The Trump administration has doled out roughly $881 billion from the major components of the pandemic relief package signed into law one month ago, and soon will have a half trillion dollars more to shovel into the economy.
The Treasury Department was put in charge of distributing, through multiple channels, nearly half of the $2.2 trillion Coronavirus Aid, Relief and Economic Security Act. While one key piece ran empty within two weeks -- aid to small businesses -- there’s still a lot of money left to work with.
“We’ve had an unprecedented fiscal and monetary response,” Treasury Secretary
On Friday, President
1. Fed Liquidity
About 20% of the stimulus, or $454 billion, was given to Mnuchin to use as a backstop for Federal Reserve lending facilities. The central bank can leverage that into more than $4 trillion to help stabilize financial markets through loans aimed at companies and local governments.
So far, the Treasury has committed $215 billion from its Exchange Stabilization Fund to
The central bank has said it will post
Nearly a dozen airlines have said they would
Payments are being handed out on a “
3. National Security
The Cares Act sets aside $17 billion for companies deemed critical to national security. So far, none of that money has gone out. The Treasury released
The most obvious contender for the funds is
Mnuchin has so far said this pot of money is for companies that are either major suppliers to the Defense department, or companies with top-secret clearance.
4. Cash for American Families
The Internal Revenue Service has sent out more than half of economic impact payments it plans to distribute to
The agency has sent up to $155.9 billion of the total $292 billion it plans to send, according to Treasury Department data released Thursday afternoon.
5. States and Cities
The Treasury has deployed more than $95.2 billion of the $150 billion for state, local and tribal governments.
Municipalities can also seek federal relief through the Fed’s Municipal Liquidity Facility, although the central bank has set
While the latest spending bill from Congress does not authorize any more money for state and local governments, House Speaker
6. Small Business Relief
The initial $349 billion for Paycheck Protection Program loans intended for small businesses ran out less than
Congress has approved another
7. Unemployment Insurance
More than $27.7 billion in unemployment benefits have been paid out so far in April. Congress estimates that expanded benefits package will total about $260 billion, however there isn’t a cap on the amount that the federal government will pay out. More than 26 million Americans have
--With assistance from
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John Harney, Joe Sobczyk
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