The struggling transit system has been hit hard by the coronavirus pandemic.
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In a statement, MTA Chairman and CEO Patrick J. Foye said the funding is critical to bring back riders.
"Critically, it will also further offset COVID's impact and help protect against devastating service cuts and layoffs in the years ahead where we still face deficits," MTA Chairman and CEO Patrick J. Foye said in a statement.
MORE: What to expect to get from the $1.9 trillion Senate stimulus
The MTA has warned that if it does not receive federal funding, drastic cuts to service may be inevitable.
"So now that the trains and buses will continue to run with the federal aid there's really no excuse at all to cut services," Riders Alliance's Danny Pearlstein. "There's been some discussion, 'oh we should cut back here, we should cut back there,' but in fact three million people are depending on the service right now."
The American Rescue Plan Act of 2021 also includes $28.6 billion for struggling restaurants.
Individual restaurants will be able to apply for grants for up to $5 million.
"We made a promise to the American people that we were going to deliver the real relief they needed and now we have fulfilled that promise," Sen. Charles Schumer said.
The final deal also includes another round of stimulus checks for American families.
This time, $1,400 dollars will go to individuals making less than $75,000 per year.
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Couples making under $150,000 a year will get $2,800.
Not one Republican senator voted for the bill, they say it does nothing to truly address the issues in the country caused by COVID-19.
"This massive bill, with only 1% for vaccinations, that ignores the science on reopening schools, that's stuffed with non-COVID related spending that even top liberal economies say is wrong," Senate Minority Leader Mitch McConnell said.
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