The Senate bill allows the Treasury Department to extend $500 billion in loans and loan guarantees to try and blunt the virus’s economic impact. Of that amount, $425 billion is supposed to go to businesses, cities, and states. Another $50 billion would go to passenger airlines, $8 billion more for cargo airlines, and an additional $17 billion would be directed for firms that are deemed important to national security.
President Trump has already said where he wants some of the money to go, promising assistance to cruise ship companies, for example, that have operations in Miami. And when he was asked Monday evening who would perform oversight of the program, Trump responded “I’ll be the oversight.”
But during closed-door negotiations on Capitol Hill, White House officials have agreed to allow an independent inspector general and an oversight board to scrutinize the lending decisions, said the two people, who spoke on condition of anonymity to discuss the status of deliberations.