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 Trump Trump responds to calls to tear down monuments with creation of 'National Garden' of statues Trump: Children are taught in school to 'hate their own country' Trump accuses those tearing down statues of wanting to 'overthrow the American Revolution' 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 ToomeyGOP senators push for quick, partial reopening of economy NSA improperly collected US phone records in October, new documents show Overnight Defense: Pick for South Korean envoy splits with Trump on nuclear threat | McCain blasts move to suspend Korean military exercises | White House defends Trump salute of North Korean general MORE (R-Pa.), Rep. Donna ShalalaDonna Edna ShalalaJohn Kerry hosting virtual campaign events for Biden The sad spectacle of Trump's enablers The Hill's Coronavirus Report: Former NIC Director Greg Treverton rips US response; WHO warns of 'immediate second peak' if countries reopen too quickly MORE (D-Fla.), Rep. French HillJames (French) French HillPPP application deadline should be extended and fixes made to program to keep recovery going Financial firms facing serious hacking threat in COVID-19 era How lawmaker ties helped shape Fed chairman's COVID-19 response MORE (R-Ark.), and Bharat Ramamurti, a former adviser to Sen. Elizabeth WarrenElizabeth WarrenThe Hill's Campaign Report: Biden chips away at Trump's fundraising advantage Warnock raises almost M in Georgia Senate race in second quarter The Hill's Morning Report - Trump lays low as approval hits 18-month low 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.