Struggling companies can draw from a $500 billion pool, though companies receiving emergency funds face several restrictions. Participating companies are banned from issuing stock buybacks or paying dividends until one year after they pay back their loans. Recipient firms will also be forced to limit executive compensation.
Trump has repeatedly hinted that much of the aid will flow to Boeing, which has seen its stock price tumble as much as 72% from mid-February highs.
Read more: The 'trade of the century': 2 hedge-fund managers break down a simple investing strategy built to profit from wreckage caused by the coronavirus
The legislation further includes $50 billion specifically set aside for passenger air carriers. The industry is among the hardest hit by the virus, as containment measures cut into domestic travel and limited international flights.
Small businesses, or companies with 500 employees or less, will get $367 billion. The firms will be encouraged to maintain payroll, and costs including mortgage interest, rent, and utilities may be forgiven if certain requirements are met.
The Treasury Department will disclose terms for loans made to all firms, while a new inspector general will oversee the offerings.
State and local governments will receive up to $150 billion worth of loans.
Sums will be delivered through direct deposit if such information was included in individuals' tax returns, and otherwise reach Americans in the form of a mailed check.
Payments will be available for single filers who made less than $75,000 per year and married households taking in less than $150,000. The total amounts paid decline by $5 for every $100 in annual income above the set levels. The Treasury will refer to either 2018 or 2019 tax returns for income information.
Read more: Morgan Stanley studied decades of recession history to compile a playbook for what to buy during and after a stock bear market — and when to do it
The payments won't be available for those without social security numbers or for nonresidents. Those without income or whose only income comes from benefit programs are still eligible for payments.
Billions more will be set aside for testing supplies, equipment, and additional payroll aid.
Read more: 'If you're going to dip a toe, start here': Citi says these 17 cash-rich stocks are perfect for traders seeking cheap opportunities in a coronavirus-hit market
Weekly jobless claims spiked to a two-year high in the week ended March 14 as businesses hit by the virus's fallout began laying off workers. Economists project the week ended March 21 to show an even more alarming increase. Citigroup expects the metric to surge from 281,000 to 4 million as the virus drags economic activity to a snail's pace.
Read more: 'Historically attractive': BlackRock's bond chief who oversees $2.3 trillion told us 5 places to buy the dip as the coronavirus crisis ravages markets
Several states postponed primary elections to avoid large gatherings and potential virus spread. The funds are set to expand online voter registration, early voting, and vote-by-mail programs.
Now read more markets coverage from Markets Insider and Business Insider:
Goldman Sachs: 4 key differences make the coronavirus-fueled bear market more worrisome than past slumps
Boeing is expected to get billions of dollars in bailouts from the Senate, despite backlash over the 737 Max crisis and past stock buybacks
Ticketing platform StubHub has put 450 employees on unpaid leave until as late as June, as coronavirus cancels concerts, games and other live events