US President Joe Biden has signed $1.9 trillion stimulus bill into law called the American Rescue Plan, had initially been scheduled for Friday, but White House chief of staff Ron Klain said it was moved up after it arrived at the White House on Wednesday night.
The Sweeping COVID relief package features state and local funding, more PPP money, expanded child tax credit
The House passed the American Rescue Plan Act on Wednesday in an almost entirely party-line vote similar to the 50-49 vote by which the measure passed the Senate last week.
Households are due to receive direct payments, at $1,400 per eligible family member with a phaseout starting at incomes of $75,000 for individuals. State, local and tribal governments are set to get $350 billion in federal aid. Another $7.25 billion should be added to the Paycheck Protection Program for loans to small businesses.
The checks will begin to hit bank accounts this weekend for those who have their direct deposit info on hand at Treasury and the IRS
The broad package is designed to alleviate the financial hardships brought on by the coronavirus pandemic — especially among America’s lowest earners who have borne the brunt of the economic fallout — as well as strengthen the vaccine rollout that promises an eventual end to the health crisis.
Later on Thursday, Biden will deliver his first prime-time address to the nation to mark the one-year anniversary of the Covid-19 pandemic shutdown.