Yahoo Finance’s Jess Smith joins the On The Move panel to break down the details of the newly reached bipartisan stimulus package from the White House.

Video Transcript

ADAM SHAPIRO: Welcome to Yahoo Finance. We are watching the markets in mixed territory. The S&P 500 is up about 14 points. The Dow is up 413 points. The NASDAQ, however, is in negative territory, slightly down, 13 points.

We are awaiting the US Senate vote on the historic $2 trillion stimulus package. We're going to break that down for you in just a minute.

Some of the big headlines right now-- worldwide cases of coronavirus surpassing 440,000. Anjalee Khemlani will bring you the latest on how the world and the United States are responding to coronavirus. We heard from former Federal Reserve chairman Ben Bernanke who said he sees a quick rebound economically in the United States after we get past the coronavirus crisis. And then the most important news perhaps from Europe-- Italy is reporting that the rate of new infections is slowing down. Later in this hour we're going to speak to somebody who is on the ground in Italy about how coronavirus is affecting them.

But right now we want to go to Washington, DC. Our correspondent Jess Smith has been watching the movement on this $2 trillion historic stimulus package, and she breaks it down for us. Jess.

JESSICA SMITH: Yeah, Adam, we are still waiting to see the actual text of this legislation, but just in the past few minutes we did get some details from Senator Marco Rubio's office outlining some of the provisions for small businesses. He says there will be $350 billion for small businesses. A part of that is a paycheck-protection program. He says this will provide eight weeks of cash-flow assistance through 100% federally guaranteed loans. This is for businesses who have 500 employees or less.

He also says that proceeds of the loan that are used for payroll for employees' salaries, tips, paid sick leaves, mortgage payments, and other debts will be forgiven. He also says there will be $17 billion in loan relief and $10 billion in emergency grants. Again, those will be for things like paid sick leave, maintaining payroll, and other debt obligations. So just some new details about what small businesses are getting from this legislation.

But there is a lot more. As you said, it's a $2 trillion package. There will be $500 billion going to other corporations who are hard hit by the virus. Democratic lawmakers say they were able to secure an IG and an oversight committee to look at how those funds are dispersed and just to make sure everything is going smoothly on that front, making sure there's oversight on that.

And then we don't know yet when they are going to vote on this. We are still waiting on that timing. The Senate is scheduled to convene at 12:00, and then votes would presumably happen sometime after that. And it looks like the House is not going to vote on this today. The House is not likely to vote because they gaveled in and gaveled out already. Speaker Pelosi said earlier today that they were looking at the legislation and looking for the path forward. She had positive things to say about it, but at this point it just doesn't look like they would vote on it today.

ADAM SHAPIRO: Jess, a quick follow-up for you. Is it true that Trump Organization properties-- hotels-- would not be able to receive some of the financial assistance that hotels nationwide are going to receive?

JESSICA SMITH: Right. Senator Schumer's office put out some details on that, and they said that in this deal they secured this provision that would prevent companies controlled by the president, the vice president, members of Congress, or Treasury officials from getting assistance from Treasury. So we're still looking for more details on how that will work, but it seems they'd be prevented from getting help from the Treasury because, of course, the president has the most control on that department here. So we'll be looking for more details on that, but yes, that is a provision, according to the Democratic leader.

ADAM SHAPIRO: Yahoo Finance correspondent in Washington Jess Smith, thank you very much.