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The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for ...
WASHINGTON (Reuters) -The Biden administration is offering $12 billion in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles ...
Automakers are fearful of being tagged as seeking a new government bailout so soon after the 2009 government-funded auto restructurings. Detroit has not sought industry-specific assistance ...
In September 2008, the Big Three asked for $50 billion to pay for health care expenses and avoid bankruptcy and ensuing layoffs, and Congress worked out a $25 billion loan. [92] By December, President Bush had agreed to an emergency bailout of $17.4 billion to be distributed by the next administration in January and February. [93]
Chrysler ended the first half of the year with $9.4 billion in cash, but expected to end the year with only $2.5 billion in cash, and was concerned that it might not make it through the first quarter of 2009 without the loan. [citation needed] Automakers have already submitted applications for more than $20 billion in retooling loans to pay for ...
The loan program was authorized under section 136 of the Energy Independence and Security Act of 2007, which provided the program with $25 billion in loan authority, supported by a $7.5 billion appropriation to fund the credit subsidy, or the 30% risk profile expected for projects of this type. To qualify, automakers and eligible component ...
Trump said in an executive order he was halting distribution of unspent government funds for vehicle charging stations from a $5 billion fund, ... Biden's 50% target, which was not legally binding ...
The U.S. Senate voted and strongly opposed any source of government assistance through a bailout bridge loan (originally worth $14 billion in emergency aid) which was aimed toward helping the struggling Big Three automakers financially, despite strong support from President George W. Bush and President-elect Barack Obama, along with some mild ...