$4B in Bridge Loans Given to GM and Chrysler
January 5, 2009 by admin
GM and Chrysler have each received $4 billion in federal bridge loans.
GM received its first tranche of $4 billion from the Federal Government on 31 December. Chrysler received its $4 billion on 2 January.
The US federal government is providing up to $13.4 billion in loans to GM and $4.0 billion to Chrysler. The funds are being provided by the US Department of the Treasury from the $700 billion TARP (Troubled Asset Relief Program) package passed earlier this year to address the crisis in the financial sector.
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