None of the coronavirus relief money for airlines has been spent yet, congressional report shows
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.
The half-trillion-dollar relief program was part of the CARES Act, passed by Congress in March to help bolster a U.S. economy largely shut down by the COVID-19 pandemic. It is separate from the the Paycheck Protection Program, which proved highly popular in granting forgivable payroll loans to small businesses.The report contains a series of questions for Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome Powell about when and how the programs will be disbursing the loans.
The report linked delays in distributing the money to overly stringent guidelines that were initially proposed. Potential borrowers and lenders raised concerns about the guidelines, resulting in changes such as increasing loan sizes and eliminating a requirement that companies have to attest they need money “due to the exigent circumstances presented by” the coronavirus, according to the report.
State and local governments can use the funds from the debt purchase to make up for the decreased cash flow due to business and travel closures caused by the coronavirus, something elected officials have signaled will be necessary to mitigate cuts to education and other public services.The commission’s next report is due in mid-June. Panel members include Sen. Patrick J. Toomey , appointed by Senate Majority Leader Mitch McConnell ; Rep.
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