On March 10, the U.S. Congress approved the American Rescue Plan, a relief package that will put some much-needed cash in the hands of most Americans. President Biden signed the bill into law the following day. Thanks to this new piece of legislation, eligible Americans will receive a check for $1,400, with a matching amount for each dependent.

These measures will go a long way to help those still struggling from the pandemic's economic fallout. With that said, putting that money to work by investing in stocks may not be a bad idea, but only if your near-term financial obligations are taken care of and if you have enough money on the side for a rainy day. If that describes you, here are two companies that are worth investing in with your stimulus check money: Teladoc Health (TDOC -0.53%) and PayPal Holdings (PYPL 0.33%)

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1. Teladoc

The word "revolutionary" gets thrown around a lot in the investing community, and with good reason. Buying shares of a company whose business is genuinely revolutionary can translate into market-shattering returns in the long run. That's why investors should seriously consider purchasing shares of Teladoc, a company that is changing how healthcare services are delivered.

Teladoc provides a platform for virtual consultations with nurses and general practitioners, which is both convenient for patients and helps healthcare providers save time and money. Teladoc is also growing in specialty care areas, including behavioral health, dermatology, nutrition, and more. In 2020, the company's specialty care visits grew by more than 500%, according to management. The company's total visits grew by 156% during fiscal year 2020.

Teladoc expanded its service offerings last year with its acquisition of Livongo Health -- a digital chronic disease management specialist -- in a cash transaction valued at $18.5 billion. The deal, which closed in October, fit right into Teladoc's long-term vision to become a one-stop-shop for as many virtual care services as possible. 

Male doctor on a virtual call with a patient.

Image source: Getty Images.

Patients will continue to be attracted to Teladoc's platform thanks to the growing number of services it provides. This is known as the network effect, when the value of a service increases as more people use it. This competitive advantage will help Teladoc maintain a good share of the growing telemedicine market.

According to the research firm Grand View Research, this sector will expand at a compound annual growth rate (CAGR) of 22.4% between 2021 and 2028. Teladoc is one of the best companies to invest in for those looking to profit from this long-term trend. And given that the company's shares are down by 35% in the past month, now may be as good a time as any to initiate a position in this healthcare stock

2. PayPal 

Fintech specialist PayPal delivered a solid financial performance last year. With lockdown orders keeping us at home, consumers relied more on digital payments, which is right in the tech giant's wheelhouse. During the fiscal year 2020, PayPal's net new active accounts clocked in at 72.7 million, a 95% year-over-year increase.

PayPal's total payment volume -- the total value of payments completed through its platform -- grew by 31% to $936 billion. Meanwhile, PayPal's net revenue increased by 22% to $21.5 billion, while its adjusted earnings per share (EPS) jumped by 31% to $3.88.

Despite the positive effect last year's economic dynamics had on PayPal's business, the company will be just fine once the pandemic subsides. After all, PayPal grew its revenue and earnings at a rapid clip before 2020, as the graph below shows.

PYPL Revenue (Quarterly) Chart

PYPL Revenue (Quarterly) data by YCharts

PayPal will continue to benefit from our decreased reliance on cash transactions. According to Grand View Research, the digital payment industry will see a CAGR of 19.4% between 2021 and 2028. More digital transactions will translate into more growth opportunities for PayPal. The company currently estimates its total addressable market (including online transactions, in-store retail transactions, bill pay, etc.) to be roughly $110 trillion.

PayPal is looking to reach $50 billion in revenue by 2025, which is more than double what it recorded last year. PayPal can achieve this goal thanks to its growing customer base and its expanding suite of services. For instance, the tech giant started allowing its customers to buy and sell cryptocurrency last year.

With this asset class seeing renewed and heightened interest -- both among individuals and corporations -- the move could attract more users to PayPal's platform and boost engagement. PayPal also started offering services such as "buy now and pay later" and QR codes, allowing app users contact-free buying and selling options, a great option in the age of COVID-19.

PayPal's stock has also been hammered recently, with shares dropping by 18% in the last month. Long-term investors would do well to ignore these recent woes, as PayPal is well-positioned to keep beating the market for many years to come.