Clouds. 75.4   F New York
AI-Powered News Summarizer
Top Stories

$1.5 trillion of earlier relief still hasn't been spent. Here's what's left

July 31, 2020. Summarized by summa-bot.

Congress authorized $3.7 trillion in spending earlier this year to help address the economic crisis caused by the coronavirus pandemic.

There was a mad dash for the Paycheck Protection Program loans for small businesses during the first few weeks, pushing Congress to replenish the fund with more money.

But by now, most of the businesses that have applied for a loan have received one -- and about $130 billion remain.

Even though there are shortages and delays across the country, just $16 billion of the $25 billion allocated by Congress in April for coronavirus testing has been spent so far, according to the Committee for a Responsible Federal Budget.

A big chunk of the the money authorized by Congress, about $500 billion, was given to the Federal Reserve so that it could design lending programs for struggling companies.

The money came with similar restrictions and about $18 billion has been committed so far, according to the Committee for a Responsible Budget.

A little less than half of the $105 billion allocated for those benefits remains.

(All of the money for the federal $600 boost to unemployment benefits that expired this week has been used.

State and local officials argue that strict federal rules designed to ensure the funds are spent on Covid-related expenses have made it difficult to spend the money.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions