The Senate Banking Committee is holding its first review on coronavirus relief funding, calling on Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell to speak about their stewardship of the $2 trillion. Watch the Livestream here 👇
that none of the $46 billion allocated in the CARES Act for loans and loan guarantees for the airline industry has been spent, and that relatively little of a $454 billion program for loans to businesses and state and local governments has to date been disbursed by the Federal Reserve Board., Mnuchin appears to dispute the oversight panel's findings. He says Treasury has"committed up to $195 billion in credit support under the CARES Act.
Democrats on the panel sent Powell and Mnuchin a letter Monday asking that they"further expand loan eligibility requirements, including quickly adopting a viable option for non-profits who are facing acute challenges as a result of the virus," and provide greater flexibility on the loan terms. Sen. Mark Warner, D-Va., wrote that"[a]ll taxpayers will be better off to the extent more businesses can access affordable financing, keeping doors open, workers on payroll, and avoiding costly bankruptcies, through the remainder of the public health shutdown.
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