The House of Representatives passed the cross-party bill two days after the Senate debated its provisions.
On Wednesday the number of Americans filing for unemployment surged to a record high of 3.3 million people.
The US has more confirmed cases of coronavirus than any other country, with more than 100,000 positive tests.
No Democratic lawmakers were invited to the historic signing ceremony, which was held at the White House, though the president thanked both parties "for coming together, setting aside their differences and putting America first".
Mr Trump said the package was "twice as large" as any prior relief bill.
"This will deliver urgently needed relief to our nation's families, workers and businesses," he said.
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