Senate leaders noted the historic nature of the challenge, as the country grapples with what the Democratic Senate Minority Leader Chuck Schumer called "a odd and evil disease".
The legislation, expected to pass Congress and be signed by President Trump, will send checks directly to most Americans.
House Speaker Nancy Pelosi had consulted with Schumer throughout his negotiations with Treasury Secretary Steven Mnuchin.
Small businesses are eligible for a tax credit that would cover 50 percent of wages paid to workers during the pandemic, in addition to $350 billion in small business loans of up to $10 million each.
The massive package also includes $100 billion in assistance for hospitals and health systems across the nation.
Under the plan, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 - and an additional $500 per each child.
Democrats demanded and won a series of restraints on corporations that would benefit from loans or investments from the Treasury Department, as well as an oversight mechanism for who gets money.
However, companies that take out these loans are subjected to restrictions on share buybacks, dividend payouts and retrenching employees. It also seems like companies getting bailouts have no requirements on executive compensation or keeping workers hired. Loans to President Trump's businesses and those of members of Congress, other officials and their families are banned.
With the prospect that Congress was closing in on a deal Tuesday, the Dow Jones Industrial Average rose more than 11 per cent in its biggest advance since 1933, and the S&P 500 rebounded with the biggest one-day gain since October 2008 after starting the week with a rout. In Asia markets, USA futures pared early losses after news of the deal.
In a letter to his fellow Democrats, Schumer highlighted a series of transparency measures that would prevent keeping loans secret and create a new inspector general to oversee the program.
Full details of the package have yet to be released, but some elements of the proposal are being touted among Republican and Democratic leaders on Capitol Hill. The second-ranking House Republican, Representative Steve Scalise of Louisiana, told his vote-counting team during a conference call Tuesday night that the best option is to accept a Senate-passed economic stimulus bill, according to Scalise spokeswoman Lauren Fine. "We have a deal", White House legislative affairs director Eric Ueland told reporters around 1AM, according to the Washington Post.
It is unclear what will happen to the House bill, especially as the Democrats and Republicans in the Senate came to an agreement on their own $2 trillion stimulus package, which includes some of the provisions that Pelosi and House Democrats included in their own legislation.
The White House says those payments could arrive by April 6, but economist warn May is more likely.
The sticking-point amendment, filed by Senator Ben Sasse (R-Nebraska), sought to limit the payouts so that the unemployed would not receive more money than they would have otherwise through their jobs.Sasse, along with three other GOP Senators - Lindsey Graham (R-South Carolina), Tim Scott (R-South Carolina) and Rick Scott (R-Florida) - argued that the bill, which envisions $600 a week for those forced out of work by coronavirus lockdowns on top of regular unemployment insurance payments, discourages people from going to work at all. It also may not be the last infusion of government spending in response to the spread of the virus.
The United States has the third-highest number of infections globally behind China and Italy. It builds on previous funding efforts focused on vaccines and emergency response, sick and family medical leave for workers, and food aid.