The United States (U.S.) Department of Treasury has proposed to appropriate US$50 billion to the Exchange Stabilization Fund (ESF) for secured lending to US passenger and cargo carriers as part of the government's coronavirus response.

The Treasury said it would determine the suitable interest rate and other conditions, as well as specify the collateral.

Borrowers, among others, would be required to limit the increase in executive compensations until loans are repaid and provide the department with a specified continuation of service requirements.