• Beyond loans, the Treasury Department may also take “warrants, options, preferred stock, debt securities, notes, or other financial instruments” in these companies, if that’s considered “appropriate compensation” for the rescue funds.

Cruise lines and oil companies won’t get special treatment under the bill, which has no direct aid earmarked for either industry. But they could apply for some of the general-purpose assistance for businesses, and President Trump has said that both industries are important to the U.S. economy and need help.

Financial firms are set for big fees from helping manage the rescues. The Fed has hired BlackRock to help oversee its efforts to stabilize the bond market by buying up billions in commercial debt, an assignment similar to what the investment giant did for the government in the 2008 crisis. And the Senate bill gives the Treasury the power to hire banks as “financial agents” of the federal government, with $100 million available for advisory fees.

The NYT’s personal finance hub has waded through the details of the bill’s provisions for ordinary taxpayers.

Now read this

We get a lot of research reports from banks, consultancies and lots of other commentators. This has not made for happy reading of late. Here’s a taste of these increasingly gloomy outlooks, as reflected in the titles of analyst reports that have landed in our inboxes over the past week or so. A play, in five acts:

• “Roaring into Recession” (Goldman Sachs)

• “And So the Recession Begins, but When Will It End?” (Pantheon Macroeconomics)

• “Coronavirus Crisis is Crushing Global G.D.P. Growth” (Fitch Ratings)

• “Bottomless Pit” (Swissquote)

• “Can G.D.P. Be Saved?” (UBS)

Bill Ackman wins big

The hedge fund mogul got attention for his impassioned, panicky appearance on CNBC last week. But his worries about coronavirus-induced market mayhem appear to have paid off.