Report: US Treasury Weighs Keeping Bailout Funds Available for GE, Boeing
The U.S. Treasury Department is reportedly considering holding back up to $17 billion in CARES Act relief funds in case Boeing (NYSE: BA) or General Electric (NYSE: GE) eventually need bailout money.
Congress created a loan program as part of the $2.2 trillion CARES Act with companies like Boeing and GE, which are considered vital to national security, in mind. GE's aviation business makes engines and other systems for a variety of U.S. military platforms, and Boeing has a large defense business that makes fighter planes, space systems, and other military components.
Image source: Boeing.
Source Fool.com
