President Joe Biden signed the $1.9 trillion COVID relief bill into law on Thursday, which will provide aid to millions of Americans nearly one year after the first stimulus package was passed.
On Wednesday, the House of Representatives voted to approve the American Rescue Plan Act of 2021, making the aid package Biden’s first big legislative win since becoming President.
“This legislation is about giving the backbone of this nation—the essential workers, the working people who built this country, the people who keep this country going—a fighting chance,” said Biden after the vote.
Under the new law, a $1400 direct deposit could his bank accounts as soon as this weekend. Unlike the prior rounds of payments, adult dependents like college students and elderly relatives are eligible.
Additionally, the package allocates around $40 billion for housing assistance, $20 billion of which will go to state and local governments to help low-income households cover rent and utilities. $10 billion will go to mortgage homeowner assistance, and the remaining $10 billion will go to state and local governments, as well as individuals, for homelessness relief, CNN reports.
Small businesses can also expect more money.
The act sends $15 billion to the Emergency Injury Disaster Loan program, and small businesses with less than 10 workers will be given priority assistance.
Restaurants, however, will receive the bulk of small business assistance. Roughly $25 billion will go to a new grant program specifically for bars and restaurants. Grants equal to restaurant’s revenue losses—up to $10 million per company and $5 million per location—may be granted through the program.
Additionally, the package extends unemployment benefits offered through temporary pandemic relief programs for almost six more months. The original end date for aid changed from March 14 to Sept. 6.
Those receiving unemployment benefits will also receive an extra $300 unemployment boost through Sept. 6.