The leaders of the Treasury Department and Federal Reserve said they're working hard to get money in the right hands following passage of a congressional relief package but that plenty of work remains.
In remote testimony Tuesday before the Senate Banking Committee, Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell outlined their responses since Congress passed the Coronavirus Aid, Relief and Economic Security Act in March, which included $454 billion for struggling businesses.
Mr. Mnuchin said Treasury has committed up to $195 billion in credit support under the CARES Act and has another $259 billion to dole out.
"I've allocated about half of that, and let me be clear, I am prepared to allocate the rest of that," Mr. Mnuchin said. "The only reason I have not allocated it fully is we are just starting to get these facilities up and running, we want to have a better idea as to which one of the facilities needs more capital as well as the potential for adding additional facilities. So I expect to allocate all the capital as needed as was given to us."