The $2 trillion stimulus bill has a $500 billion fund for distressed businesses. That fund was one of the last major sticking points in Senate negotiations, as Democrats pushed for more oversight. They cheered the final language, which added on an inspector general, as a victory.
The bill allocates $500 billion to distressed business, which was a heated point of debate between Republicans and Democrats
The bill includes a $500 billion fund that companies, such as the struggling airlines, can tap to support their business. The fund is overseen by Treasury Secretary. In original drafts of the Republican Senate bill, Mnuchin had wide discretion in overseeing that money. After criticisms from Democrats, Republicans agreed to add on a congressional oversight committee and Inspector General as added control measures.
"I do not understand, and my Administration will not treat, this provision as permitting the [the Inspector General] to issue reports to the Congress without the presidential supervision," he wrote in a signing statement. A signing statement indicate how the president intends to interpret a law. "It's not a surprise to anyone," she said of Trump's signing language. "But Congress will exercise its oversight — and we will have our panel appointed by the House to, in real-time, make sure we know where those funds are being expended."
It remains unclear the exact structure of the financing options. Of the $500 billion the fund offers, it gives $50 billion in aid to passenger carriers, half in direct payments, half in loans and guarantees. It gives $8 billion to cargo carriers, half in direct payments and loans. It also gives $1 billion to $3 billion for the health costs of airline contract caterers.
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