Biden signs $1.9 trillion COVID relief bill

President Biden signed the $1.9 trillion American Rescue Plan Act in the Oval Office on Thursday, one day earlier than originally scheduled.

Why it matters: The enactment of the massive coronavirus relief plan cements Biden's first major legislative victory and comes exactly one year after the pandemic was declared by the World Health Organization.

The big picture: Federal agencies will now face the daunting task of implementing one of the largest economic relief packages in U.S. history, which is projected to lift millions out of poverty in addition to supporting businesses and other institutions hit hard by the pandemic.

Key provisions of the bill include direct payments to Americans, an expansion of the child tax credit, aid to state and local governments, billions for the distribution of vaccines and more.