Nearly a year after the first major stimulus package was passed, the American Rescue Plan Act of 2021 has officially been signed into law by President Joe Biden. The $1.9 trillion bill is a historical piece of legislation that will lift millions out of poverty and pull the country through to the other side of the pandemic.
During a signing event, Biden described his sentiment toward the bill. “I believe this is, and I believe most people do as well, this historic legislation is about rebuilding the backbone of this country,” Biden said just before signing the bill. “And giving people in this nation—working people, middle class folks, people who built the country—a fighting chance.”
The $1.9 trillion stimulus package gives necessary financial lifelines to Americans suffering as a result of the Covid-19 pandemic. Although the country’s vaccination program is gaining traction, the negative effects of the pandemic are still being felt across household finances—nearly 10 million Americans were unemployed in February.
Here are the big ticket items in the stimulus package and how they may impact you.
A Round of $1,400 Stimulus Checks
The stimulus package provides another round of economic impact payments, also referred to as stimulus checks, to qualifying Americans. This is the third round of direct payments provided by the federal government in the past year—but this round of checks are far more targeted than previous ones.