President Donald Trump has signed a $2 trillion relief package that aims to soften the blow of the coronavirus pandemic on the economy.

Now the Trump administration must rapidly pump hundreds of billions of dollars into the economy in the form of direct payments, loans and grants to hard-hit industries such as the airlines.

The stimulus package will provide $1,200 checks to many Americans – and more for families – while making available hundreds of billions of dollars for companies to maintain payroll through the crisis. It significantly expands the nation’s unemployment safety net and it directs a huge infusion of cash to hospitals and other medical facilities on the front line of fighting the pandemic.

Here's what we know – and don't. Details are subject to change. We will update, as needed.

What we know:How the $2T coronavirus stimulus will affect you and the economy

Your money is important:All the money tips and advice delivered right to your inbox. Sign up here

How much would each person get?

Individuals with an adjusted gross income of $75,000 or less will be eligible for up to $1,200 ($2,400 for joint tax returns) and $500 for each qualifying child. Those with little or no tax liability also will get $1,200 ($2,400 for joint returns).

The payments will start to phase out for Americans who earn more than $75,000, or $150,000 for a joint return. The amount you receive will be decreased by 5% of the amount your income exceeds $75,000. For example, a single person with an $85,000 salary would get $700 after subtracting 5% of $10,000, or $500.

The payments will phase out completely for single filers with incomes exceeding $99,000, $136,500 for head of household filers with one child, and $198,000 for joint filers with no children.

If you've already filed your 2019 taxes, the IRS will use those returns to determine your rebate. If not, your 2018 returns will be used to calculate your check.

When would checks arrive?

Treasury Secretary Steve Mnuchin last week said on Fox Business that "as soon as Congress passes this, we will get this out in three weeks."

However, specific dates would most likely change during the appropriations process in Congress.

Individuals who have set up a direct deposit with the IRS can expect the sum quicker than those who have to wait for a check in the mail.

The last time the federal government sent checks to Americans was in 2008, under President George W. Bush. The Economic Stimulus Act was signed into law on Feb. 13, 2008, and provided individual tax relief in the form of tax rebates – as much as $600 for individuals, $1,200 for married couples, and additional rebates for families with children. But the money didn't start going out until late April.

Where is this money coming from?

Taxes, in short.

The previous bill signed by Trump on is known as "phase two." The stimulus checks come as part of the $2-trillion "phase three" package.

What other financial assistance efforts is the government putting forward?

The Senate agreed to an expansion of unemployment benefits that would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits and include freelancers, furloughed employees and the self-employed.

The previous aid bill signed by Trump provides paid sick and family leave, offers free coronavirus testing and bolsters unemployment insurance.

As reported by USA TODAY's Chris Quitana: The federal government will no longer withhold portions of borrowers' tax returns and Social Security payments, the Education Department said Wednesday. And borrowers whose paychecks were garnished will be entitled to their full wage — although their employers must make the change to their paycheck.

McConnell added last week that the Department of Housing and Urban Development would suspend foreclosures and evictions on FHA-insured mortgages.

Contributing: Nicholas Wu

Follow Josh Rivera on Twitter: @Josh1Rivera