The $130 billion JobKeeper wage subsidy package has passed the Senate.

It is the largest financial package ever legislated in Australian history.

Federal parliament today sat with a scaled-down number of members and senators to pass what Prime Minister Scott Morrison has called a "lifeline" for businesses and their employees.

Mr Morrison said the coronavirus pandemic has resulted in "the greatest economic crisis to afflict the world in many generations".

"We have responded with the biggest economic lifeline in Australia's history," he said.

Around six million workers will receive a flat payment of $1500 per fortnight through their employer for six months.

More than 730,000 businesses have registered for the JobKeeper support and that number is expected to grow.

Treasurer Josh Frydenberg said today: "This is the single biggest rescue package that our nation has ever seen."

After getting the green light in the House of Representatives earlier in the day, the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was passed in the Senate late on Wednesday night.

Social distancing is also being maintained during a series of divisions on second reading amendments pic.twitter.com/PDA9KERUpm — Australian Senate (@AuSenate) April 8, 2020 https://platform.twitter.com/widgets.js

HOW DOES THE JOBKEEPER PAYMENT WORK?

* Businesses will receive $1500 every fortnight for all employees over six months

* Employers will be legally obligated to pass the money on to their workers

* The tax office will administer the payments, which are worth $130 billion

* The scheme is designed to maintain links between bosses and workers during the coronavirus pandemic

* An estimated six million jobs could be saved

WHO IS ELIGIBLE?

* All full-time and part-time employees, along with casuals with a one-year link to their employer

* Sole traders and New Zealanders on 444 working visas are also included

* Businesses with at least a 30 per cent hit to turnover because of coronavirus

* If a company's turnover is more than $1 billion, a 50 per cent downturn is required

* Charities with a 15 per cent drop in turnover will be included

* Workers who normally earn less than $1500 a fortnight will still receive the full subsidy.

–with AAP