President Biden signed a bipartisan foreign aid package Wednesday that includes billions for Ukraine, Israel and Taiwan as well as a provision that could lead to a potential TikTok ban.

Why it matters: The law comes months after Biden first requested emergency funding to respond to ongoing crises in Gaza and Ukraine and to counter looming threats from China in the Indo-Pacific.

• With the bill signed, the Pentagon is poised to rush ammunition and air defenses to Ukraine.
• Biden said shipments to Ukraine would start "in the next few hours."
• The president said the U.S. will "surge" food, water, medical supplies and other aid to Gaza, adding that Israel "must make sure all this aid reaches Palestinians in Gaza without delay."

State of play: The Ukraine portion of the package provides around $23.2 billion for the U.S. military to replenish stocks of weapons provided to Ukraine and $13.8 billion for Kyiv to purchase weapons.

• It will allow the Pentagon to transfer about $7.8 billion in additional military hardware to Ukraine.
• Another $9 billion will be for "forgivable loans" for Kyiv.

It includes $26 billion for Israel and humanitarian relief for people in Gaza and other conflict zones.

• About $4 billion will go toward replenishing Israel's missile defense systems and additional weapon purchases.
• $9.5 billion will provide humanitarian aid for civilians in conflict zones, including those in Gaza and Ukraine.
• And around $2 billion was set aside for weapons purchases for Taiwan and other U.S. allies in the Pacific.

Zoom in: The package contains a potential ban on TikTok if the China-based company Bytedance does not divest from the social media app within a year.

• TikTok CEO Shou Chew said on Wednesday the social media platform will challenge the new law on First Amendment grounds.
• "Rest assured, we aren't going anywhere," he said.
• The package also allows the U.S. to seize frozen Russian assets to help Ukraine and includes additional sanctions on China and Iran.

Catch up quick: The package passed the House of Representatives over the weekend after House Speaker Mike Johnson (R-La.) moved forward with the legislation while facing threats of removal from hard-right Republicans and relying on support from Democrats.

• It passed the Senate on Tuesday night with a 79 to 18 vote.
• 15 Republicans voted against the bill.

Between the lines: For Ukraine, delays in additional aid from the U.S. and other countries forced Kyiv to ration ammunition and supplies.

• It has cost the lives of Ukrainian soldiers and allowed Russia to gain ground in eastern Ukraine.

Go deeper ... Air defenses and hope: How U.S. aid will boost Ukraine's exhausted army

Editor's note: This story has been updated with additional details.