Light-induced phenomena in materials can exhibit exotic behavior that extends beyond equilibrium properties, offering new avenues for understanding and controlling electronic phases. So far, non-equilibrium phenomena in solids have been predominantly explored using femtosecond laser pulses, which generate transient, ultra-fast dynamics. Here, we investigate the steady non-equilibrium regime in graphene induced by a continuous-wave (CW) mid-infrared laser. Our transport measurements reveal signatures of a long-lived Floquet phase, where a non-equilibrium electronic population is stabilized by the interplay between coherent photoexcitation and incoherent phonon cooling. The observation of non-equilibrium steady states using CW lasers stimulates further investigations of low-temperature Floquet phenomena towards Floquet engineering of steady-state phases of matter.