A bipartisan group of Senators has reached a compromise proposal that could give Detroit’s Big Three car makers much-needed funds.

Sources told FOX Business Network’s Rich Edson a group of Democrat and Republican Senators reached a compromise on lifting the environmental restrictions on $25 billion in auto loans already allocated for the car makers. The Senators plan to hold a press conference at 2:30 Eastern time to discuss the compromise.

There is no guarantee the compromise will pass the Senate. Senate Majority Leader Harry Reid (D-Nev.) said Wednesday evening he was against the proposal, and has declined to comment Thursday. Without the approval of Senator Reid, the compromise will not move forward.

The plan calls for the creation of a new program administrated by the Secretary of Commerce to provide emergency bridge loans to the auto industry from the money appropriated under the Advanced Vehicle Manufacturing Incentive Program, which is designed to be used to retool factories to make more efficient cars. It does not represent new funding, nor does it come from the Treasury Department’s Troubled Asset Relief Program.

The car makers would be required to use any turnaround profits to first restore the Advanced Vehicle Manufacturing Incentive Program, and to then reduce the public debt.

Applicants receiving the emergency bridge loans would have to show how the funds will ensure the financial viability of the company and include performance goals and milestones. The auto makers will also have limits placed on executive compensation and bonuses. An oversight board would be created to oversee the use of the emergency loans.