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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 ...
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 ...
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
By 2014, Ford and Nissan were making payments, while Tesla paid back the loan in 2013. [10] Nissan eventually repaid the loan in 2017. [11] The program has earned the government nearly $3 billion in interest. The program had not issued new loans since 2011, and six applicants were seeking around $12 billion of loans in early 2020.
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 ...
A federal appeals court will allow the Department of Education to proceed with lowering millions of student loan borrowers’ monthly payments in July as the Biden administration faces two legal ...
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. [93] 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. [ 94 ]
The Biden administration has approved debt relief for an additional 125,000 student loan borrowers, totaling $9 billion in forgiveness, the White House said Wednesday.