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Treasury has not disbursed $46B in airline support: oversight panel

Treasury has not disbursed $46B in airline support: oversight panel
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The Treasury Department has yet to disburse any of the $46 billion Congress allocated for airlines, according to a congressional oversight report released Monday.

The $2.2 trillion CARES Act, passed in March, included a special $46 billion allocation aimed primarily at rescuing airlines. Of that, $25 billion was for passenger airlines, $4 billion was for cargo carriers and another $17 billion was earmarked for businesses “critical to maintaining national security,” widely seen as money directed at aerospace company Boeing.

In the seven weeks that passed since President TrumpDonald John TrumpBiden holds massive cash advantage over Trump ahead of Election Day Tax records show Trump maintains a Chinese bank account: NYT Trump plays video of Biden, Harris talking about fracking at Pennsylvania rally MORE signed the CARES Act into law, not a single cent has been sent out through that mechanism, the report found.

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"The Treasury has not disbursed any of the $46 billion it can use to provide loans and loan guarantees to the airline industry and businesses critical to maintaining national security," the report said, adding that it also has yet to approve any of the applications for the loans or loan guarantees.

Treasury was quicker to move on supporting the airline industry through another program, the Payroll Support Program, which was intended to prevent mass layoffs.

The report is the first from the Congressional Oversight Commission, which includes Sen. Pat ToomeyPatrick (Pat) Joseph ToomeyAppeals court rules NSA's bulk phone data collection illegal Dunford withdraws from consideration to chair coronavirus oversight panel GOP senators push for quick, partial reopening of economy MORE (R-Pa.), Rep. Donna ShalalaDonna Edna ShalalaBritain to infect healthy individuals with coronavirus for vaccine trials 'Nodding Woman' behind Trump at town hall is former House candidate Shalala corrects Spicer on HIPAA: 'I should know, I wrote it' MORE (D-Fla.), Rep. French HillJames (French) French HillRepublican fears grow over rising Democratic tide The use and abuse of the IMF in the fight against COVID-19 Lawmakers ask Pelosi, McConnell to diversify coronavirus relief oversight panel MORE (R-Ark.), and Bharat Ramamurti, a former adviser to Sen. Elizabeth WarrenElizabeth WarrenJustice Department charges Google with illegally maintaining search monopoly Overnight Health Care: Trump takes criticism of Fauci to a new level | GOP Health Committee chairman defends Fauci | Birx confronted Pence about Atlas Senate Democrats call for ramped up Capitol coronavirus testing MORE (D-Mass.).

It is required to submit reports every 30 days assessing how the administration is using a $500 billion pot of money, which largely is designated for use with Federal Reserve lending facilities, and how effective its use is.