So far, only one of the lending facilities created by the Treasury Department to operate through the Federal Reserve has received funding
As businesses hit hard by the economic fallout of the coronavirus crisis continue to shutter across the country, a new report finds the Treasury Department sitting on a good chunk of the $500 billion fund created in March by the CARES Act to help businesses and local governments.
So far, the report notes, only one of the lending facilities created by the Treasury Department to operate through the Federal Reserve has received funding. The Secondary Market Corporate Credit Facility, which is supposed to buy corporate debt, has received $37.5 billion. But none of the $46 billion set aside to make loans and loan guarantees—largely to the airline industry—has been disbursed. The Main Street Lending Program is intended to help small and medium-sized businesses.
on Tuesday, more than 40,000 National Guard workers who have been assisting in states’ efforts to test residents and track the spread of the virus could be pulled from their positions at the end of June, doubling the burden on local first responders. The Trump administration’s plans, according to a senior FEMA official, is for National Guard members to face a “hard stop” on June 24, the day before they would qualify to receive early retirement and education benefits under a GI bill.
And as a FEMA official noted to colleagues on an interagency call, the audio of which was obtained by Politico, the decision would “require a delicate messaging strategy” given that it would both shortchange first responders and leave states in the lurch. The two weeks of self-quarantine required of Guard members before rejoining civilian life, Politico notes, means that states could lose their services in early June.
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