The White House and Congress have reached a deal on a new funding package that will replenish a lending program meant to aid small businesses hurt by the novel coronavirus outbreak, two administration officials confirmed Tuesday.

Treasury Secretary Steven Mnuchin Steven Terner MnuchinLawmakers fear voter backlash over failure to reach COVID-19 relief deal United Airlines, unions call for six-month extension of government aid House Democrats plan to unveil bill next week to avert shutdown MORE and White House chief of staff Mark Meadows Mark Randall MeadowsAirline CEOs plead with Washington as layoffs loom Trump reacts to Ginsburg's death: 'An amazing woman who led an amazing life' Trump carries on with rally, unaware of Ginsburg's death MORE struck an agreement on the core components of the deal with Senate Minority Leader Charles Schumer Chuck SchumerRepublican senator says plans to confirm justice before election 'completely consistent with the precedent' Video of Lindsey Graham arguing against nominating a Supreme Court justice in an election year goes viral Graham signals support for confirming a Supreme Court nominee this year MORE (D-N.Y.) and Speaker Nancy Pelosi Nancy PelosiAs families deal with coronavirus, new federal dollars should follow the student Sunday shows - Ruth Bader Ginsburg's death dominates Hypocrisy rules on both sides over replacing Justice Ginsburg MORE (D-Calif.) early Tuesday morning.

Schumer announced the deal during an interview on CNN shortly after 8 a.m. Tuesday and White House officials confirmed after 1 p.m.

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“After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief … to State/Local Governments for lost revenues from COVID 19, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth,” the president wrote.

The Trump administration and congressional negotiators have been locked in negotiations over a deal to replenish the $350 billion for the PPP, which was authorized in the third coronavirus relief package signed by Trump at the end of March and ran out of funds to lend to small businesses last week.

The program allows small businesses to keep workers on the payroll and in some cases has aided shops from going under completely amid the downturn. Social distancing measures and stay-at-home orders in some states meant to slow the spread of the virus have hit small-business owners particularly hard.

The Senate and House will need to pass the legislation. Doing so this week will require the Senate to pass the bill by unanimous consent.

McConnell applauded the deal Tuesday afternoon and proclaimed the deal a GOP victory.

“I am encouraged that Democratic leaders have finally agreed to reopen the Paycheck Protection Program and abandon a number of their unrelated demands,” he said in a statement.

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He noted the $320 billion in new PPP money is $70 billion more than Republicans initially requested two weeks ago.

He also praised Sen. Marco Rubio Marco Antonio RubioSunday shows preview: Justice Ginsburg dies, sparking partisan battle over vacancy before election Florida senators pushing to keep Daylight Savings Time during pandemic Hillicon Valley: DOJ indicts Chinese, Malaysian hackers accused of targeting over 100 organizations | GOP senators raise concerns over Oracle-TikTok deal | QAnon awareness jumps in new poll MORE (R-Fla.), the chairman of the Small Business and Entrepreneurship Committee, for pushing to add $60 billion for the Economic Injury Disaster Loan program, of which $10 billion will go to grants.

He singled out Senate Agriculture Committee Chairman Pat Roberts Charles (Pat) Patrick RobertsThe Hill's Morning Report - Sponsored by National Industries for the Blind - Trump seeks to flip 'Rage' narrative; Dems block COVID-19 bill GOP senators say coronavirus deal dead until after election Trump says he'll sign USPS funding if Democrats make concessions MORE (R-Kan.) and Sen. Steve Daines Steven (Steve) David DainesMcConnell locks down key GOP votes in Supreme Court fight Will Republicans' rank hypocrisy hinder their rush to replace Ginsburg? Toobin: McConnell engaging in 'greatest act of hypocrisy in American political history' with Ginsburg replacement vote MORE (R-Mont.) for adding language clarifying that farmers and ranchers will be eligible for the small-business assistance.

“I welcome this bipartisan agreement and hope the Senate will quickly pass it once members have reviewed the final text,” McConnell added.

Along with Schumer, Sens. Shelley Moore Capito Shelley Wellons Moore CapitoSecond GOP senator to quarantine after exposure to coronavirus GOP senator to quarantine after coronavirus exposure Hillicon Valley: Zuckerberg acknowledges failure to take down Kenosha military group despite warnings | Election officials push back against concerns over mail-in voting, drop boxes MORE (W.Va.) and Chuck Grassley Charles (Chuck) Ernest GrassleyGOP set to release controversial Biden report McConnell locks down key GOP votes in Supreme Court fight Senate Republicans face tough decision on replacing Ginsburg MORE (Iowa), who are both members of GOP leadership, expect the deal to pass the Senate at 4 p.m.

The House is expected to vote on the legislation Thursday if the Senate passes it Tuesday.

The package does not include the tens of billions of dollars that Democratic leaders demanded in new money for a state stabilization fund included in last month’s $2.2 trillion CARES Act.

Schumer vowed to include more money for states in the next coronavirus relief package passed by Congress, which may rival the CARES Act in size.

“Democrats are disappointed that the administration has not agreed to more funding for state, tribal and local governments on the front lines of this crisis who desperately need an infusion of funds to pay the essential workers who keep us safe,” Schumer and Pelosi said in a joint statement.

“However, we are pleased that the president has committed to addressing this critical priority in CARES 2 and will work with urgency to see that this commitment is fulfilled,” they said.

The small-business lending program has come under scrutiny this week after it was revealed that large corporations including chain restaurants and hotels were able to tap into the funds. The CEO of burger chain Shake Shack said Monday the company was returning $10 million in loans that it received through the program because the company is “fortunate to now have access to capital that others do not."

The launch of the program was marred by confusion as thousands of businesses flooded the system to apply for loans. Banks and industry officials also expressed frustration over the lack of clarity in the program’s lending set up.

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Administration officials have focused on the positive influence of the program, with Trump touting on Monday that it had affected 30 million American jobs thus far.

Jordain Carney contributed.

Updated 4:17 p.m.