Deal reached to fund virus-hit US small businesses: top Republican

US lawmakers and the White House have reached agreement on a $480 billion emergency package that replenishes a depleted program to help small businesses devastated by the coronavirus crisis, the Senate's top Republican said Tuesday.

"I welcome this bipartisan agreement and hope the Senate will quickly pass it once members have reviewed the final text," Senate Majority Leader Mitch McConnell said in a statement.

The deal, which pumps $320 billion into the Paycheck Protection Program, $75 billion for hospitals, $25 billion for coronavirus testing and $60 billion for "economic injury disaster loans," could pass the Senate on Tuesday before heading to the House of Representatives.