The package, also known as the American Rescue Plan, passed in the House on Wednesday and Biden's signature comes before the current round of unemployment assistance and other coronavirus aid would expire on March 14. The ARP includes extended unemployment benefits, an increased Child Tax Credit, and direct payments worth up to $1,400.
"People can expect to start seeing direct deposits hit their bank accounts as early as this weekend," White House press secretary Jen Psaki said at a press briefing Thursday, after Biden signed the bill.
"This is, of course, just the first wave," Psaki added. "Payments to eligible Americans will continue throughout the course of the next several weeks."
How much will I get?
The full $1,400 payments will go to individuals with incomes of up to $75,000 (phasing out until $80,000) and heads of household earning up to $112,500 (phasing out until $120,000). Married couples earning up to $150,000 (phasing out until $160,000) will be eligible for $2,800. Payments will phase out at a 5% reduction for every dollar of income greater than the income limit.
Roughly 85% of U.S. adults would be eligible for the full amount, based on your adjusted gross income (AGI) from your most recent tax return (2019 or 2020).