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 (or CARES) 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 Steven Mnuchin said Thursday in a Bloomberg News interview.
On Friday, President Donald Trump plans to sign into law another $484 billion in rescue money, including replenishment of small business assistance, aid to hospitals and funding for virus testing.
Here is a tally of what’s been spent or committed so far from the law’s key programs:
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 nine different Fed facilities. The central bank has said it will post details about who is tapping its facilities on its website.
Nearly a dozen airlines have said they would participate in the payroll assistance program designed specifically for the industry, which comes in the form of grants and low-interest loans. So far, airlines have claimed $21.6 billion of the total $50 billion in aid available.
Payments are being handed out on a “rolling basis,” according to the Treasury Department. Several airlines have announced that they may ask for more loans but have until the end of September to decide what they will actually take.
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 an application for those funds late Thursday.
The most obvious contender for the funds is Boeing Co., which is shying away from asking for a piece of this portion of the rescue package.
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.