The bill includes $1,400 checks for most Americans. The president is expected to sign the bill this week after it's approved by the House.
Action News spoke to White House Press Secretary Jen Psaki about how soon Americans could get that money and more.
The relief bill extends the existing $300 weekly unemployment benefit through September 6 and offers a tax break.
WATCH: White House Press Secretary Jen Psaki breaks down COVID-19 stimulus plan
"People won't have to pay taxes on the first just over $10,000 of their unemployment insurance benefits," said Psaki.
And the bill's $1,400 stimulus checks will be the largest yet for most Americans.
"Our plan and our hope is that these direct relief, much of the direct relief, will be out the door before the end of the month," she said.
But some Americans who received money in the first two rounds won't get anything this time due to income eligibility.
The income eligible threshold is $75,000 for individuals, $112,000 for heads of household and $150,000 for couples filing jointly.
The benefit will disappear for individuals earning more than $80,000 and couples who earn more than $160,000.
"That's right, in terms of the threshold for the direct checks," Psaki said.
However, some households with dependents will get more money in the latest round.
"If you're a family of four, and you're making, you know, under about $100,000, or just over that you're gonna get around $5,600 in direct checks," she said.
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Households will receive an additional $1,400 for each dependent claimed on their most recent tax filings.
And the new bill makes dependents who are college students, older adult relatives, and people of any age with certain disabilities entitled to receive money.
"If somebody has a social security number, and if they're eligible, they will also receive checks," she said.
The checks will be based on your 2019 or 2020 taxes, if you already filed them.
Direct deposit checks will be sent out first, so the fastest way to get your stimulus money is to sign up for direct deposit with your 2020 tax return.