A congressional oversight committee found that very little of a $500 billion rescue fund to help business and local governments survive the coronavirus crisis has been spent.
that the Treasury Department has spent very little of a $500 billion fund designed to help businesses and local governments weather the crisis.
The Treasury has not distributed any of the $46 billion allocated to the airline or other distressed industries, for example, and very little of the other $454 billion, intended to prop up Federal Reserve lending programs, has been spent. Paycheck Protection Program, is expected to emphasize the Treasury’s spending so far: “we have committed up to $195 billion in credit support under the CARES Act.
In his prepared statement, Powell will emphasize the changes the Fed has made to its lending programs toby President Trump at the end of March, authorized the IRS to send out stimulus checks directly to Americans. It established the Paycheck Protection Program—a $350 billion program administered by the Small Business Administration to provide forgivable loans to cover payroll and overhead expenses, intended to keep mom-and-pop shops from folding.
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