Biden signs historic $1.9 trillion Covid-19 relief law

President Biden signed the American Rescue Plan into law on March 11. The law pays out a third round of $1,400 stimulus checks for millions of Americans. However, targeted income limits exclude individuals earning over $80,000 and joint tax filers making more than $160,000.

Key features of the plan include up to $1,400-per-person stimulus payments that will send money to about 90% of households, a $300 federal boost to weekly jobless benefits, an expansion of the child tax credit of up to $3,600 per child and $350 billion in state and local aid, as well as billions of dollars for K-12 schools to help students return to the classroom, to assist small businesses hard-hit by the pandemic and for vaccine research, development and distribution.

Biden had originally been expected to sign the bill on Friday. White House chief of staff Ron Klain said the enrolled bill arrived at the White House on Wednesday night, "so @POTUS is signing it today -- we want to move as fast as possible."