Notably, more than half of the funding ($560 billion) is provided by Mnuchin's clawback of Fed facilities.

Under the proposed compromise being pitched, Bloomberg reports, small businesses would get a roughly $300 billion infusion for a version of the Paycheck Protection Program of forgivable loans and other aid, and state and local governments would get about $240 billion, including money for schools, according to three people familiar with the proposal.

Another $180 billion would go to an extension of pandemic unemployment benefits, providing an additional $300-a-week for four months.

Transportation including airlines, airports, transit and Amtrak would get $45 billion in funding, a person familiar with the plan said. Vaccines, testing and tracing would get $16 billion and health care providers $35 billion.

The package would include a short-term moratorium on liability lawsuits related to Covid-19.

Backers of the new plan include Republican Senators Susan Collins, Lisa Murkowski, Mitt Romney and Bill Cassidy along with Democratic Senators Joe Manchin, Mark Warner, Jeanne Shaheen and independent Angus King.