GM, Chrysler and government work on getting first installment of federal aid

GM and Chrysler are working with the government today to make final arrangements to transfer the first installments of the $17.4 billion in emergency loans.

“We’re making good progress finalizing the automaker loans and are committed to closing them on a timeline that will meet their individual near-term funding needs,” Brookly McLaughlin, Treasury Department spokeswoman, told Automotive News.

Both automakers will receive a total of $8 billion today – $4 billion for GM and $4 billion for Chrysler. The Bush administration has promised another $9.4 billion for GM early next year. As you all know by now, Ford is the only automaker out of the Detroit 3 that is not seeking any emergency federal aid but wants to have access to $9 billion in credit if necessary.