On Thursday (March 11), President Joe Biden signed the American Rescue Plan Act into law, a day after the House of Representatives passed its third round of stimulus legislation [Former Rep Barney Frank (R-Mass) told the Washington Post, "I think it's a very good thing "People have gone from being anti-government to being beyond neutral and thinking, 'We need the government, the government has to help us'"

"As early as the end of this week, the third and largest installment of the stimulus package will begin to be transferred to individuals, families, businesses, and local governments across the country

The biggest question for many is, "How much will I get? Even if you don't receive a direct payment, the stimulus package will affect you, your friends, and your community Here's what you need to know

While the American Recovery Plan has the most generous allocation for dependents of the three COVID stimulus packages, it has the same income requirements as previous stimulus packages This calculator lets you know exactly how much you can expect to receive

The third stimulus check is the equivalent of $1,400 for Americans earning less than $75,000 a year This includes dependents

To receive the $1,400, individuals must have an adjusted gross income of $75,000 or less, and couples must have an AGI of $150,000 or less to receive the $2,800 The amount of the payment will be based on 2019 or 2020 income, depending on when the tax return is filed

According to CNN, roughly 90% of American households are eligible, but the $19 trillion Covid bailout has other benefits even if they do not qualify

A search for "stimulus package" will show "$1,400" on the search results page It is quite compelling that the ready-to-use cash will go straight from the president's pen to the checking accounts of about 90% of Americans

However, at $424 billion, this $1,400 payment to individuals is actually less than 25% of the $19 trillion plan Experts agree that economic recovery will require much more than payments to individuals

Senator Angus King (R-Maine) told NPR on Monday (March 8) that One is directly related to the health crisis, but the other is related to the economic crisis that the health crisis has created"

So what about the remaining $15 trillion? Who in the world will be bailed out and in what way will they feel it? Whoever you are, you will see the impact of the stimulus package Here are some of the ways you may be affected by the stimulus package

The fact that $246 billion will be used to expand benefits means that people will receive benefits for longer

The $300 weekly unemployment benefit that currently expires on March 14 will be extended through September 6, and the new 100% COBRA health insurance premium subsidy for laid-off workers will also be extended through the end of September

The $29 billion in assistance for restaurants will help keep more restaurants open to weather the economic downturn in the coming months

Restaurants and bars were hit particularly hard last year from social distance restrictions Direct relief for small- and medium-sized bars and restaurants is intended to help pay rent, payroll expenses, and vendor expenses

$178 billion is earmarked to allow face-to-face learning to resume

From elementary education through college, funds will be used to upgrade ventilation systems, reduce class sizes, and other measures to ensure that children and teachers can safely return to the classroom In addition, 20% of the funds will be used in an effort to compensate for "learning loss," or the ground students lose when they are away from the classroom for a year or more

Things should accelerate with $46 billion to accelerate vaccine distribution

In addition, funds sent to the Department of Health and Human Services will be used to detect, track, and monitor covid 19

You are not alone The plan includes $350 billion in state, local, and tribal assistance

The funds, split 60% for states and 40% for local governments, are intended to prevent layoffs and service cuts and to make up for the significant budget shortfalls that most states experienced during the pandemic

There is much more The bill includes funding for public transportation, rental assistance, and expansion of paycheck protection programs for low-income families and small businesses

No matter who you are, or whether or not you have a government deposit in your checking account next week or the week after, funds from the American Rescue Plan are on their way to you