After getting its first round $4 billion in emergency federal loans, GM will receive a second installment of its government loan for $5.4 billion. The U.S. Treasury will hand over the second round of loans on Jan. 16th. That brings GM’s total to $9.4 billion.
According to Automotive News, the Treasury has agreed to lend General Motors another $4 billion. That loan will come from second $350 billion tranche of the $700 billion TARP total.
The U.S. Treasury said nothing about Chrysler receiving its second round of loans. Chrysler so far has received a total of $4 billion.