The US economy is currently suffering under lockdown measures, seeing unemployment claims up to 22 million across the country.
President Trump announced the relief in his daily White House press briefing on Sunday.
He told his daily White House briefing on the crisis that Republicans were “close” to getting a deal with Democrats, and suggested there could be a resolution on Monday.
Trump said of the relief: “A lot of good work has been going on.
“We could have an answer tomorrow.”
The deal is around releasing additional fund to small to medium businesses feeling the strain under coronavirus stay-at-home measures.
President Trump has requested adding $250 billion to the existing stimulus bill established last month.
The $2.3 trillion package has already been exhausted by the demands and strain of the pandemic on the economy.
A newer, additional, bill has been the source of major contention between Republicans and Democrats.
Democrats are attempting to add more money for smaller businesses as well as safeguards for underserved communities.
They also wanted more funds allocated for state and local governments and hospitals, as well as food aid for poorer Americans.
Republican Senate Majority Leader Mitch McConnell and Treasury Secretary Steven Mnuchin told senators on a conference call on Sunday that the Democrats requests would not be in the package.
Democratic Senator Bob Menendez and Republican Senator Bill Cassidy announced on Sunday they would formally introduce more legislation to create a $500 billion fund to provide for state and local governments.
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State governors have clashed with President Trump over moves to reopen the US economy in the midst of the crisis.
New York Mayor Andrew Cuomo has said that his state is looking at a $15 billion budget deficit, and has urged the White House for more action.
He said at his press briefing on Sunday: ”You have the president saying 15 times, ‘It’s up to the governors, it’s up to the governors, it’s up to the governors.’
“And then they’re going to pass a piece of legislation that gives you know what to states?
President Trump also said that Vice President Mike Pence would lead a call with all 50 state governors on Monday to talk about further aid.
Secretary Mnuchin also said on CNN the deal being discussed with Congress would include $300 billion more for the Paycheck Protection Program loan program for small businesses.
Currently the US has seen 763,836 cases of coronavirus, the highest worldwide.
The US’ current death toll has reached 40,555 as of Monday morning.
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