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Saturday, June 20, 2020

Treasury could safeguard $17B in aid for Boeing, GE - Bloomberg

The U.S. Treasury Department is considering holding off on giving more companies access to an untapped $17B relief fund for national security businesses in case Boeing (BA +3.5%) and General Electric (GE +3%) need the money, Bloomberg reports. The loan program was created under the $2.2T Cares Act with the two companies specifically in mind, Treasury Secretary Mnuchin has said, but both have taken a pass so far, saying they do not need the government help after raising cash on Wall Street. Defense Department officials have urged Treasury to loosen the rules so that more companies could obtain loans but have yet to offer alternate criteria, according to the report