Mitch McConnell announces a deal has been reached on coronavirus funding bill

On Tuesday, Senate Majority Leader Mitch McConnell (R-KY) announced that Congress has reached a $320 billion deal to increase funding for the embattled Paycheck Protection Program, the small business loan program enacted in the coronavirus stimulus bill that has been plagued by delays and shortages.

In a significant win for House Speaker Nancy Pelosi (D-CA), McConnell is allowing new funding for hospitals and coronavirus testing into the bill, which was a demand House Democrats put in place to move forward.

This bill is separate from the next round of stimulus, dubbed "CARES 2."