Very little of the $500 billion relief fund for businesses has been spent

Just $37.5 billion has been disbursed by the Treasury Department. Report questions how and when the programs will be disbursing the loans. The relief program is separate from the popular Paycheck Protection Program.


National News

May 19, 2020 - 9:53 AM

Treasury Secretary Steve Mnuchin, right, speaks next to President Donald Trump during the Coronavirus Task Force news briefing on April 21, 2020, at the White House in Washington, D.C. (Yuri Gripas/Abaca Press/TNS)

WASHINGTON — The Treasury Department has disbursed less than 8% — just $37.5 billion of $500 billion — of the emergency funds that Congress approved two months ago for loans and loan guarantees to help stabilize the economy, according to a report Monday from a congressional oversight commission created to monitor how the money is spent.

None of the $46 billion Congress set aside specifically for the airline industry and businesses critical to maintaining national security has been allocated as Treasury officials continue to review the applications for that money, the commission said.

And only one of the five programs the Treasury Department and the Federal Reserve have created to get $454 billion into the economy and to help states and local governments is operating, according to the report.

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