by Democrats, sources briefed on the matter told Reuters on Sunday.

The deal was also expected to grant US airlines $15 billion in new payroll assistance that will allow them to return more than 32,000 furloughed workers to their payrolls through March 31st.

The Democratic led House of Representatives will likely vote on the package on Monday, with the Republican controlled Senate to follow.