The legislation among other things gives $3,400 for most of the American families of four, and billions of dollars' worth of financial assistance to small and medium businesses, and big corporations like Boeing.
"This is a very important day. I've signed the single biggest economic relief package in the American history and, I must say, any other package by the way. It is twice as large as any relief every signed," the President said.
The magnitude of the package can be seen in the context that India, one of the top five economies of the world, is estimated at $3 trillion.
"I never signed anything with a T on it," Trump said.
— Donald J. Trump (@realDonaldTrump) March 28, 2020
"I want to thank Democrats and Republicans for coming together and putting America first," he said.
The first stimulus check is likely to be sent to the Americans in the first week of April.
More than half of the country's 330 million population is now confined in their homes, Major Disaster Declaration has been announced in over a dozen states and a national emergency has been declared.
A record three million people have applied for unemployment, the entire travel and tourism industry have come to a standstill, companies have stopped their operations and only essential services are running in the US.
The United States is now the hotspot of the coronavirus
in the world, where according to Worldometer, over 100,000 confirmed cases of the contagion have been recorded, 1429 people have died and 2,463 people are in critical condition.
New York, which is the financial capital of the world, accounts for nearly half of the total cases and more than 500 people have died in the Big Apple alone.
Trump, the White House
said, is signing bipartisan legislation to provide relief to American families and workers during the coronavirus
Noting that the CARES Act provides much needed economic relief for American families and businesses who are hurting through no fault of their own, the White House
said the legislation will provide assistance to America's heroic healthcare workers who are on the frontlines of the outbreak.
$100 billion will go to healthcare providers, including hospitals on the front lines of the COVID-19 pandemic; and $27 billion will go to bolstering life-saving capabilities, including developing vaccines and the development, purchase, and distribution of critical supplies.
$45 billion will go to the Federal Emergency Management Agency Disaster Relief Fund, more than doubling the amount available to support the President's Emergency and Disaster Declarations to empower state, local, and tribal leaders to effectively respond.
The rescue package - which would be the largest fiscal relief measure ever passed by Congress - will rush direct payments to Americans within three weeks if the House backs it and Trump signs it into law. It passed the Republican-led Senate unanimously on Wednesday night.
The $2.2 trillion measure includes $500 billion to help hard-hit industries and $290 billion for payments of up to $3,000 to millions of families.
It will also provide $350 billion for small-business loans, $250 billion for expanded unemployment aid and at least $100 billion for hospitals and related health systems.
The rare but deep, bipartisan support in Congress underscored how seriously lawmakers are taking the global pandemic as Americans suffer and the medical system threatens to buckle.
The United States surpassed China and Italy on Thursday as the country with the most coronavirus cases. The number of U.S. cases passed 85,000, and the death toll exceeded 1,200.
The Labor Department on Thursday reported the number of Americans filing claims for unemployment benefits surged to 3.28 million, the highest level ever.
According to the White House, the legislative package brings security to American families by providing them with economic assistance during the time of crisis. It provides tax free payments treated as a refundable tax credit to Americans, giving families the immediate financial support they need.